The global center of business, culture and entertainment
It’s hard to describe Manhattan without using superlatives. At the core of New York City and the United States’ Northeastern megalopolis, the borough is widely viewed as the global capital of finance, media, art and entertainment. Strategically situated at the top of New York Bay — one of the largest natural harbors on earth — the 13-mile-long island has been a beacon of the Modern Era for over four centuries; having borne witness to rapid advancements in science, art, technology and commerce. Since its 1624 inception as the Dutch colony of New Amsterdam, occupying land previously controlled by the indigenous Lenape people, the city has continuously grown thanks to the periodic influx of different immigrant populations. Each group has assimilated over time while also maintaining various facets of their home culture. Each was integral to the borough’s northward expansion. “Manhattan is the supreme laboratory of modern life," noted filmmaker Ric Burns is quoted saying in the intro to his seminal seven-part television series about the city.
Named after the Lenape term for hilly island — Mannahatta — the borough is colloquially referred to as “the city” by other New Yorkers and those residing in the larger metropolitan region. Incorporating just 33.59 square miles, Manhattan is home to 1.6 million people with an additional 880,000 commuters and a whopping 4 million tourists filtering in every day. According to the US Census Bureau, Manhattan has seen a 4.8% population decline since the pandemic but there was a modest uptick of new residents in 2022 and 2023. Areas like Midtown and the Financial District host the principal headquarters of major financial institutions and other Fortune 500 corporations, not to mention the United Nations. Manhattan is also home to an ever-authoritative cultural scene. Some of the globe’s best entertainment and cuisine — reflective of the city’s dynamic multicultural evolution — abounds. The borough is home to world-class hospitals, schools and universities.
Incorporating 58 neighborhoods, many with their own distinct identities and fluid geographic boundaries have been re-drawn time and time again. Even the most compact areas have taken on different roles throughout the decades. The Meatpacking District was once an industrial backwater but is now one of New York’s glitziest shopping areas. Vast Upper Manhattan neighborhood Central Harlem was built-up by Italian and Jewish immigrants in the late 19th Century but by the 1920s became an epicenter of Black American culture. Though a vast majority of Manhattan fell victim to postindustrial economic decline during the second half of the 20th Century, it has since re-emerged as one of the most desirable and expensive places to live on earth. Gentrification has largely homogenized the borough, but the idiosyncrasies of its complex past remain evident in its eclectic architecture and diverse food scene.
The Lunar Year Chinatown Parade had a golden dragon.
The Apollo Theatre is an iconic theatre on E 125th Street in Central Harlem.
The United Nations is located in Turtle Bay, New York City.
As the epicenter of New York City, FiDi is rich with history & legacy.
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The international seat of finance, fashion and art
Home to Wall Street, the center of global finance, Manhattan is the seat of numerous international banks and investment firms — JPMorgan Chase, Citigroup, Goldman Sachs and Morgan Stanley among others — and businesses like accounting giant KPMG. Other major employers include the consulting firm Deloitte and telecommunications company Verizon. In the early 21st Century, major technology and bio-tech companies have also moved in and revitalized otherwise disused post-industrial buildings along Manhattan’s West Side. Amazon, Google and Meta have all established large multi-block campuses in the area. The media sector has also long played an important role in the city’s economy. Unsurprisingly, tourism is also a large economic engine as is real estate, which according to The Corcoran Group, accounted for $6.5 billion in revenue during Q3 of 2024.
Since the end of World War II, Manhattan has been the center of the international art world. Major auction houses like Sotheby’s and Christie’s base a large part of their operations here. Galleries abound on the Lower and Upper East sides, in Tribeca and West Chelsea. The fashion world also has a strong footing in Manhattan. Most U.S. corporations — especially those on the Fortune 500 list — have a presence in Midtown, the largest central business district in the world.
Enjoy the views of One World Trade Center in the Financial District.
The famous Charging Bull in the heart of FiDi is visited by many travelers.
