NEW YORK ( TheStreet) - A decade after the Sept. 11, 2001 terrorist attacks, the opening of the new One World Trade Center is poised to once again alter the landscape of New York City's Financial District, but in many ways the real estate changes have already taken shape.
That rents tend to be about 30% lower in the Financial District than in Midtown also adds attractiveness. Unease about the safety of workers and residents has been another natural concern, particularly in the immediate time period following the terrorist attacks in 2001. "When everything went down and, quite honestly, we do audits on residents in the city, no one felt comfortable right afterward," Lagnado said. "Insurance premiums went up for terrorist protection. But you have to move on with your life and live, and appreciate all the new security measures in the area. You have to have the attitude that it could happen anywhere. The answer is not to abandon the neighborhood." Despite worries of safety or otherwise, the residential population of Lower Manhattan has more than doubled since Sept. 11. Tourism has also boomed, and will continue to do so once the National September 11 Memorial & Museum opens to the public this month. More residents feed demands for more retail, too, Daniel Hedaya, president of New York City-based Platinum Properties, said. High-end retailers like Thomas Pink and Tiffany ( TIF) already line Wall Street, with rumors of an Apple ( AAPL) store or Whole Foods Market ( WFM) coming to The Corner, a 140,000-sq. foot commercial space at the corner of Wall Street and Broad Street, directly across from the New York Stock Exchange. The newly opened Duane Reade ( WAG) flagship store is "tremendous," Hedaya said, adding value and convenience to neighborhood residents and workers. "Everyone is doing everything they can to ensure terrorist attacks won't happen again," Hedaya said. "People aren't living in fear because Manhattan is the best city in the world and everybody knows it." -- Written by Miriam Marcus Reimer in New York. >To contact the writer of this article, click here: Miriam Reimer.
Readers Also Like: