One of the world’s great cities, the Big Apple needs no introduction
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While there are many great cities in the world, New York City is in a class of its own. The City That Never Sleeps, this is not only the biggest metropolis in the United States, but a global powerhouse in the worlds of finance, media, culture and tourism. It has been immortalized in countless movies, songs and TV shows and holds an almost mythical status throughout the world. New York City is a place that has long attracted immigrants from every corner of the globe and today stands out as one of the most exciting real estate markets on the planet.
Culture, History, and Business
New York City was founded by the Dutch in 1625 as New Amsterdam in what is today the southern tip of Lower Manhattan. In 1664, the city was taken over by the English, who renamed the small city New York and helped it become a center of trade in the New World. The city played a leading role in the American Revolution and was the first capital of the new nation. It grew into a major urban center during the 19th century, attracting immigrants from all over the world. By the 1920s, it had become the largest city in the world and was renowned for its iconic skyscrapers, such as the Empire State Building and Chrysler Building.
Today, New York City is among the most important cities for business in the world. It has more Fortune 500 companies than any other city in the world and is home to the two largest stock exchanges—the New York Stock Exchange and the Nasdaq. It is the center of global finance and ranks as one of the most important cities in almost every other industry.
Real Estate Appeal
Whatever you’re looking for from a real estate perspective, you can probably find it in New York City. Property prices have reached dizzying heights in some areas, thanks to the fact that New York City is widely considered to be the most desirable city in the world for the world’s elite. That makes it an excellent choice for anybody looking to get involved in the exciting and potentially very lucrative luxury real estate market.
But the city is also very attractive if you’re considering rental properties. About two thirds of the city’s population rents and rental rates have been rising strong for more than a decade. New York City is also a huge tourist destination, attracting tens of millions of leisure and business travelers every year. As a result, there is excellent potential for short-term rentals in the city.
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