Financial District Condo developments on the rise

Financial District Condo developments on the rise

Incredible loft spaces, ritzy apartments, sleepy sidewalks, and cobble stone streets: those are all associated with the Financial District (Fidi). But modern, tall, and imposing rectangular structures known in New York City as “condos”? Never. However, the newly heightened demand and supply of condominiums has also affected the FiDi landscape.

As reported by Jeremiah Budin of Curbed New York this week, a Financial District condo project has already begun at a one site in the area. At 246 Front Street and 267 Water Street where a vacant lot stood in between the two addresses, construction of one Financial District condo development has already taken form on paper. Originally proposed in 2003, Andreas Giacoumis and Darrin Krumpus presented a plan before Community Board 1 for a seven story condominium on Front Street and a four story townhouse on Water Street.

Meanwhile, just across the way from this Financial District condo, another condominium project is lining itself up for lift off. In Tribeca at 12-14 Warren St. between Church Street and Broadway, DDG Partners has acquired the current 5 story building for $14.8 million, which formerly stood as a printing factory. According to the Tribeca Citizen, DDG also purchased air rights to construct a 50,000- to 60,000-square-foot 15 story condo.

It seems as though Lower Manhattan is telling Mayor Bloomberg, “Eff you and your micro-apartments! We want luxury and we want space.”

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