I've lived here for 2 years, my wife 4; it's a nice area (Tribeca bordering on City Hall), with a lot of great restaurants & convenient subways, but you can do a lot better for your money in this area, and get a lot better service to boot.
Seconding the earlier comment about bad management making a bad place to live. They're both unresponsive and rude, which is outrageous given what they charge. They've also tried to foist an exorbitant rent increase on us, so we're outta here.
The staff is generally very good (things used to take a long time to get fixed, but that has improved with the new super)-- unfortunately you'll need them a lot, because the cabinets, shower doors, toilets and plumbing etc. are absurdly cheap and poor quality and need fixing often. The toilets are incredibly loud and take 2-3 flushings to clear every time (no exaggeration). They also force you to use RCN for phone, cable, and internet, which is truly awful, especially if you need to work from home; RCN is the most unreliable telecom company I've ever used, service goes out regularly and you can't get support ever.
There's also major, ugly and loud construction, at the immigration building across the street on one side, and a new apartment building on the other. I'd steer clear.

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