Largely low-rise and industrial, Manhattan's once gritty but now chic TriBeCa neighborhood is facing pressure from developers who are hoping to profit from its desirability by building new high-rise apartments.
"The neighborhood of TriBeCa has undergone a sea change in the last two or three decades, with luxury towers and converted apartment lofts replacing the factories and warehouses that once dominated the gritty, low-rise area.
The neighborhood is now part of the richest ZIP code in New York City and the 12th richest ZIP code in the country, according to a recent study by Forbes. Currently, only about 18% of north TriBeCa is zoned for residential use, and the development community is hoping to cash in on the seemingly insatiable demand for luxury housing."
A new proposal to upzone a four-block area of the community to allow for a 100 foot high residential building has mobilized opponents in the community, who want to preserve the areas low-rise character.
FULL STORY: TriBeCa, City's Wealthiest Zip Code, May Soon Get a Face-Lift
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