Financial District

About the Financial District NYC

The Financial District, also known as Lower Downtown Manhattan and in some cases simply called Wall Street, is the southernmost neighborhood in Manhattan. This area extends from Chambers Street to the end of Manhattan down by Batter Park. The neighborhood is synonymous with economic institutions and top monied companies such as; the Federal Reserve Bank of New York, the New York Mercantile Exchange, NASDAQ, the New York Board of Trade the American Stock Exchange, the New York Stock Exchange, and Wall Street itself.

The Past

Historically; more than three centuries after Dutch settlers built the financial center’s namesake barrier, Wall Street is more of a concept than a place. In the past prior to the advant of electronic technology, a person had to be bodily in close proximity to the actual Stock Exchange in order to perform any financial action, which then lends to the practical application of many businesses housing their headquarters in Manhattan so they could interact with Wall Street firms.

This all changed during the 1970s to the 80s as new technology allowed for manufacturers and industrial companies to move their operations out of NYC to more reasonible commercial rental markets. Due to this shift many office spaces were developed in Midtown which in turn have been taken by the banks and institutions that still had a professional requirement to be in Manhattan, but without the need to be neighboring to the Stock Exchange.

It’s been years since most big-name financial firms have been housed in Manhattan’s Financial District. The addresses and views may change, but Wall Street as it was envisioned in the 1790s is still alive and well.

The Present

Downtown Manhattan is a rich arena of world-class architecture that ranges from the "International School” style, to art deco buildings to that of beaux arts-style properties; most of which are bound to supertall office towers which give NYC its distinctive landscape. The Big Apple's signature downtown skyline features many recognized landmark properties whose distinctive outline remain as anchor points to one of the largest premium office destinations; hosting some of the nation’s biggest private commercial tenants found in America today!

Today offices found here are priced very reasonably being more favorable that those compared to other neighborhoods in Manhattan. In addition the area has seen an expansive set of refurbishing and new construction in order to enhance and match tenant user tastes & business requirements. In competing with other locations in the city the Finacial District continues to undergo change, traditonally this area has played hosted to those who had a desire or need to live near where they work - with most moving out of the district within a few years. Previously, the area’s residential properties served those who wanted to live close to their workplace but would move out of the neighborhood within a few years. Now, those short-term residential tenants are slowly transitioning by the influx of long-term residential occupants who see the benefits of the area's efforts towards revitilization; with examples such as the World Trade Center to that of Fulton Street both of which are supported by a public transit hub that offers unmatched momentum in and around the city. Although this neighborhood is mainly commercial, the residential population has been growing steadily.

As of 2019 public statistics indicate that the Financial District enjoys an estimated daytime population that can range from 200,000 to 600,000+ people; according to resources like "Patch.com" the neighborhood swells up by a factor of 10; but after workhours the population drops down to 30,000 to 80,000 full-time residents.

Why choose the Financial District for your office space?

Downtown Manhattan stands poised as a brand new hotbed for residential and commercial properties that are now focus on a growing affluent population. Because of these widespanning improvements many Tech companies are now moving to the area in droves; with big names such as Booking.com, BounceX, Justworks.com, and Spotify.com to name a few.

What supports this statement has been best stated recently by the New York Times who has emphasized the inbound talent pool by which these companies thrive.
"Skilled tech workers now flock to New York from everywhere." (see article here; It Started With a Jolt)

The properties found here today offer commercial tenants the most extensive next generation package of adaptable office inventory; infrastructure, and services that meet the needs of businesses of any size or professional requirement. These benefits include the construction of full floor spaces that are configured towards the use of a create tenant which commonly includes the implementation of glass from the perimeter windows to those partitions found within a given space, which allows for sunlit exposure to pour in throughout the day. These modern features can be found coupled by fresh air access either by a roof deck or in some cases via an ensuite private or shared terrace.

