The Real Deal New York

From the May issue: Over the past five years, Lower Manhattan has become one of the city’s fastest-growing residential areas. But some observers say that the boom has peaked and that the area might be due for a Wall Street-influenced bear market. The number of residential units has grown by about 66 percent in the last five years, with an estimated 28,600 expected by the end of 2008. In the past year alone, more than 3,300 units opened up; this year, another 4,500 are scheduled to come to market. Compounding matters is that Wall Streeters — whom a year ago were flying high, but are now facing dark days — are one of the primary groups targeted by many of the new luxury buildings.