Lower Manhattan Sees Residential Renaissance
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In the aftermath of the September 11th attacks, the area surrounding the World Trade Center was devastated. Business tenants were forced to flea, and while not nearly as numerous, shaken downtown residents were left to ponder their future. Now, nine years after the attacks, a surprising number of people are calling the area home. NY1's Rebecca Spitz filed the following report.The residential population below Chambers Street has nearly doubled in the last nine years. A survey from the Downtown Alliance finds more than 55,000 people now call the area home, many of them living in former office buildings. Of the 88 million square feet of office space in Lower Manhattan, about 15 million square feet have been converted to apartments. Many residents who spoke with NY1 say they welcome the post 9/11 change.
"To see the resiliency of New Yorkers and people who live Downtown kind of go through that evolution and recovery. And to see it over a month, a year, five years, almost 10 years, it's amazing how much this area has transformed," said Lower Manhattan resident Eric Wong.
Lower Manhattan's conversion trend started in the late 1970s, picking up speed in the late 1990s and post September 11th. As the residential population has steadily increased, the neighborhood has changed to fit the needs of those living there. The Downtown Alliance says four new public schools and a private high school opened this year, and more than 1,000 new residential units are coming in 2011.
"I think it's been tough living through the construction but certainly more than 30,000 people have decided, despite those temporary inconveniences, to make Lower Manhattan their home because they get not only the value but the value added," said Downtown Alliance CEO Liz Berger.
Luxury apartment buildings like 20 Exchange Place, 37 Wall Street, and 75 Wall Street -- once the headquarters of Barclays Bank and JP Morgan Chase -- are in demand as people look to move Downtown.
"It's becoming much more of a diverse residential population -- from singles, people who just moved to the city, people who come here from other parts of the city, families, young couples, all across the board," said said Tricia Hayes Cole of Corcoran Market Group.
Wong says the neighborhood offers him everything he needs, including a five minute walk to work. He recommends everyone give Lower Manhattan a shot.
"I think in five years, this can be like another SoHo before it became big. We'll see. It's real exciting to see everything change so quickly," Wong said.