New York City, New York, United States

🇺🇸 New York City (NYC), often simply called New York, is the most populous city in the United States. Located at the southern tip of the State of New York, the city is the centre of the New York metropolitan area.

The city is more than twice as populous as Los Angeles, the nation's second-largest city. New York City is situated at the southern tip of New York State. The city is the geographical and demographic centre of both the Northeast megalopolis and the New York metropolitan area, the largest metropolitan area in the U.S. by both population and urban area. With over 20.1 million people in its metropolitan statistical area and 23.5 million in its combined statistical area as of 2020, New York City is one of the world's most populous megacities.

New York City is a global cultural, financial, high-tech, entertainment, glamor, and media centre with a significant influence on commerce, health care and scientific output in life sciences, research, technology, education, politics, tourism, dining, art, fashion, and sports. Home to the headquarters of the United Nations, New York City is an important centre for international diplomacy, and it is sometimes described as the capital of the world.

Situated on one of the world's largest natural harbors, New York City comprises five boroughs, each of which is coextensive with a respective county of the state of New York. The five boroughs, which were created in 1898 when local governments were consolidated into a single municipal entity, are: Brooklyn (Kings County), Queens (Queens County), Manhattan (New York County), the Bronx (Bronx County), and Staten Island (Richmond County). As of 2021, the New York metropolitan area is the second largest metropolitan economy in the world with a gross metropolitan product of almost $2.0 trillion. If the New York metropolitan area were a sovereign state, it would have the eighth-largest economy in the world. New York City is an established safe haven for global investors. As of 2023, New York City is the most expensive city in the world for expatriates to live. New York City is home to the highest number of billionaires, individuals of ultra-high net worth (greater than US$30 million), and millionaires of any city in the world.

The city and its metropolitan area are the premier gateway for legal immigration to the United States. As many as 800 languages are spoken in New York, making it the most linguistically diverse city in the world. New York City is home to more than 3.2 million residents born outside the U.S., the largest foreign-born population of any city in the world as of 2016. It is the most visited U.S. city by international visitors.

New York City traces its origins to Fort Amsterdam and a trading post founded on the southern tip of Manhattan Island by Dutch colonists in approximately 1624. The settlement was named New Amsterdam (Dutch: Nieuw Amsterdam) in 1626 and was chartered as a city in 1653. The city came under British control in 1664 and was renamed New York after King Charles II of England granted the lands to his brother, the Duke of York. The city was regained by the Dutch in July 1673 and was renamed New Orange for one year and three months; the city has been named New York since November 1674. New York City was the capital of the United States from 1785 until 1790, and has been the largest U.S. city since 1790. The Statue of Liberty greeted millions of immigrants as they came to the U.S. by ship in the late 19th and early 20th centuries, and is a symbol of the U.S. and its ideals of liberty and peace. In the 21st century, New York City has emerged as a global node of creativity, entrepreneurship, and as a symbol of freedom and cultural diversity. The New York Times has won the most Pulitzer Prizes for journalism and remains the U.S. media's "newspaper of record". In 2019, New York City was voted the greatest city in the world in a survey of over 30,000 people from 48 cities worldwide, citing its cultural diversity.

Many districts and monuments in New York City are major landmarks, including three of the world's ten-most visited tourist attractions in 2023. A record 66.6 million tourists visited New York City in 2019. Times Square is the brightly illuminated hub of the Broadway Theater District, one of the world's busiest pedestrian intersections and a major centre of the world's entertainment industry. Many of the city's landmarks, skyscrapers, and parks are known around the world, and the city's fast pace led to the phrase New York minute. The Empire State Building is a global standard of reference to describe the height and length of other structures.

New York's residential and commercial real estate markets are the most expensive in the world. Providing continuous 24/7 service and contributing to the nickname The City That Never Sleeps, the New York City Subway is the largest single-operator rapid transit system in the world with 472 passenger rail stations, and Penn Station in Midtown Manhattan is the busiest transportation hub in the Western Hemisphere. The city features over 120 colleges and universities, including some of the world's top universities. Its public urban university system, the City University of New York, is the largest in the nation. Anchored by Wall Street in the Financial District of Lower Manhattan, New York City has been called both the world's leading financial and fintech centre and the most economically powerful city in the world, and is home to the world's two largest stock exchanges by total market capitalization, the New York Stock Exchange and Nasdaq.

The Stonewall Inn in Greenwich Village, part of the Stonewall National Monument, is considered the historic epicenter of LGBTQ+ culture and the birthplace of the modern gay rights movement. New York City is the headquarters of the global art market, with numerous art galleries and auction houses collectively hosting half of the world's art auctions; and the Metropolitan Museum of Art is both the largest and second-most-visited art museum in the United States and hosts the globally focused Met Gala haute couture fashion event annually. Governors Island in New York Harbor is planned to host a US$1 billion research and education centre as a leader in the climate crisis.

