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Lower Manhattan

Coordinates:40°42′27″N74°0′43″W / 40.70750°N 74.01194°W /40.70750; -74.01194
From Wikipedia, the free encyclopedia
Southern part of Manhattan, New York City

Central business district in New York, United States
Lower Manhattan
Downtown Manhattan, Downtown New York City
Lower Manhattan, including Wall Street – a leading financial district, Battery Park, and One World Trade Center – the tallest building in the western hemisphere
Lower Manhattan, includingWall Street – a leading financial district,Battery Park, andOne World Trade Center – thetallest building in the western hemisphere
Location of Lower Manhattan
Coordinates:40°42′27″N74°0′43″W / 40.70750°N 74.01194°W /40.70750; -74.01194
Country United States
StateNew York
CityNew York City
BoroughManhattan
Settled1626
Population
 (2010)
 • Total
382,654
ZIP Codes
10004, 10005, 10006, 10007, 10038, 10280, 10012, 10013, 10014
Area codes212, 332, 646, and917
Median household income$201,954

Lower Manhattan, also known asDowntown Manhattan, is the southernmost part of theNew York City borough ofManhattan. The area isthe historical birthplace of New York City[1] and in the 17th and 18th centuries composed the entirety of the city. Lower Manhattan serves asthe seat of government of both Manhattan and the entire City of New York[1] because there are no municipally defined boundaries for the area. A precise population cannot be quoted, but several sources have suggested that it was one of the fastest-growing locations in New York City between 2010 and 2020, related to the influx of young adults and significant development of new housing units.[2][3]

Despite various definitions of Lower Manhattan, they generally include all ofManhattan Island south of14th Street, with theBowling Green andthe Battery near the southern end. Anchored byWall Street and theFinancial District in Lower Manhattan, New York City is the leadingglobal center forfinance andfintech.[4][5] The Financial District houses theNew York Stock Exchange, theFederal Reserve Bank of New York, and other major financial institutions. A center ofculture andtourism, Lower Manhattan is home to many of New York City's most iconic structures, includingNew York City Hall, theWoolworth Building, theStonewall Inn, theBull of Wall Street, andOne World Trade Center, thetallest skyscraper in the Western Hemisphere.

Geography and neighborhoods

[edit]

Lower Manhattan is delineated on the north by14th Street, on the west by theHudson River, on the east by theEast River, and on the south byNew York Harbor. Its northern border is designated by thoroughfares about a mile-and-a-half south of14th Street and a mile north ofManhattan's southern tip aroundChambers Street near theHudson River east of the entrances and overpass to theBrooklyn Bridge.[6] Two other major arteries to Lower Manhattan areCanal Street, roughly half a mile north of Chambers Street, and23rd Street, roughly half a mile north of 14th Street.

Lower Manhattan's central business district forms the core of the area below Chambers Street and includes theFinancial District, commonly known asWall Street after the name of its primary artery, and theWorld Trade Center site. At the island's southern tip isBattery Park, near theBowling Green;City Hall is north of the Financial District. South of Chambers Street areBattery Park City andSouth Street Seaport.TriBeCa straddles Chambers Street on the west side; at the street's east end is the giantManhattan Municipal Building. North of Chambers Street and the Brooklyn Bridge and south of Canal Street is theChinatown neighborhood, home to the largest concentration ofChinese people in theWestern Hemisphere.[7][8] Manycourt buildings andother government offices are located in this area.

TheLower East Side neighborhood straddles Canal Street. North of Canal Street and south of 14th Street areSoHo, theMeatpacking District, theWest Village,Greenwich Village,Little Italy,Nolita, and theEast Village. Between 14th and23rd Streets are lowerChelsea,Union Square, theFlatiron District,Gramercy, andStuyvesant Town–Peter Cooper Village.

