Posted by Wei Min Tan on October 30, 2017
Financial District – Neighborhood Summary
By Wei Min Tan
Financial District is situated at the southernmost tip of Manhattan island. It is the location of the world famous Wall Street, The New York Stock Exchange and the Federal Reserve Bank of New York. Federal Hall, located on Wall Street, was the location where George Washington was inaugurated as the first President of the United States.
Over the years, developers have converted many commercial buildings into residential use. For example, 99 John, 15 Broad, 20 Pine, 88 Greenwich were all converted into residential condominiums. As result, the number of full-time residents in FiDi has been growing and this has attracted more restaurants, retailers and grocery stores to the area. Merchants Restaurant, Hermes, Tiffany’s, True Religion, Chipotle and Financier Patisserie were all opened within the past few years to cater to the growing need from the FiDi clientele.
Wall Street, South Street Seaport and the World Trade Center are major tourist attractions receiving millions of visitors each year. The recently completed W Hotel and Residences, Club Quarters and the billion dollar Fulton Street subway station represent the continuing development of FiDi.
The World Trade Center buildings will create millions of square feet of commercial space which in turn will bring a lot of jobs to the area. This is a driver for appreciation potential for properties in FiDi.