Why New York Is An Amazing City To Live In / Localism Featured

ABOUT NEW YORK CITY

New York City is the largest most diverse metro area with 8.275M residents. Its rich history, the landmarks such as Ellis Island and the Statue of Liberty tell the world of our ancestors. Wall Street, the global financial market and economic ruler is home to the top 6 global financial firms. It has been a dominant global financial center since World War II and is home to the New York Stock Exchange. The city has been home to several of the tallest and most famous buildings in the world, including the Empire State Building and formerly the Twin Towers of the World Trade Center.

New York is one of the world's major centers of commerce and finance. It is also the force of global influence in the arts, media, education, entertainment, fashion and advertising. The city is also a major center for International Affairs, hosting the headquarters of the United Nations.

Many of the city's neighborhoods and landmarks are world renown. New York is the birthplace of many cultural movements, including the Harlem Renaissance, abstract expressionism, hip-hop, salsa and Tin Pan Alley. It is the home of the Broadway Theater in the heart of Times Square, in the theater district.

Surrounded mostly by water, the city's residential density and high real estate values in commercial districts saw the city amass the largest collection of individual, free-standing office and residential towers in the world. It boasts almost 6000 skyscrapers.

Culture is in the New York air!. The city is the second largest center for the film industry in the United States. With more than 2,000 arts and cultural organizations and more than 500 art galleries of all sizes, the city government funds the arts with a larger annual budget than the National Endowment for the Arts.

Lincoln Center for the Performing Arts, which includes Jazz at Lincoln Center, the Metropolitan Opera, the New York City Opera, the New York Philharmonic, the New York City Ballet, the Vivian Beaumont Theater. the Julliard School and Alice Tully Hall is the largest performing arts center in the United States. Central Park Summer Stage presents performances of free plays and music in Central Park and 1,200 free concerts, dance, and theater events across all five boroughs in the summer months. New York City is considered by many to be the heart of stand-up comedy.

Retail statistics offer clues about the items New Yorkers value: clothes and food. City dwellers spend relatively large sums on apparel. And the city's restaurants and bars are expected to take in $14.9 billion in 2008, more than food stores' $12.6 billion.

The diverse neighborhoods of Battery Park City, Carnegie Hill, Chelsea, Chinatown, East Harlem, the East
Village, Flatiron, Gramercy Park, Greenwich Village, Harlem, Kips Bay, Lenox Hill, Lincoln Square, Little Italy, the Lower East Side, Manhattan Valley, Midtown East, Midtown West, Morningside Heights, Murray Hill, Noho, Soho, Spanish Harlem, Sutton Place, the Theater District, Tribeca, Turtle Bay, the Upper Eastide, the Upper Westside, the West Village, Yorkville and more offer the best of New York's neighborhoods.

Manhattan Real Estate

Manhattan Outlook

Average asking office rents are forecast to drop about $15 a square foot by 2012; vacancy rates are expected to climb through 2011, then improve slightly.

Fresh Housing

New York City has added a growing number of residential units each year for the past four years. Manhattan's share of the total completed last year was 6,584 units, 26.6% more than in 2006.

NYC Construction Spending

Construction expenditures were up across the board in the past five years. The nonresidential sector had the biggest percentage increase.

The current real estate market across the U.S. is one of the worst we've ever seen however, that is not the case for Manhattan. Real estate in Manhattan, although a bit slower, is thriving.

When thinking of purchasing a home in Manhattan, many watch what happens in Wall Street. People think that Wall Street dictates Manhattan real estate. It doesn't! The good news is that real estate is something that always has value.

So if you or someone you know is thinking about purchasing property in Manhattan, think again. Hire a trusted broker today.