History

[edit]
See also:History of New York City andHistory of Manhattan
New Amsterdam, centered in what eventually became Lower Manhattan, in 1664, the yearEngland took control and renamed it New York

Lenape and New Netherland

[edit]
Main article:History of New York City (prehistory–1664)

The area that would eventually encompass modern-day New York City was inhabited by theLenape people. These groups of culturally and linguistically identicalNative Americans who spoke anAlgonquian language now referred to asUnami. European settlement began with the founding of aDutchfur trading post in Lower Manhattan, later calledNew Amsterdam (Dutch:Nieuw-Amsterdam) in 1626.[9][10] The first fort was built atThe Battery to protectNew Netherland.[11]

Peter Stuyvesant

In approximately 1626, construction ofFort Amsterdam began.[11] TheDutch West Indies Company subsequentlyimported African slaves to serve as laborers; they helped to buildthe wall that defended the town against English and native attacks. Early directors includedWillem Verhulst andPeter Minuit.Willem Kieft became adirector in 1638 but five years later was embroiled inKieft's War against the Native Americans. ThePavonia Massacre, across the Hudson River in present-dayJersey City, New Jersey resulted in the death of 80 natives in February 1643. Following the massacre,Algonquian tribes joined forces and nearly defeated the Dutch. TheDutch Republic sent additional forces to the aid of Kieft, leading to the overwhelming defeat of the Native Americans and a peace treaty on August 29, 1645.[12]: 37–40 

On May 27, 1647,Peter Stuyvesant was inaugurated asdirector general upon his arrival. The colony was granted self-government in 1652, and New Amsterdam was formally incorporated as a city on February 2, 1653.[12]: 57  The first mayors (burgemeesters) of New Amsterdam,Arent van Hattem andMartin Cregier, were appointed in that year.[13]

17th and 18th centuries

[edit]
Main article:History of New York City (1665–1783)

In 1664, the Englishconquered the area andrenamed it "New York" after theDuke of York and the city ofYork in Yorkshire.[14][15] At that time, people of African descent made up 20% of the population of the city, with European settlers numbering approximately 1,500,[16]: 14  and people of African descent numbering 375 (with 300 of that 375 enslaved and 75 free).[16]: 22  While it has been claimed that African slaves comprised 40% of the small population of the city at that time,[17] this claim has not been substantiated. During the mid-1600s, farms of free blacks covered 130 acres (53 ha) whereWashington Square Park later developed.[18] The Dutchbriefly regained the city in 1673, renaming the city "New Orange", before permanently ceding the colony ofNew Netherland to the English for what is nowSuriname in November 1674. The new English rulers of the formerly Dutch New Amsterdam and New Netherland renamed the settlement back to New York. As the colony grew and prospered, sentiment also grew for greater autonomy. In the context of theGlorious Revolution in England,Jacob Leisler ledLeisler's Rebellion and effectively controlled the city and surrounding areas from 1689 to 1691, before being arrested and executed.

New York Harbor, 1727

By 1700, the Lenape population of New York had diminished to 200.[19] By 1703, 42% of households in New York had slaves, a higher percentage than inPhiladelphia orBoston.[20] The 1735libel trial ofJohn Peter Zenger in the city was a seminal influence onfreedom of the press in North America. It would be a standard for the basic articles of freedom in theUnited States Declaration of Independence. By the 1740s, with expansion of settlers, 20% of the population of New York were slaves, totaling about 2,500 people.[18] After a series of fires in 1741, the city became panicked that blacksplanned to burn the city in a conspiracy with some poor whites. Historians believe their alarm was mostly fabrication and fear, but officials rounded up 31 blacks and 4 whites, all of whom were convicted of arson and executed. City officials executed 13 blacks by burning them alive and hanged 4 whites and 18 blacks.[21]

