In 2022, the average monthly apartment rent in Manhattan climbed over US$5,000 for the first time. Median residential property sale prices in Manhattan approximated US$1,600 per square foot ($17,000/m 2) 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 2) per year in 2017. Driven by Manhattan, New York's real estate market is the most expensive in the world, with the value of Manhattan Island, including real estate, estimated to exceed US$4 trillion in 2021. Many multinational media conglomerates are based in Manhattan, and the borough has been the setting for numerous books, films, and television shows. Manhattan Island is divided into three informally bounded components, each cutting across the borough's long axis: Lower, Midtown, and Upper Manhattan.Īnchored 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 and fintech 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. mainland, which is separated from Manhattan Island by the Harlem Ship Canal and was later connected using landfill to the Bronx.

Manhattan additionally contains the small neighborhood of Marble Hill on the U.S. 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 also serves as the headquarters of the global art market, with numerous art galleries and auction houses collectively hosting half of the world's art auctions. Manhattan has been described as the cultural, financial, media, and entertainment capital of the world, and hosts the United Nations headquarters. Residents of the outer boroughs of New York City often refer to Manhattan as 'the City'. Over 58 million people live within 250 miles of Manhattan, which serves as New York City's economic and administrative center, cultural identifier, center of glamor, and the city's historical birthplace. Located near the southern tip of the State of New York, 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. The borough is also coextensive with New York County, one of the original counties of the U.S. Manhattan ( / m æ n ˈ h æ t ən, m ə n-/) is the most densely populated and geographically smallest of the five boroughs of New York City.

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