In terms of practical needs; many companies today have a need to consolidate by scaling back their operations and or workforce into a single location. Companies like Uber are a great example of this move; having recently moved their headquarters to 3 World Trade Center (as seen in Crain's New York) the online ride share company has taken advantage of the neighborhood's excellent rental rates and vast inventory of open availabilite offices.

On the opposing scale - those companies looking to expand their lease space find the area flush with options that range in price and image depending on needs and budget. Full contiguous offices on single floor plates can be found readily here.

In terms of cost like anything else in life you get what you pay for; for the budget-conscious there are many buildings which remain part of the "old guard". These properties offer a practical user outstanding value. Many of which are commonly marketed as "iconic" or "midcentury" due to their dated architecture and or building features. But if one looks past the aesthetics of these commercial spaces, they can act as a shelter for your business, a springboard for your startup, and or as an ancillary space for your pre-existing operations. In relation to startup industry trends - they flock here because they can find a practical office with none of the trim but all of the function allowing many to build their brands. This advantage for startup companies in turn is further supported by an area of the city that is easily accessible to new talented young workers. These points combined with an affordable rent make these older offices an attractive option for many business owners seeking a location in city that is sensible and still advantageous towards any lenth of lease. Beyond this many today find they would prefer to lease their own office and not share a space with others - the Financial District maybe your solution!

Despite your choice of office; Downtown Manhattan from any high floor enjoys great unencumbered views of the city and the habor in some cases. What is consistinent throughout all of the downtown area is the benefit of an exceptional location that not only offers a prestidgious address but also provides unparrelled transportation access and a great waterfront home for any executive or employee.

These improvements and real estate options speak to the commitment that reflects Lower Manhattan’s continued appeal to creative, tech-focused companies.

The Downtown 1031 Exchange Program

This area of Manhattan does provides 1031 + qualified 501(c)(3) and 501(c)(6) organizations with access to a full real estate tax abatement program. The city incentives include attractive tax breaks. It was instuted by New York governor Andrew Cuomo who has a initiative to move tech, media, and advertising companies to the state, and the Financial District is its epicenter of that effort. Read More About 1031

Why care about Advertising Agencies?

It is believe that the advertising industry in New York City serves as a benchmark for identifying "that" next hot neighborhood. Traditonally these Agencies desire cool mordern offices in trendy hip locales because their clients rely on them to be monitoring the pulse of what is fresh, popular, and sought-after in culture... Couple by the industry's requirement for branding and company image these spaces occupided by Advertisers have a function which serves These offices the public and clients as well. offer a spacious and interesting environments in which for creativity to blossom - which at the end of the day drives the industry.

The Creative Process

For those companies who rely on the ideas created by their team Wall Street today offers a terrific location for these creative processes to flourish. In addition being situated at the end of Manhattan with water on all three sides; the waterfront and those downtown views provide an exclusive character which is cemented by some fo the world's largest business engines all of these elements blend together to provide a muse for creativity and tenacity.

Downtown Real Estate Pricing & Inventory

The pricing is very favorible today in comparison to Midtown and Midtown South, with office space becoming scarce as many now are looking to reposition themselves into spaces which offer the longetivity of a lower lease rate, as demand begins to rise here those rents will enviably be pushed upwards.

In this new economy commercial tenants look for large open floors with swift connectivity to Brooklyn and New Jersey. This dynamic is causing may Tech firms to move into the area, drawn by the competitive rental rates as opposed to that found in their expected locales such as the Flatrion District, Soho, Chelsea, and Tribeca. Downtown Manhattan also offers these same firms unparalleled public transporation which helps to keep staff absence down when due to inclement weather as well as providing outstanding travel options to all points of the NYC metroplitan area.

Who Has Moved Here

Research into the real estate available for the last few years supports the notion of a long spanning exodus from pricer climes - back in 2015 eighteen ad agencies made the move to the area alone! Even today millions of square feet of office space has been made available by many financial firms - while the public and private sectors have worked in tandem towards enticing creative services and media institutions into taking those lauded spaces.