In 1754,Columbia University was founded undercharter byGeorge II of Great Britain as King's College in Lower Manhattan.[22] TheStamp Act and other British measures fomented dissent, particularly among theSons of Liberty, who maintained a long-running skirmish with locally stationed British troops overLiberty Poles from 1766 to 1776. TheStamp Act Congress met in New York City in 1765 in the first organized resistance to British authority across the colonies. After the major defeat of theContinental Army in theBattle of Long Island, GeneralGeorge Washington withdrew toManhattan Island, but with the subsequent defeat at theBattle of Fort Washington the island was effectively left to the British. The city became a haven forloyalist refugees, becoming a British stronghold for the entire war. Consequently, the area also became the focal point for Washington'sespionage and intelligence-gathering throughout the war. In 1771,Bear Market was established along the Hudson River shoreline on land donated byTrinity Church, and replaced byWashington Market in 1813.[23]

New York City was greatly damaged twice byfires of suspicious origin during British military rule. The city became the political and military center of operations for the British in North America for the remainder of the war and a haven for Loyalist refugees.Continental Army officerNathan Hale was hanged in Manhattan for espionage. In addition, the British began to hold the majority of captured Americanprisoners of war aboardprison ships inWallabout Bay, across theEast River inBrooklyn. More Americans died from neglect aboard these ships than died in all the battles of the war. British occupation lasted until November 25, 1783. George Washington triumphantly returned to the city that day, asthe last British forces left the city.

Starting in 1785, theCongress met in New York City under theArticles of Confederation. In 1789, New York City became the firstnational capital of the United States under the newUnited States Constitution. The Constitution also created the currentCongress of the United States, and its first sitting was atFederal Hall on Wall Street. The firstUnited States Supreme Court sat there. TheUnited States Bill of Rights was drafted and ratified there. George Washington was inaugurated at Federal Hall.[24] New York City remained the capital of the U.S. until 1790, when the role was transferred to Philadelphia.

19th century

[edit]
Main articles:History of New York City (1784–1854) andHistory of New York City (1855–1897)
Sidney's Map Twelve Miles Around New York, 1849 lithograph by James Charles Sidney
Cooper Union atAstor Place, one of Lower Manhattan's most storied buildings, whereAbraham Lincoln gave his famedCooper Union speech on February 27, 1860

New York grew as an economic center, first as a result ofAlexander Hamilton's policies and practices as the firstSecretary of the Treasury and, later, with the opening of theErie Canal in 1825, which connected theAtlantic port to the vast agricultural markets of the North American interior.[25][26]Immigration resumed after being slowed by wars in Europe, and a newstreet grid system, theCommissioners' Plan of 1811, expanded to encompass all of Manhattan. Early in the 19th century, thelandfill was used to expand Lower Manhattan from the natural Hudson shoreline atGreenwich Street toWest Street.[27]

In 1898, the modernCity of New York was formed with the consolidation ofBrooklyn (until then an independent city), Manhattan and outlying areas.[28] The borough ofBrooklyn incorporated the independent City of Brooklyn, recently joined to Manhattan by theBrooklyn Bridge in Lower Manhattan. Municipal governments contained within the boroughs were abolished, and the county governmental functions, housed in Lower Manhattan after unification, were absorbed by the city or each borough.[29]

20th century

[edit]
Main articles:History of New York City (1898–1945),History of New York City (1946–1977), andHistory of New York City (1978–present)
View from theWoolworth Building in 1913
Lower Manhattan in 1931
Lower Manhattan photographed in 1938 usingAgfacolor

Washington Market was located betweenBarclay and Hubert Streets, and fromGreenwich Street toWest Street.[30] It was demolished in the 1960s and replaced by a new Independence Plaza,Washington Market Park, and other developments.

