Financial District Real Estate Bounces Back
NEW YORK (TheStreet) - Real estate values in New York City's Financial District have ebbed and flowed since the September 11, 2001 terrorist attacks a decade ago, but not only has the area recovered it is outperforming other Manhattan neighborhoods.
More than 20 million square feet of new development have been built in Lower Manhattan over the last 10 years and asking rents -- both for commercial and residential properties, leases and purchases -- are on the rise again following the Great Recession, according to a Real Estate Board of New York (REBNY) report.
Retail rents rose between 24% and 68% throughout the city over the last decade, depending on the neighborhood, with the steepest jump in the downtown area, where retailers can now expect to pay upwards of $100 per square foot.Commercial space peaked in the summer of 2008 at $62.27/sf in Lower Manhattan, compared with $99.22/sf in Midtown and $88.37/sf in Manhattan overall. Immediately following Sept. 11, those rates were $42.28/sf, $61.28/sf and $54.68/sf, respectively, REBNY said.
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