The New Downtown: Why Lower Manhattan is becoming a Haven for Residential Investors
After more than a decade of regeneration, Lower Manhattan is preparing for reinvention. Long the stronghold of the city’s corporate and financial giants, Downtown is about to become home to New York’s most stunning residential properties.
New York City Residential Property Investments
With the thirteenth anniversary of 9/11 taking place later this week, many are looking back towards Manhattan to find that a new Downtown is emerging. Standing at the centre of the district’s redevelopment is 1 World Trade Center, a 104-storey glass tower climbing to the top of the city’s skyline. The Freedom Tower, as it is also known, will become home to the city’s technological and media elite with prestigious companies such as Condé Nast, HarperCollins and Nielsen Media Research leading the move downtown.
With such rapid migration to the south of the island, developers have had to anticipate the impact of the additional 50,000 employees who will not only be working in the area, but also those who will be living there. Over the past decade, various construction projects have emerged across Lower Manhattan as developers scramble to provide the definitive new residential accommodation in the area. From the rippling tower of the Frank Gehry-designed Beekman Building renovation to the planned reimagining of the Woolworth Building as condominiums, the past decade has seen developers attempt to create the definitive residential property in Downtown Manhattan.
Completed in 2010, the 58-storey tower of the W New York Downtown Hotel and Residences has already been attracting occupants to the area. Located in the heart of Downtown and next to the 9/11 Memorial Park, the W Hotel has seen a surge of interest from tourists, businessmen and residents alike. Ahead of the completion of the major redevelopment in the south of the city, the Residences at the W Hotel have already started to grab the attention of those looking to move towards the New Downtown. With 23 floors of luxury condominiums located in the top half of the building, in addition to a floor of luxury resident-exclusive amenities including a digital entertainment lounge, café, fitness centre & spa treatment rooms with a sauna, luxury residential property is becoming a mainstay of the previously corporate Downtown. The Residences at the W mark the beginning of the trend with many new buildings bringing luxury homes to the area.
Standing near southern tip of the island, 50 West is the latest shining skyscraper to take its place in Manhattan’s iconic skyline. The 64-storey glass and steel structure will house more than 190 condominiums from 1 bedroom apartments to the stunning penthouses, in addition to four floors of luxury resident only amenities including a fitness centre, swimming pools, restaurant and digital entertainment room. The crowning glory of the building is the Observatory at 50 West Street, a stunning private observation deck offering uninterrupted 360° views of Manhattan, New York Harbour and beyond. However, this is not to say that the roof is the only place that 50 West will offer spectacular views. The curved glass of the 780ft-tall tower surrounds the building, offering spectacular views from every apartment, the subtle design of each space letting the island of Manhattan take centre stage.
Completing in 2016, 50 West is just one of many buildings rising above the streets of New York City of Downtown Manhattan, symbolising the rebirth of the area. As the Freedom Tower prepares to welcome its first residents this October, leading to an influx of new residents in the area, there has never been a better time for investors to look towards Downtown Manhattan.
Downtown Manhattan New York City Residential Investments
As demand for residential properties in Downtown Manhattan continues to grow, Principal International is delighted to offer buyers the opportunity to invest in the exciting regeneration of this historic district.
50 West offers investors the very best of the New Downtown, with a range of luxury amenities, stunning apartments and penthouses, in addition to unparalleled views of New York Harbour, the East and Hudson rivers, Ellis Island and the Statue of Liberty.
The Residences at the W Hotel provide a unique residential opportunity with the luxury service of a hotel. Offering a floor of resident-only amenities, a private lobby entrance and stunning views from every apartment, it is a fantastic investment in the growing market of Downtown Manhattan.
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