You'll know you're in the Garment District by spotting Needle & Thread statue.
Hudson Yards is home to many Fortune 500 companies and is located on the Hudson River.
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Central Park, prestigious arts institutions and major sport venues to boot
Cutting down the middle of Manhattan, Central Park is the borough’s main green space. This 843-acre lung was designed by prolific 19th Century landscape architects Frederick Law Olmsted and Calvert Vaux. The park contains sports facilities, playgrounds, two ice skating rinks, a conservatory, ponds, woodlands, a zoo and even a hidden waterfall. Manhattan’s other major park is the more recently established Hudson River Green, a large stretch of running and cycling paths spanning the entire western edge of the island and intersected by numerous repurposed docks, such as the innovative Little Island extension. Another major attraction is the High Line, 1.4 miles of disused rail tracks in Chelsea converted into a dynamic park with temporary art installations and unique vistas. Tompkins Square Park and Washington Square Park are vital public gathering spaces for their communities.
While smaller pocket parks are found throughout residential neighborhoods, more prominent green spaces like Jackie Robinson Park, Morningside Park, Bryant Park, Madison Square, Union Square and Battery Park line up in procession along Manhattan’s central spine. Each has its own distinct features and plays host to farmers markets. Embedded in Manhattan’s northern tip is the expansive Inwood Hill Park that gives way to equally wooded Fort Tyron Park. There are also well-utilized plazas located between the high rises of midtown and the Financial District.
Manhattan is home to world-famous institutions like the Metropolitan Museum of Art and American Museum of Natural History; massive structures with hundreds of galleries that can take days to visit. Other prominent art museums include the Museum of Modern Art, Guggenheim, Frick and Whitney. While Midtown features the prestigious Carnegie Hall and long-beloved Radio City Music Hall, the Upper West Side’s Lincoln Center campus contains the prestigious Metropolitan Opera, New York City Ballet and Philharmonic. Broadway is home to hundreds of theaters but alternative downtown performance platforms also abound. The New Museum on the Bowery embodies downtown’s alternative spirit. Webster Hall stands strong as a legendary East Village establishment for music. The Children’s Museum of Manhattan is an important platform for experiential learning. Multipurpose spaces like The Shed in Hudson Yards and the Park Avenue Armory host a diverse range of events throughout the year.
While most major New York sports teams play at facilities in Queens, Brooklyn, the Bronx and close-by New Jersey, Madison Square Garden in Midtown South is home to NBA team the Knicks and NHL team the New York Rangers. It also doubles as a concert venue.
Manhattan's Central Park is the most iconic park in all of America.
Enjoy taking out a row boat under the iconic Bow Bridge in Central Park in Manhattan.
The Metropolitan Museum is a popular destination for residents of the Upper East Side.
Madison Square Garden is Home to the New York Knicks and Rangers, in Chelsea.
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Some of the most expensive real estate in the world, but relatively affordable options too
Manhattan has the highest per capita income in the United States — coming close to $200,000 in 2024 — which is reflected in home prices. According to a report published by leading real estate company Douglas Elliman, the average sales price that year was $2 million. The national average was $385,000. While condos factored in at $2.8 million, co-op units, generally sold for less, averaging $1.3 million. Prewar townhomes, generally known as brownstones, can go for much more. The most expensive listing ever sold was a penthouse apartment that went for $240 million.
A stretch of Central Park-adjacent Midtown on West 57th Street is lined with ultra-luxury supertall towers that push the limits of engineering and cost, in an area that's come to be known as Billionaires' Row. Other affluent pockets include the West Village; postindustrial neighborhoods SoHo and Tribeca; Midtown East microneighborhood Sutton Place and portions of the Upper East and Upper West sides, especially those closest to the park. Many of the condos in these areas are acquired as investments or pied-a-terres.
