Is the FiDi over before it ever really began? That's the subject tackled in a fascinating story in the new issue of The Real Deal, which looks at the glut (or non-glut, based on whomever is offering the soundbite) of new housing available in the Financial District. There are a slew of high-profile developments in the pipeline, including luxury rentals at 95 Wall Street and 8 Spruce Street, and luxury condos at 30 Park Place and 45 Broad Street. These of course join the numerous conversions and new construction, including District, William Beaver House, the W Hotel & Residences, 75 Wall Street, etc. It's a lot to take on, even for a neighborhood whose population will have doubled over a span of five years. So is the "next great neighborhood" being run into the ground, with Wall Street layoffs a further harbinger of doom? Depends on who you ask. Developers like Kent Swig and Larry Silverstein are of course bullish on the area, but Stribling vice president Lori Huler Glick says small apartments (they are office buildings, after all) commanding top dollar are disappointing potential buyers ("It kind of feels like when you're on vacation, but you're stuck in a timeshare"). Good arguments all around, but the one confusing statement is from CORE's John Gomes, who says the popularity of the William Beaver House amongst foreign buyers shows that "foreign buyers understand the value of that neighborhood more than New Yorkers." That bit of dementia aside, what are the feelings out there right now about the FiDi?
· Financial District boom slows [TRD]
Filed under:
Loading comments...