South Street Seaport

By Cara Tabachnick | Special to amNewYork

February 15, 2007

With the smell of the ocean, cobblestone streets, low brick buildings, and the looming sails of historic ships, South Street Seaport doesn't seem to have changed much in the past 200 years when its waterfront was the hub of the city's economy.

But the neighborhood has ridden the transformation of lower Manhattan into a residential area still intimately tied to the financial industry and its maritime heritage.

"The buildings feel like a small New England fishing village with an urban kind of feel to it," said Richard Steppler, 61, director of publications at the South Street Seaport Museum. "And it's just a 10-minute walk from Wall Street."

The seaport has come a long way since the 1960s and 1970s when some of its once forlorn buildings were homes to artists and efforts began to preserve and revive the area. A touchstone moment in South Street's redevelopment was the opening in 1983 of Pier 17, with its shops, restaurants and historic ships, which has drawn tourists for decades.

A working tie to the neighborhood's heritage, the Fulton Fish Market, recently moved to the Bronx. Neighborhood groups hope what goes in will celebrate the site's seafaring legacy.

The neighborhood is also buzzing about Historic Front Street, which opened last year and has been drawing residents and shoppers to its charming 18th century buildings, as well as new buildings with motifs that complement the area's heritage.

Cafes, restaurants and retail shops continue to pop up, and the development of the waterfront -- with plans for a park and plenty of green space -- is on the way.

Real estate
The market for real estate is tight, because most of the buildings are historic warehouses that need to be converted and few buildings are for sale, said Liz Dworkin, a real estate agent at Eychner Associates, who specializes in the area.

To rent
1-bedrooms: $2,600 a month and up
2 bedrooms: $3,300 and up
3-bedrooms:

To buy
Loft condos: $549,000 and up
Loft floor-through unit in a small building: $999,000 and up
Small loft buildings: $3 million and up

Recently sold
Loft condo at The Bindery, 324 Pearl St.: $585,000

To eat