With some exceptions, co-ops require full-time occupancy. “Most are prewar and feature quality construction architectural details, not to mention larger spaces and are better situated,” notes seasoned Douglas Elliman agent Jerry Minsky. “They’re ideal for the right type of buyer, those looking to establish a long-term home rather than make and then flip an investment.” Much of Manhattan was townhomes or multifamily tenement buildings up until the early 20th Century when larger rental buildings began going up in their place. Many were turned into co-ops starting in the 1940s and condos by the 1980s. New developments today are the latter. According to the New York City Comptroller’s office, only 30% of Manhattanites own their homes, significantly lower than the national average of 66%. Most rent and do so at great expense.
It might seem like the entire borough is reserved for ultra-high-net-worth buyers, but there are still relatively affordable options. A general rule of thumb is that the East Side is cheaper than the West Side and north is cheaper than south. Upper Manhattan neighborhoods Washington Heights and Central Harlem offer better value than Midtown and Downtown. “You get more space, peace, quiet and direct access to nature because of lower density and the many parks we have here,” says Bruce Robertson, a long-time area resident and broker with Compass. Low-income housing options — including Housing Development Fund Corporations, which keep apartments below market prices — are also available in Manhattan. “They ensure that life-long residents are able to stay as home prices continue to rise,” says Caryl Berenato, another established agent with Compass.
Regardless of price point, there’s great variety when comparing the types of properties available throughout the borough. “On the Upper West Side, you might get a classic six or seven [prewar apartments with these many rooms and more traditional layouts] but that needs updating,” says Kelly Killoren Bensimon, an agent with Douglas Elliman. “Downtown, you can find a sprawling loft conversion at a significant premium or a much smaller unit in a prewar walk-up [a building without elevators]. Regardless of if you’re downtown or uptown, understanding the value of space is one of the most difficult things because we have such a lack of it.”
One rule of thumb is that you can get space, price or location in Manhattan -- but not all three.
Luxurious condos are available close to Meatpacking District in the West Village.
111 West 57th is a luxury sky-rise residential building in Midtown.
Brownstones are a feature of many side streets in Manhattan Valley.
Rows of red brick townhouses are commonly seen throughout West Village's smaller streets.
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Top-rated restaurants, hip haunts, luxury boutiques, big-box stores and essential services
Manhattan has compact commercial districts, each with specific characteristics. The most notable are Midtown’s Fifth Avenue, the Upper East Side’s Madison Avenue and Central Harlem’s 125th Street. Major fashion brands are known for activating their SoHo flagships with immersive displays. While Times Square’s illuminated billboards and name-brand stores target tourists, premium shopping malls at Columbus Circle, Hudson Yards and the World Trade Center-adjacent Oculus are mostly programmed for locals.
In recent years, the particularly central NoMad and Flatiron District neighborhoods have become a hot bed of top-ranked restaurants including the Michelin-starred Eleven Madison Park. Foodies also flock to Tribeca, Greenwich Village and the East Village for trendy dining options. Owner-operated haunts line Columbus and Amsterdam avenues on the Upper West Side as they do on Second Avenue across town. While Washington Heights is dotted with long-established Spanish Caribbean eateries, Harlem is known for its eclectic food scene; a mix of reinterpreted soul food go-tos, West African hotspots and New American boites. Chinatown abounds with a wide range of fast-casual and formal options representing various East Asian cultures. Though Little Italy mostly tailors to a tourist crowd, authentic Italian trattorias and osterias can be found in most other parts of the borough. Hell’s Kitchen and newly minted Lower East Side microneighborhood Dimes Square are popular nightlife spots. From Kips Bay up Manhattan’s eastern edge, there’s a steadier crop of more established but less hyped diners.
Have an American brunch with friends at Au Cheval in Tribeca
Enjoy endless shopping along Broadway at boutiques and big box stores in SoHo.
Uncle Lou's Menu is comprised of comfort classics from the owner's childhood in Chinatown.
Feel all of the energy of New York City in Times Square.
