In 2012, CHN responded to Hurricane Sandy’s blow to the city by turning their Halloween Spooktacular block party into a fundraising effort. The block party is not usually a moneymaking endeavor, according to Coffey, just a “nice thing to do for a great neighborhood.” This year the group encouraged donations to the relief effort among party-goers and donated half of the profit the organization netted as well.

CHN also hosted their own relief event, ultimately sending a truck full of donated items to Staten Island.

“It was very impromptu,” said Coffey, “but we have a good network of volunteers. We have a really good spirit.”

In addition to their charitable work, CHN is responsible for helping beautify the Park Avenue mall above 86th Street by developing a template for planting, raising funds from Park Avenue buildings and planting and maintaining flowers and trees. Coffey said an organization was subsequently formed below 86th Street using CHN’s template.

“That’s why the malls look terrific,” she said. “We’re the instigators of it. We’re really proud of that.”

Coffey’s group is also making an effort to monitor and replace trees that came down during Sandy and the recent snowstorm.

“Our main mission since 1970 has been the preservation of the architectural history of the neighborhood,” explained Coffey. “Over the years we’ve added a lot of quality of life projects. Somebody goes around and checks everything that is wrong whether it’s graffiti or a malfunctioning street lamp or a pothole or anything.”

The group has also transitioned their twice-yearly newsletter to full color and continued to implement an electronic recycling program in the area.

Looking toward the future, CHN has goals both small and big. For one, Coffey said they’d like to revamp their website and make it more dynamic.

The group also hopes to continue improving on the status quo. “We have a lot of good programs going on and we try to improve them each year and bring on more young board members,” said Coffey. “Our merchants are getting more involved in helping too.”

Though retired, Coffey views her volunteer position with CHN as equivalent to a full-time job. When she has free time, Coffey enjoys frequent travel, both in the U.S. and abroad. She also takes full advantage of her natural surroundings, biking or cross-country skiing in Central Park whenever she gets the chance.

By David Gibbons

That the financial crisis is over and our economy is in full recovery is old news—at least from the viewpoint of several high-profile real estate insiders, all experts on the downtown market.
“The word ‘recession’ is not even used in the last six to nine months,” said Andrew Barrocas, CEO of MNS, a real estate brokerage firm specializing in residential properties. “We’re far out of that.”

For the fourth quarter of 2012, the MNS report on new development sales showed solid overall gains on a quarterly and yearly basis. While the Upper West Side topped closings (65), two downtown neighborhoods, Battery Park City (48) and Chelsea (46), were strong contenders. All other areas south of 34th Street showed lively activity, with rents still high and sales prices exceeding pre-crisis levels.

“Downtown is mimicking the rest of the market,” said Lori Ordover, CEO/founder of the Ordover Group. “The big issue is a lack of inventory.”

According to The Corcoran Report, total available listings in Manhattan reached their lowest number in more than seven years during the past quarter.

Residential development stalled in the wake of the collapse of Lehman Brothers (September, 2008); significant numbers of new properties are not expected to crop up for several years.

“It’s a very tight market,” said Gary Malin, president of Citi Habitats, a leader in NYC sales and rentals.

The crux of the matter is liquidity: Larger institutions, such as banks involved in real estate, have been slower to rebound and remain cautious about lending. The purse strings are still tight, both for developers seeking to obtain financing and potential buyers hoping to secure mortgages. The days of huge luxury condo towers selling out to eager buyers based on nothing more than a floor plan, a virtual tour and a dream are over. Nevertheless, the brokers are optimistic.

“The overall big picture for downtown Manhattan is very positive,” said Ariel Cohen, exclusive agent for 75 Wall Street, a 346-unit luxury condo high-rise on the market since 2009. Given his stake in the area, Cohen is understandably bullish.

“Lower Manhattan has been an ongoing, emerging category since 2004,” he said. “Chelsea and Tribeca have already emerged. Battery Park City is a very mature market. Now, in the Financial District, we are heavily emerging.”

“I live in Tribeca, and every day I get seven or eight postcards from brokers saying, ‘I could sell your apartment.’ I know that, but I don’t want to move,” Ordover said. “I love living downtown. I think it’s the most vibrant part of the city.”

Cohen said that sales at 75 Wall Street picked up “dramatically” in the second quarter of 2012; the building is now more than to 60 percent sold. At an average of $1,220 per square foot, its remaining units compare well: “A husband will call me and say, ‘My wife wants to live in Tribeca, but please tell me what you have in the Financial District.’” Even on the fringes of Tribeca, Cohen points out, prices are in the $2,000 range. Both Barrocas and Malin agree, comparing the Financial District favorably to Greenwich Village for value—and adding the Lower East Side.

Another strong indicator for downtown is its preponderance of first-time buyers and young families, many from other parts of Manhattan. Ordover marvels at the stroller gridlock on West Broadway and stiff competition for exercycles at her favorite spinning class. “They’re starting to call the Financial District the Diaper District,” Cohen joked. “Our buyers run a big gamut,” he said. “It’s not just your Wall Street-driven clientele.” Both note many positive signs for the community, including good new schools opening; Condé Nast’s impending move to the new World Trade Center tower; and plans for a downtown performing arts center.

For “affordable” new development downtown—i.e., in the range of $1,500 to $2,000 per square foot—Barrocas looks east from the Bowery to the river. “Obviously, the development process takes time,” he said. “Two, three, four years out, I can only predict numbers being stronger than they are today.” He noted the Seward Park Mixed-Use Development Project for nine city-owned lots along Delancey Street, approved last September, as a potential game-changer in the area.