NEW YORK, March 15, 2015 / PRNewswire — Just 15 years ago, Wall Street was strictly commercial. No one would have thought of staying there longer than absolutely necessary and the only reason to go there in the first place was to make money.
Today, Lower Manhattan is one of the fastest growing residential areas of New York. Young executives are shopping at Tiffany’s and Hermes, baby strollers have replaced Lamborghinis and Ferraris and the area has become family-friendly. New restaurants, trendy shops and vibrant bars and clubs cater to an affluent population. Already, half of the buildings on Wall Street have been converted from commercial towers to pleasant apartments with city and water views.
“The area has seen tremendous growth and continues to improve rapidly” says Neil Foresto, Senior Vice President of New York Residence, a real estate brokerage and advisory firm helping international clients to invest in New York City. Foresto made the Financial District his home ten years ago when his wife fell in love with the riverfront and the large parks of the neighborhood.
“The Financial District has so much to offer,” explains Foresto. “There is easy and fast access to all of Manhattan – at the same time the quality of life exceeds other parts of New York.”
And yes – appreciation for investors is virtually guaranteed. Lower Manhattan is where New York City started to develop when European settlers came to the island 200 years ago. Since then, real estate prices have skyrocketed and continue to increase because of high demand: In just the last 10 years, the population has doubled.
One World Trade Center was just completed and already attracts new commercial tenants of the highest caliber: Publishing giant Conde Nast (Vogue, Vanity Fair, Architectural Digest) moved in recently, the offices of the State of New York will move in later this year. Although 287 meters lower than Burj Khalifa, both skyscrapers share the same idea – being a symbol of prosperity and growth of their respective areas.
For investors who want to find out how to take advantage of today’s opportunities in the Manhattan market, Neil Foresto and his colleagues Aurora Azar and Thomas Guss are available for personal and confidential meetings at the International Property Show in Dubai from March 30th to April 1st.
New York Residence Inc.
+1.212.360.7000 ext. 103