History In the pre-Columbian era, the area of present-day New York City was inhabited by Algonquians, including the Lenape. Their homeland, known as Lenapehoking, included the present-day areas of Staten Island, Manhattan, the Bronx, the western portion of Long Island (including Brooklyn and Queens), and the Lower Hudson Valley.

The first documented visit into New York Harbor by a European was in 1524 by Italian Giovanni da Verrazzano, an explorer from Florence in the service of the French crown. He claimed the area for France and named it Nouvelle Angoulême (New Angoulême). A Spanish expedition, led by the Portuguese captain Estêvão Gomes sailing for Emperor Charles V, arrived in New York Harbor in January 1525 and charted the mouth of the Hudson River, which he named Río de San Antonio ('Saint Anthony's River'). The Padrón Real of 1527, the first scientific map to show the East Coast of North America continuously, was informed by Gomes' expedition and labeled the north-eastern United States as Tierra de Esteban Gómez in his honor.[relevant?]

In 1609, the English explorer Henry Hudson rediscovered New York Harbor while searching for the Northwest Passage to the Orient for the Dutch East India Company. He proceeded to sail up what the Dutch would name the North River (now the Hudson River), named first by Hudson as the Mauritius after Maurice, Prince of Orange. Hudson's first mate described the harbor as "a very good Harbour for all windes" and the river as "a mile broad" and "full of fish". Hudson sailed roughly 150 miles (240 km) north, past the site of the present-day New York State capital city of Albany, in the belief that it might be an oceanic tributary before the river became too shallow to continue.[relevant?] He made a ten-day exploration of the area and claimed the region for the Dutch East India Company. In 1614, the area between Cape Cod and Delaware Bay was claimed by the Netherlands and called Nieuw-Nederland ('New Netherland').

The first non–Native American inhabitant of what would eventually become New York City was Juan Rodriguez (transliterated to the Dutch language as Jan Rodrigues), a merchant from Santo Domingo. Born in Santo Domingo of Portuguese and African descent,[importance?] he arrived in Manhattan during the winter of 1613–14, trapping for pelts and trading with the local population as a representative of the Dutch. Broadway, from 159th Street to 218th Street in Upper Manhattan, is named Juan Rodriguez Way in his honor.[importance?]

Dutch rule A permanent European presence near New York Harbor was established in 1624, making New York the 12th-oldest continuously occupied European-established settlement in the continental United States, with the founding of a Dutch fur trading settlement on Governors Island. In 1625, construction was started on a citadel and Fort Amsterdam, later called Nieuw Amsterdam (New Amsterdam), on present-day Manhattan Island. The colony of New Amsterdam was centered on what would ultimately become Lower Manhattan. Its area extended from the southern tip of Manhattan to modern-day Wall Street, where a 12-foot (3.7 m) wooden stockade was built in 1653 to protect against Native American and British raids. In 1626, the Dutch colonial Director-General Peter Minuit, acting as charged by the Dutch West India Company, purchased the island of Manhattan from the Canarsie, a small Lenape band, for "the value of 60 guilders" (about $900 in 2018). A frequently told but disproved legend claims that Manhattan was purchased for $24 worth of glass beads.

Following the purchase, New Amsterdam grew slowly. To attract settlers, the Dutch instituted the patroon system in 1628, whereby wealthy Dutchmen (patroons, or patrons) who brought 50 colonists to New Netherland would be awarded swaths of land, along with local political autonomy and rights to participate in the lucrative fur trade. This program had little success.

Since 1621, the Dutch West India Company had operated as a monopoly in New Netherland, on authority granted by the Dutch States General. In 1639–1640, in an effort to bolster economic growth, the Dutch West India Company relinquished its monopoly over the fur trade, leading to growth in the production and trade of food, timber, tobacco, and slaves (particularly with the Dutch West Indies).

In 1647, Peter Stuyvesant began his tenure as the last Director-General of New Netherland. During his tenure, the population of New Netherland grew from 2,000 to 8,000. Stuyvesant has been credited with improving law and order in the colony; however, he earned a reputation as a despotic leader. He instituted regulations on liquor sales, attempted to assert control over the Dutch Reformed Church, and blocked other religious groups (including Quakers, Jews, and Lutherans) from establishing houses of worship. The Dutch West India Company would eventually attempt to ease tensions between Stuyvesant and residents of New Amsterdam.

