Lower Manhattan's Market

Posted by: Amey Stone on September 16, 2005

Visit the barren landscape of Ground Zero and it’s hardly surprising that the neighborhood that once included the World Trade Centers hasn’t returned to its pre-9/11 vibrancy. Neither has the residential real estate market.

I spoke recently with Lisa Maysonet, a broker with Douglas Elliman and founder of Group Maysonet about the lower Manhattan real estate market. She currently represents an apartment for sale for $10 million that is owned by Russell and Kimora Simmons. It is on Liberty Street and has views onto the site of the future Freedom Tower. (Lots of information and photos of the palatial pad can be found on her site).

P. Diddy was under contract to buy the apartment for $5 million when the terrorist attacks took place. The sale never took place since the building was condemned. Now renovations are nearly complete and the apartment is back on the market.

A $10 million view of Ground Zero? That’s not quite the hook Maysonet has in mind. Instead she argues that the neighborhood represents one of the last great values in Manhattan. Although she thinks is may take as long as 10 years for lower Manhattan to fully transform, she points to redevelopment plans for the Freedom Towers, a new park, plus a location three blocks south of hip Tribeca – where the same apartment would fetch at least $12 million.

“Where else are you going to get the chance for that kind of appreciation in the city?” she asks. “I feel in my gut that it will happen. While it will definitely be long term, in the meantime you get this amazing space.”

 

About

BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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