Financial District, Manhattan

The Financial District of Lower Manhattan, often called FiDi, is a busy neighborhood right at the southern tip of Manhattan in New York City. It is bordered by the West Side Highway to the west, Chambers Street and City Hall Park to the north, the Brooklyn Bridge to the northeast, the East River to the southeast, and South Ferry and the Battery to the south.

New York City was first created in what is now the Financial District back in 1624, and the area looks much like the old New Amsterdam settlement from the late 1600s. Today, it is home to many important money-related buildings, such as the New York Stock Exchange and the Federal Reserve Bank of New York. Because of Wall Street, the Financial District helps make New York City one of the most powerful money centers in the world. The New York Stock Exchange is the biggest in the world for value of all its stocks together.

The Financial District is part of Manhattan Community District 1. Its main ZIP Codes are 10004, 10005, 10006, 10007, and 10038, and it is watched over by the 1st Precinct of the New York City Police Department.

Description

The Financial District is an area in Lower Manhattan, south of City Hall Park, but it does not include Battery Park or Battery Park City. It was home to the former World Trade Center until the September 11, 2001, attacks; today, it includes the new One World Trade Center. The heart of the district is where Wall Street and Broad Street meet. In the early 1900s, the northeastern part of the district along Fulton Street and John Street was called the Insurance District because many insurance companies had their offices there.

While some people use "Financial District" to mean the same as Wall Street, Wall Street often stands for the whole financial market. The Financial District is a real place and is part of Manhattan Community Board 1, which also includes Battery Park City, Civic Center, Greenwich South, Seaport, and Tribeca.

The streets here were planned before the big grid layout of Manhattan. This makes some streets very narrow, lined with tall buildings that look like canyons. A few streets are for pedestrians only.

The Financial District is a popular spot for visitors. Tour guides show places like Trinity Church and the Federal Reserve Bank of New York Building, which has gold stored deep underground. The New York Stock Exchange Building is also a big attraction. Tourists can see the gold vault under the Federal Reserve and watch trading happen, which is very exciting.

Architecture

The Financial District's buildings have styles from the Gilded Age, with some art deco designs too. The area has narrow streets, rolling hills, and tall buildings. It includes places like Federal Hall National Memorial, where George Washington was first sworn in as President of the United States.

Visitors can see many interesting spots such as the South Street Seaport Historic District, Trinity Church, and St. Paul's Chapel. The New York Stock Exchange is a key part of the area, important for business and technology.

Main article: List of New York City Designated Landmarks in Manhattan, List of National Historic Landmarks in New York City, and National Register of Historic Places listings in Manhattan

Many buildings in the Financial District are officially recognized for their history and design. These landmarks are special because of their past or how they look. Some are noted by New York City, some by the whole country, and others are important for American history, building styles, or culture.

History

New Amsterdam

What is now called the Financial District was once part of New Amsterdam, a settlement on the southern tip of Manhattan island. New Amsterdam started from Fort Amsterdam, built to protect the fur trade for the Dutch West India Company. In 1624, New Amsterdam became part of the Dutch Republic, and in 1625 it was made the capital of the area called New Netherland. By 1655, New Netherland had grown to 2,000 people, with 1,500 living in New Amsterdam. By 1664, the population had jumped to almost 9,000, with 2,500 in New Amsterdam. That same year, the English took over and renamed the place New York City.

19th and 20th centuries

In the late 1800s and early 1900s, New York City became a center for building tall buildings called skyscrapers, along with Chicago. There were also places where people lived, like the area around Bowling Green between Broadway and the Hudson River, and between Vesey Street and the Battery. The Bowling Green area was known as “Wall Street’s back yard,” but it had poor living conditions. The land in Manhattan is strong enough to support tall buildings because of the solid rock underneath. Building skyscrapers was expensive, but there was very little space in the Financial District, so tall buildings made sense.

A famous businessman named John Brooks wrote about this time in his book Once in Golconda, saying this was the busiest time for the Financial District. The building at 23 Wall Street, home of J. P. Morgan & Company, was called “The Corner” and was very important for business in America.

On September 16, 1920, a very loud explosion happened near the corner of Wall and Broad Street, close to the Morgan Bank. Many people were hurt, and the area was scared of more trouble. In 1921, someone threatened to blow up the area again, so police blocked the streets to keep everyone safe.

Late-20th century growth

Most of the 20th century, the Financial District was mostly offices that emptied out at night. But later, more people started living there. By 1970, only 833 people lived “south of Chambers Street,” but by 1990, that number grew to 13,782 as new places like Battery Park City and Southbridge Towers were built. Battery Park City was created on filled land, and by 1986, it had shops, stores, a park, and more homes being built.

Building the World Trade Center began in 1966. Even though it was hard to find companies to rent space there at first, some did. Its amazing height made it a famous landmark. Over time, the center of business in the Financial District moved from Wall Street to the World Trade Center and nearby buildings. In the late 1990s, many new projects and deals happened, including a big agreement in 1998 that kept the NYSE in New York instead of moving to Jersey City. A rival market, NASDAQ, moved its headquarters from Washington to New York.

In 1987, the stock market dropped quickly, and the following years were tough, with many jobs lost in lower Manhattan. With lower costs for communication, banks and brokerage firms could move to cheaper places away from the Financial District. The early 1990s also brought hard times, with many office spaces left empty.