Construction boom

[edit]

Lower Manhattan retains the most irregular streetgrid plans in the borough. Throughout the early decades of the 1900s, the area experienced a construction boom, with major towers such as40 Wall Street, theAmerican International Building,Woolworth Building, and20 Exchange Place being erected. Many new water crossings into Lower Manhattan were built at this time, including theWilliamsburg Bridge in 1903[31] and theManhattan Bridge in 1909.[32] TheHolland Tunnel to New Jersey opened in 1927,[33] while theBrooklyn–Battery Tunnel toBrooklyn opened in 1950 and was the last major fixed crossing to be built to Lower Manhattan.[34]

Despite these road connections opening, the economic center of New York City began to shift from Lower Manhattan toMidtown with the opening of many commuter rail terminals at the turn of the 20th century. The originalPenn Station opened in 1910,[35] theHudson and Manhattan Railroad (now PATH) extension to33rd Street was completed in 1910,[36] andGrand Central Terminal opened in 1913.[37]

On March 25, 1911, theTriangle Shirtwaist Factory fire inGreenwich Village took the lives of 146 garment workers, which would eventually lead to great advancements in the city's fire department, building codes, and workplace regulations.

Throughout the first half of the 20th century, New York became a world center for industry, commerce, andcommunication.Interborough Rapid Transit, the firstNew York City Subway company, began operating in 1904. The area's demographics stabilized, labor unionization brought new protections and affluence to the working class, the city's government and infrastructure underwent a dramatic overhaul underFiorello La Guardia, and his controversial parks commissioner,Robert Moses, ended the 'blight' of many tenement areas, by demolishing slums, factories, and working-class neighborhoods through public works such as theHigh line, theWest Side Highway andFDR Drive, built housing projects, expanded new parks, rebuilt streets, andzoning controls, especially in Lower Manhattan. The zoning changes were intended to displace the industrial workforce by removing zoning protection for industrial space and incentivizing upscale residential and clerical redevelopment. The port of New York, despite its physical suitability for berthing and its close proximity to Europe, began to deteriorate due to the city's unwillingness to invest or modernise the port and the deindustrialization zoning policy. However a large number of small scale, dynamic, and highly specialized industries persisted despite the city's efforts such as the garment industry which was closely tied to the fashion industry in Midtown, or the printing industry; linked with the publishing industry.

In the 1950s, a few new buildings were constructed in Lower Manhattan, including an 11-story building at 156 William Street in 1955.[38] A 27-story office building at 20 Broad Street, a 12-story building at 80 Pine Street, a 26-story building at 123 William Street, and a few others were built in 1957.[38] By the end of the decade, Lower Manhattan had become economically depressed, in comparison withMidtown Manhattan, which was booming with the continuedmarch uptown.David Rockefeller spearheaded widespreadurban renewal efforts in Lower Manhattan, beginning with constructingOne Chase Manhattan Plaza, the new headquarters for his bank. He established the Downtown-Lower Manhattan Association (DLMA) which drew up plans for broader revitalization of Lower Manhattan, with the development of aworld trade center at the heart of these plans. The original DLMA plans called for the "world trade center" to be built along theEast River, between Old Slip andFulton Street. After negotiations withNew Jersey GovernorRichard J. Hughes, thePort Authority decided to build theWorld Trade Center on a site along theHudson River and theWest Side Highway, rather than the East River site.[citation needed]

View from an airplane in 1981 prior to theSeptember 11 attacks when the Lower Manhattan skyline was dominated by theTwin Towers of the former World Trade Center

Whenbuilding theWorld Trade Center, 1.2 million cubic yards (917,000 m3) of material was excavated from the site.[39] Rather than dumping the spoil at sea or in landfills, the fill material was used to expand the Manhattan shoreline across West Street, creatingBattery Park City.[40] The result was a 700-foot (210-m) extension into the river, running six blocks or 1,484 feet (452 m), covering 92 acres (37 ha), providing a 1.2-mile (1.9 km) riverfront esplanade and over 30 acres (12 ha) of parks.[41]

Through much of its history, the area south of Chambers Street was mainly a commercial district, with a small population of residents—in 1960, it was home to about 4,000.[42] Construction ofBattery Park City, on landfill from construction of the World Trade Center, brought many new residents to the area. Gateway Plaza, the first Battery Park City development, was finished in 1983. The project's centerpiece, theWorld Financial Center, consists of four luxury highrise towers. By the turn of the century, Battery Park City was mostly completed, with the exception of some ongoing construction on West Street. Around this time, Lower Manhattan reached its highest population of business tenants and full-time residents.[citation needed] These developments struggled to become fully occupied at desirable rents, with relatively high vacancy rates.[43]

