163-423: Manhattan ( / m æ n ˈ h æ t ən , m ə n -/ man- HAT -ən, mən- ) is the most densely populated and geographically smallest of the five boroughs of New York City . Coextensive with New York County , Manhattan is the smallest county by geographical area in the U.S. state of New York . Located almost entirely on Manhattan Island near the southern tip of the state, Manhattan constitutes
326-699: A metonym for the financial markets of the United States as a whole, the American financial services industry , New York–based financial interests, or the Financial District. Anchored by Wall Street, New York has been described as the world's principal fintech and financial center . The street was originally known in Dutch as Het Cingel ("the Belt") when it was part of New Amsterdam during
489-414: A new city charter . All former municipalities within the newly consolidated city were dissolved. New York City was originally confined to Manhattan Island and the smaller surrounding islands that formed New York County. As the city grew northward, it began annexing areas on the mainland, absorbing territory from Westchester County into New York County in 1874 ( West Bronx ) and 1895 ( East Bronx ). During
652-528: A "cornerstone" of the NYSE, with a benefit of having all of a deal's players close at hand, including investment bankers , lawyers , and accountants . After Wall Street firms started to expand westward in the 1980s into New Jersey , the direct economic impacts of Wall Street activities have gone beyond New York City. The employment in the financial services industry, mostly in the "back office" roles, has become an important part of New Jersey's economy. In 2009,
815-498: A "phoenix-like resurrection" of the area, with residential, commercial, retail and hotels booming in the "third largest business district in the country". At the same time, the investment community was worried about proposed legal reforms, including the Wall Street Reform and Consumer Protection Act which dealt with matters such as credit card rates and lending requirements. The NYSE closed two of its trading floors in
978-459: A "tug-of-war" between business interests on Wall Street and authorities in Washington, D.C. , the capital of the United States by then. Generally during the 19th century Wall Street developed its own "unique personality and institutions" with little outside interference. In the 1840s and 1850s, most residents moved further uptown to Midtown Manhattan because of the increased business use at
1141-529: A $ 4 stock transfer tax , stock clerks protested. At other times, city and state officials have taken steps through tax incentives to encourage financial firms to continue to do business in the city. A post office was built at 60 Wall Street in 1905. During the World War I years, occasionally there were fund-raising efforts for projects such as the National Guard . On September 16, 1920, close to
1304-594: A 1981 article in Rolling Stone magazine calling the stretch of West 42nd Street between 7th and 8th Avenues the "sleaziest block in America". By the late 1990s, led by efforts by the city and the Walt Disney Company , the area had been revived as a center of tourism to the point where it was described by The New York Times as "arguably the most sought-after 13 acres of commercial property in
1467-554: A backwater in American life". During the New Deal years, as well as the 1940s, there was much less focus on Wall Street and finance. The government clamped down on the practice of buying equities based only on credit, but these policies began to ease. From 1946 to 1947, stocks could not be purchased " on margin ", meaning that an investor had to pay 100% of a stock's cost without taking on any loans. However, this margin requirement
1630-509: A county in themselves, or are completely separate and independent of any county. Each borough is represented by a borough president . Brooklyn, Queens, and Staten Island each have a Borough Hall with limited administrative functions. The Manhattan Borough President's office is situated in the Manhattan Municipal Building . The Bronx Borough President's office used to be in its own Bronx Borough Hall but has been in
1793-476: A crash. They made a fortune but turned into the crisis's pantomime villains. Most, though, got burned – the banks are still gradually running down portfolios of non-core loans worth $ 800bn. The first months of 2008 was a particularly troublesome period which caused Federal Reserve chairman Ben Bernanke to "work holidays and weekends" and which did an "extraordinary series of moves". It bolstered U.S. banks and allowed Wall Street firms to borrow "directly from
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#17327726722931956-616: A day celebrated as Evacuation Day , marking when the last British forces left the city. From January 11, 1785, until 1789, New York City was the fifth of five capitals of the United States under the Articles of Confederation , with the Continental Congress meeting at New York City Hall (then at Fraunces Tavern ). New York was the first capital under the newly enacted Constitution of the United States , from March 4, 1789, to August 12, 1790, at Federal Hall . Federal Hall
