As WTC rises, so does Warren Street

July 27, 2012 09:30AM

At this rate, the World Trade Center could well be deemed responsible for upgrades on every block in the five boroughs. Having already been said to have spurred the growth of Greenwich Street, the World Trade Center complex is now being credited by the Wall Street Journal for changes on  Warren Street.

Four blocks north of the development site, Warren Street was long a haven for Lower Manhattan oddities, the Journal said. But starting in 2008, with the opening of 101 Warren Street, luxury residences have come to the thoroughfare. Conversions of 53 and 55 Warren Streets soon followed, and, as The Real Deal first reported, Sonny Bazbaz will lead the next conversion on the block, at 37 Warren Street.

“The World Trade Center is revitalizing the entire business district,” DDG Partners CEO Joe McMillan told the Journal. “The entire area has been rejuvenated.” His firm, which also developed 41 Bond Street, is planning a condo at 12-14 Warren Street.

But several other factors are at play in the transformation of Warren Street. The residential population of Lower Manhattan has nearly tripled since Sept. 11, and that growth has made developers more confident about the area.  Also, as development sites become more scarce in Tribeca, the neighborhood’s boundaries are extending south by developers looking to cash in on its name. [WSJ]