"Shops and services will be located on six levels, including two-levels of a below-grade concourse extending from the World Financial Center to both the new Fulton Street Transit Center and the corner of Liberty and Church Streets; below grade in the new Santiago Calatrava-designed Transportation Hub; at street level on Church Street, Cortlandt Way, and Dey Street; and on three levels above grade within Towers 2, 3, and 4 - three Class A office towers designed respectively by world-renowned architectural firms Foster and Partners, Rogers Stirk Harbour + Partners, and Maki & Associates. Developed by the Port Authority of New York and New Jersey - with support from Silverstein Properties - the retail space is expected to be completed by 2014."
The Lower Manhattan market is quite vibrant, with much new development, many Green Buildings and a rapidly expanding infrastucture. The Battery Park City area is especially popular, as it has many features that make it desirable to both singles and families. It also provides easy access to Wall Street, highways and public transportation to all of Manhattan (and Jersey ).
As to pricing and board approvals, that is too specialized a subject to cover here..
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A local RE Pro from the city will likely chime in here soon. I work on the Jersey Coast, and we have city buyers migrate to us. Two reasons: A few seek a more suburban lifestyle and want a SF home and yard. Others simply come because they get more for their $$ and we have a buyers market. The buyers who come to us from NYC are clearly telling us that is not a buyers market for them there. Particularly, our residents commute to downtown via ferry, so many of these buyers are discussing lower Manhattan. That's the view from here.
Great question. Since the NYC market does have this domino impact on us, I will check back for the responses from NY RE Pros.