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Midtown Manhattan

Neighborhood in Manhattan in New York City

Top 10 Midtown Manhattan related articles

Midtown Manhattan
Midtown Manhattan as seen from the One World Trade Center
Location in New York City
Coordinates: 40°45′18″N 73°59′02″W / 40.7549309°N 73.9840195°W / 40.7549309; -73.9840195Coordinates: 40°45′18″N 73°59′02″W / 40.7549309°N 73.9840195°W / 40.7549309; -73.9840195[1]
Country  United States
State  New York
CityNew York City
BoroughManhattan
Community DistrictManhattan 5[2]
Area
 • Total2.254 sq mi (5.84 km2)
Population
 • Total104,753
 • Density46,000/sq mi (18,000/km2)
Ethnicity
 • White64.1
 • Asian20.8
 • Hispanic8.1
 • Black4.6
 • Others2.4
Economics
 • Median income$120,854
Time zoneUTC−05:00 (Eastern)
 • Summer (DST)UTC−04:00 (EDT)
ZIP Codes
10001, 10016–10019, 10022, 10036, several smaller zip codes
Area code212, 332, 646, and 917

Midtown Manhattan is the central portion of the New York City borough of Manhattan. Midtown is home to some of the city's most prominent buildings, including the Empire State Building, the Chrysler Building, the Hudson Yards Redevelopment Project, the headquarters of the United Nations, Grand Central Terminal, and Rockefeller Center, as well as tourist destinations such as Broadway and Times Square.

Midtown Manhattan is the largest central business district in the world and ranks among the most expensive pieces of real estate; Fifth Avenue in Midtown Manhattan commands the world's highest retail rents, with average annual rents at US$3,000 per square foot ($32,000/m2) in 2017.[5] However, due to the high price of retail spaces in Midtown, there are also many vacant storefronts in the neighborhood.[6] Midtown is the country's largest commercial, entertainment, and media center, and also a growing financial center.

The majority of New York City's skyscrapers, including its tallest hotels and apartment towers, are in Midtown. The area hosts commuters and residents working in its offices, hotels, and retail establishments, tourists and students. Times Square, the brightly illuminated hub of the Broadway Theater District,[7][8][9][10][11] is a major center of the world's entertainment industry.[12] Sixth Avenue also has the headquarters of three of the four major U.S. television networks.

Midtown is part of Manhattan Community District 5.[2] It is patrolled by the 14th and 18th precincts of the New York City Police Department.

Midtown Manhattan Intro articles: 10

Location

Midtown Manhattan in January 2020

Geographically, the northern boundary of Midtown Manhattan is commonly defined to be 59th Street; its southern boundary is less clear, and variously taken to be 34th Street, 23rd Street, or even 14th Street. Midtown spans the entire island of Manhattan along an east–west axis, bounded by the East River on its east and the Hudson River to its west. The Encyclopedia of New York City defines Midtown as extending from 34th Street to 59th Street and from 3rd Avenue to 8th Avenue.[13]

Neighborhoods

Times Square (2013), one of the world's busiest pedestrian intersections
Skyscrapers line Sixth Avenue in the heart of Midtown

In addition to its central business district, Midtown Manhattan encompasses many neighborhoods, including Hell's Kitchen and Chelsea on the West Side, and Murray Hill, Kips Bay, Turtle Bay, and Gramercy Park on the East Side. It is sometimes broken into "Midtown East" and "Midtown West", or north and south as in the New York City Police Department's Midtown North and Midtown South precincts.

Neighborhoods in the Midtown area include the following:

Midtown is the original district in the United States to bear the name and included historical but now defunct neighborhoods such as the Ladies' Mile, along Fifth Avenue from 14th to 23rd Street; and the Tenderloin, from 23rd to 42nd Street and from Fifth Avenue to Seventh Avenue.

Landmarks

Avenues

Important streets and thoroughfares

Differing demarcations of Midtown Manhattan

The border of Midtown Manhattan is nebulous and further confused by the fact that the term "Midtown Manhattan" can be used to refer either to a district or a group of neighborhoods and districts in Manhattan:

