Phoenix and the Ashes The future of Lower Manhattan real estate

The implications of the attacks of September 11 are far-reaching, with tentacles stretching around the world. But what about right next door? An entire section of Manhattan has been forever altered, as have the lives of all the people who call TriBeCa, Battery Park City and the Financial District home. What will become of these residents? After all that has happened, will people still want to live here? And how will that affect the real estate market, both in Lower Manhattan and elsewhere in the city?

9/11: Before and After

By all accounts, parts of the New York City real estate market were in decline before September 11. With stocks stalling and layoffs looming, the dynamic was already shifting from a sellers’ to a buyers’ market. 2001 was already off to a dubious start for the industry.

Lower Manhattan, however, was not much impacted, according to Warren Wechsler, first senior vice president of the Real Estate Board of New York (REBNY), the city’s largest real estate trade association.

"Conditions were relatively favorable," he says. "Office prices were steady. Housing prices were still increasing, though not as fast as a few months before."

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