Living and working in the Financial District

Real Estate Weekly, Feb 23, 2000 by Eric Kaufman

EAV Realty Corp. is a real estate investment banking boutique - a small specialty shop with far-reaching resources, staffed by MBA's who have solid credentials, knowledge and contacts relevant to real estate development, consulting and analysis. Our group consists of myself and two associates, Avram Holzer and Monte Marfilius.

EAV's focus is on creative commercial real estate sales assignments and mortgage banking services, including both debt and equity placements. We also have particular expertise with respect to real estate development consulting.

Since 1995, EAV has assisted in the transformation of Downtown Manhattan into a 24-hour neighborhood, primarily through the conversion of buildings in the area to residential use. Our company specializes in financing and disposing of assets in Manhattan below 14th Street.

So in April, 1999, when confronted with a divorce and joint-custody of a five-year-old son, Downtown Manhattan seemed the logical choice for me to pursue a live/work situation. Thus, the Financial District called out to me. It offered relative proximity to my child and is located in the primary area in which I operate my business. However, even with my substantial Manhattan landlord contacts, renting an apartment proved to be stressful and frustrating.

Luckily, friends at Time Equities had a loft-like apartment at Delmonico's with a unique configuration that had eye- and practical appeal. The choices for a luxury residential building in the area (e.g., 45 Wall Street, 25 Broad Street, 21 West Street, 71 Broadway) at the time cost about $1,700 for studios, and one-bedrooms were $2,200 and up. I chose a two-bedroom, two bath to accommodate both my son (three evenings a week) and my associates, where from Monday through Friday we are an active real estate company. The building has no doorman, but does have adequate security and a friendly atmosphere. The mix of people is diverse, with a number of residents operating home-based businesses.

As always in Manhattan, a three-bedroom would be nice, but they seem to be very high priced, i.e., $4,000 and up. Is there no end to escalating rental and sales prices for residential real estate in Manhattan?

What's It Really Like Living in Lower Manhattan?

My first impression of actually living in the Financial District is that you are living right in the beat of the pulse of the third largest-commercial office market in the United States (behind Chicago and Midtown Manhattan), with compelling historic sites for tourists. It can be pretty comical doing mundane things like carrying your dry cleaning past the New York Stock Exchange in your sweat pants, while other pedestrians are wearing suits or studying New York City maps trying to find where they are. Lower Manhattan is one of the most challenging, yet confusing areas in Manhattan, especially if you are a tourist. If one lives and drives in Lower Manhattan regularly, you will figure out the maze and become intrigued by it.

Everyone says that the Financial District has no supermarket, no movie theaters and is dead at night. That may all be true (though not for long) and I think it is part of the allure for people seeking the quietude of a true residential neighborhood. Today, the UES and UWS are so crowded that I welcome the desolation of Lower Manhattan in the late evening.

A. M. Robert Stern astutely pointed out that the canyons of Lower Manhattan might provide an interesting living environment for the residential dweller. The slivers of sunlight in the district's core (victim of short sighted zoning plans that resulted in monolithic high-rise office buildings like 120 and 61 Broadway) are adequately compensated by the open spaces and captivating water views of Battery Park and the South Street Seaport.

Also, the Financial District is only a short distance to desirable neighborhoods: TriBeCa, SoHo, Chinatown, and the East and West Village. In most instances, there is no need, to contemplate travelling beyond 14th Street.

Regarding the supermarket issue, the new Amish Market has created a lively, healthy gourmet market (that delivers) and the proposed Youn Market at 99 John Street will provide a full service supermarket. Personally, since I have a car and a child, I now favor Pathmark and Blockbuster up on Pike Slip, off of South Street. Other residents favor The Food Emporium in TriBeCa and even Fairway on 125th Street.

Dry cleaning, though somewhat limited, is not really a problem. I frequent the establishment at 71 Broadway, because it is a little less expensive than the other cleaners.

What the area needs is a bridge between the Financial District and Battery Park City below the World Trade Center. I believe there is one scheduled to be constructed at Rector Street to link the two neighborhoods.

The good news is that the work for the Stone Street Historic District has begun. It has been reported that the cobblestone streets of Mill and Stone streets will be closed to automobiles to create a pedestrian mall of restaurants for tourists and residents.