Featuring several architectural landmarks that make up an iconic skyline, New York is one of the most influential global cities.
With a population of almost 8.5 million people, New York has the largest regional economy and is the most populated city in the United States. Anchored by Wall Street in Lower Manhattan, New York is one of the world’s premier financial centres, home to two of the largest stock exchanges, as well as a host of market leaders in law, accountancy, advertising, entertainment, and technology.
Over the past 30 years, there have been four recessions or significant events that have impacted the New York real estate market. Throughout each, real estate prices either remained level or recovered in a very short period.
A falling market caused by the aftermath of the financial crisis started to increase from the beginning of 2010 leading to house prices almost doubling until its peak in 2017.
Increasing house prices and advances in engineering, fuelled a construction boom especially in ultra-luxury housing developments—including the entirety of what is now known as Billionaire’s Row. As more luxury developments came online, the market became oversaturated at the high end. Increased supply, political uncertainty and tax changes put downward pressure on price growth, causing the market to experience a slowdown from mid-2017 which was further affected by lockdowns and the suspension of international travel through 2020.
December 2020 marked a key turning point as sales activity ticked upwards and by the end of Q2 2021 sales ran at a 14 year high with prices also starting to increase, with the average price up 1.5%.
Chelsea is one of New York City’s most hip and artistic areas, thanks to its prominent arts district, The High Line, Chelsea Market, and several long-time institutions. Luxury high-rise buildings, world-class art galleries, and a thriving entertainment scene make Chelsea the perfect marriage between uptown ritz and downtown glam in Manhattan.
The Financial District (or locally known as FiDi) is the pulse of the nation's financial markets, bustling centre of business and commerce, and is home to New York Stock Exchange and Wall Street. Located in the southern tip of Manhattan, New York has gone through major gentrification over the past decade and a boom of luxury conversion buildings sprung up making this area a very desirable place to live for white collar workers in this office dense area.
This uptown neighbourhood is in the greenest part of Manhattan and is nestled between River Side and Central Park. The Upper West Side is home to some of the most prominent cultural institutions of the city like the Natural History Museum and Lincoln Center and has been immortalised by countless movies and pop culture references. It offers a unique mix of prestigious pre-war buildings like San Remo, the Dakota and the Majestic and modern high-rise buildings making this area attractive area for all.
Upper East Side is the most affluent neighbourhood in New York City with upscale boutiques, stores and luxury townhouses and apartment buildings. Madison Avenue, 5 th and 3 rd Avenue are the hotspots where the most high-end fashion boutiques are located. Home to the famous Museum Mile, this refined neighbourhood feels a lot like Paris that sets it apart from the rest of the city.
With Spectacular views of the Hudson River, notable restaurants and luxury hotels, Tribeca (acronym for Triangle Below Canal) has become the land of celebrity-owned lofts. It also hosts the Tribeca Film Festival every year. As the surrounding areas such as Soho gained popularity, this neighbourhood`s rent went up and old warehouse buildings were renovated and converted to chic apartments, restaurants and stores.
Midtown is the hub of the core retail and commercial neighbourhood of New York City. New York's iconic Empire State Building along with Towers of Rockefeller Center, Radio City and Grand Central Terminal are some recognizable destinations in this area. Hell's Kitchen or Midtown West is known for its luxury condos and chic restaurants.
Located west of Manhattan via the iconic Brooklyn Bridge, Brooklyn carries much of the cultural influence and weight of Manhattan, with a more relaxed vibe. Affluent families and young professionals alike are known to gravitate towards neighbourhoods like Park Slope and Prospect Heights that offer beautiful green spaces and venues like Union Hall and Barclays Center.
The easternmost and geographically the largest borough of the five, Queens’ neighbourhoods are more relaxed while still being close to the big-city perks of New York City. It is one of the most diverse areas in the country, and its neighbourhoods like Astoria and Sunnyside offer a balance of suburban feel with urban features.
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