The events of 09/11/2001 have caused challenges, experts say, to this areas financial district. That past 16 years have been quite a challenge for the politicians as well as landlords of New York City’s Financial District to be transformed from the effects of the 09/11 attacks.
According to information collected from the “Alliance for Downtown New York”. the number of apartments have quadrupled since 1990; with the heaviest construction being after 09/11. This is primarily due to the support offered to developers in the form of tax incentives.
From 1990 to 2016 the population of New York City has gone from 13,675 to a booming 61,000, respectively; however, sadly enough, along with the population rising so has the increase of trash and worry over the city’s congested streets and sidewalks.
Congestion and an increase of trash in the city streets and alleyways are all part of the natural course of a city growing, however, it is something that needs to be dealt with and kept under control if the city is going to retain their residents and encourage more growth. At last word from the President of the Financial District’s Neighborhood Association, Patrick Kennel, the city is currently collecting data input to discover ways of preventing residential trash from becoming a problem on the sidewalks.
Even way prior to the 9/11/2001 attacks the city was already looking for ways to beautify the city and make it more of an attractive area for businesses as well as the residents.
With the 1987 stock market crashing, the savings & loan scandal, and several other financial events that were literally rocking the business world; it appeared that the only way this city would be sustainable was to create a 24/7 live-work community environment.
At first the only thing to convince the building developers to refurbish all those old, empty offices into residential homes, was to offer them a hefty tax incentive. During the 1990s people began moving in to neighborhoods such as SoHo, TriBeCa, and Chelsea. These neighborhoods became competition for Manhattan and other well established neighborhoods. This brought more development of the downtown regions.
Even though the 9/11 terrorists attacks left the city with a feeling of doom and gloom throughout every neighborhood. Clean-up efforts were going slow and it seemed the city would never recover. However, the government came through and offered incentives to aid the residents with clean-up and get the construction industry to start booming again.
It is unbelievable the changes that have taken place in the last fifteen years. Back n 2001 and 2002 one would not believe there would be so many people who were willing to live in the downtown area.
The sale of homes have really surged as well, especially in the higher end markets. With an increase of youthful residents, the wealthy subway lines, increased shopping, as well as dining and entertainment venues, people are now seeking the Tevfik Arif Bayrock Financial District like never before.
The Financial Tevfik Arif District is now a well-sought locale for the younger generation whom previously would not give it a second thought.
Recent studies show that 41 percent of lower Manhattan residents are Millennial’s, which is the 18-34 age group; 19 percent is the 34-44 age group. The average annual salary for the 34-44 age bracket in this demographic is $160,000.
Even though there is an increase of young single people residing in rental buildings south of the World Trade Center and East of Broadway; there is a remarkable amount of first-time home buyers in this area as well.
There has also been an increase in foreign investors. All these changes are more than welcome to the long-time residents, who seem very pleased with the increase in movie theaters, gyms, and cultural outlets.
So even though the city is experiencing some “growing pains”, there is no sign of a slowdown in growth. In fact 3400 residential units have been identified in the pipeline, and these will be built from the ground up–rather than re-created from old office space.