English rule In 1664, unable to summon any significant resistance, Stuyvesant surrendered New Amsterdam to English troops, led by Colonel Richard Nicolls, without bloodshed. The terms of the surrender permitted Dutch residents to remain in the colony and allowed for religious freedom. In 1667, during negotiations leading to the Treaty of Breda after the Second Anglo-Dutch War, the Dutch decided to keep the nascent plantation colony of what is now Suriname (on the northern South American coast) they had gained from the English; and in return, the English kept New Amsterdam. The fledgling settlement was promptly renamed "New York" after the Duke of York (the future King James II and VII). After the founding, the duke gave part of the colony to proprietors George Carteret and John Berkeley. Fort Orange, 150 miles (240 km) north on the Hudson River, was renamed Albany after James's Scottish title. The transfer was confirmed in 1667 by the Treaty of Breda, which concluded the Second Anglo-Dutch War.[repetition]

On August 24, 1673, during the Third Anglo-Dutch War, Dutch captain Anthony Colve seized the colony of New York from the English at the behest of Cornelis Evertsen the Youngest and rechristened it "New Orange" after William III, the Prince of Orange. The Dutch would soon return the island to England under the Treaty of Westminster of November 1674.

Several intertribal wars among the Native Americans and some epidemics brought on by contact with the Europeans caused sizeable population losses for the Lenape between the years 1660 and 1670. By 1700, the Lenape population had diminished to 200. New York experienced several yellow fever epidemics in the 18th century, losing ten percent of its population in 1702 alone.

Province of New York and slavery In the early 18th century, New York grew in importance as a trading port while as a part of the colony of New York. It became a centre of slavery, with 42% of households enslaving Africans by 1730. Most cases were that of domestic slavery; others were hired out to work at labor. Slavery became integrally tied to New York's economy through the labor of slaves throughout the port, and the banking and shipping industries trading with the American South. During construction in Foley Square in the 1990s, the African Burying Ground was discovered; the cemetery included 10,000 to 20,000 of graves of colonial-era Africans, some enslaved and some free.

The 1735 trial and acquittal in Manhattan of John Peter Zenger, who had been accused of seditious libel after criticizing colonial governor William Cosby, helped to establish the freedom of the press in North America. In 1754, Columbia University was founded under charter by King George II as King's College in Lower Manhattan.

American Revolution The Stamp Act Congress met in New York in October 1765, as the Sons of Liberty organization emerged in the city and skirmished over the next ten years with British troops stationed there. The Battle of Long Island, the largest battle of the American Revolutionary War, was fought in August 1776 within the modern-day borough of Brooklyn. After the battle, in which the Americans were defeated, the British made the city their military and political base of operations in North America. The city was a haven for Loyalist refugees and escaped slaves who joined the British lines for freedom newly promised by the Crown. As many as 10,000 escaped slaves crowded into the city during the British occupation. When the British forces evacuated at the close of the war in 1783, they transported 3,000 freedmen for resettlement in Nova Scotia. They resettled other freedmen in England and the Caribbean.[importance?]

The only attempt at a peaceful solution to the war took place at the Conference House on Staten Island between American delegates, including Benjamin Franklin, and British general Lord Howe on September 11, 1776. Shortly after the British occupation began, the Great Fire of New York occurred, a large conflagration on the West Side of Lower Manhattan, which destroyed about a quarter of the buildings in the city, including Trinity Church.

Post-Revolutionary War In 1785, the assembly of the Congress of the Confederation made New York City the national capital shortly after the war. New York was the last capital of the U.S. under the Articles of Confederation and the first capital under the Constitution of the United States. As the U.S. capital, New York City hosted several events of national scope in 1789—the first President of the United States, George Washington, was inaugurated; the first United States Congress and the Supreme Court of the United States each assembled for the first time; and the United States Bill of Rights was drafted, all at Federal Hall on Wall Street.

In 1790, for the first time, New York City, surpassed Philadelphia as the nation's largest city. At the end of that year, the national capital was moved to Philadelphia.

Late 19th century Over the nineteenth century, New York City's population grew from 60,000 to 3.43 million. Under New York State's abolition act of 1799, children of slave mothers were to be eventually liberated but to be held in indentured servitude until their mid-to-late twenties. Together with slaves freed by their masters after the Revolutionary War and escaped slaves, a significant free-Black population gradually developed in Manhattan. Under such influential United States founders as Alexander Hamilton and John Jay, the New York Manumission Society worked for abolition and established the African Free School to educate Black children. It was not until 1827 that slavery was completely abolished in the state, and free Blacks struggled afterward with discrimination. New York interracial abolitionist activism continued; among its leaders were graduates of the African Free School.[importance?] New York city's population jumped from 123,706 in 1820 to 312,710 by 1840, 16,000 of whom were Black.

In the 19th century, the city was transformed by both commercial and residential development relating to its status as a national and international trading centre, as well as by European immigration, respectively. The city adopted the Commissioners' Plan of 1811, which expanded the city street grid to encompass almost all of Manhattan. The 1825 completion of the Erie Canal through central New York connected the Atlantic port to the agricultural markets and commodities of the North American interior via the Hudson River and the Great Lakes. Local politics became dominated by Tammany Hall, a political machine supported by Irish and German immigrants.

