Lower Manhattan proves viability as a residential neighborhood.

Based on leasing activity, Lower Manhattan has evolved into one of New York's newest desirable residential neighborhoods. Rents are rising, new projects are plann-ed and retail activity is increasing.

The booming economy, Downtown's excellent public transportation and highway access, proximity to the Financial Center job machine and the availability of aging commercial office buildings for residential conversions have all played a part in this residential renaissance.

Certainly, the citywide shortage of housing has significantly contributed to Lower Manhattan's residential viability. But "build it and they will come" only goes so far. Without the right product to sustain occupancy at market rate rents, Lower Manhattan would not be the thriving residential community it has become.

New Yorkers have been so eager to remake the Financial District as a residential neighborhood that they have embraced a residential beachhead on Wall Street. Rockrose Development Corp.'s 45 Wall Street is the first and only building on the famed financial boulevard to be converted to residential use. Introduced a year ago this month, 45 Wall Street is now signing new leases at higher rents than last summer. Even so, the market considers the building a rent value. In a short time, we have leased up all of the apartments that became available this summer. Among the few apartments left are studios of 580 square feet, 700 square-foot studio/home offices, and large 2,100 square-foot three-bedrooms.

Rockrose opened 45 Wall Street as a luxury building whose strategically designed package of services and amenities would appeal to a multi-faceted residential population. Critics of plans to create residential buildings Downtown invariably point to a perceived lack of services for home-makers and supposed lack of recreational opportunities. At 45 Wall Street, we have proven those concerns to be shallow.

The building's amenities include a top floor wraparound terrace which is available for all tenants. A well-equipped, wood-paneled fitness center with river views is also available exclusively for tenant use. Club 45 is a residents' club with wood-paneled walls, leather furniture, a red velvet billiards table, a big screen TV and a wet bar and kitchen. The fitness center and club both feature high-tech security systems that identify residents via their palm print.

A business center with conference and meeting rooms and administrative services provides convenient business services for residents with home offices. The golf center has 25-foot ceilings and is complete with areas to practice putting, driving and chipping. The building provides clubs and balls.

The parks in the Battery and Battery Park City offer a range of recreational activities within walking distance, including free kayaking on the East River, city-run daytime programs for parents and children, free concerts, jogging, roller-blading, bicycling, sunbathing, and the chance to stroll along the harbor.

When 45 Wall Street's tenants want to stay in, they can rent a movie from the automated video rental machine in the building, which is updated every week. They can also rent movies through an Internet service that delivers and picks up videos on demand.

The Internet also provides the basis for armchair grocery shopping at 45 Wall Street. Rockrose has a special arrangement with an online service (www.net.grocer.com) through which our tenants may order groceries at a discount for next day delivery by Federal Express. Any perishables can be stored behind the concierge desk in the industrial-style walk-in refrigerator. One tenant depends on the refrigerator to insure his insulin deliveries arrive safely.

For residents without their own computer, Rockrose installed one in the lobby for all tenants to use.

Completing the package is 24-hour doorman and concierge service, an on-site valet who will polish shoes and handle dry-cleaning, even picking up from and delivering right to a tenant's closet.

High technology, resort style recreational facilities, shopping convenience, social interaction, and an exciting neighborhood. Residences to accommodate every facet of the residential population, including the growing number of self-employed professionals and families who have made the decision to raise their children in the city. 45 Wall Street's first year on the market proves the viability of a residential Downtown.