When Dutch settlers first inhabited the lowest section of Manhattan, they started a modest trading city and named it after the largest trade company of the time-New Amsterdam. Today, that same area is far from its humble beginnings as the thriving heart of trade, stock, and financial prosperity. The demographic makeup of the area, however, reveals a much deeper and intricate network of individuals and ethnicity than its white-collar exterior would exude.
Despite the Financial Districts strong roots in modern ways of life and business, it is home to some of the most historical sites in New York City. The Trinity Church strikes an imposing figure against the uniformity of the banks and corporate buildings surrounding it. With spires reaching 281 feet, the Trinity Church was first built in 1967 on a grant from King William III, and still stands, functional, and inspiring to this day. On a more governmental note, when New York was the capitol of The United States, Federal Hall in the Financial District was the place for all political discussion and moderation. Federal Hall was the location of some of the most influential government decisions ever made in our country including the addition of the Bill of Rights and the establishment of a federal government.
The Financial District is not all upper-middle class white men in suits; recent demographics suggest that of a total population of 48,160 people, almost 20% of the population is Asian, and the ratio of men to women is almost 1 to 1. This shows that there is a great deal of inhabitants being overlooked within the preconceived notions of this area. Since 2000, population of the Financial District has increased 170%. While most of the inhabitants used to be unmarried businessmen, today, 36.8% of all households are family households. Supporting this growth is the presence of several high schools and colleges within the area. Kings College is a highly respected and admired university placed in the heart of Wall Street. This adds to the more youthful aspects of the population and has a drastic effect on the types of establishments that prosper in this area. The average expenditures by households in this area are exactly what is expected; they tend to be well over the national average, as most of the area is wealthy.
More recently, we started to once again see this area become residential. The residences that were there were cheap and didn’t offer many outside amenities like grocery stores. For families and rooted residents, this place isn’t ideal. However, it was the perfect place for young people on a budget to find a place to stay. The town evolved with its new residents, and the area became more accommodating. The prices of apartments therefore began to rise, and the small families and such took a second look at the benefits of living close to where they work. As the town catered more to the residents, more people began moving to the area.
The Financial District is preceded by a reputation that is none too polite. It is widely viewed as a cold place solely for businessmen and ruthless stockbrokers. This may have been the case at one time, but the area has changed drastically. Today, the area is a pleasant mixture of commercial and independent businesses with a flair for history and modern ideas. Cultures and social classes combine and meld together in a wonderful way, resulting in a unique atmosphere that is decidedly warm and inviting. Our group is working to uncover more of the real Financial District and debunk myths and rumors regarding the impersonality and disjointed aura of this gem of an area.