Several prominent American literary figures lived in New York during the 1830s and 1840s, including William Cullen Bryant, Washington Irving, Herman Melville, Rufus Wilmot Griswold, John Keese, Nathaniel Parker Willis, and Edgar Allan Poe. Public-minded members of the contemporaneous business elite lobbied for the establishment of Central Park, which in 1857 became the first landscaped park in an American city.

The Great Irish Famine brought a large influx of Irish immigrants, of whom more than 200,000 were living in New York by 1860, representing upward of one-quarter of the city's population. There was also extensive immigration from the German provinces, where revolutions had disrupted societies, and Germans comprised another 25% of New York's population by 1860.

American Civil War Democratic Party candidates were consistently elected to local office, increasing the city's ties to the South and its dominant party. In 1861, Mayor Fernando Wood called on the aldermen to declare independence from Albany and the United States after the South seceded, but his proposal was not acted on. Anger at new military conscription laws during the American Civil War (1861–1865), which spared wealthier men who could afford to hire a substitute, led to the Draft Riots of 1863, whose most visible participants were ethnic Irish working class.

The draft riots deteriorated into attacks on New York's elite, followed by attacks on Black New Yorkers and their property after fierce competition for a decade between Irish immigrants and Black people for work. Rioters burned the Colored Orphan Asylum to the ground, with more than 200 children escaping harm due to efforts of the New York Police Department, which was mainly made up of Irish immigrants. At least 120 people were killed. Eleven Black men were lynched over five days, and the riots forced hundreds of Blacks to flee. The Black population in Manhattan fell below 10,000 by 1865. The White working class had established dominance. Violence by longshoremen against Black men was especially fierce in the docks area. It was one of the worst incidents of civil unrest in American history.

In 1898, the City of New York was formed with the consolidation of Brooklyn (until then a separate city), the County of New York (which then included parts of the Bronx), the County of Richmond, and the western portion of the County of Queens. The opening of the subway in 1904, first built as separate private systems, helped bind the new city together. Throughout the first half of the 20th century, the city became a world centre for industry, commerce, and communication.

Early 20th century In 1904, the steamship General Slocum caught fire in the East River, killing 1,021 people on board. In 1911, the Triangle Shirtwaist Factory fire, the city's worst industrial disaster, killed 146 garment workers and spurred the growth of the International Ladies' Garment Workers' Union and major improvements in factory safety standards.

New York's non-White population was 36,620 in 1890. New York City was a prime destination in the early twentieth century for African Americans during the Great Migration from the American South, and by 1916, New York City had become home to the largest urban African diaspora in North America. The Harlem Renaissance of literary and cultural life flourished during the era of Prohibition. The larger economic boom generated construction of skyscrapers competing in height and creating an identifiable skyline.

New York City became the most populous urbanized area in the world in the early 1920s, overtaking London. The metropolitan area surpassed the 10 million mark in the early 1930s, becoming the first megacity in human history. The Great Depression saw the election of reformer Fiorello La Guardia as mayor and the fall of Tammany Hall after eighty years of political dominance.

Returning World War II veterans created a post-war economic boom and the development of large housing tracts in eastern Queens and Nassau County. New York emerged from the war unscathed as the leading city of the world, with Wall Street leading America's place as the world's dominant economic power. The United Nations headquarters was completed in 1952, solidifying New York's global geopolitical influence, and the rise of abstract expressionism in the city precipitated New York's displacement of Paris as the centre of the art world.

The Stonewall riots were a series of spontaneous, violent protests by members of the gay community against a police raid that took place in the early morning hours of June 28, 1969, at the Stonewall Inn in the Greenwich Village neighborhood of Lower Manhattan. They are widely considered to be the single most important event leading to the gay liberation movement and the modern fight for LGBT rights. Wayne R. Dynes, author of the Encyclopedia of Homosexuality, wrote that drag queens were the only "transgender folks around" during the June 1969 Stonewall riots. The transgender community in New York City played a significant role in fighting for LGBT equality during the period of the Stonewall riots and thereafter.

In the 1970s, job losses due to industrial restructuring caused New York City to suffer from economic problems and rising crime rates.

Late 20th century to present While a resurgence in the financial industry greatly improved the city's economic health in the 1980s, New York's crime rate continued to increase through that decade and into the beginning of the 1990s. By the mid 1990s, crime rates started to drop dramatically due to revised police strategies, improving economic opportunities, gentrification, and new residents, both American transplants and new immigrants from Asia and Latin America. Important new sectors, such as Silicon Alley, emerged in the city's economy.

