Financial District Rallies as Residential Area
Manhattan's Financial District is known as the home of Wall Street, not a residential destination. But it also has become just that. Today below
Indeed, the Financial District now has high-end homes, such as the Cipriani Club Residences and the Setai, as well as its own acronym that some say was coined by developer Kent Swig: FiDi. This weekend, some spots are having open houses that people interested in living south of City Hall might consider.
Buyers in the area are often foreigners who buy pied–à–terre or investment units that they rent out, but the financial district also attracts families. Schools in the area include
Because it's a nontraditional neighborhood, the area has been known for offering buyers more space for the money. But some brokers point out that right now bargains are available in other neighborhoods, too.
Jacky Teplitzky of Prudential Douglas Elliman says she finds it difficult to recommend the Financial District to her clients when there are good finds available in more established communities. The Financial District still has much work to do before gaining the after-hours vibrancy of other areas.
But there has been some progress. In recent years,
High-end retailers like Tiffany and Hermes have opened, along with supermarkets, dry cleaners and other amenities.
"It's still quiet, but it's not as quiet as it used to be," says Danielle Lewis McLaurin of Charles Rutenberg Realty. "Before, it was just desolate."
If You’re Just Browsing This Weekend in the Financial District …
This condo measures roughly 1.079 square feet and has two bedrooms and two bathrooms, as well as a terrace. The home is in the South Star, a pre-war Art Deco building with a doorman, gym, garage and restored lobby.
Price: $1.347 million
Listing Agents: Thomas Koester and Vidal Chaves of Corcoran
Open House: Sunday, May 30, 2:30-4p.m.