Lower Manhattan residential market still booming.Recent data shows that Lower Manhattan's residential market has not only fully recovered from the Sept. 11, 2001, terrorist attacks, it has experienced a tremendous growth spurt growth spurt Pediatrics A period of rapid growth in middle adolescence; ♀ ↑ ±8 cm/yr ±age 12; ♂ ↑ ±10 cm/yr ± age 14; GS is orderly, affecting acral parts–ie, hands and feet grow before proximal regions, . The residential population has surged by approximately 17,800 people during the past five years, helping transform Downtown New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of into an extremely vibrant, desirable neighborhood for affluent professionals and their families. Approximately 26,900 people lived Downtown prior to Sept. 11, 2001. While the area lost nearly 3,000 residents in the months following that event, Lower Manhattan Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York. Lower Manhattan is generally defined as the area delineated on the north by Chambers Street, on the west by the Hudson River (North recouped its losses by 2004, recording 33,160 residents at around the time the Downtown Alliance conducted its first residential survey. Since then the residential boom in Lower Manhattan has added thousands of apartment units, bringing the total population Downtown to 44,700 in early 2007. The Alliance for Downtown New York recently released a survey of Lower Manhattan residents that was designed to help the organization understand who the new residents are, and why they chose to live Downtown. The results have helped the Downtown Alliance to develop a compreheusive profile of current residents and to understand how the community has evolved. The survey revealed that the median household income The median household income is commonly used to provide data about geographic areas and divides households into two equal segments with the first half of households earning less than the median household income and the other half earning more. of Downtown residents has risen approximately 47 percent in the past three years, increasing to $162,700 in 2007 from approximately $111,000 in 2004. Today, the typical household in Lower Manhattan boasts an annual income nearly three times greater than the median household income for all of Manhattan Manhattan, indigenous people of North America Manhattan (mănhăt`ən), indigenous people of North America of the Algonquian-Wakashan linguistic stock (see Native American languages). . In addition there has been a sharp increase in the number of extremely affluent households living Downtown. Approximately 16 percent of all Downtown households earned more than $400,000 annually, up from just 9 percent of households in 2004. More people are making the choice to remain Downtown, with 19 percent of survey respondents In the context of marketing research, a representative sample drawn from a larger population of people from whom information is collected and used to develop or confirm marketing strategy. indicating that their previous apartment was also located in Lower Manhattan. When Lower Manhattan residents were surveyed in 2004, just 12 percent had previously lived Downtown. The people who are moving Downtown are doing so for quality of life issues, not for financial reasons. About 70 percent of survey respondents cited the quality of their apartment, the overall quality of life Downtown and the area's access to mass transit mass transit, public transportation systems designed to move large numbers of passengers. Types and Advantages Mass transit refers to municipal or regional public shared transportation, such as buses, streetcars, and ferries, open to all on a as the top three reasons for choosing to live in Lower Manhattan. More than half of residents noted the size of their apartment and the value of their residence as being among the main benefits of living Downtown, while more than one-third said the ability to walk to work was also a very important factor in their choice. Among households with children, nearly 80 percent of survey respondents rated the local schools among the most appealing factors about Downtown. Lower Manhattan also features one of the lowest crime rates in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , boasting boast 1 v. boast·ed, boast·ing, boasts v.intr. To glorify oneself in speech; talk in a self-admiring way. v.tr. 1. To speak of with excessive pride. 2. an 80 percent reduction in serious crimes since 1990. The makeup makeup In the performing arts, material used by actors for cosmetic purposes and to help create the characters they play. Not needed in Greek and Roman theatre because of the use of masks, makeup was used in the religious plays of medieval Europe, in which the angels' faces of Lower Manhattan households had changed significantly since 2004, with couples continuing to relocate re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. Downtown in greater numbers than single residents. Couples without children accounted for more than 42 percent of all households in 2007 vs. 32 percent of households in 2004. The number of single residents Downtown has continued to decrease, with one out of four households consisting of a single individual in 2007, compared to 33 percent in 2004 and 39 percent in 2002. Couples without children have accounted for an even greater share of households that moved to Lower Manhattan since 2004, comprising nearly 50 percent of all recent relocations. On the other hand, couples with children only account for 15 percent of new Lower Manhattan households, compared to 22 percent among the overall Downtown households. Lower Manhattan's residential population will continue to expand, as 12 new residential properties, with a total of 1,700 units, were added to the Downtown market in 2006 alone. In addition, residential projects currently under construction will boost the housing stock in Lower Manhattan by another 3,622 units, bringing approximately 7,244 new residents to the area by the end of 2008. This could drive Downtown's population to 51,930 by 2009. Retailers and service firms have begun heading Downtown in droves to take advantage of the area's booming residential population. Approximately 22 new restaurants have opened in Lower Manhattan since 2006, and 10 new retailers have opened their doors. Lower Manhattan has become one of the most popular communities in the city. The residential boom has helped create the kind of 24/7 community that the many supporters of Downtown have been envisioning for years. The outlook for the area can only get brighter as more people move to Lower Manhattan. The mission of the Alliance for Downtown New York is to be the principal organization that provides Lower Manhattan's historic financial district with a premier physical and economic environment, advocates for businesses and property owners and promotes the area as a world-class world-class adj. 1. Ranking among the foremost in the world; of an international standard of excellence; of the highest order: a world-class figure skater. 2. destination for companies, workers, residents and visitors. The Downtown Alliance manages the Downtown-Lower Manhattan Business Improvement District (BID), serving an area roughly from City Hall to the Battery, from the East River to West Street. By NICOLE NICOLE Nearly Intelligent Computer Operated Language Examiner (chatterbot) LARusso, VICE PRESIDENT, ALLIANCE FOR DOWNTOWN NEW YORK INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . |
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