New York City's population reached all-time highs in the 2000, 2010, and 2020 US censuses.

New York City suffered the bulk of the economic damage and largest loss of human life in the aftermath of the September 11, 2001, attacks. Two of the four airliners hijacked that day were flown into the twin towers of the World Trade Center, destroying the towers and killing 2,192 civilians, 343 firefighters, and 71 law enforcement officers. The North Tower became, and remains, the tallest building to ever be destroyed.

The area was rebuilt with a new World Trade Center, the National September 11 Memorial and Museum, and other new buildings and infrastructure. The World Trade Center PATH station, which had opened on July 19, 1909, as the Hudson Terminal,[importance?] was destroyed in the attacks. A temporary station was built and opened on November 23, 2003.[importance?] An 800,000-square-foot (74,000 m²) permanent rail station designed by Santiago Calatrava, the World Trade Center Transportation Hub, the city's third-largest hub, was completed in 2016. The new One World Trade Center is the tallest skyscraper in the Western Hemisphere and the seventh-tallest building in the world by pinnacle height, with its spire reaching a symbolic 1,776 feet (541.3 m) in reference to the year of U.S. independence.

The Occupy Wall Street protests in Zuccotti Park in the Financial District of Lower Manhattan began on September 17, 2011, receiving global attention and popularizing the Occupy movement against social and economic inequality worldwide.

New York City was heavily affected by Hurricane Sandy in late October 2012. Sandy's impacts included the flooding of the New York City Subway system, of many suburban communities, and of all road tunnels entering Manhattan except the Lincoln Tunnel. The New York Stock Exchange closed for two consecutive days. Numerous homes and businesses were destroyed by fire, including over 100 homes in Breezy Point, Queens.[excessive detail?] Large parts of the city and surrounding areas lost electricity for several days. Several thousand people in Midtown Manhattan were evacuated for six days due to a crane collapse at Extell's One57.[excessive detail?] Bellevue Hospital Center and a few other large hospitals were closed and evacuated.[excessive detail?] Flooding at 140 West Street and another exchange disrupted voice and data communication in Lower Manhattan.[excessive detail?] At least 43 people lost their lives in New York City as a result of Sandy, and the economic losses in New York City were estimated to be roughly $19 billion. The disaster spawned long-term efforts towards infrastructural projects to counter climate change and rising seas.

In March 2020, the first case of COVID-19 in the city was confirmed in Manhattan. The city rapidly replaced Wuhan, China to become the global epicenter of the pandemic during the early phase, before the infection became widespread across the world and the rest of the nation. As of March 2021, New York City had recorded over 30,000 deaths from COVID-19-related complications.

Geography New York City is situated in the north-eastern United States, in south-eastern New York State, approximately halfway between Washington, D.C. and Boston. The location at the mouth of the Hudson River, which feeds into a naturally sheltered harbor and then into the Atlantic Ocean, has helped the city grow in significance as a trading port. Most of New York City is built on the three islands of Long Island, Manhattan, and Staten Island.

During the Wisconsin glaciation, 75,000 to 11,000 years ago, the New York City area was situated at the edge of a large ice sheet. The erosive forward movement of the ice (and its subsequent retreat) contributed to the separation of what is now Long Island and Staten Island. That action left bedrock at a relatively shallow depth, providing a solid foundation for most of Manhattan's skyscrapers. The Hudson River flows through the Hudson Valley into New York Bay. Between New York City and Troy, New York, the river is an estuary. The Hudson River separates the city from the U.S. state of New Jersey. The East River—a tidal strait—flows from Long Island Sound and separates the Bronx and Manhattan from Long Island. The Harlem River, another tidal strait between the East and Hudson rivers, separates most of Manhattan from the Bronx. The Bronx River, which flows through the Bronx and Westchester County, is the only entirely freshwater river in the city.[importance?]

The city's land has been altered substantially by human intervention, with considerable land reclamation along the waterfronts since Dutch colonial times; reclamation is most prominent in Lower Manhattan, with developments such as Battery Park City in the 1970s and 1980s. Some of the natural relief in topography has been evened out, especially in Manhattan.

The city's total area is 468.484 square miles (1,213.37 km²); 302.643 sq mi (783.84 km²) of the city is land and 165.841 sq mi (429.53 km²) of this is water. The highest point in the city is Todt Hill on Staten Island, which, at 409.8 feet (124.9 m) above sea level, is the highest point on the eastern seaboard south of Maine. The summit of the ridge is mostly covered in woodlands as part of the Staten Island Greenbelt.

