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.
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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.
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