In 1993, the Downtown Lower Manhattan Association contributed to a city plan calling for the revitalization of Lower Manhattan. The plan included recommended zoning changes, tax incentives to encourage new tenants, and the conversion of commercial buildings into apartments. It also called for the creation of a business improvement district, called The Alliance for Downtown New York, to help spur the area's renewal. Between 1995 and 2014, 15.8 million square feet of office space was converted to residential or hotel use. As a result, Lower Manhattan's residential population rose from 14,000 to 60,000.[44]

21st century

[edit]
Main article:History of New York City (1978–present)
United Airlines Flight 175 hits theSouth Tower of the originalWorld Trade Center onSeptember 11, 2001
The Lower Manhattan skyline viewed fromGovernors Island

In the early 21st century, theMeatpacking District, once the sparsely populated province of after-hoursBDSM clubs and transgender prostitutes, gained a reputation as New York City's trendiest neighborhood.[45]

September 11 attacks

[edit]

During theSeptember 11 attacks in 2001, two of four hijacked planes were flown into the Twin Towers of the originalWorld Trade Center, and the towers collapsed. The7 World Trade Center was not struck by a plane but uncontrolled fires that were caused by falling debris resulted in the building's collapse; a first in the history of steel framed skyscrapers.[46] The 3, 4, 5, and 6 World Trade Center buildings were damaged beyond repair or destroyed, and soon after demolished. The collapse of the Twin Towers also caused extensive damage to surrounding buildings and skyscrapers in Lower Manhattan. A total of 2,753 people, including those on the planes, were killed in New York.[47] About 400,000 people, including rescue workers and residents of the area were exposed to toxic dust and debris; many developedserious respiratory illnesses, cancers, and other harms arising from the attack, and 3,496 died.[48]

Post-9/11 rebuilding

[edit]

Following September 11, Lower Manhattan lost much of its economy and office space but has since rebounded significantly. Private sector employment reached 233,000 at the end of 2016, the highest levels since the end of 2001. This was largely due to growth and diversification in the local workforce with gains in employment sectors like Technology, Advertising, Media and Information, as well as Hotel, Restaurants, Retailing, and Health care.[49] As of 2016, Lower Manhattan's business district is home to approximately 700 retail stores and 500 bars and restaurants.[50]

TheLower Manhattan Development Corporation has consummated plans to rebuild downtown Manhattan by adding new streets, buildings, and office space. TheNational September 11 Memorial at the site was opened to the public on September 11, 2011, while the National September 11 Museum was officially inaugurated by PresidentBarack Obama on May 15, 2014.[51] As of the time of its opening in November 2014, the newOne World Trade Center, formerly known as theFreedom Tower, is the tallest skyscraper in theWestern Hemisphere[52] and thesixth-tallest in the world, at 1,776 feet (541 m);[53] while other skyscrapers are under construction at the site.

TheOccupy Wall Street protests inZuccotti Park, formerly known as Liberty Plaza Park, began in theFinancial District on September 17, 2011, receiving global attention and spawning theOccupy movement againstsocial andeconomic inequality worldwide.[54]

On October 29 and 30, 2012,Hurricane Sandy ravaged portions of Lower Manhattan with record-highstorm surge from New York Harbor, severe flooding, and high winds, causingpower outages for hundreds of thousands of Manhattanites and leading to gasoline shortages and disruption ofmass transit systems. The storm andits effects have prompted the discussion of constructingseawalls and othercoastal barriers around the shorelines of Manhattan and the New York City metropolitan region to minimize the risk of destructive consequences from another such event in the future.[55]

Lower Manhattan has been experiencing ababy boom, well above the overall birth rate in Manhattan, with the area south ofCanal Street witnessing 1,086 births in 2010, 12% greater than 2009 and over twice the number born in 2001.[56] The Financial District alone has witnessed growth in its population to approximately 43,000 as of 2014, nearly double the 23,000 recorded at the 2000 Census.[57]

