NYC Market Overview

New York real estate is one of the most vibrant, challenging and constantly growing marketplaces in the world. With the highest residential real estate prices in the US, it is both prestigious and profitable to own property in this city and many consider it an accomplishment just being able to rent an apartment here.

New York's constantly changing real estate market

Historically, there have been numerous factors that shaped the way New York real estate has evolved. From the early beginnings of this century, Manhattan has been the land of dreams and opportunities for millions who desired nothing more than to come, live, and realize their dreams. It has been this constant and diverse wave of immigrants from all over the world that has helped turn New York City into the cultural and financial capital of the world. This attraction has been a self-perpetuating wheel ever since, constantly driving more and more people to come and experience this unique and intriguing city. As a result Manhattan is now home to an estimated 5 million people, plus additional 4 million who come to work here every day. This translates into enormous amounts of commercial and residential real estate confined to a small island with an approximate area of 60 sq. miles.

In addition to demographics and geography, Manhattan's real estate market has been driven by the city's central role in world commerce. With representatives from all major firms and industries, New York is the place of destination for everyone who want to be known and respected in the business world today.

Besides its history and commerce, Manhattan real estate has an asset that few other cities in the world can match. It is indisputably one of the most prestigious cities to live in. Numerous celebrities from all over the world reside here, in the most prominent neighborhoods such as Fifth Avenue by Central Park, Columbus Circle, or on Central Park West on the Upper West Side.