The Real Deal New York

Financial District residential boom in full swing, data show

Developers preparing for influx of families in FiDi

August 08, 2014 01:35PM

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From left: 90 Washington Street, 5 Beekman Street and 2 Gold Street

From left: 90 Washington Street, 5 Beekman Street and 2 Gold Street

The Financial District is a slice of Gotham much changed from a decade ago. A look at some statistics offers a glimpse at how far it’s come as a residential neighborhood and provides a window of what’s ahead.

The Financial District’s residential population has nearly doubled, from 23,000 to 43,000, since 2000, according to data crunched by Queens College professor Andrew Beveridge and cited by the Times.

Prices are also on the move. Two years ago, the average sale price for a FiDi co-op or condo was $969 per square foot, about 10 percent lower than the Manhattan average of $1,065, Jonathan Miller, president of Miller Samuel, told the newspaper. That gap has now closed.

Another change is happening in household makeup as more families move to the area. In 2012, people under the age of 18 lived in about 4,000 Financial District homes, up from 1,600 in 2000, the Times reported.

Developers are taking note. Between 2014 and 2017, about 1,000 condos and 1,200 rentals will be built, according to Downtown Alliance figures cited by the newspaper. [NYT]Tom DiChristopher

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