The effort to repopulate downtown Manhattan has been a big success, but not for everyone.
The rise of remote work during the pandemic has cut demand for office space and left some American downtowns feeling like ghost towns. As a result, there’s been much talk of. This could not only bail out owners of suddenly less-valuable commercial real estate, advocates say, but bring life to emptied-out neighbourhoods, passengers to underused transit systems and affordable housing to cities that desperately need it.
The basement of One Wall Street is also now home to a large Whole Foods supermarket, and the building will eventually house the first US outpost of French department store chain Printemps. There’s a subway station right out front where residents can catch a train that gets them to Midtown in 15 minutes, as well as four other train lines, several ferries, a high-end shopping mall, museums, historical sites, fine restaurants and a waterfront park all within easy walking distance.
UES is the Upper East Side, synonymous with poshness since the early 20th century – although the parts in the middle, away from Central Park and the East River, aren’t so fancy. BPC is Battery Park City, the planned community built starting in 1980 atop reclaimed land consisting largely of dirt and rocks excavated for the neighbouring World Trade Center. It is divided into two census tracts that together accounted for 16,269, or 26.
The work-from-home tally of 17.2 per cent for the area shown above is, again, a five-year average that doesn’t fully reflect the impact of recent changes in white-collar work arrangements. The Census Bureau provides single-year estimates for a larger area made up of the Financial District, Tribeca, SoHo and Greenwich Village, and its work-from-home share in 2021 was 43.4 per cent, which compares with 24.
The repurposing of older buildings to residential use started in the area with artists converting vacant Tribeca warehouses into live-work studios in the 1970s. By the early 1980s, office-to-residential conversions had begun in the Financial District. The concerted effort to encourage such conversions came in the mid-1990s.
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