We Are the 1%: Lower Manhattan’s Luxury Condos and Upscale Retail May Only Widen the Gap

Are rising retail and residential rents pushing the inequality gap?

Are rising retail and residential rents pushing the inequality gap?

Gleaming new skyscrapers. Swarms of young pedestrians. Cutting edge tech and creative office tenants. High-end retail. Sprouting condo towers. A new transportation hub.

This isn’t a city of the future—it’s the “New Downtown,” as Francis Greenburger of Time Equities described it to Commercial Observer last week.

The submarket’s comeback is undoubtedly remarkable and a boon for the real estate industry. But the prosperity has also sparked more than a dozen residential development projects, at least a handful of which are high-end, luxury buildings, which will make Downtown Manhattan a destination for the city and world’s most well-to-do, broadening a wealth gap that the city’s top dog wants so badly to mend.  Read more at Commercial Observer.