It appears such institutions as the New York Stock Exchange, One World Trade Center, and the South Street Seaport in New York City's Financial District -- FiDi to its friends -- will be getting a lot of new neighbors in the next several years.
According to a recent report by The Real Deal--titled “Does FiDi have too many condos?”--the neighborhood is expected to have 1,928 new condo units in the pipeline. And that's not even counting the units already under contract.
Perhaps the most prominent development project in FiDi is real estate magnate Harry Macklowe's 2014 acquisition of the 1.1 million-square-foot One Wall Street. The Art Deco tower was formerly the Bank of New York Mellon Corporation, and will house 566 condos in its newest incarnation. According to Macklowe Properties’ description of the landmark 55-story tower: “The building itself has many features including exceptional panoramic views, ideal floor plates for multiple uses, excellent ceiling heights, multiple entrances, and access to multiple transportation hubs.”
In addition to Macklowe, there are other real estate firms looking to make inroads in Lower Manhattan's residential market. The Real Deal said that development firm LCOR submitted an offering plan to transform a 308-unit rental building on 25 Broad Street into condo units. According to 25 Broad's website, the building boasts large living spaces with 9.25-foot to 13-foot ceilings, nero wood floors, and generous closets. There is also The Lightstone Group, which is prepping its 244-unit building designed by David Adjaye, at 130 William Street. Meanwhile, real estate firms L+M Development Partners and Urban Muse are planning to build 110 and 31 condo units respectively in the neighborhood.
The article further explains that the developers of these new projects are trying to avoid what has hamstrung other development projects in the neighborhood in the past, which is “holding onto excess inventory years after launching,” like what happened to the 5 Beekman Street development.