Chinatown area has become “the last cool neighborhood” in Manhattan

New York /
Dec.December 01, 2011 09:12 AM

The young, artistic populace that is the precursor to gentrification has descended upon one of the last corners of Downtown Manhattan yet to be inundated with glassy new development.

According to the Wall Street Journal, cheap rents have brought an artistic community to the area known as Two Bridges, in eastern Chinatown south of East Broadway, which new residents have begun to dub “Chumbo” — a combination of Chinatown and the upscale Brooklyn neighborhood that sits directly across the East River. At least one resident interviewed by the Journal called it “the last cool neighborhood on the island.”

But the Chinese-Americans that have long dominated the area are hip to what the artistic presence means: inflated rents, pricey restaurants and upscale clubs loom in the distance. Residents worry that they and the businesses that serve them will soon be pushed out. A report set to be released today by advocacy group CAAAV Organizing Asian Communities and the Urban Justice Center will confirm those fears, the Journal said. In fact, some institutions more typical of the Lower East Side nightclub area have already begun spilling over into the neighborhood. [WSJ]


Related Articles

arrow_forward_ios
From left: Ace Hotel’s Brad Wilson and Omnia Group's David Paz along with 225 Bowery (Getty, Google Maps, Ace hotel, Omnia Group)
Bowery micro-hotel files for bankruptcy
Bowery micro-hotel files for bankruptcy
15 West 45th Street, CapitaLand’s Eaton Zhou
Midtown hotel trades for $38M in another slow week for midsize i-sales
Midtown hotel trades for $38M in another slow week for midsize i-sales
Bank Hapoalim’s Dov Kotler, Omnia Group’s David Paz and 225 Bowery (LinkedIn, Google Maps)
Bank Hapoalim to sell loan on troubled Bowery micro-hotel
Bank Hapoalim to sell loan on troubled Bowery micro-hotel
NYC Planning Commissioner Leah Goodridge (Illustration by The Real Deal with Getty, Leah Goodridge via Twitter)
NYC planning commissioner turns Christmas Twitter troll
NYC planning commissioner turns Christmas Twitter troll
JDS Development’s Michael Stern and renderings of Two Bridges (JDS, Getty)
JDS hits snag after ruling on Two Bridges project
JDS hits snag after ruling on Two Bridges project
Optimum Asset Management's Rodolfo Misitano and 222 East Broadway (Optimum Asset Management, Getty, 222 East Broadway)
Troubled LES condo project finally opens luxury resi sales
Troubled LES condo project finally opens luxury resi sales
Public Hotel at 215 Chrystie Street, Steve Witkoff and Ian Schrager (Getty, Google Maps, Witkoff)
Schrager, Witkoff default on Public Hotel mortgage
Schrager, Witkoff default on Public Hotel mortgage
Bushburg COO Jordan Franklin at Empire State Dairy (Photos by Paul Dilakian)
After two decades on Brooklyn’s frontier, Bushburg prepares to hit the gas
After two decades on Brooklyn’s frontier, Bushburg prepares to hit the gas
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...