Economy New York City is a global hub of business and commerce and an established safe haven for global investors, and is sometimes described as the capital of the world. New York is a centre for worldwide banking and finance, health care and life sciences, medical technology and research, retailing, world trade, transportation, tourism, real estate, new media, traditional media, advertising, legal services, accountancy, insurance, and the arts in the United States; while Silicon Alley, metonymous for New York's broad-spectrum high technology sphere, continues to expand. The Port of New York and New Jersey is a major economic engine, benefitting post-Panamax from the expansion of the Panama Canal, and accelerating ahead of California seaports in monthly cargo volumes in 2023.

Many Fortune 500 corporations are headquartered in New York City, as are a large number of multinational corporations. New York City has been ranked first among cities across the globe in attracting capital, business, and tourists. New York City's role as the top global centre for the advertising industry is metonymously reflected as Madison Avenue. The city's fashion industry provides approximately 180,000 employees with $11 billion in annual wages. The non-profit Partnership for New York City is the city's pre-eminent private business association, comprising approximately 330 corporate leaders. The fashion industry is based in Midtown Manhattan and is represented by the Council of Fashion Designers of America (CDFA), headquartered in Lower Manhattan.

Significant economic sectors include non-profit institutions, and universities. Manufacturing declined over the 20th century but still accounts for significant employment. particularly in smaller operations. The city's apparel and garment industry, historically centered on the Garment District in Manhattan, peaked in 1950, when more than 323,000 workers were employed in the industry in New York. In 2015, fewer than 23,000 New York City residents were employed in the industry, although revival efforts were underway, and the American fashion industry continues to be metonymized as Seventh Avenue.

Chocolate is New York City's leading specialty-food export, with up to $234 million worth of exports each year. Godiva, one of the world's largest chocolatiers, is headquartered in Manhattan, and an unofficial chocolate district in Brooklyn is home to several chocolate makers and retailers. Food processing is a $5 billion industry that employs more than 19,000 residents.

In 2017, there were 205,592 employer firms in New York City. Of those firms, 64,514 were owned by minorities, and 125,877 were shown to be owned by non-minorities. Veterans owned 5,506 of those firms.[relevant?]

Wall Street New York City's most important economic sector lies in its role as the headquarters for the U.S. financial industry, metonymously known as Wall Street. The city's securities industry continues to form the largest segment of the city's financial sector and is an important economic engine. Many large financial companies are headquartered in New York City, and the city is home to a burgeoning number of financial startup companies.

Lower Manhattan is home to the New York Stock Exchange, at 11 Wall Street, and the Nasdaq, at 165 Broadway, representing the world's largest and second largest stock exchanges, respectively, when measured both by overall average daily trading volume and by total market capitalization of their listed companies in 2013. Investment banking fees on Wall Street totaled approximately $40 billion in 2012, while in 2013, senior New York City bank officers who manage risk and compliance functions earned as much as $324,000 annually.[importance?] In fiscal year 2013–14, Wall Street's securities industry generated 19% of New York State's tax revenue.

New York City remains the largest global centre for trading in public equity and debt capital markets, driven in part by the size and financial development of the U.S. economy. New York also leads in hedge fund management; private equity; and the monetary volume of mergers and acquisitions. Several investment banks and investment managers headquartered in Manhattan are important participants in other global financial centers. New York is the principal commercial banking centre of the United States.

Many of the world's largest media conglomerates are based in the city. Manhattan contained over 500 million square feet (46.5 million m²) of office space in 2018, making it the largest office market in the United States, while Midtown Manhattan, with 400 million square feet (37.2 million m²) in 2018, is the largest central business district in the world.

Tech and biotech New York is a top-tier global technology hub. Silicon Alley, once a metonym for the sphere encompassing the metropolitan region's high technology industries, is no longer a relevant moniker[according to whom?] as the city's tech environment has expanded dramatically both in location and in scope. New York City's current tech sphere encompasses the array of applications involving universal applications of artificial intelligence, broadband internet, new media, financial technology (fintech) and cryptocurrency, biotechnology, game design, and other fields within information technology that are supported by its entrepreneurship ecosystem and venture capital investments.

Technology-driven startup companies and entrepreneurial employment are growing in New York City and the region. The technology sector has been claiming a greater share of New York City's economy since 2010. Tech:NYC, founded in 2016, is a non-profit organization which represents New York City's technology industry with government, civic institutions, in business, and in the media, and whose primary goals are to further augment New York's substantial tech talent base and to advocate for policies that will nurture tech companies to grow in the city.

The biotechnology sector is growing in New York City, based on the city's strength in academic scientific research and public and commercial financial support. On December 19, 2011, Mayor Michael R. Bloomberg announced his choice of Cornell University and Technion-Israel Institute of Technology to build a $2 billion graduate school of applied sciences called Cornell Tech on Roosevelt Island with the goal of transforming New York City into the world's premier technology capital. By mid-2014, Accelerator, a biotech investment firm, had raised more than $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 centre and with nearby academic, medical, and research institutions.[excessive detail?] 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 $100 million to help launch 15 to 20 ventures in life sciences and biotechnology.

