The Inevitable Rise of Lower Manhattan

The landscape of lower Manhattan has been rapidly evolving over the past decade, and the Financial District (FiDi) in particular is undergoing major changes No longer primarily a business district, FiDi has developed a distinct residential character all its own. The New York Post recently reported that the Financial District has seen over $30 billion in private and public investment over the last ten years—a truly staggering number.

The newly completed Fulton Street subway station and the rise of a collection of luxury downtown condos, as well as the appearance of a wide range of entertainment, dining, and shopping options, have made FiDi quite a desirable downtown neighborhood.

With interest in southern Manhattan at an all-time high and the city’s dedicated involvement in redeveloping the East River Esplanade, the influx of public funds to the area has begun to match the private surge. Pier 15 – the previously abandoned waterfront – has been completely rebuilt as a stunning two-tier, 50,000-square-foot public park. The new park offers arresting views of the East River, and its two-story layout enables the space to function as a relaxing green space on top and as an indoor venue with dining and hosting options on the lower level.

The shopping available in southeast Manhattan, which also has seen a vast expansion in the last decade, has been significantly bolstered by the presence of the new luxury complex Brookfield Place. The high-end shopping destination’s choice of the downtown area for its home signaled that developers truly believe the expansion of the area is not a passing trend, but a permanent shift. Boutiques like Diane Von Furstenberg Hermès, Burberry, Omega, Paul Smith, Michael Kors, and Gucci, among others, make Brookfield Place an appealing shopping destination for fashionable Manhattanites in the downtown area, and from far beyond it.

Back when FiDi was far more known for its commercial pursuits than its culinary buzz, Stone Street was its primary dining attraction. Stone Street was – and still is – a cozy gem  nestled within the skyscraper haven and is complete with throwback bars and restaurants. Closed to cars, Stone Street is also lined with cobblestones. If the area feels like a memory  to another time, that’s because, to an extent, it is from another time. Stone Street is believed to be the oldest paved street in Manhattan. The area now features four bars, six restaurants, and a large collection of tables situated right out on the cobblestones. It’s a truly singular and historical NYC block that, now that the area’s street life is flourishing, has begun to shine anew.

Beyond Stone Street, the southern downtown area is home to many acclaimed restaurants including the highly praised sushi haven, SUteiShi; the famed area staple, The Pearl Diner; the taco-famous Mexican restaurant, Toloache Taqueria; the high-end steakhouse, Reserve Cut; the now-iconic Luke’s Lobster; and, of course, Shake Shack.

As downtown Manhattan continues to change dramatically, areas like the Financial District are being transformed into fully-formed neighborhoods that offer amenities and attractions on par with the best the city has to offer. And with new downtown condos arising to meet the mounting demand, southern Manhattan seems destined to continue its transformation for many years to come.