  • The area between 14th and 86th Streets includes roughly the center of Manhattan; however, the term Midtown Manhattan can also apply to the area between 31st Street and 59th Streets, although there are still office buildings south of 31st Street.
  • Manhattan Community District 5 is located from 14th to 59th Streets, generally between Lexington Avenue and Eighth Avenue. Community District 5 is largely coterminous with Midtown but also includes the Flatiron District, NoMad, Union Square, and parts of Gramercy Park and Rose Hill.[2]
  • Midtown proper (within the boundaries of Manhattan Community District 5, and excluding overlapping neighborhoods) is located from 34th to 59th Streets between Third Avenue and Eighth Avenue.[13]
  • The "Plaza District", a term used by Manhattan real estate professionals to denote the most expensive area of midtown from a commercial real estate perspective, lies between 42nd Street and 59th Street, from 3rd Avenue to 7th Avenue, about a square kilometer or half a square mile.
  • "Midtown South" can refer to the part of Midtown between 23rd Street and around 42nd Street (although its northern boundary is defined differently depending on the source).
  • "Midtown West" can refer to the area between 34th and 59th Streets, and between 5th and 12th Avenues.
  • "Midtown East" can refer to the area between 42nd and 59th Streets, and between 5th Avenue and the East River.
  • In 1982, the City of New York identified the "Manhattan Core" as the area that includes some of the city's most populous neighborhoods, major institutions, parks and transit hubs, and the city's primary Central Business District (CBD), defined as Manhattan below 60th Street.[14] The "Manhattan Core" includes some areas slightly further north of 86th Street in Manhattan, as well as the area below 14th Street; however, this definition is problematic because it ignores the fact that Manhattan has not one but two zones in which people do business within this area separated by a wide swath of low-rise (by New York City standards) residential development — there is Midtown (which is in Midtown Manhattan), and the Financial District, (also known simply as "Downtown" because of its location in southern Manhattan). In other sources, these districts are referred to as separate central business districts.[15]

Cityscape

The skyline of Midtown Manhattan, looking Downtown (south) toward Lower Manhattan, in April 2017

Midtown Manhattan Location articles: 107

Economy

Midtown Manhattan, along with Lower Manhattan, is one of the world's leading financial centers.

Corporate headquarters

Midtown Manhattan is the world's largest central business district, with 400 million square feet (37.2 million m2) of office space in 2018.[16] Midtown contains the headquarters of major companies, including 4Kids Entertainment (formerly),[17] Barnes & Noble,[18] Bloomberg L.P.,[19] Ernst & Young,[20] Calvin Klein,[21] Cantor Fitzgerald,[22] CBS Corporation,[23] Citigroup,[24] Colgate-Palmolive,[25] Cushman & Wakefield,[26] DC Comics,[27] Deloitte,[28] Duane Reade,[29] Estée Lauder Companies,[30] Foot Locker,[31] Frederator Studios,[32] JPMorgan Chase,[33] Hess Corporation,[34] Kroll Inc.,[35] L-3 Communications,[36] Marsh & McLennan Companies,[37] Marvel Entertainment,[38] MetLife,[39] MidOcean Partners,[40] Morgan Stanley,[41] NBC Universal,[42] The New York Times Company,[43] NexCen Brands,[44] Pfizer,[45] Polo Ralph Lauren,[46] Saks Incorporated (Saks Fifth Avenue),[47] The Sharper Image,[48] Simon & Schuster,[23] Six Flags,[49] TBWA Worldwide,[50] Telemundo, Thomson Reuters,[51] Time Warner,[52] Time Warner Cable,[53] The Travelers Companies, Univision Communications,[54] and Viacom.[55] The New York Institute of Finance is located in Midtown Manhattan.[56]

Foreign subsidiary operations

Haier operates its United States offices in the Haier Building at 1356 Broadway; the building used to be a building of the Greenwich Savings Bank. Haier held the opening ceremony on March 4, 2002.[57] Sumitomo Corporation operates its New York Office, the headquarters of the corporation's United States operations, at 600 Third Avenue, 10016 in the Murray Hill neighborhood.[58] El Al's North American headquarters are in Midtown.[59] The Air France USA regional headquarters are in 125 West 55th Street in Midtown Manhattan.[60][61] Hachette Book Group USA has its headquarters in 237 Park Avenue.[62] In 1994 Alitalia considered moving its USA headquarters from Midtown to Lower Manhattan, but decided to keep the offices where they were at the last minute.[63] Global Infrastructure Partners has an office in Midtown Manhattan.[64]

Tech and biotech

Silicon Alley, the common metonym for New York City's high tech sector, is based in Midtown South, specifically the Flatiron District. Prominent Silicon Alley companies in Midtown include AppNexus, Blue Apron, Gilt, Betterment, Oscar, SoFi, Rent the Runway, Warby Parker, and WeWork. The technology sector has been expanding across Midtown Manhattan since 2010.[65] The biotechnology sector is also growing in Midtown Manhattan based upon the city's strength in academic scientific research and public and commercial financial support. By mid-2014, Accelerator, a biotech investment firm, had raised more than US$30 million from investors, including Eli Lilly and Company, Pfizer, and Johnson & Johnson, for initial funding to create biotechnology startups at the Alexandria Center for Life Science, which encompasses more than 700,000 square feet (65,000 m2) on East 29th Street and promotes collaboration among scientists and entrepreneurs at the center and with nearby academic, medical, and research institutions. The New York City Economic Development Corporation's Early Stage Life Sciences Funding Initiative and venture capital partners, including Celgene, General Electric Ventures, and Eli Lilly, committed a minimum of US$100 million to help launch 15 to 20 ventures in life sciences and biotechnology.[66]