In recent time many offices have been relocated to Lower Manhattan with an estimated 25,000 square feet transitioning in 2019 accross eight industries. Retail trade consisted of about a third of these leases while a remaining quarter are tied to advertising, information, media, and technology. This transactional leasing activity showcases well the Financial District's adjustment to a greater diversity of tenants which has included approximately nine million square feet of office space tied to creative and fashion brands alone.

These trends have created an atmosphere whereby businesses from all walks of industy want to be located here as the district has seemingly "arrived"...

American Express, Deutsche bank, Goldman Sachs and other Blue Chip Companies still call the Finacial District home despite the shift in industry demographics as much space contnues to make way for more creative services firms. Even newer blue-chip tenants like Equinox have planted their flag here which continues to support the commitment by many to this market in its redevelopment.

Despite what industry a company is in the Downtown Manhattan neighborhood offers cost-effective expansive spaces in which a user can creative an interesting work setting that 21st century companies require (which are all prerequisites for today’s TAMI tenant).

Why Downtown Wall Street Today

Many building properties today in Lower Manhattan have undergone a series of capital improvements. The new increase in leasing activity is tied to building quality, and the abundance of efficient floorplates common to the architecture of the office towers found here. This in turn is futher benefitted by a modern infrastructure that is serviced and maintained by proactive owners and their landlords.

Many spaces can be found now that have been pre-built which await leasing, metriculouly upgraded and remodeled these offices stand as an investment towards continuing the area's entrepreneurial legacy.

What is Your Real Estate Requirment Today?

1. Those looking to consolodate / not reduce staff but rather use a new space more efficiently

2. Those looking to expand into a larger space - whether it's for particial floor or a full floor office.

3. Those looking for a better price point (with the area's average starting asking rent of $50 PSF.)

4. Large Floor Plated; while for example a 65,000-square-foot office floor is scarce elsewhere in the city, that does not apply here. Many full floor offices and penthouse offices pepper this landscape - some of which will never be subdivided which then consistantly gives the Downtown Manhattan market a product which cannot be matched easily anywhere else.

Neighborhood Summary

It has been said that "this isn't your father's Wall Street" ...

Lower Manhattan is the historic birthplace of our city - its a thriving community with a vibrant mix of both the historic and cutting edge that invokes innovation and competition. There is no other place with sweeping harbour views, class A office towers, and wireless-broadband connected recreational areas - giving New Yorkers an uplifting respite from the concrete jungle that abounds. The real estate boom herein still has room to grow - for many a business it might be a time to move back with current demand and pricing be at an advantage!

Why is New York City the 'financial capital of the world?

Because it is the generally acknowledged capital of finance, fashion, advertising and business. It has the fastest growing professional demographic in the world, more college students than any other city, more museums, it is the largest city in the United States, and is the second largest real estate market in the world. On top of that, it is home to the United Nations, the closest thing that the world has to a central government...

How We Can Help You Today

For further information about specific commercial spaces and buildings in the Financial District area, contact Prime Manhattan Realty at (212) 268-8043. We will find the perfect space for your needs at no cost! We will help to negotiate you an ideal lease agreement that will save you money and time.

The Take Away

• Tech Oriented Built Offices which can be obtained by Direct Lease, Sublease, or for Purchase as a Commercial Condo / Co-op...
• Accounting & Hedge Fund Office Spaces; these traditional tenants continue to thrive here though not in great numbers as once previously enjoyed
• Flexible Work Environments; with the options ranging from - fully furnished / vanilla box / raw space - ready for construction - there is a fit for any professiona business need
• + Less Expensive Office Spaces (than those found in other business districts of Manhattan); for those who wish to move into Manhattan from the outer bouroughs this location offers unparrelled options

