Over the past 18 years, the Financial District has undergone a seminal shift, with more than triple the number of residents and a massive residential construction blitz that’s still in full swing. FiDi has more new condo units in the pipeline, some 2,000, than any other neighborhood in Manhattan. At the same time, millenials have been moving into the neighborhood en masse, so much so that FiDi now has the third largest share of millenials of any neighborhood in the country according to U.S. census data.
So does FiDi have too many condos? The answer, of course, is it depends. If developers price their units right, targeting an under-supplied segment of the luxury condo market, then maybe oversupply isn’t as much of a concern. If they don’t, the market will take longer to absorb these units and prices will be cut.