The Financial District: A Tourist Magnet With a ‘Village-Like Quality’


CreditCalla Kessler/The New York Times

Add to the growing tourist parade an influx of families and other residents, and you get “a change in the dynamic of the neighborhood,” said Patrick M. Kennell, a resident since 2005 and president of the Financial District Neighborhood Association. In March, the association released “Make Way for Lower Manhattan,” a report that describes construction debris, scaffolding, street vendors and other obstructions. “Bikers, pedestrians and even delivery vehicles struggle to find a place to maneuver along the street,” according to the report, which makes specific recommendations about how to slow traffic, improve walking corridors, add pedestrian plazas, clean up trash and generally make the area safer and more pleasant.

Many of the suggestions will soon be implemented, said Mr. Kennell, a lawyer. “So much money is being pumped in by government entities,” he said. “We’ll get these problems fixed. I don’t worry about it.”

In the meantime, he and his family are enjoying new amenities like the expanded seaport area and Governors Island, with its bike paths, art activities and playground known as the Yard. “The kids go crazy,” said Mr. Kennell, who has two sons, 9 and 11. “It’s awesome.”

CreditCalla Kessler/The New York Times

The median price for a condo in 2019 through early July was $1.0675 million, said Gill Chowdhury, an agent at Warburg Realty. The median price for a co-op was $750,000.

“About 80 percent of the sales are condos, higher than most areas,” Mr. Chowdhury said, because most residences are in new or newly converted buildings that are condos. Although this year’s condo median price surpassed the 2018 median of $1,053,333, he said, builders were hoping it would go even higher.


Sahred From Source link Real Estate