There are currently 61,000 residents in theFinancial District of Lower Manhattan south ofChambers Street[58] and more than 62 percent of the population is between 18 and 44. Lower Manhattan is home to more young professionals thanGreenpoint, theEast Village, andDowntown Brooklyn and on par withDowntown Jersey City andWilliamsburg.[59]

In June 2015,The New York Times wrote that Lower Manhattan's dining scene was experiencing a renaissance.[60] There are over 400 casual dining and more than 100 full-service dining restaurants in the area.[61]The Village Voice, based at 80Maiden Lane in the Financial District and historically the largestalternative newspaper in the United States, announced in 2017 that it would cease publication of its print edition and convert to a fullydigital venture.[62]

Since 2010, a Lower Manhattan community known asLittle Australia has emerged and is growing in theNolita neighborhood.[63]

Historical sites

[edit]

Before theSeptember 11 attacks, the Twin Towers were iconic of Lower Manhattan's global significance as afinancial center. The new office towers built since the attack (includingOne World Trade Center) have transformed the skyline of Lower Manhattan. The9/11 Memorial & Museum at the formerWorld Trade Center site has become a popular draw for visitors. New York City has been described as thegay capital of the world, and the epicenter ofLGBT culture and its catalyst as a continuing cultural force in modern society has been theStonewall Inn inGreenwich Village.[64] Similarly,Chinatown, which was spawned just east of the originalFive Points neighborhood of Lower Manhattan, was born in the 1850s and continues to be the epicenter of culture for theChinese diaspora.

Lower Manhattan contains many more historical buildings and sites, includingCastle Clinton,Bowling Green, the oldUnited States Customs House (now theNational Museum of the American Indian),Federal Hall National Memorial commemorating the site whereGeorge Washington wasinaugurated as the first U.S. President,Fraunces Tavern,New York City Hall, theMuseum of American Finance, theNew York Stock Exchange Building,South Street Seaport, theBrooklyn Bridge,South Ferry (the embarkation point for theStaten Island Ferry), andTrinity Church. Lower Manhattan is home to some of New York City's most spectacular skyscrapers, including theWoolworth Building,40 Wall Street (also known as the Trump Building),26 Wall Street (also known as theStandard Oil Building), and70 Pine Street (also known as theAmerican International Building).

In 1966, the commercial district ofRadio Row onCortlandt Street was demolished to make way for construction of the former World Trade Center.

Culture

[edit]
Chinatown is home to the highest concentration ofOverseas Chinese in theWestern Hemisphere
Further information:Chinese people in Lower Manhattan,LGBTQ culture of Lower Manhattan,Transgender culture of Lower Manhattan, andGreenwich Village Halloween Parade
The annualVillage Halloween Parade inGreenwich Village is the world's largest Halloween parade, with millions of spectators annually.[65]

Since the early-20th century, Lower Manhattan has been an important center for the arts and leisure activities.Greenwich Village was a locus ofbohemian culture from the first decade of the century through the 1980s. Several of the city's leading jazz clubs are still located in Greenwich Village, which was also one of the primary bases of theAmerican folk music revival of the 1960s. Many art galleries were located in SoHo between the 1970s and early 1990s; today, the downtown Manhattan gallery scene is centered in Chelsea. From the 1960s onward, Lower Manhattan has been home to many alternative theater companies, constituting the heart of theOff-Off-Broadway community.

Punk rock and its musical derivatives emerged in the mid-1970s largely at two Lower Manhattan venues,CBGB onBowery in the western edge of the East Village, andMax's Kansas City onPark Avenue South. At the same time, the area's surfeit of appropriated industrial lofts, played an integral role in the development and sustenance of the minimalist composition,free jazz,disco, andelectronic dance music subcultures. The area's many nightclubs and bars, though mostly shorn of the freewheeling iconoclasm, pioneering spirit, anddo-it-yourself mentality that characterized the pre-gentrification era, still draw patrons from throughout the city and the surrounding region.