Real estate The total value of all New York City property was assessed at US$1.479 trillion for the 2017 fiscal year, an increase of 6.1% from the previous year and up 38% from the $1.072 trillion assessed for 2017; of the total market value for 2024, single family homes accounted for $765 billion (51.7%), co-ops, condos and apartment buildings totaled $351 billion (23.7%) and commercial properties were valued at $317 billion (21.4%).

In 2014, Manhattan was home to six of the top ten ZIP codes in the United States by median housing price. Fifth Avenue in Midtown Manhattan commands the highest retail rents in the world, at $3,000 per square foot ($32,000/m²) in 2017. In 2019, the most expensive home sale ever in the United States achieved completion in Manhattan, at a selling price of $238 million, for a 24,000 square feet (2,200 m²) penthouse apartment overlooking Central Park. In 2022, one-bedroom apartments in Manhattan rented at a median monthly price of US$3,600.00, one of the world's highest. New York City real estate is a safe haven for global investors.

Tourist Industry Tourism is a vital industry for New York City, and NYC & Company represents the city's official bureau of tourism. New York has witnessed a growing combined volume of international and domestic tourists, reflecting over 60 million visitors to the city per year, the world's busiest tourist destination. Approximately 12 million visitors to New York City have been from outside the United States, with the highest numbers from the United Kingdom, Canada, Brazil, and China. Multiple sources have called New York the most photographed city in the world.

I Love New York (stylized I ❤ NY) is both a logo and a song that are the basis of an advertising campaign and have been used since 1977 to promote tourism in New York City, and later to promote New York State as well. The trademarked logo, owned by New York State Empire State Development, appears in souvenir shops and brochures throughout the city and state, some licensed, many not. The song is the state song of New York.

The majority of the most high-profile tourist destinations to the city are situated in Manhattan. These include Times Square; Broadway theater productions; the Empire State Building; the Statue of Liberty; Ellis Island; the United Nations headquarters; the World Trade Center (including the National September 11 Memorial & Museum and One World Trade Center); the art museums along Museum Mile; green spaces such as Central Park, Washington Square Park, the High Line, and the medieval gardens of The Cloisters; the Stonewall Inn; Rockefeller Center; ethnic enclaves including the Manhattan Chinatown, Koreatown, Curry Hill, Harlem, Spanish Harlem, Little Italy, and Little Australia; luxury shopping along Fifth and Madison Avenues; and events such as the Halloween Parade in Greenwich Village; the Brooklyn Bridge (shared with Brooklyn); the Macy's Thanksgiving Day Parade; the lighting of the Rockefeller Center Christmas Tree; the St. Patrick's Day Parade; seasonal activities such as ice skating in Central Park in the wintertime; the Tribeca Film Festival; and free performances in Central Park at SummerStage.

Points of interest have developed in the city outside Manhattan and have made the outer boroughs tourist destinations in their own right. These include numerous ethnic enclaves; the Unisphere, Flushing Meadows–Corona Park, and Downtown Flushing in Queens; Downtown Brooklyn, Coney Island, Williamsburg, Park Slope, and Prospect Park in Brooklyn; the Bronx Zoo, the New York Botanical Garden, and the Grand Concourse in the Bronx; and the Staten Island Ferry.

Media and entertainment New York City has been described as the entertainment and digital media capital of the world. The city is a prominent location for the American entertainment industry, with many films, television series, books, and other media being set there. As of 2019, New York City was the second-largest centre for filmmaking and television production in the United States, producing about 200 feature films annually, employing 130,000 individuals. The filmed entertainment industry has been growing in New York, contributing nearly $9 billion to the New York City economy alone as of 2015. By volume, New York is the world leader in independent film production—one-third of all American independent films are produced there. The Association of Independent Commercial Producers is based in New York.[importance?] In the first five months of 2014, location filming for television pilots in New York City exceeded the record production levels for all of 2013, with New York surpassing Los Angeles as the top North American city for the same distinction during the 2013–2014 cycle.

New York City is the centre for the advertising, music, newspaper, digital media, and publishing industries and is the largest media market in North America. Some of the city's media conglomerates and institutions include Warner Bros. Discovery, the Thomson Reuters Corporation, the Associated Press, Bloomberg L.P., the News Corp, The New York Times Company, NBCUniversal, the Hearst Corporation, AOL, Fox Corporation, and Paramount Global. Seven of the world's top eight global advertising agency networks have their headquarters in New York. Two of the top three record labels' headquarters are in New York: Sony Music Entertainment and Warner Music Group. Universal Music Group has offices in New York.[importance?] New media enterprises are contributing an increasingly important component to the city's central role in the media sphere.