Residential neighborhood

In 1995, city leaders made a plan to help turn old office buildings into homes. Before, the area was almost empty at night, but they wanted it to feel like a real neighborhood with places to shop and live. Many old office buildings became apartments, like the Liberty Tower, which was changed into homes in 1979. By the mid-1990s, about a fifth of buildings were empty and being turned into places to live. People wanted more things like grocery stores, movie theaters, schools, and nice restaurants. By 2001, there were more shops, schools, and even a high school.

21st century

September 11 attacks

In 2001, the World Trade Center was destroyed, leaving a big empty space where new buildings had been. The attacks also caused problems with communication and lost many office spaces. Even so, the NYSE opened again just a few days later. After the attacks, barriers were put up to protect against possible car bombs, and they were made to look nicer over time.

Redevelopment

After the destruction of the World Trade Center, many new buildings were built. A new tall building called One World Trade Center opened in 2014. New train stations and transportation centers also opened to help people get around. By the 2010s, the Financial District became more like a place where people lived and worked. New tall buildings were built, and older ones were fixed up. There were also more homes, shops, and even hotels. In 2012, Hurricane Sandy caused big floods in Lower Manhattan, knocking out power and closing financial markets for a couple of days. From 2013 to 2021, many buildings in the Financial District were changed into homes, and by 2021, fewer companies in the area were in finance and insurance than before.

Demographics

The Financial District is part of a bigger area called Battery Park City-Lower Manhattan. In 2010, about 39,700 people lived there. By 2018, the number of people living there grew to around 61,000.

Most people in this area are adults between 25 and 44 years old. Many people in the Financial District earn good incomes, and fewer people live in poverty compared to other parts of New York City. The area is considered a high-income area.

Political representation

The Financial District is part of District 1 in the New York City Council, represented by Christopher Marte.

The area is also part of the New York's 27th State Senate district and the New York State Assembly's 61st, 65th, and 66th districts. At the federal level, it is in New York's 10th congressional district, represented by Dan Goldman.

Police and crime

The Financial District and Lower Manhattan are watched over by the 1st Precinct of the NYPD, based at 16 Ericsson Place. In 2010, this area was ranked as the 63rd safest out of 69 areas in the city for crime rates. Even though there are fewer crimes here than in many other parts of the city, there are also fewer people living there.

By 2018, the rate of serious acts like fights and thefts had dropped a lot since the 1990s. The area reported some cases of theft and other crimes that year, but overall, it was safer than many other places in New York City.

Fire safety

The Financial District has three fire stations to keep everyone safe. These stations are run by the New York City Fire Department and are located at:

• Engine Company 4/Ladder Company 15/Decon Unit – 42 South Street
• Engine Company 6 – 49 Beekman Street
• Engine Company 10/Ladder Company 10 – 124 Liberty Street

Health

In 2018, the Financial District and Lower Manhattan had fewer preterm births and births to teenage mothers compared to the rest of New York City. The area also had a smaller number of residents without health insurance.

The area has more air pollution from fine particles than the city average. More people in this area smoke compared to the city overall. However, rates of obesity, diabetes, and high blood pressure are lower here than in the rest of the city. Most residents eat fruits and vegetables daily, and many describe their health as good or better. The nearest major hospital is NewYork-Presbyterian Lower Manhattan Hospital.

Post offices and ZIP Codes

The Financial District has several special numbers called ZIP Codes. Some of the main ones are 10004 near the Battery, 10005 near Wall Street, 10006 near the World Trade Center, 10007 near City Hall, and 10038 near South Street Seaport. There are also a few smaller ZIP Codes, like 10045 near the Federal Reserve Bank, 10271 near the Equitable Building, and 10279 near the Woolworth Building.

The United States Postal Service has four post offices in the Financial District:

• Church Street Station – 90 Church Street
• Hanover Station – 1 Hanover Street
• Peck Slip Station – 114 John Street
• Whitehall Station – 1 Whitehall Street

Education

The Financial District and Lower Manhattan have more people with college educations than other parts of New York City. In 2018, about 84% of adults aged 25 and older had finished college, compared to 64% in all of Manhattan and 43% in the whole city. Students in the area also do well in school. Math scores went from 61% in 2000 to 80% in 2011, and reading scores rose from 66% to 68% in the same years.

Fewer students miss school in this area than in the rest of the city. Only 6% of elementary students miss twenty or more days a year, which is less than the city’s average of 20%. Also, about 96% of high school students finish on time, higher than the city’s average of 75%. The area is home to Pace University’s New York City Campus, one of the oldest universities in the city.

The New York City Department of Education runs several public schools here, including:

• Urban Assembly School of Business for Young Women (grades 9–12)
• Spruce Street School (grades PK–8)
• Millennium High School (grades 9–12)
• Leadership and Public Service High School (grades 9–12)
• Manhattan Academy for Arts and Languages (grades 9–12)
• High School of Economics and Finance (grades 9–12)

The New York Public Library has two branches nearby. The New Amsterdam branch is at 9 Murray Street and opened in 1989. The Battery Park City branch is at 175 North End Avenue and finished in 2010. It is the library’s first LEED-certified building.

Transportation

The Financial District in Manhattan has many subway stations. Some of these stations include Bowling Green, Broad Street, and Chambers–WTC–Park Place–Cortlandt Street.

The biggest subway station, Fulton Center, was finished in 2014 after a big project. It was built to help many people travel every day. There are also buses and ferry services that stop in the Financial District, making it easy to get around.

Parks and open spaces

There is a nice place called Washington Street Plaza. It is a walking area on Washington Street between Carlisle and Albany Streets. This plaza opened on May 23, 2013.

Tallest buildings