The Financial District has seen a residential boom over the last decade, according to the Wall Street Journal, due in part to a perceived abundance of bargains, real estate insiders say. The number of permanent residents below Chambers Street has ballooned to 55,000, according to the community organization Alliance for Downtown New York, more than double the 24,400 residents in 2000. Even so, Charles Rutenberg Realty agent Danielle Lewis McLaurin said that the neighborhood has a long way to go before it can be considered a residential hot spot. “It’s still quiet, but it’s not as quiet as it used to be,” McLaurin said. “Before, it was just desolate.” [WSJ]

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Daniel Hedaya, an executive vice president with Platinum Properties, and a map of the Financial District

While the Financial District residential market is suffering — much like the rest of the borough — Daniel Hedaya, executive vice president of the Wall Street-based firm Platinum Properties, said that more realistic pricing, less inventory coming online and continued landlord concessions could boost FiDi’s rental market in the coming year.

The firm’s year-end rental market report (see report after jump), based on 2,472 rental transactions in the Financial District in 2009 as compiled by Hedaya and based on landlord submissions, shows that rents have declined year-over-year for all apartment sizes. The greatest decline was a 10 percent drop in average rates for studios, to $2,210 in 2009 from $2,453 in 2008, and the 11 percent drop in average rent for studios with home offices, down to $2,648 per month from $2,980 in 2008. While not in itself a dramatic decline, the drop in rental prices took its toll. [more]

From left: Pool pavilion and Turkish steam bath and lounge

Developer Africa Israel has announced that the remaining 50,000 square
feet of amenities at 20 Pine is complete and ready for use. In addition
to the already open library and terrace lounges, residents at the
embattled FiDi project being marketed by Shvo will now have access to
an indoor pool pavilion and 3,000-square-foot lounge, a
1,400-square-foot game room, and a gym, spa and Turkish steam bath and
lounge. Residents living above the 24th floor will also have access to
hotel-style services, including daily breakfast and a private lounge. TRD
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