TriBeCa Manhattan Lower Side

TriBeCa Manhattan Lower Side

TriBeCa (see map) is a neighborhood in Lower Manhattan, New York. Its name is another manifestation of the New York fondess for given portmanteau names. In this case, TriBeCa stands for “Triangle Below Canal Street.” It runs roughly from Canal Street south to Park Place (or Vesey Street), and from the Hudson River east to Broadway.

Despite its name, TriBeCa is more a trapezoid than a triangle. The area was once an industrial district dominated by warehouses. It has undergone a major revitalization – or should I say, gentrification. Warehouses were converted into loft apartments and new businesses emerged, making it into a mixed zoning neighborhood.

The September 11, 2001 terrorist attacks caused TriBeCa to suffer financially, and it was only through government grants and incentives that provided the infusion of capital for the area to rebound. Since then, TriBeCa housing prices have outpaced those of Manhattan as a whole. It has also become one of the most trendy residential neighborhoods in the city. Forbes magazine ranked the 10013 zip code in TriBeCa as the 12th most expensive zip code in New York City for 2006.

Tribeca rental prices seem to be stable or decreasing month-after-month. TriBeCa is a neighborhood in lower Manhattan, which is bounded from Canal Street to south Vesey Street and from Broadway all the way to the Hudson River. But, as we look at the facts, and as provided and stated by The Elliman Report, as of August 2013 “ The median rental price remained stable in most market segments, median rental price edged 0.7% higher to $3,346.00 from the same month last year. The studio, 1 and 2 bedroom markets that represent 91.9% of the downtown rental market activity during the month remained essentially unchanged from the prior-year levels. The 3 bedroom market increased by 10% to $5,500.00 over the same period.”

Now, and as it is clear from the Elliman Report, the rental market is still attractive to new rentals, whereas and as stated, “There were 2,176 new rentals during August, up 54.8% from the same month last year. Studios, 1 and 2 bedrooms posted similar year-over-year gains of 43.7%, 58.7%, and 48.9% respectively. The 3 bedroom market more than doubled with a 109.5% increase.” Well, as it appears to me, many people are attracted to many buildings architecturally style of neo-Renaissance and landmarks that were built in the 1890s. Many residents enjoy living in pre-war buildings that have been renovated into super-luxurious lofts and huge windows, an elegant high-rise or cutting edge construction . Let’s be clear about Tribeca, it is known for its lofts and celebrity residents, and Tribeca is one of Manhattan’s hottest and priciest neighborhoods.
Moreover, residents are attracted to the Parks that are scattered throughout the neighborhood, including Duane Park, Finn Square, Tribeca Park, and Washington Park.

Apart from the aforesaid, Tribeca has wonderful places for dining. Tribeca is famous for having upscale dining places like Bouley, Tribeca Grill, and Nobu. But, also you can go with less upscale and eat at a less expensive place like, Buddy’s Pie.