Manhattan Neighborhood History

The era of the Second World War saw the Upper East Side emerge as the most prized residential location. Those who lived between Lexington and Fifth Avenue shared this privilege. Prior this, the most sought after neighborhood was Washington Square. Numerous other areas enjoyed similar fame as well and historical records bear testimony to the popularity of areas such as Murray Hill and Gramercy Park over various periods of time.

The expansion in Manhattan started as soon as the city was created and the expansion has continued with the growth of businesses and the need for commercial space as well as residential space by those who come to reside in the city.

For the Upper West Side, things started to expand and evolve sometime around the 1900's for properties on Central Park West. Things however started to look less rosy following the end of the Second World War, but they picked up again during the final years of the 20th century, partly due to the activity in areas such as the Lincoln Center District.

The 60's gave New York areas like Soho the immense popularity they enjoy today, at the time the area had a large amount of industrial space, quite unlike the fashionable look the area enjoys today. Artists and other intellectuals looking for cheap residences and space in New York flooded the area and their presence led to an increase in amenities that now make Soho what is today such as art galleries, restaurants, fashion boutiques etc. Following the development and expansion of the Soho area, other areas such as Tribeca and Noho evolved and became rather famous as well.

The 80's foresaw the development of other areas of New York into more fashionable residential outposts. Areas such as Midtown South saw their development spurred on by various events that occurred following the serious increase in the cost of rent for businesses that operated in the area.

Those businesses that dealt in the media world of publishing and advertising decided to move to the Midtown South area. Other areas occupied by these businesses were the rather popular Flatiron Building on Fifth Avenue and the Flatiron District soon metamorphosed into an area of buzz due to the presence of a number of equally busy New York City parks in the area such as Gramercy Park, Madison Square Park, Union Square Park and Stuyvesant Park.

Towards the end of the 80's, a lot of financial establishments went into closure due to the collapse of the stock market. Areas that were previously occupied by such businesses in the Lower Manhattan Financial District, had a serious reduction in terms of the number of tenants in the office buildings in the area.

Owners of such office buildings who were hard hit by the lack of corporate renters for their commercial property, pleaded with the city to enact laws allowing a major part of the previously commercial area to be converted towards residential purposes. It was due to this factor that a large number of office buildings evolved into residential condos. The only residential community near the area at the time was the Battery Park City, an elite residential outpost on the banks of the Hudson and one of the most prestigious areas to have an apartment in New York in that period.

This new legislation enacted by the city of New York, lead to an expansion drive that further led to an increase in the number of housing units built for both rental and sale purposes. The attractive nature of the area as well as the favorable prices of these properties meant that these properties went rather quickly. What was available in the area also offered some difference from property available in other more popular areas of New York such as the Upper East Side.