Renaissance Of Wall Street Real Estate
Home to some of the country’ wealthiest corporations, Wall Street is slowly but surely becoming a luxury retail haven. A host of blue chip retailers are setting up shop here. Tiffany’s & Co. have arrived and this has been followed by an announcement by Hermes that they would be opening an upscale boutique in the financial district.
Lower Manhattan has always had the best demographics. Residents here have an average income of $80,000 and have more money to spend because almost 81 percent have no children. Add to that a well paid daytime work force of nearly 310,00 and retailers have a goldmine that is waiting to be tapped. A bevy of swank, new luxury apartments have sprung up and are selling briskly thereby increasing the numbers of an already wealthy population.
Retailers are also attracted by the rentals here which are much lower when compared to Fifth Avenue.
Since September 11, Wall Street does not permit cars and pedestrians have to navigate a maze of security precautions to get around. The district needs to lose its fortress like façade if it wants to draw shoppers to the area.
Perhaps the biggest development is the retail space planned at the site of the Twin Towers. At least 500,000 square feet of retail space is being planned for the three new WTC buildings. After the September 11 attacks, growth in the area slowed down until the government stepped in with subsidies aimed at luring corporations and residents back to the area. Consequently, the residential population has jumped by 61 percent. All this is good news for retailers who want to tap this vast, unserved market.
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