Symptoms of the credit crunch in the Financial District became obvious over the summer, when commercial and residential vacancy rates rose and a slew of new luxury condos spilled onto the market as rentals. Now, signs offering occupants incentives like no brokers’ fees and one month’s free rent are as plentiful on the sidewalks as camera-toting tourists.
The Financial District has certainly become an apartment hunters’ market since Lehman Brothers officially folded just over five weeks ago, on Sept. 15. Elsewhere in real estate, however, the financial crisis' impact remains unclear. read more »