Denotation ofDowntown

[edit]
See also:Downtown
Union Square and its surrounding neighborhood, located between14th and17th Streets, may be considered a part of either Lower orMidtown Manhattan.

Downtown in the context of Manhattan, and of New York City generally, has different meanings to different people, especially depending on where in the city they reside. Residents of the island or ofThe Bronx generally speak ofgoing "downtown" to refer to any southbound excursion to any Manhattan destination.[66] A declaration that one is going tobe "downtown" may indicate a plan to be anywhere south of14th Street—the definition of downtown according to the city's official tourism marketing organization[66]—or even23rd Street.[67][68] The full phraseDowntown Manhattan may also refer more specifically to the area of Manhattan south of Canal Street.[42] Within business-related contexts, many people use the termDowntown Manhattan to refer only to the Financial District and the corporate offices in the immediate vicinity. For instance, theBusiness Improvement District managed by the Alliance for Downtown New York defines Downtown as south of Murray Street (essentially South ofNew York City Hall), which includes theWorld Trade Center area and theFinancial District. The phraseLower Manhattan may apply to any of these definitions: the broader ones often if the speaker is discussing the area in relation to the rest of the city; more restrictive ones, again, if the focus is on business matters or on the colonial and early post-colonial history of the island.[citation needed]

As reflected in popular culture, "Downtown" in Manhattan has historically represented a place where one could "forget all your troubles, forget all your cares, and go Downtown," as the lyrics ofPetula Clark's 1964 hit "Downtown" celebrate (althoughTony Hatch, the songwriter of the track, later clarified that he naively believedTimes Square to be "downtown", and was the actual inspiration for the hit single). The protagonist ofBilly Joel's 1983 hit "Uptown Girl" contrasts himself (a "downtown man") with the purportedly staid uptown world.[69] Likewise, the chorus ofNeil Young's 1995 single "Downtown" urges "Let's have a party, downtown all right."

Economy

[edit]
TheNew York Stock Exchange is, by a significant margin, theworld's largest stock exchange with a $23.1 trillionmarket capitalization of its listed companies as of April 2018.[70][71][72] Pictured is theexchange's building onWall Street.
New York City Hall in Lower Manhattan'sCivic Center neighborhood

Lower Manhattan is the third-largest business district in the United States, afterMidtown Manhattan and theChicago Loop.[73] Anchored by Wall Street in Lower Manhattan, New York City functions as thefinancial andfintech center of the world and has been called the world's most economically powerful city.[4][74][75][76] Lower Manhattan is home to theNew York Stock Exchange, at11 Wall Street, and the corporate headquarters ofNASDAQ, at165 Broadway, representing the world's largest and second largeststock exchanges, respectively, when measured both by overall average daily trading volume and by totalmarket capitalization of their listed companies in 2013.[77] Wall Streetinvestment banking fees in 2012 totaled approximately US$40 billion.[78][79]

Other large companies with headquarters in Lower Manhattan include (in alphabetical order):

Prior to theSeptember 11 attacks,One World Trade Center served as the headquarters ofCantor Fitzgerald.[95] Prior to its dissolution, the headquarters ofUS Helicopter were in Lower Manhattan.[96]

Government and infrastructure

[edit]

Subway

[edit]

The headquarters of thePort Authority of New York and New Jersey is located in4 World Trade Center of theWorld Trade Center complex.[97]

The city hall and related government infrastructure of the City of New York are located in Lower Manhattan, next to City Hall Park. TheJacob K. Javits Federal Building is located inCivic Center. It includes theFederal Bureau of Investigation New Yorkfield office.[98]

ManyNew York City Subway routes converge downtown. The largest hub,Fulton Center, was completed in 2014 after a $1.4 billion reconstruction project necessitated by the September 11, 2001, attacks, and involves six separate stations. This transit hub was expected to serve 300,000 daily riders as of late 2014.[99] TheWorld Trade Center Transportation Hub and PATH station opened in 2016.[100] Ferry services are also concentrated downtown, including theStaten Island Ferry at theWhitehall Terminal,NYC Ferry atPier 11/Wall Street (andBattery Park City Ferry Terminal starting in 2020), and service toGovernors Island at theBattery Maritime Building.