Real estate

Real estate is a major force in Midtown Manhattan's economy, and indeed the city's, as the total value of all New York City property was estimated at US$914.8 billion for the 2015 fiscal year.[67] Manhattan has perennially been home to some of the nation's, as well as the world's, most marketable real estate, including the Time Warner Center, which had the highest-listed market value in the city in 2006 at US$1.1 billion,[68] to be subsequently surpassed in October 2014 by the Waldorf Astoria New York, which became the most expensive hotel ever sold after being purchased by the Anbang Insurance Group, based in China, for US$1.95 billion.[69] When 450 Park Avenue was sold on July 2, 2007, for US$510 million, about US$1,589 per square foot (US$17,104/m2), it broke the barely month-old record for an American office building of US$1,476 per square foot (US$15,887/m2) based on the sale of 660 Madison Avenue.[70] In 2014, Manhattan was home to six of the top ten zip codes in the United States by median housing price.[71] In 2019, the most expensive home sale ever in the United States achieved completion in Midtown Manhattan, at a selling price of US$238 million, for a 24,000 square feet (2,200 m2) penthouse apartment overlooking Central Park.[72]

Broadway theatre

According to The Broadway League, shows on Broadway sold approximately US$1.27 billion worth of tickets in the 2013–2014 season, an increase of 11.4% from US$1.139 billion in the 2012–2013 season; attendance in 2013-2014 stood at 12.21 million, a 5.5% increase from the 2012–2013 season's 11.57 million.[73]

Former economic operations

The MetLife Building (formerly Pan Am Building)

Companies that used to have their headquarters in Midtown Manhattan include American Airlines,[74][75] American Comics Group,[76] American Overseas Airlines,[77] Central Park Media,[78][79] Eastern Air Lines,[80] GoodTimes Entertainment,[81] LJN,[82] NewKidCo,[83] Pan American World Airways,[84] Philip Morris Companies (now Altria Group),[85][86] Trans Caribbean Airways,[87] and Trans World Airlines.[88][89][90] In 1997, Aer Lingus announced that it was moving its North American headquarters from Midtown to Melville, New York, in Suffolk County on Long Island.[91]

Midtown Manhattan Economy articles: 100

Demographics

Based on data from the 2010 United States Census, the population of Midtown Manhattan was 28,630, a change of 2,823 (9.9%) from the 25,807 counted in 2000. Covering an area of 692.81 acres (280.37 ha), the neighborhood had a population density of 41.3 inhabitants per acre (26,400/sq mi; 10,200/km2).[92] The racial makeup of the neighborhood was 64.1% (18,351) White, 4.6% (1,310) African American, 0.1% (34) Native American, 20.8% (5,942) Asian, 0% (8) Pacific Islander, 0.3% (92) from other races, and 2% (569) from two or more races. Hispanic or Latino of any race were 8.1% (2,324) of the population.[4]

The entirety of Community District 5, which comprises Midtown Manhattan, had 53,120 inhabitants as of NYC Health's 2018 Community Health Profile, with an average life expectancy of 84.8 years.[93]:2, 20 This is higher than the median life expectancy of 81.2 for all New York City neighborhoods.[94]:53 (PDF p. 84)[95] Most inhabitants are adults: a plurality (45%) are between the ages of 25 and 44, while 22% are between 45 and 64, and 13% are 65 or older. The ratio of youth and college-aged residents was lower, at 7% and 12% respectively.[93]:2

As of 2017, the median household income in Community Districts 4 and 5 (including Chelsea and Hell's Kitchen) was $101,981,[96] though the median income in Midtown individually was $120,854.[3] In 2018, an estimated 11% of Midtown Manhattan residents lived in poverty, compared to 14% in all of Manhattan and 20% in all of New York City. One in twenty residents (5%) were unemployed, compared to 7% in Manhattan and 9% in New York City. Rent burden, or the percentage of residents who have difficulty paying their rent, is 41% in Midtown Manhattan, compared to the boroughwide and citywide rates of 45% and 51% respectively. Based on this calculation, as of 2018, Midtown Manhattan is considered to be high-income relative to the rest of the city and not gentrifying.[93]:7

Midtown Manhattan Demographics articles: 13