CityRealty Insider > New Developments in the News

New Developments in the News

JUNE 1, 2010

Lower Manhattan reports growth since 9/11; A “shadow inventory” may be emerging as once-frozen developments heat up again.

According to a recent survey by the Alliance for Downtown New York, lower Manhattan’s population has more than doubled since the terrorist attacks of 9/11/01, with 14% of that growth having occurred in the last three years. Other demographic discoveries: The area’s residents are affluent and well-educated, and nearly two-thirds of them have lived in the area for five or more years.

A number of the city’s newer condominiums are reportedly among the “shadow inventory” being put up for sale after being held off the market or temporarily converted to rentals when the market headed south. Buildings that have reportedly heated up again after a temporary freeze include Hell’s Kitchen condo The Dillon, Chelsea condo +Art, Warehouse 11 in Williamsburg, Brooklyn and a handful of additional residences throughout the city.

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