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A significantly safer and cleaner city but with new challenges to address
According to statistics published by the New York Police Department, crime has gone down 79.2% since the early 1990s in Lower Manhattan and 75.3% in Upper Manhattan. While safety has vastly improved since the economic decline of the 1970s and 1980s, homelessness has re-emerged in recent years due to varying factors. The situation has led to some isolated incidents of random violence. Grand larceny remains the most common crime, especially in Midtown, according to the NYPD.
The borough’s air quality has consistently improved since heavy industry moved out in the mid-20th Century. Many yellow taxi cabs are now hybrids which accounts for a significant reduction in pollution. That said, the ever-populus city is still plagued by traffic, especially with the advent of car service apps like Uber and Lyft in the past decade.
As evidenced by Superstorm Sandy in 2012, Lower Manhattan and even parts of the West Side are prone to flooding. To help mitigate such environmental disasters, various infrastructure improvement projects are being carried out. East River Park was raised eight feet, part of a masterplan to eventually wrap the entire island in a cohesive walking, jogging and cycling promenade. The newly opened East River Esplanade is the most recent development in that endeavor. Other major projects include PENN District, the revamping of the Midtown South area surrounding Madison Square Garden and Penn Station with state-of-the-art mixed-use private and public spaces. Construction in the borough is ceaseless, with a slew of brand new, taller — and thinner — towers set to rise. Manhattan is always reinventing itself.
Public and elite private schools, major universities and top-performing hospitals
The New York City Department of Education manages its public schools. Until eighth grade, most students attend the school they are zoned for, although there are also charter and magnet alternatives. Middle school students can apply to attend any school within the system, although those that live in the district of choice are given preference. Stuyvesant High School requires high test scores to gain admission while Fiorello H. LaGuardia High School goes through an audition process. Manhattan also has several distinguished private institutions such as Brearley, Dalton, Sacred Heart, Avenues and Friends Seminary, all with high Niche scores.
Manhattan is home to major liberal arts universities NYU, The New School — incorporating art school Parsons — and Columbia University but also smaller yet equally influential schools such as Barnard, medical research-specific Rockefeller University. City College and Hunter College are quality public institutions. There are several top-performing hospitals throughout the borough such as New York-Presbyterian, Mount Sinai, Lenox Hill, NYU Langone and Columbia University; each with multiple locations.
Manhattan's Stuyvesant High School is one of the highest rated schools in the country. .
Columbia's Business School provides unique architecture in Morningside Heights.
The entrance to Fiorello H. LaGuardia High School is on West 64th Street.
Welcome to Friends Seminary located in the Gramercy Park neighborhood.
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An extensive public transportation system, highways, bridges, tunnels and bike lanes
The main mode of transportation in Manhattan is the subway system — the largest in the world. The borough centralizes the majority of wider New York City's 28 lines and residents benefit from both local and express services that, although over-crowded at certain times of day, allow riders to cover large distances quickly, especially when traveling north to south or vice versa. New Jersey’s rapid transit PATH system also serves several stations and major transportation hubs such as the World Trade Center, Grand Central and Penn Station — the Northern Hemisphere’s busiest — have Amtrak, New Jersey Transit, Metro North and Long Island Rail Road.
While the subways largely travel north to south in Manhattan, there are 46 bus lines that run along avenues and major cross streets and several express coaches that connect the outer boroughs, including parts of Staten Island, Brooklyn, Queens and the Bronx, with less direct subway links. Ferries are another mode of transportation, docking along various points along Manhattan’s waterfront and taking passengers to other parts of town and New Jersey. Terminating near Manhattan’s southern tip, the Staten Island Ferry is free.
From the 2010s onward, there’s been a wide roll-out of dedicated bike lanes covering many streets and bridges. Citi Bike is a bike-sharing system with 2,000 stations spread throughout all five boroughs. Major International airport JFK and recently revitalized domestic gateway LaGuardia are in nearby Queens. Newark Airport is in New Jersey. Manhattan is equipped with two heliports and seaplane terminals for private charter flights.