Vehicles

[edit]

Lower Manhattan is accessible by vehicle through several major thoroughfares. FromNew Jersey, Lower Manhattan is accessible through theHolland Tunnel fromInterstate 78. FromQueens,Long Island, and points east, it is accessible through theQueens–Midtown Tunnel from theLong Island Expressway. FromMidtown andUpper Manhattan, it is accessible from theWest Side Highway.

Bus

[edit]

ManyMTAexpress buses stop in lower Manhattan, theSIM1,SIM2,SIM4,SIM5,SIM7,SIM9,SIM15,SIM32,SIM33,SIM34, andSIM35 toStaten Island, theBM1,BM2,BM3,BM4,X27, andX28 toBrooklyn, theQM7,QM8,QM11,QM25, andQM65 toQueens, and theBxM18 toThe Bronx.

See also

[edit]

References

[edit]
  1. ^abRussell Shorto (June 20, 2023)."A Walk Through the Past in New York".The New York Times. RetrievedAugust 19, 2023.
  2. ^"A Growing Market: Lower Manhattan's Young, Educated & Affluent Residents". Downtown Alliance. May 16, 2023. RetrievedAugust 20, 2023.
  3. ^"The BroadsheetDAILY – 2/22/22 – Lower Manhattan's Local Newspaper – Lower Manhattan Is Fourth-Fastest Growing Community in NYC". February 22, 2022. RetrievedAugust 20, 2023.
  4. ^ab"GFCI 37 Rank". Long Finance. March 24, 2025. RetrievedMarch 25, 2025.
  5. ^Jones, Huw (March 24, 2022)."New York widens lead over London in top finance centres index".Reuters. RetrievedMarch 25, 2025.
  6. ^"District Information". Downtown Alliance. Archived fromthe original on January 30, 2020. RetrievedAugust 16, 2017.
  7. ^"Chinatown New York". Civitatis New York.Archived from the original on April 4, 2020. RetrievedMarch 23, 2024.As its name suggests, Chinatown is where the largest population of Chinese people live in the Western Hemisphere.
  8. ^*"Chinatown New York City Fact Sheet"(PDF). www.explorechinatown.com.Archived(PDF) from the original on May 28, 2005. RetrievedMarch 23, 2024.
  9. ^"United States History – History of New York City, New York". Online Highways LLC. RetrievedJuly 20, 2014 – via www.u-s-history.com.
  10. ^Rankin, Rebecca B.; Rodgers, Cleveland (1948).New York: the World's Capital City, Its Development and Contributions to Progress.Harper.
  11. ^ab"The Battery Highlights : NYC Parks".New York City Department of Parks and Recreation. RetrievedMarch 2, 2019.
  12. ^abEllis, Edward Robb (1966).The Epic of New York City. Old Town Books.
  13. ^Scheltema, Gajus and Westerhuijs, Heleen (eds.),Exploring Historic Dutch New York.Museum of the City of New York/Dover Publications, New York 2011.
  14. ^Schoolcraft, Henry L. (1907)."The Capture of New Amsterdam".English Historical Review.22 (88):674–693.doi:10.1093/ehr/XXII.LXXXVIII.674.JSTOR 550138.
  15. ^Homberger, Eric (2005).The Historical Atlas of New York City: A Visual Celebration of 400 Years of New York City's History.Owl Books. p. 34.ISBN 0-8050-7842-8.
  16. ^abHarris, Leslie M. (2003).In the Shadow of Slavery: African Americans in New York City, 1626–1863.The University of Chicago Press.ISBN 978-0226317731.
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