It is five in the afternoon, on the corner of Vesey and Church Street in Lower Manhattan, New York City. The majority of people pacing on the street are trying to catch the New Jersey Path trains or the subway to go home after a long day of work.
After 8 p.m., on that same corner, it is lifeless. It has been like that since September 11, 2011. Before, the attacks that changed the neighborhood, The World Trade Center area was lively after work hours, with full restaurants and bars.
After 15 years it is back to being what it was before.
Just recently, This Summer. The new World Trade Center Hub operated by Westfield Properties opened, last year Brookfield Place formally known as the World Financial opened, and the Fulton Street Transit Center opened, which provide connection to 12 subway lines and the Path Trains. Inside have major brand stores like Cole Hann, Apple,
Forever 21, and Gucci. Restaurants like Eatly and La district, Shake Shack, and Hudson Eats.
However, as the neighborhood is growing, small businesses in the area that have been there before or after September 11th for years are worried that this downtown resurgence may raise rents and lose them business.
Since 1983, O’ Hara’s Restaurant and Pub has been serving up food and cold beverages, Owner Paul Mackinhad 52, has seen next-door neighbors come and go. “Just recently the nail shop next door had to closed down, it has been here for many years. The owner of the property of 133 Greenwhich just sold it to the Marriott; Now they making a new hotel, which I am hopeful will bring a lot of businesses to us” Adding “I’m happy that this area is restoring, but hopefully people don’t forget about us the small guys”
Businesses are booming again in that section Lower Manhattan after 15 years. According to Market Watch, Westfield Properties expects the World Trade Center mall to be the most productive shopping center in its portfolio and generate up to one billion in annual sales. It expects almost 100 million customers visits a year to the mall, taking its total customer visits each year to half a billion.
Justine Torres 34, who works at a law firm around the area, is excited about the World Trade Center Hub “It feels like I’m in the strip of Fifth avenue, with all these stores around, now I can sneak out during my lunch break to shop,”
Haley Jackson, 43 has been living in gateway plaza since 2003, a apartment complex near the World Trade Center, she explains great things do come with a cost. ”I’m very happy to see the area to be back as it use to be, but I know for a fact that the prices to live here are going up as we speak”
According to MNS Real Estate, Battery Park City rent has dropped over the last year one bedroom and two bedrooms prices decreased the most this month, by 6.6% and 7.4%, respectively. Since last year, prices in Battery Park City have decreased 4.5%.
In the corner of Liberty Street and Greenwich Street, Harry John Roland, The World Trade Center Man has been giving in depth information about the World Trade Center past and present for almost 15 years, he believes World Trade Center resurgence is good change for the community. “When people come to World Trade Center, they come to the memorial and leave. “We want to show that yes, this tragic event happen, but we have grown and are stronger then ever”
The Future of the World Trade Center is getting bigger, as World Trade Center building number 3 is about to completed in 2018, The Performing Arts Center in 2020, bringing more business to the area. Small business owners and residents are hopeful that the downtown comeback does not come with a hefty price soon.