I live in the Financial District.
Yay, Manhattan!
Yay, downtown!
Boo, no place to eat (or, God forbid, drink) at night.
Yay, cheap rent!

Recently, I was discussing with two friends the particular alchemy that seems to make a neighborhood "cool" or "bohemian." For instance, why has Williamsburg -- which up til 15 years ago was occupied largely by Orthodox Jews and Hispanic families -- become a destination, whereas the Financial District -- which probably has been occupied by super tall office buildings that become more or less vacant at night since forever -- has not. Both offer comparatively reasonable rent (most places I looked at in Williamsburg are actually more expensive than the Financial District, though slightly larger, likely dirtier, and probably even cheaper, larger, and dirtier 5 years ago, which maybe can't be said about the Financial District).

Said friend argued that it was because Williamsburg also offered "space" for things that cool people like (he said "arts and music," I think "kitschy vintage stores and organic groceries and numerous coffee shops"). I think it's probably more because it's hard to argue that you're a member of the counterculture when you live in the tourist-packed shadow of Goldman Sachs. But it would make for a really fascinating trend piece if there was a nefarious counter culture in the Financial District (FiDi, to some people, most of whom seem to exist only on Craigslist).

That having been said, I find it a little dismal to take the subway through the Lower East Side (another not-so-cheap, dirty-ish destination) to get to Williamsburg when my apartment is ostensibly "convenient" and "desirable" by virtue of it's Manhattan location. But that doesn't mean I don't do it.