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Posts Tagged ‘Wall Street’

A guy at my Manhattan watering hole, a theatre director and Soho resident since the 70’s, claims this is the most interesting time to be in New York sicne, well, the 70’s. “Everyone’s moving out of the city, no one knows what’s going to happen . . . ”

I don’t see the 70’s, or what I know of the 70’s in New York, just yet. If anything Manhattan and central Brooklyn feel like more of the same – more gentrified, less life around the edges, more of a homogenization I’ve never seen in New York before. Wall Street still pays out the big bonuses, and another bar regular who runs a high end catering business says business is up, that his Wall street clients are back splashing out for the big events.

Yet everyone I know is broke. Not desperate, not yet, but I wonder where they’ll be if this continues for a year.  In my corner of central Brooklyn new cafes, increasingly upscale, are opening up and middle class white folks with babies are moving in even as the great condo binge edges threatening to transform the neighborhood crawls to a stop – some days a half dozen workers show up to work on a fifty unit building, and a 20 unit building completed last year sits empty, threatened with foreclosure, on the chopping block for a million and a half – for the whole building. Yet despite the recession, and the increasing gentrification, the still mostly working/ lower-middle class black folk in my neighborhood, by and large have retained the optimism they picked up after Obama was elected. Though I wonder too how much longer that will continue if things continue . . . .

A friend with relatives down on Wall street said the feeling is that the street will not return to anything like its pre-Crash level anytime soon. In the Atlantic, Richard Florida (the Creative Class guy), writes that New York will have to re-define itself beyond Wall street once again.

Regardless, I don’t think I’ve ever had a harder time reading New York. I’ve never seen the city so withdrawn, so homogenized – so like everywhere else.  Nathan Kensinger, in his excellent post, The Bloomberg Era Pt. 1, maps out a scale of development that  rivals the changes brought about by Robert Moses. I was away for most of the development period, returning for a few months at a time and often with a year or so in-between, and so experienced these changes almost second-hand. Beyond the deflation that came with Bush’s re-election, I did notice a change setting in in late 2006 – people I knew here began to withdraw into smaller and smaller circles, my favorite bars in Brooklyn and Manhattan became more homogenized, and that wonderful New York quality of random contact and possibility began to go on the retreat. And many people I knew started leaving the city, a process which is still going on now.

Yet that cycle is over, and another is about to begin. If New York feels sometimes like just another city now, I’m sure that in one year, two, it will be something else entirely.

Guy down on Wall street last summer:

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