Financial District residential boom in full swing, data show

Developers preparing for influx of families in FiDi

New York /
Aug.August 08, 2014 01:35 PM

The Financial District is a slice of Gotham much changed from a decade ago. A look at some statistics offers a glimpse at how far it’s come as a residential neighborhood and provides a window of what’s ahead.

The Financial District’s residential population has nearly doubled, from 23,000 to 43,000, since 2000, according to data crunched by Queens College professor Andrew Beveridge and cited by the Times.

Prices are also on the move. Two years ago, the average sale price for a FiDi co-op or condo was $969 per square foot, about 10 percent lower than the Manhattan average of $1,065, Jonathan Miller, president of Miller Samuel, told the newspaper. That gap has now closed.

Another change is happening in household makeup as more families move to the area. In 2012, people under the age of 18 lived in about 4,000 Financial District homes, up from 1,600 in 2000, the Times reported.

Developers are taking note. Between 2014 and 2017, about 1,000 condos and 1,200 rentals will be built, according to Downtown Alliance figures cited by the newspaper. [NYT]Tom DiChristopher


Related Articles

arrow_forward_ios
Urban Commons' Salvatore Takoushian and 2-10 West Street (Urban Commons, StreetEasy)
Urban Commons in danger of losing FiDi hotel
Urban Commons in danger of losing FiDi hotel
From left: 25 Water Street, MSD Capital's Michael Dell, MetroLoft's Nathan Berman and GFP Real Estate's Jeff Gural (Getty, Google Maps)
GFP, Metroloft seek to convert 25 Water Street to 1,200 rentals
GFP, Metroloft seek to convert 25 Water Street to 1,200 rentals
Francesco Bellini with 175 Water Street
Wealthy Canadian family is mystery buyer of $250M AIG building
Wealthy Canadian family is mystery buyer of $250M AIG building
Dart Enterprises' Ken Dart and 175 Water Street (Getty Images, Google Maps, YouTube/WORLD TOP 10 OFFICIAL)
Reclusive billionaire buying former AIG headquarters
Reclusive billionaire buying former AIG headquarters
Hidrock Properties’ Abie Hidary and 140 Fulton Street (LinkedIn, Google Maps)
Hidrock’s FiDi hotel project facing foreclosure
Hidrock’s FiDi hotel project facing foreclosure
Vanbarton Group's Richard Coles & 160 Water Street (Vanbarton Group, Collaborative Construction Management LLC, Getty)
Vanbarton lands $272M loan for Fidi office-to-resi conversion
Vanbarton lands $272M loan for Fidi office-to-resi conversion
Pacific Oak’s Keith Hall and Savanna’s Christoper Schlank with 110 William Street
Pacific Oak Capital, Savanna default on 110 William Street
Pacific Oak Capital, Savanna default on 110 William Street
9/11 Tribute Museum co-founder Jennifer Adams-Webb and 92 Greenwich Street (Getty Images, 9/11 Tribute Museum)
Lower Manhattan’s 9/11 Tribute Museum shuts doors
Lower Manhattan’s 9/11 Tribute Museum shuts doors
arrow_forward_ios

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

Loading...