• Broker assisted space search - Find properties with the help of a Licensed Broker at No Fee, receive a space report in 2 hours. (You can Schedule a tour as well)
• Find a properties on your own - Office Spaces for lease in Financial District, Manhattan, NY, Identify (DIY - Do it yourself) at No Cost, the instant options available!
• Browse our Wall Street office - Listings Now - from Direct Lease to Sublets to Condos raning from 2,000 to 20,000+ (with larger spaces here being available)

New York Financial District Real Estate Guide

Located in the heart Downtown Manhattan, next to some of the best transportation options, restaurants, and shops in New York

Demographics

The Financial District is home to just over 50,000 residents (a 12% increase from five years ago).
There are currently 1,146 new residential units under construction in the neighborhood.
Condos sell for an average price of almost $2,000 per square foot.
Apartments rent for an average of $61 per square foot.
The Fulton Street subway station sees nearly 92,000 daily riders.

Avenues, Boulevards, Roads, Streets, Thoroughfares

Beaver Street, Bridge Street, Broad Street, Broadway, Church Street, Cordtland Street, Elizabeth Street, Exchange Place, Grand Street, Greenwich Street, Hanover Square, John Street, Kenmare Street, Liberty Street, Lispenard Street, Maiden Lane, Mulberry Street, Old Slip, Pearl Street, Sixth Avenue, Stone Street, Wall Street, Washington Street, Waster Street, Water Street, Whitehall Street, William Street

Transportation

The centralized location and abundance of nearby transportation options draws a large population of professionals to the area
Ideally located for both in-city and suburban commuters, the Downtown Transit Hub offers immediate Pedway access, is just steps away from multiple CTA bus stops and is centrally located to all three major Metra Rail stations

MTA Subways are located above the 4/5 Wall Street subway station and is also within walking distance to the Fulton transit hub;
Subways - 1, 2, 9, 4, 5, A, C, E, J, M, N, R
Bus - M6, M9, M10,M 15, M22

1 at Chambers, Rector and South Ferry; 2,3 at Chambers, Fulton and Wall Street; R at City Hall, Cortlandt, Rector and South Ferry; 4,5 at Brooklyn Bridge/City Hall, Fulton Street, Wall Street and Bowling Green; A,C,E at Chambers, Park Place, World Trade Center, and Fulton; J,Z at Chambers, Fulton, and Broad Street; Path Trains at World Trade Center; Staten Island Ferry at South Ferry.

24-Hour ATMs

Amalgamated Bank, 52 Broadway, (212) 894-3000
The Bank of New York, 45 Wall St Apt 506, New York, NY, 10005
Union Bank of California, 40 Wall St Fl 23, New York, NY, 10005
Fleet Securities, 14 WALL ST, New York, NY, 10005
Mellon Financial Corporation, 44 Wall St, New York, NY, 10005
Citibank, 120 Broadway Ste 230, New York, NY, 10271

Post Office

The Prince Station at 124 Greene Street between Prince and Houston Streets
The Village Station at 201 Varick Street at Houston Street

Police Precinct

City Marshals, 116 John St. #15, (212) 349-4303
Arcade Village Police Department, 17 Church St., (585) 492-3111

24-Hour Pharmacies

The Duane Reade at 50 Pine St, New York, NY, 10005
Downtown Pharmacy at 82 Wall St, New York, NY, 10005
Ralph's Discont City at 80 Nassau St, New York, NY, 10038

Supermarkets

Jubilee Marketplace, 99 John St., (212) 233-0808
Jamie Food Corp., 75 Maiden Ln., (212) 425-0497
Chiu Kee Ltd., 22 Broadway, (212) 964-6952
Associated Food Store, 77 Fulton St., (212) 227-4109
Riverside Market, 80 Pearl St., (212) 747-9111

