Industry News

Downtown Manhattan real estate bounced back

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Editor's note: After the initial concerns of rescuing people from natural disasters like Hurricane Katrina, the next big question is over the recovery and rebuilding process, which has already begun in Katrina-ravaged areas. In this three-part series, we look back to the rebuilding process after the Oakland Hills fire in Northern California in 1991, Hurricane Andrew in South Florida in 1992, and the terrorist attacks of Sept. 11, 2001, in downtown Manhattan. We examine the damage in each case, what happened to the local real estate markets in the short-term, and what's happening today. (See Part 1: Oakland Hills Fire transformed character of hillside homes and Part 2: Real estate rebirth after hurricanes.) Sixteen acres of downtown Manhattan real estate were leveled in the aftermath of the World Trade Center terrorist attacks on Sept. 11, 2001. Fires at the site burned for three months and 1.5 million tons of debris were removed from the site in the first six months ...