Real
Estate Development and Urban Development Policies in
the 1990s
In the 1990s, real
estate developers aggressively furthered the
subversive cultural image of the East Village for
profits in both residential and commercial markets.
In commercial development, the themed environment has
proven conducive to lifestyle retailing and
entertainment-enhanced consumption. New apartment
buildings, complete with plush amenities and
expensive leases, employ architectural symbols to
convey a downtown exoticism to attract renters. The
earliest example is the Red Square apartment building
on East Houston Street that opened in June 1989.
Sculpture
and architecture, Red Square. Photograph by
Robert McFarland.
The
"New" East Village Residential Market
Newly constructed or
rehabilitated apartments target a submarket of the
middle class who are capable of paying significantly
higher rents. Based upon the caricatured image as a
countercultural haven, the East Village has become
"an appealing address for young professionals
seeking a less costly alternative to neighborhoods
like Greenwich Village and SoHo" (The New
York Times, August 29, 1997). This submarket
consists of mostly white, college-educated
individuals, in the 20-40-year age range who live
alone or in shared households. Students attending
nearby colleges and universities have remained a
readily available market of East Village tenants.
Images
(click
to enlarge)
 Sculpture and architecture, Red
Square
|
 More sculpture and
architecture, Red Square
|
 Red Square apartments.
|
 Photograph of a "new"
club occupying "old" space.
|
 Paying homage to
buildings that used to stand.
|
