Saturday, January 28, 2023
Hometrader talkThe rebirth of the Financial District: Why 9/11 could be a roadmap...

The rebirth of the Financial District: Why 9/11 could be a roadmap for the Covid crisis

Every morning, when I arrive downtown a little before 7 a.m., there's a group of people who live in the neighborhood walking their dogs in front of the New York Stock Exchange.

That's nothing unusual now, but 20 years ago, it was unheard of. Almost no one lived downtown. There was no place to live. The Financial District was mostly office space. Nearly 60% of the space was taken up by investment banking, real estate, and insurance companies. Most of the rest of the space was either professional services or government offices.

Today, 64,000 people live downtown.

For real estate owner Bill Rudin, co-chair of Rudin Management Company, the rebirth after the devastation of 9/11 is akin to a miracle.

"There's a whole change in the feeling, the energy downtown," he told me. "You see kids going to school, residents walking in the park, it's an incredible positive legacy for downtown and shows the resiliency of New York City and how we came back from a major trauma."


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