More people are moving to Downtown Manhattan, and most residents there are couples, according to the Alliance for Downtown New York’s first Lower Manhattan Retail Market Overview.
Since 2001, at least 17,800 residents have moved in, boosting the population in the one-square mile area south of Chambers Street by 30 percent. Lower Manhattan’s population is about 44,000 and is projected to reach 53,000 by 2008, the report said.
About 60 percent of residents say they want better Downtown retail options. Three out of four residents dine out at least twice a week, but almost half aren’t satisfied with the area’s restaurants, the report said.
With a median income of $165,000, Downtown residents earn three times Manhattan’s median income and four times the city’s. About 16 percent earn at least $400,00 a year.
Hotel growth is also increasing Downtown’s night-time population. By 2010, 13 new hotels will add 3,170 rooms, bringing Lower Manhattan’s total to 5,300. The number of visitors to the area increased from 4.2 million in 2002 to 5.8 million in 2006.
Workers total 307,780 and are projected to reach 356,580 after Goldman Sachs opens its new headquarters in 2009 and the new World Trade Center, including the new JP Morgan Chase building, is completed in 2012.
Three out of four Downtown workers shop in the area, while six out of 10 eat out at least three times a week. TRD