Introduction

Financial District is a historic neighborhood that is the center of New York City's primary business. The Financial District, located on the southern tip of Manhattan, was originally occupied by Dutch colonists in 1613. Today, it spans from the East River to West Street and from South Street to North Street and houses such landmarks as Trinity Church and Federal Hall.

Geography

The southernmost part of the Financial District is near the East River, and it is bordered on the east by Broadway and across the river by Brooklyn. The western boundary is South Street while the north boundary is Battery Park.

The northernmost point on land in New York City that rises above sea level is at Madison Park, in the Financial District.

Climate

The Financial District has a humid subtropical climate bordering a cold semi-arid climate, with mild winters and hot summers. Winters are cold and damp, with temperatures rarely rising above freezing. Heavy snowfalls do occur during the winter months, as New York City is near the Great Lakes; however, snowstorms are infrequent due to the frequency of nor'easter weather systems that track across Long Island, New York City, and southern New England.

The record snowfall for the Financial District was in February 2011, when 20.5 inches of snow fell on the area and nearby Central Park. Summers are hot and humid with a July daily average but temperatures above occur on average only 6.0 days per year. The highest temperature recorded in the Financial District was 104 (40 ) on July 9, 1952, while the lowest recorded temperature was −1 (−18 ) on February 18, 1934, at Madison Square, a station that no longer exists.

Demographics

In 2005, the racial and ethnic makeup of the Financial District was:

The population density in the Financial District is about 4,110 per square mile (1,630/km²), lower than in other parts of Manhattan. The area has a median age of 34 years and the average household size is 2.7 people, compared to 2.5 in New York City as a whole. It also has one of the highest ratios of childless individuals to married adults in the city. It is estimated that only 55% of residents over age 25 have children, and only 26% have never been married or divorced. 1 in 5 residents rent their residence, compared to 4 out of 5 in the city.

The area's population has increased by 2% since 2000. Even though the population has increased, the number of households is decreasing. Today, fewer people are living in the area than there were 20 years ago.

There have been very few immigrants that have entered the Financial District in the past 20 years, although more Asian and Hispanic residents moved into the area. 91% of the Financial District's population was born in New York City, while 6% were born in another part of America and 3% were born outside of America. A fraction of 1% was born outside of North America.

Conclusion

With the increase in immigration and the population of children, the Financial District is bound to continue growing. The new financial district is not only important economically, but it will also help keep New York City strong.

Still have questions?

Speak to an attorney today

Call now and be done