The island is encircled by major highways and accessed by several bridges and tunnels. The FDR and Harlem River Drive line the island’s eastern edge, offering access to the Manhattan, Brooklyn, Williamsburg, 59th Street and RFK bridges, as well as the Midtown Tunnel. The West Side is lined by the West Side Highway and Henry Hudson Parkway, connecting to the Holland and Lincoln tunnels, as well as the George Washington Bridge. Driving (and parking) in Manhattan is always a challenge, and new congestion pricing means most cars entering the island below 60th Street during the day pay a $9 toll.
On average, homes in Manhattan, NY sell after 131 days on the market compared to the national average of 49 days. The median sale price for homes in Manhattan, NY over the last 12 months is $1,237,500, consistent with the median home sale price over the previous 12 months.
Housing Trends
Median List Price
$1,395,000
Median Sale Price
$1,237,500
Median Single Family Sale Price
$2,525,000
Median Townhouse Sale Price
$4,195,000
Median 2 Bedroom Sale Price
$1,675,000
Median Studio Sale Price
$508,000
Median Change From 1st List Price
4%
Last 12 months Home Sales
4,634
Median Home Sale Price YoY Change
$0
Average Price Per Sq Ft
$1,680
Neighborhood Facts
Number of Homes for Sale
3,479
Months of Supply
9.00
Cost of Living Comparison
Average Home Value
Source: Public Records
Top Schools in Manhattan, NY
Source:
Best Public Elementary Schools
#1 P.S. 150
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Niche
10
GreatSchools
#2 P.S. 184 Shuang Wen
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Niche
10
GreatSchools
#3 P.S. 41 Greenwich Village
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Niche
10
GreatSchools
#4 PS 31 Samuel F Dupont
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Niche
10
GreatSchools
#5 New Explorations Into Science, Tech and Math High School
A+
Niche
9
GreatSchools
#6 P.S. 42 Benjamin Altman
A
Niche
9
GreatSchools
#7 The Anderson School
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Niche
9
GreatSchools
#8 Battery Park City School
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Niche
9
GreatSchools
#9 East Side Elementary School, P.S. 267
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Niche
9
GreatSchools
Best Public Middle Schools
#1 P.S. 184 Shuang Wen
A
Niche
10
GreatSchools
#2 New Explorations Into Science, Tech and Math High School
A+
Niche
9
GreatSchools
#3 The Anderson School
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Niche
9
GreatSchools
#4 Battery Park City School
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Niche
9
GreatSchools
#5 Columbia Secondary School
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Niche
9
GreatSchools
#6 East Side Middle School
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Niche
9
GreatSchools
#7 Institute For Collaborative Education
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Niche
9
GreatSchools
#8 P.S. 171 Patrick Henry
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Niche
9
GreatSchools
#9 P.S. 397 Spruce Street School
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Niche
9
GreatSchools
Best Public High Schools
#1 High School for Mathematics, Science, and Engineering at City College
A+
Niche
10
GreatSchools
#2 Stuyvesant High School
A+
Niche
10
GreatSchools
#3 Manhattan/Hunter Science High School
A+
Niche
9
GreatSchools
#4 New Explorations Into Science, Tech and Math High School
Working with Amy Kernaghan for buying or selling a home is a wise choice for several reasons. Amy brings a wealth of experience and expertise to the real estate process, ensuring that her clients receive top-notch service and guidance every step of the way. With her in-depth knowledge of the market, she can provide valuable insights and help clients make informed decisions. Amy is also known for her exceptional communication skills and dedication to her clients' needs, making the buying or selling process as smooth and stress-free as possible. Whether you're a first-time homebuyer or a seasoned investor, Amy's professionalism, integrity, and commitment to excellence make her an excellent choice for all your real estate needs. Amy specializes in residential, commercial, rentals, condo / co-ops, vacant land and investment properties. In business over 30 years.
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. Our sources include: Accuweather, Public Records and Neustar. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
