New York City Real Estate

What is New York City known for?

New York City is the largest and most populous city in the U.S. Notably, the New York metropolitan area is also the largest in the world by land mass and has more than 20 million residents. The city is known for its multiculturalism and ethnical diversity, with about one-third of its population being foreign-born. It’s also one of the world’s most linguistically diverse cities.

Nicknamed the Big Apple, New York City is considered by many to be one of the most important cultural, financial and media capitals in the world, boasting ample influence on commerce, technology, entertainment, politics and tourism.

What are the best neighborhoods to buy a home in New York City?

New York City is comprised of a multitude of neighborhoods spread across five main boroughs: Manhattan, Queens, Staten Island, Brooklyn and The Bronx.

Manhattan

Manhattan is the most densely populated borough and is considered an economic and cultural hub. Approximately 1.6 million people live here, and it’s one of the hottest areas to live in the city. As a result, real estate in Manhattan is far from cheap. Condos and luxury apartments are a big feature of life here — and they come with a high cost of living. However, the Harlem neighborhood of Manhattan usually offers more budget-friendly housing options.

Queens

Queens is one of the most ethnically diverse urban areas in the world. JFK and LaGuardia airports can both be found here, and it’s also home to the New York Mets baseball team and the U.S. Open tennis tournament. Queens has a varied housing market, offering apartment buildings in dense urban areas, along with single family homes in sparsely populated districts. Generally speaking, it offers more reasonably priced housing options than Manhattan or Brooklyn.

Brooklyn

Not only is Brooklyn the most populous borough in New York City, but it’s also one of the most expensive places to live in the United States. The local housing market is vigorous. Brooklyn prides itself on its myriad of museums, parks and other entertainment options, which is why many choose to come here. In particular, the borough is famous for its brownstone properties — terraced houses that often feature small gardens.

Staten Island

The southern-most borough of the five also has the smallest population. Staten Island is known for its suburban vibes and family neighborhood ambiance. But it’s also home to a number of young people who flock here to take advantage of the budget-friendly rentals and improved lifestyle options. In addition to affordable rentals, there are many detached properties. Plus, the development of waterfront neighborhoods has added to the available real estate options, as well as to the area’s appeal.

The Bronx

One of the most vibrant boroughs, The Bronx is home to The Bronx Zoo and the New York Yankees’ stadium. And, because of the great diversity, the borough is known for having both areas with a low cost of living, as well as more expensive neighborhoods with owner-occupied properties. In the past few years, The Bronx has experienced some gentrification, with investors becoming more interested in the area’s real estate.

What kind of jobs are there in New York City?

NYC is a global center for business and commerce. Silicon Alley — an area with a large concentration of high-tech companies — can be found in Manhattan, while Madison Avenue is a hot spot for the American advertising industry. Numerous Fortune 500 companies are headquartered in New York City, including J.P. Morgan Chase & Co, Citigroup, Verizon Communications, Goldman Sachs Group and MetLife.

The New York Stock Exchange and NASDAQ — the world’s two largest stock exchanges in terms of trading activity — can also be found in the city. The majority of New Yorkers work in five main sectors: education and health services; professional and business services; government; trade, transportation and utilities; and financial activities.