There is no shortage of big real estate developments coming to the Financial District in 2016. Rising from the ashes of the 9/11 attacks, the Financial District has had the real estate world talking over the past decade; and this bustling neighborhood won’t disappoint with so many new developments on the horizon this year. Not only one of the world’s most significant business hubs, but also a dominate player in the residential realm, the Platinum District continues its historic emergence through 2016 with impressive new real estate developments.
With more than $30 billion in public and private investment within the last decade alone, the Financial District offers exceptional public transportation at the World Trade Center, outstanding entertainment at Brookfield Place, and inimitable dining options other Manhattan neighborhoods covet.
Photo by: Brookfield Place | Instagram
Top New Real Estate Developments – A (New) New York City Skyline
50 West Street – New Development
The 780-foot tall residential condo tower designed by internationally-acclaimed architect, Helmut Jahn, has topped out and is expected for a late 2016 opening. It has been reported that the sales team spent $2 million on the sales office and are currently marketing the residences at $3,000 per square foot. The amenities include a top-floor observatory, swimming pool, theater, library, and three children’s playrooms and lounges. Featuring unparalleled views of New York Harbor, the Hudson and East Rivers, Statue of Liberty, and Ellis Island, this stunning steel-and-glass structure will beautifully enhance the FiDi skyline.
70 Pine Street – New Conversion Development
A long-closed Art Deco landmark is set to complete the residential conversion by 2016. With a landmark status for both the exterior and interior (honored by the New York City Landmarks Preservation Commission), the lovely skyscraper will open up 600 apartments as well as other multi-purpose spaces. It will also be home to an extended-stay hotel, not to mention the Michelin-critiqued Spotted Pig owners’ newest culinary venture.
Rentals manager, Daniel Itingen adds, “70 Pine is a beautiful Art Deco style re-development. A building I’ve been waiting to hit the market for a long time. It’s an incredible example of how far the financial district’s rental market has come. Each apartment features very high-end finishes and tall ceilings giving each and every apartment an open, airy feel. The amenities are something you would typically see in a high-end condo building. They include a state of the art gym, wellness center, a full service market and a roof top restaurant.”
An observatory at 70 Pine Street | NY Times Photo
30 Park Place – New Development
Set to open in July 2016, Robert A.M Stern’s 30 Park Place offers 157 condos of which 60% have already been sold. As if the north views of the Empire State Building and Midtown’s Bank of America Tower weren’t enough, the building is intimately anchored in history between the iconic Woolworth Building and the kinetic World Trade Center site.
Four Seasons Residences at 30 Park Place
180 Water Street – New Rental Conversion Development
Continuing a decades-long housing project in the Financial District, Emmes Realty just filed a permit to convert the modernist commercial tower to a residential tower with 600 anticipated apartment units. The alteration permit calls for converting all but 10,500 square feet of the total 457,000 square feet, with about 20 apartments per floor.
Khashy Eyn, CEO and Founder of Platinum Properties, adds, “I’m very excited about the new rentals at Metro Loft and Emmes Realty’s 180 Water Street. I believe the 600 apartments will be the best to come to the Financial District rental market.”
180 Water Street
Despite a remarked “2016: The year of the slowdown?” by the Real Deal Magazine detailing real estate experts’ best predictions and biggest concerns for NYC, the Financial District deviates from the expected downward trend. With long awaited million-dollar developments coming to the market, the once stunted neighborhood now surges along with the expansion of Lower Manhattan.
Investment opportunity lies within preparedness at the opportune time. Meet with an informed real estate agent and learn more about NYC’s development trends for 2016.