Financial District Restaurants

Fuel, 100 Kenmare St, New York, NY, 10012
Dom's, 181 Grand St., New York, NY, 10012
Dollar Store Inc, 88 Mulberry St, New York, NY, 10013
Chipotle Mexican Grill, 2 Broadway, (212) 344-0941
Ulysses Folk House, 93 Pearl St., (212) 482-0400
Adrianne’s, 54 Stone St., (212) 248-3838
Bayard’s, 1 Hanover Sq. (212) 514-9454
Delmonico’s Restaurant, 56 Beaver St., (212) 509-1144
Bobby Van’s Steakhouse, 25 Broad St., (212) 344-8463
Less Halles, 15 John St., (212) 285-8585

Financial District Nightlife

Nancy Whiskey Pub, 1 Lispenard St, New York, NY, 10013
Xicala, 151 Elizabeth St, New York, NY, 10012
Fraunces Tavern, 54 Pearl St., (212) 968-1776
Whitehorse Tavern, 25 Bridge St., (212) 668-9046
Remy Lounge, 104 Greenwich St., (212) 267-4646
Moran’s Bar & Grill, 103 Washington St., (212) 732-2020
Trinity Place, 115 Broadway, (212) 964-0939
Pound & Pence Restaurant & Pub, 55 Liberty St., (212) 716-1140
John Street Bar & Grill, 17 John St., (2120 349-4659

The Dead Rabbit - 30 Water St, New York, NY 10004 - (646) 422-7906
Iron Horse NYC - 25 Bridge St, New York, NY 10004 - (212) 668-9046
The Growler Bites & Brews - 55 Stone St, New York, NY 10004 - (917) 409-0251
White Horse Tavern - 25 Bridge St, New York, NY 10004 - (212) 668-9046
The Malt House FiDi - 9 Maiden Ln, New York, NY 10038 - (646) 682-7577
Murphy’s Tavern - 6 Stone St, New York, NY 10004 - (212) 425-1700
The Porterhouse Brewing Company - 36 Water St, New York, NY 10004 - (212) 425-7171

Best happy hours: The Dead Rabbit, Iron Horse NYC, The Growler Bites & Brews, White Horse Tavern, The Malt House FiDi, Murphy’s Tavern, The Porterhouse Brewing Company

Financial District Parks and Recreation

Battery Park has fine views of Governors Island, Staten Island, the Statue of Liberty on Liberty Island and Ellis Island, the famous immigrant gateway to America (1892–1954) for ancestors of one in four present-day Americans. Frequent ferry service to Staten Island, Ellis Island and the Statue of Liberty departs from South Ferry and Battery Park.

This neighborhood is host to the new Sports Museum of America.

Financial District Landmarks and History

Financial District is best known for its cast-iron architecture. Cast-iron was a popular building material before the wide use of steel, and to this day, it is the largest surviving cast-iron district in the world. The commercial buildings that line Broome Street and Spring Street feature cast-iron decorations and other cast-iron architectural elements. The Haughwout Building at 488 Broadway and the Gunther Building at 469 Broome Street portray classic examples of cast-iron façades bolted to a brick base.

Financial District Area Scene

Cermamic Studio, 74 Varick St, New York, NY, 10013
Fulton Street Art Gallery Inc, 116 John St, New York, NY, 10038

Financial District Statistics

Population: 30,000
Average Age: 39
Median Income: $87,385

Noteworthy Properties

One Seaport Plaza (199 Water St.)
One World Trade Center
14 Wall Street
111 Broadwaym (Trinity Building) - between Trinity Place and Broadway
44 Wall Street
620 Sixth Avenue
120 Broadway (Equitable Building)
3 World Trade Center
111 Wall Street (between South and Front streets and between Wall Street and Gouverneur Lane)
60 Wall Street
120 Wall Street
17 State Street (State and Pearl streets)
30 Broad Street
199 Waster Street
55 Water Street
110 William Street
90 Church Street
1 Whitehall Street
22 Cordtland Street
40 Exchange Place
20 Exchange Place (City Bank-Farmers Trust Building)
55 Echange Place
375 Pearl Street (Verizon Building)
30 Broad Street
28 Liberty Street
1370 Broadway

