Buying in FiDi

Lol

Where did you read that?

There was a curbed.com article about new developments in FiDi this summer... but it conflated a lot of things: Commerical developments at the WTC site with the conversion of One Wall Street with the rise of 45 Broad with the building release of the Woolworth Tower condos.

I've been selling down there for a decade, and 30yrs, as per his handle, has been selling down there for three, so I don't know if by our OG standards I'd call it a "massive" building boom, especially compared with the wave of development we saw post-9/11.

ali r.
{downtown broker}

I don't think millenials will be able to afford any of those multimillion dollar condos, unless they have trust funds.

This is the article I referenced with Census data showing that millennials have been moving to FiDi in greater numbers than any other neighborhood in the U.S. (not just NYC) with the exception of two neighborhoods in L.A.

https://patch.com/new-york/downtown-nyc/millennials-are-taking-over-financial-district-study

This is the article I referenced with Census data showing that millennials have been moving to FiDi in greater numbers than any other neighborhood in the U.S. (not just NYC) with the exception of two neighborhoods in L.A.

https://patch.com/new-york/downtown-nyc/millennials-are-taking-over-financial-district-study

Millennials buy in the Financial District because it relatively cheap. Its cheap because it's inferior quality. And I expect just as many rent as buy. CCL3 is correct that Millennials will not fill up all the new builds downtown. I also suspect that the FiDi will under-perform pretty much every other neighborhood in Manhattan.

Years ago, the FiDi was where out-of-towners moved to what they did not know where else to live. Eventually, they moved to more traditional neighborhoods. I don't the area has changed much in this regard, in spite of all the new builds.

Right, it's not an appealing place to live with narrow streets blocking out decent light, lack of life on the weekends, lack of good grocery stores, etc.

Narrow streets is what really kills Fidi. Look at Pine street as an example. Every one is on top of each other.

So why are developers building in FiDi? Can you post links to articles or data that support your comments? I'm interested in objective data so if you have some to share please post! Thanks

Jenny, Street width is factual. How wide is Pine Street and building height allowed? The same for 15 William.

Below is a link to the actual data sets. I'd appreciate it if anyone could shed further insight into these numbers.

https://www.rentcafe.com/blog/apartmentliving/lifestyle-apartmentliving/u-s-zip-codes-that-are-millennial-strongholds/

Why has the residential population in FiDi more than tripled to greater than 61,000 residents since 9/11? And why are there currently more than 4,000 residential units currently under construction or planned?

Ugh, I feel like these forums are definitely not the place to get any kind of useful information.

I am sorry that no one is confirming your point of view.

FIDI built-up area square footage over land square footage is very high which leads to lower light in general. If you are actually on the water, it is not an issue. That is the main a drawback which can not be addressed. All others can change over time.

And Battery park and FIDI is not the same.

Look at the second data chart

300_mercer you're obviously a real estate broker who sells in a different neighborhood. Don't you see how that comes across haha?

I believe when many of the older buildings in FiDi were built there were not the same rules concerning setback from the street as you have in other neighborhoods, which is why the streets or so narrow.

I am not a broker and have no skin in the game, but when I was previously in the market I considered and ruled out FiDi. I imagine many millenials are going there because rents are cheaper as it is less desirable, as expressed up the thread.

is jenny828 a broker selling in FiDi? all of a sudden she appeared on the forums shilling for the william street building.

If you actually are an agent for 300 Mercer, I wouldn't go around telling people that. A quick scan of the rents in that building show that they're actually lower than the rents for comparable buildings in FiDi.

Not a broker, not looking to sell or rent. I asked a simple question in the wrong place. These forums seem like they're where brokers with too much time and too little business gather to hurl insults.

CCL3 - you're not in medicine by any chance are you?

Jenny, I do not offer any brokerage services. I am small real estate investor/developer. You do not have to like what I say.

CCL3 - Looking at all of your prior posts, it seems you do nothing but write frivolous comments deriding buildings all across NYC. I think that is sufficient basis to disregard your entirely subjective comments, which again contain no data at all.

ximon, CCL3, 300_mercer, etc. - You all regularly post together in the same discussions.

300_mercer - From your posts I see you have an interest in different neighborhoods. That's a conflict of interest. Also, I know this is harsh, but why are you writing posts about neighborhoods you have no interest in instead of focusing on your investments/developments?

I am simply stating the fact that FIDI is very densely built. CC is saying the same. You do not have to like that fact.

And I do not see any issue if you are just promoting your building or the area of where you own/list properties.

"why are there currently more than 4,000 residential units currently under construction or planned?"
Because that's where the most class c office stock which needs to be repurposed exists. You have a lot of older office buildings which can not be re-leased without a major overhaul because they are outdated. So they need major renovations one way or another. With new WTC, Huson Yards, 1 Vanderbilt, etc the top end of the office market is a little crowded and your average office building couldn't compete no matter what renovation was done so they are being repurposed into hotel and residential.
It is similar to what happened in Tribeca in the 1990s except that was a bit more demand driven.
But in terms of neighborhoods with building booms you've got 22,000 units newly built or planned in Downtown Brooklyn and more than that in Long Island City. The Inwood rezoning will bring over 10,000 new units to that neighborhood. There are about 8,000 new units coming to the South Bronx.
So I'm not sure 4,000 planned units translates to "everyone is moving to FIDI!"

You posted in a public forum asking for opinions and don't like the opinions you are getting.

Are my comments about buildings more frivolous than your comments that Beaver House has "pimped out" amenities?

If you want stats, do a search for the average price per square foot of new developments, and see whether you think that amount is affordable for millenials. They may be renting there, but I doubt that developers would be "going after" that crowd to buy their multimillion dollar new luxury condos.

As far as the rentcafe article with actual data sets, the TLDR version is:
"Nine out of the top 20 zip codes with the largest millennial population are in New York, but none in Manhattan."
So I'm not sure it proves how millennials are flocking to FIDI.

In terms of how hot the neighborhood is, take as an example your building at 15 William Street: it's been on the market for over a decade and there are still sponsor units available. It's been through an entire market cycle already! That is not the sign of a "hot" building/neighborhood/market.

300_mercer - Do you think 35 East 12th Street, a 9 story coop, is better?

This discussion serves no purpose, no reason to continue it. I won't be writing or checking here anymore. The small number of respondents here regularly post together as some sort of clique. It's anyone's right to post what they want, even if it's off-color and distasteful.

But CCL3 - It's creepy that you would get personal. I doubt you would want me looking into your personal affairs.

Alert!!
https://m.imdb.com/title/tt0054215/

CC,

Email me at
300streeteasy@gmail.com

CC, I have some info you would like. Just email me anonymously.

Lots of land-lease buildings in FiDi, too...

Besides high building density drawback, the tax abatement for many buildings is slowly expiring and the city is killing FIDI with high assessments used for property taxes. Lower prices in the area relative to other areas likely reflect it.

How was I looking into your personal affairs? I made a comment based on something you wrote in another public thread, after you decided to check all the other threads on here and claim that I make frivolous comments. I think you're being a bit oversensitive. A lot of people come on the boards and attempt to shill for buildings or services without disclosing their connections, and sometimes they get called out. That may or may not be you--I frankly don't care, I was just commenting on what I saw.