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.
"The last 10 years since 9/11 have been absolutely phenomenal for Lower Manhattan," Lagnado said, calling the transformation a "renaissance" of sorts. The area now boasts a young, more family-oriented population with luxury residential properties continuing to be built. Downtown has "fared a lot better than other areas of the city," he said, both in residential and commercial real estate. After Sept. 11 many residents abandoned the neighborhood, returning their keys to landlords rather than paying October rent, Lagnado said. There were spikes in vacancies and landlords were giving away concessions to fill available units. Now there are many stable buildings with over 95% occupancy, he added, and less incentives being given away. Commercial properties, while they've held up well, are having a slightly tougher time, particularly in light of "so much square footage coming on line in the Financial District" with the expected opening of One World Trade Center. For residents however, the draws are clear. New parks and half a dozen new schools have made the area more attractive to couples and families. The residential population of Lower Manhattan has more than doubled since Sept. 11, according to an Alliance for Downtown New York report. The days of Wall Street and its surrounding neighborhoods emptying out at the end of a workday are over. -- Written by Miriam Marcus Reimer in New York. >To contact the writer of this article, click here: Miriam Reimer.
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