Noteworth Companies & Firms

New York Life Insurance Co. 120 Broadway (Equitable Building)
Macmillan Publishers 120 Broadway (Equitable Building)
GroupM (3 World Trade Center)
McKinsey & Company
Booking.com (28 Liberty Street)
Diageo (3 World Trade Center)
Hudson River Trading
Excess Line Association of New York (ELANY) (120 Wall Street)
Pico (120 Wall Street)
Droga5 (120 Wall Street)
amfAR (120 Wall Street)
Catalyst (120 Wall Street)
Girls Inc (120 Wall Street)
Axioma (17 State Street) 25th, 26th & 27th Floors
FGC Capital (17 State Street)
Friendly Capital (17 State Street)
Alphadyne Asset Management (17 State Street)
EnTech Engineering, P.C. (17 State Street)
StoneTurn Group (17 State Street)
IPsoft, Inc. (17 State Street)
Curtis + Ginsberg Architects (55 Broad Street; 8th Floor)
Unibet Interactive, Inc. (55 Broad Street; 13th Floor)
ESPN
Howard Hughes Corporation (199 Water Street)
Epsilon Data Management (199 Water Street)
BGC Partners (199 Water Street)
Allied World Insurance Company (199 Water Street)
Justworks (55 Water Street)
Hugo Boss (55 Water Street)
EmblemHealth (55 Water Street)
Justworks (55 Water Street)
NYCHA (90 Church Street)
Selligent (One Whitehall)
Architizer
Premier Home Health Care Services (One Whitehall)
New York City Office of Labor Relations (22 Cordtland Street)
NYPD (375 Pearl Street)
Rafael Viñoly Architects (375 Pearl Street)
Department of Finance (375 Pearl Street)
Human Resources Administration (375 Pearl Street)
IA Interior Architects (100 Broadway)
M MOser (233 Broadway)
IEX Group (3 World Trade Center)
Mekanism (Broad Street)
BarkerDZP
Spotify (4 World Trade Center; 62 through 72 Floors)

Companies to know: Stack Overflow, Hive, Human Condition Safety, Namely, LifeBEAM, Sisense, Grapeshot, Boundless, Provista Diagnostics, Olo, x.ai

Helpful Neighborhood Links

https://www.downtownny.com › leasing-and-financial-incentives
https://en.wikipedia.org/wiki/Commercial_area
https://www.bloomberg.com/graphics/2018-manhattan-office-migrations/?srnd=real-estate-and-home
https://www.compass.com/neighborhood-guides/nyc/financial-district/ SEE THIS PAGE

Helpful Resource Links

Manhattan / Downtown Specifically

https://hbr.org/1988/05/before-you-sign-that-lease
https://www.6sqft.com/everything-you-need-to-know-about-using-a-guarantor-in-nyc/
https://commercialobserver.com/2019/06/dont-sleep-on-fidi/
https://www.bloomberg.com/graphics/2018-manhattan-office-migrations/?srnd=real-estate-and-home HUDSON YARDS / MIDTOWN / FINANCIAL
“KKR & Co., BlackRock Inc. and Wells Fargo & Co., have plans to relocate”
https://propertyclub.nyc/article/brooklyn-make-way-manhattan-s-financial-district-is-nyc-s-millennial-hotbed
https://www.6sqft.com/dawn-of-a-new-downtown-the-transformation-of-lower-manhattan-since-911/
Crain's 2019 6 Coolest Offices in New York
Advertising Agencies Head to Financial District
TAMI Companies are filling up FiDi Spaces
It started with a Jolt: How New York Became a Tech Town
Dawn of a new Downtown: The Transformation of Lower Manhattan
Uber Signs Large Lease in the World Trade Center