Tribeca has transformed over the past five years, going from a commercial warehousing district to a hip neighborhood populated by celebrities. But the neighborhood’s boom has made its decline during the recession that much steeper. Several projects are stalled, including Five Franklin Place, now just a construction site surrounded by a fence. The developers at 34 Leonard, a building that appears to have finished construction, have been unable to sell out the building. The sales office at 56 Leonard has closed. Some developers say they have seen recent signs of improvements in sales, but others say developers who built projects during the boom misunderstood what types of buildings people wanted in the neighborhood. The Real Deal looked at the downturn’s impact on Tribeca in the August issue.