Neighborhood Overview

The Financial District (FiDi) at the southern tip of Manhattan is home to Wall Street, the New York Stock Exchange, and One World Trade Center. Once predominantly a commercial area that emptied at night, FiDi has experienced a residential boom since the early 2000s with numerous office-to-residential conversions and new developments.

Common Property Types

Office towers (many Class A), converted office-to-residential buildings, new luxury residential towers, mixed-use developments, and historic properties. The 421-g tax incentive program encouraged many office-to-residential conversions in the early 2000s.

Typical Building Ages

Historic buildings from the early 1900s (including 40 Wall Street, 1930), mid-century office towers, and new construction from the 2000s-2020s including One World Trade Center (2014) and 125 Greenwich Street.

Common Violations

Facade maintenance on older office towers, construction violations from ongoing development and conversions, elevator and fire safety violations in high-rise buildings, flood zone compliance issues (post-Sandy), and environmental violations.

Property Tax Information

Commercial properties face high Tax Class 4 assessments. Many converted residential buildings benefit from 421-g tax exemptions (10-14 years) which are beginning to expire, significantly increasing carrying costs for early-conversion buildings.

Zoning Information

High-density commercial zoning: C5-3, C5-5, C6-4, C6-9. Special Lower Manhattan District allows residential conversions. Post-9/11 incentive programs continue to shape development. Some of the highest FAR in the city (up to 18.0).