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More About Manhattan, New York
Manhattan , known regionally as The City, is the most densely populated and geographically smallest of the five boroughs of New York City. The borough is also coextensive with New York County, one of the original counties of the U.S. state of New York. Located near the southern tip of New York State, Manhattan is based in the Eastern Time Zone and constitutes both the geographical and demographic center of the Northeast megalopolis and the urban core of the New York metropolitan area, the largest metropolitan area in the world by urban landmass. Over 58 million people live within 250 miles of Manhattan, which serves as New York City’s economic and administrative center, cultural identifier, and the city’s historical birthplace. Manhattan has been described as the cultural, financial, media, and entertainment capital of the world, is considered a safe haven for global real estate investors, and hosts the United Nations headquarters. New York City is the headquarters of the global art market, centered in Manhattan.
Situated on one of the world’s largest natural harbors, the borough consists mostly of Manhattan Island, bounded by the Hudson, East, and Harlem rivers along with several small adjacent islands, including Roosevelt, U Thant, and Randalls and Wards Islands. Manhattan additionally contains the small neighborhood of Marble Hill on the U.S. mainland, which is separated from Manhattan Island by the Harlem Ship Canal and was later connected using landfill to the Bronx. Manhattan Island is divided into three informally bounded components, each cutting across the borough’s long axis: Lower, Midtown, and Upper Manhattan.
Anchored by Wall Street in the Financial District of Lower Manhattan, New York City has been called both the most economically powerful city and the leading financial center of the world, and Manhattan is home to the world’s two largest stock exchanges by total market capitalization, the New York Stock Exchange and Nasdaq. Many multinational media conglomerates are based in Manhattan, and the borough has been the setting for numerous books, films, and television shows. Manhattan real estate is among the most expensive in the world, with the value of Manhattan Island, including real estate, estimated to exceed US$3 trillion in 2013; median residential property sale prices in Manhattan approximated US$1,600 per square foot ($17,000/m) as of 2018, with Fifth Avenue in Midtown Manhattan commanding the highest retail rents in the world, at US$3,000 per square foot ($32,000/m) per year in 2017. In 2022, the average monthly apartment rent in Manhattan climbed over US$5,000.00 for the first time.
Manhattan traces its origins to a trading post founded by colonists from the Dutch Republic in 1624 on Lower Manhattan; the post was named New Amsterdam in 1626. The territory and its surroundings came under English control in 1664 and were renamed New York after King Charles II of England granted the lands to his brother, the Duke of York. New York, based in present-day Manhattan, served as the capital of the United States from 1785 until 1790. The Statue of Liberty in New York Harbor greeted millions of immigrants as they came to America by ship in the late 19th century and is a world symbol of the United States and its ideals of liberty and peace. Manhattan became a borough during the consolidation of New York City in 1898.