More than 200 newspapers and 350 consumer magazines have an office in the city, and the publishing industry employs about 25,000 people. Two of the three national daily newspapers with the largest circulations in the United States are published in New York: The Wall Street Journal and The New York Times (NYT). Nicknamed "the Grey Lady",[importance?] the NYT has won the most Pulitzer Prizes for journalism and is considered the U.S. media's newspaper of record. Tabloid newspapers in the city include the New York Daily News, which was founded in 1919 by Joseph Medill Patterson, and The New York Post, founded in 1801 by Alexander Hamilton. At the local news end of the media spectrum, Patch Media is headquartered in Manhattan.

New York City has a comprehensive ethnic press, with 270 newspapers and magazines published in more than 40 languages. El Diario La Prensa is New York's largest Spanish-language daily and the oldest in the nation. The New York Amsterdam News, published in Harlem, is a prominent African American newspaper. The Village Voice, historically the largest alternative newspaper in the United States, announced in 2017 that it would cease publication of its print edition and convert to a fully digital venture. The television and radio industry developed in New York and is a significant employer in the city's economy. The three major American broadcast networks are all headquartered in New York: ABC, CBS, and NBC. Many cable networks are based in the city as well, including CNN, MSNBC, MTV, Fox News, HBO, Showtime, Bravo, Food Network, AMC, and Comedy Central. News 12 Networks operated News 12 The Bronx and News 12 Brooklyn. WBAI, with news and information programming, is one of the few socialist radio stations operating in the United States.

New York is a major centre for non-commercial educational media. NYC Media is the official public radio, television, and online media network and broadcasting service of New York City, and has produced several original Emmy Award-winning shows covering music and culture in city neighborhoods and city government. The oldest public-access television channel in the United States is the Manhattan Neighborhood Network, founded in 1971. WNET is the city's major public television station and a primary source of national Public Broadcasting Service (PBS) television programming. WNYC, a public radio station owned by the city until 1997, has the largest public radio audience in the United States.

Education New York City has the largest educational system of any city in the world. The city's educational infrastructure spans primary education, secondary education, higher education, and research.

Primary and secondary education

The New York City Public Schools system, managed by the New York City Department of Education, is the largest public school system in the United States, serving about 1.1 million students in approximately 1,800 separate primary and secondary schools, including charter schools, as of the 2017–2018 school year. The city's public school system includes nine specialized high schools to serve academically and artistically gifted students. The city government pays the Pelham Public Schools to educate a very small, detached section of the Bronx.[importance?]

The New York City Charter School Center assists the setup of new charter schools. There are approximately 900 additional privately run secular and religious schools in the city.

Higher education and research More than a million students, the highest number of any city in the United States, are enrolled in New York City's more than 120 higher education institutions, with more than half a million in the City University of New York (CUNY) system alone as of 2020, including both degree and professional programs. According to Academic Ranking of World Universities, New York City has, on average, the best higher education institutions of any global city.

The public CUNY system is one of the largest universities in the nation, comprising 25 institutions across all five boroughs: senior colleges, community colleges, and other graduate/professional schools. The public State University of New York (SUNY) system includes campuses in New York City, including SUNY Downstate Health Sciences University, Fashion Institute of Technology, SUNY Maritime College, and SUNY College of Optometry.

New York City is home to such notable private universities as Barnard College, Columbia University, Cooper Union, Fordham University, New York University, New York Institute of Technology, Rockefeller University, and Yeshiva University; several of these universities are ranked among the top universities in the world, while some of the world's most prestigious institutions like Princeton University and Yale University remain in the New York metropolitan area.

The city hosts other smaller private colleges and universities, including many religious and special-purpose institutions, such as Pace University, St. John's University, The Juilliard School, Manhattan College, Adelphi University - Manhattan, Mercy College (New York), The College of Mount Saint Vincent, Parsons School of Design, The New School, Pratt Institute, New York Film Academy, The School of Visual Arts, The King's College, Marymount Manhattan College, and Wagner College.

Much of the scientific research in the city is done in medicine and the life sciences. In 2019, the New York metropolitan area ranked first on the list of cities and metropolitan areas by share of published articles in life sciences. New York City has the most postgraduate life sciences degrees awarded annually in the United States, and in 2012, 43,523 licensed physicians were practicing in New York City. There are 127 Nobel laureates with roots in local institutions as of 2004.

Major biomedical research institutions include Memorial Sloan Kettering Cancer Center, Rockefeller University, SUNY Downstate Medical Center, Albert Einstein College of Medicine, Mount Sinai School of Medicine, and Weill Cornell Medical College, being joined by the Cornell University/Technion-Israel Institute of Technology venture on Roosevelt Island. The graduates of SUNY Maritime College in the Bronx earned the highest average annual salary of any university graduates in the United States, $144,000 as of 2017.[importance?]