In comparison to the other five boroughs, Manhattan ranks as the most densely populated, bound by the following rivers: East, Hudson, and Harlem. This area is accustomed to hosting influxes of migrants moving to the city for economic prosperity. The city is often referred to as the cultural and economic center of the United States with the second labeling especially fitting since it harbors Wall Street which stands as one of the financial capitals of the world.
A gross domestic product of over $1.2 trillion and home to the New York Stock Exchange and NASDAQ, it is no coincidence to see business moguls flock to the area. It would be a remission not to mention the pricey nature of the city, with arguably some of the most expensive real estate and commercial properties in the world.
Available office spaces for rent are abundant in Manhattan, placed conveniently in the borough from Broadway, to 44th Street, to Mulberry Street. Prices begin from $28 per square foot to $65 per square foot with square footage for each ranging from 900 to 29,000.
Before the land became Manhattan it was largely inhabited by a significant Lenape population. However, the area wasn’t officially logged and mapped until 1609 following the discoveries made during the voyage of Henry Hudson survived in part by the Hudson River. Though it was officially recognized as a legal territory in the early 17th century, it didn’t really emerge as an economic center until Alexander Hamilton implemented his policies as the first Secretary of the Treasury and the Erie Canal opened in 1825. As a result of these establishments Manhattan became immediately connected to the lucrative agriculture markets of the Midwest and Canada.
Manhattan is more than just a densely populated, financial center; it is idolized by neighboring cities for its incredible restaurant and bar scenes, landmarks and events. Featured restaurants in the city include The Nomad, ABC Kitchen, and Eleven Madison Park with popular bars including the Comedy Cellar, KGB Bar, and the unique Attaboy. After substantial meals locals and tourists check out The High Line on Washington Street or the Chrysler Building on Lexington Avenue. Even with the aforementioned amenities experienced, people still find the energy to attend events like Trend-ology, a chronological display exhibited at The Museum at FIT.
Public transportation is serviced by MTA Subway system.
Despite all the commotion during 2013 like the spurt of all-cash buyers or the spike in prices, the market on a citywide basis remained relatively constant. The median price for a home surprisingly only shifted up 2% placing it at $475,000, with the same effects reflected in Brooklyn. Real estate in Manhattan has been prone to be on the higher end of the scale because of the city’s desirability, but the fact the median price for a home essentially remained consistent should provide current and future tenants with a strong sense of hope and security.