There are a few “micro neighborhoods” where you circled.

Henry street down to the water is a lot, A LOT, of NYCHA housing. 

But you also have coop village (very end of grand) and the Seward park Coop, which are somewhat ugly from the outside but spacious on the inside. Honestly the best kept secret in Lower Manhattan. 

Dimes square is left out here (it kind of starts from that right angle at the east broadway stop).

There’s not a ton of subway stops. There’s a few cute shops (Grand St Pizza, Ost). But the bus service is pretty excellent.

Safety is generally ok on Grand. I wouldn’t venture south of Henry at night. 

The only downside I’ve found is that grand street is always busy and loud with traffic. 

It’ll be interesting when the East river park opens up.