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Financial District

Home buyers looking for real estate for sale New York City might end up looking at the famous Financial District in Manhattan. The Financial District is a section of Lower Manhattan that contains the headquarters of a number of major New York financial institutions, thus the name. It sits at the southern end of the Manhattan borough and includes Wall Street, the New York Stock Exchange, the Federal Reserve Bank of New York, as well as parts of Pine Street, Cedar Street, Front Street and Water Street. The rectangular-shaped neighborhood stretches at its longest point from South Street bordering the East River up to Broadway where it intersects with Wall Street. Those looking for Financial District condos for sale can expect to find a median home price of $1,002,516 and a number of buildings constructed before 1939, as well as more modern buildings built after 2000. Condos for sale in Manhattan Financial District may also have water views as a large portion of the neighborhood overlooks the East River.

Financial District History

The Financial District has a long and storied history. Those looking for NYC Financial District condos for sale will find that the heart of the district is considered to be at the intersection of Wall Street and Broad Street. Both of these streets are completely within the Financial District. The northeast part of the district going along Fulton and John Streets was known as the Insurance District in the early part of the 20th century. This was due to a large amount of offices representing insurance companies, similar to how the current name reflects financial institutions. There are a number of well-known historical buildings near Financial District condos for sale in Manhattan as well. The Federal Hall National Memorial can be found at the intersection of Wall Street and Nassau Street. This was the location of George Washington’s inauguration and the first United States Capitol.

Settlers began building in the area in the late 17th century, using its convenient location along the East River for trade and other seafaring occupations. It became an important part of US history later when the first capital was located here. For a long time into the modern age, the Financial District was not much of a neighborhood, being instead the daytime destination of people who worked in the many offices and financial institutions in the area. It wasn’t until the late 1900s and early 2000s that it became a neighborhood with a higher number of full-time residents. The 2010 estimate put about 61,000 people living in the area, which was a big jump compared to the mere 15,000 or so that lived in the area before 2001. Thus a good amount of real estate for sale New York City in the Financial District is located in converted office space.

Financial District condos for sale can be found in the areas south of City Hall Park, but the area does not include Battery Park or Battery Park City. The boundaries are generally considered to be from Chambers Street to the south tip of Lower Manhattan, and then from the East River to Broadway.

There are a number of tourist attractions near condos for sale in Manhattan Financial District. The South Street Seaport Historic District is adjacent to the Financial District, as is the New York City Police Museum. Nearby in Battery Park City is the World Financial Center and Skyscraper Museum. Sometimes real estate for sale New York City in the Financial District might be referred to as Wall Street, even though that is only one street crossing through the neighborhood.

Financial District Neighborhood Profile

Condos for sale in Manhattan in the Financial District are known for being in a quiet, safe location with convenient access to other parts of the city. However, because of the amount of people that come during the day to work, it tends to be very quiet in the evenings. One of the selling points that agents for Financial District real estate for sale New York City use is that there are a lot of transportation options as well as convenient proximity to many places of employment. There are a large number of train stations in the neighborhood, which are as follows:

– trains 4 and 5 to Bowling Green
– trains 4 and 5 to Wall Street
– trains R and W to Rector
– train 1 to Rector
– trains R and W to City Hall
– trains 2 and 3 to Park Place
– trains 4, 5 and 6 to Brooklyn Bridge
– trains 4 and 5 to Fulton
– trains A and C to Broadway
– trains 2 and 3 to Fulton
– trains J, M and Z to Fulton
– trains J, M and Z to Broad Street
– trains 2 and 3 to Wall Street
– trains R and W to Whitehall Street

Those looking for Financial District condos for sale can expect to find public transportation to meet their needs with 13 total trains serving the district. As many as 85 percent of the residents in the area do not own cars. About 70 percent of the residents take the trains to work and about 23 percent walk to work. Unsurprisingly about 76 percent of the working residents in the Financial Districts are managers, office professionals or executives.

There are no public schools physically located in the Financial District, but nearby schools include Spruce Street School, Pine Street School, Léman Manhattan Preparatory School, Millennium High School and Battery Park City School among others.

The Financial District is mainly known as the home of several economic powerhouses. This includes the home offices of major banks across the country and within the city, as well as the New York Stock Exchange. The look of the neighborhood reflects the interesting contrast of old and new, with historic brick buildings combined with huge modern skyscrapers. Some other famous attractions include the Fraunces Tavern, which is where George Washington left his troops. There’s also the City Hall Park, Trinity Church, US Custom House at Bowling Green, the original New York City first parish church and the Museum of the American Indian. Robert Fulton and Alexander Hamilton also have their final resting places in the area. Castle Clinton, a stronghold from the War of 1812 is located here, as well as the Staten Island Ferry. Previously, the biggest attraction was undoubtedly the World Trade Center complex, but in its place is now the 9/11 memorial and a museum. There is also the replacement One World Trade Center that now soars 1,776 feet over the district.

Whether you’re looking for Apartments for Rent in the NYC Financial District or real estate for sale, you’ll fall in love with our options.

Finding Financial District Condos For Sale

Buyers looking for condos for sale in Manhattan Financial District should know that 45 percent of the real estate in the area is priced at $1,047,000 or above. About 16 percent of the condos here are priced between $314,001 and $419,000. About 17 percent of the real estate is between $523,001 and $785,000, while another 14 percent is priced between $785,001 and $1,047,000. The vast majority of condos for sale in Manhattan Financial District are within apartment complexes, at 99.9 percent. Roughly 46 percent of buildings were built before 1939, while 22 percent were built in 2000 or later. About 18 percent were built between 1970 and 1999, while 13 percent were built between 1940 and 1969. Home size is almost always between zero and two bedrooms, at a rate of 95 percent. Only about 4 percent of homes are three or four bedrooms in size.

Because this neighborhood is known for being populated by working professionals, it’s no surprise that the highest age concentration of residents is between 30 and 44 and 18 and 29. The latter group makes up half of the residents, while the former group makes up about 33 percent. Together they are over 80 percent of residents in the Financial District.

Real estate for sale New York City varies somewhat by neighborhood, but is usually centered in smaller apartments. The key is to find a neighborhood that fits the specific needs of the home buyer. The market tends to be very complex and anyone trying to find real estate in any of the neighborhoods should enlist an agent that knows the market well.

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This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. ©2017 REBNY Listing Service, Inc. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. RLS IDX Data display by iHomefinder, Inc.
REBNY data last updated at July 23, 2017 8:38 AM ET

 

 

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