2119-519: A day which caused a "traffic jam" of paper with "batteries of clerks" working overtime to "clear transactions and update customer accounts". In 1973, the financial community posted a collective loss of $ 245 million, which spurred temporary help from the government. Reforms were instituted; the Securities & Exchange Commission eliminated fixed commissions, which forced "brokers to compete freely with one another for investors' business". In 1975,
2282-488: A downturn with a sizable drop in year-end bonuses of $ 6.5 billion, according to one estimate from a state comptroller's office. To guard against a vehicular bombing in the area, authorities built concrete barriers, and found ways over time to make them more aesthetically appealing by spending $ 5000 to $ 8000 apiece on bollards . Parts of Wall Street, as well as several other streets in the neighborhood, were blocked off by specially designed bollards: ... Rogers Marvel designed
2445-431: A financial wall in the crisis. Foolishly and recklessly, the banks didn't look at these loans adequately, relying on flawed credit-rating agencies such as Standard & Poor's and Moody's, which blithely certified toxic mortgage-backed securities as solid ... A few of those on Wall Street, including maverick hedge fund manager John Paulson and the top brass at Goldman Sachs, spotted what was going on and ruthlessly gambled on
2608-560: A growing number of Indian restaurants and spice shops along a stretch of Lexington Avenue between 25th and 30th Streets which has become known as Curry Hill . Washington Heights in Uptown Manhattan is home to the largest Dominican immigrant community in the United States. Harlem , also in Upper Manhattan, is the historical epicenter of African American culture. Since 2010, a Little Australia has emerged and
2771-548: A key magnet for the Wall Street remains the New York Stock Exchange Building . Some "old guard" firms such as Goldman Sachs and Merrill Lynch (bought by Bank of America in 2009), have remained "fiercely loyal to the Financial District" location, and new ones such as Deutsche Bank have chosen office space in the district. So-called "face-to-face" trading between buyers and sellers remains
2934-842: A language other than English at home. Points of interest on Manhattan Island include the American Museum of Natural History ; the Battery ; Broadway and the Theater District ; Bryant Park ; Central Park , Chinatown ; the Chrysler Building ; The Cloisters ; Columbia University ; Curry Hill ; the Empire State Building ; Flatiron Building ; the Financial District (including the New York Stock Exchange Building ; Wall Street ; and
3097-479: A move towards transforming itself into an electronic exchange. Beginning in September 2011, demonstrators disenchanted with the financial system protested in parks and plazas around Wall Street. On October 29, 2012, Wall Street was disrupted when New York and New Jersey were inundated by Hurricane Sandy . Its 14-foot-high (4.3 m) storm surge, a local record, caused massive street flooding nearby. The NYSE
3260-513: A multibillion-dollar rebuilding plan was unveiled to restore the historic grandeur of Penn Station, in the process of upgrading the landmark's status as a critical transportation hub . The 700,000 sq ft (65,000 m) Moynihan Train Hall , developed as a $ 1.6 billion renovation and expansion of Penn Station into the James A. Farley Building , the city's former main post office building,
3423-566: A new kind of bollard, a faceted piece of sculpture whose broad, slanting surfaces offer people a place to sit in contrast to the typical bollard, which is supremely unsittable. The bollard, which is called the Nogo, looks a bit like one of Frank Gehry's unorthodox culture palaces, but it is hardly insensitive to its surroundings. Its bronze surfaces actually echo the grand doorways of Wall Street's temples of commerce. Pedestrians easily slip through groups of them as they make their way onto Wall Street from
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#17327726722933586-485: A renewed push for capitalism and business , with national efforts to de-regulate industries such as telecommunications and aviation . The economy resumed upward growth after a period in the early 1980s of languishing. A report in The New York Times described that the flushness of money and growth during these years had spawned a drug culture of sorts, with a rampant acceptance of cocaine use although
3749-531: 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 constitute the single most important event leading to the gay liberation movement and the modern fight for LGBT rights . In
3912-533: A vast, neural spaghetti of wires, Web sites and trading platforms — the N.Y.S.E. is clearly no longer the epicenter. Nor is New York. The largest mutual-fund complexes are in Valley Forge, Pa. , Los Angeles and Boston , while trading and money management are spreading globally. Since the end of the cold war, vast pools of capital have been forming overseas, in the Swiss bank accounts of Russian oligarchs, in
4075-465: A wildlife sanctuary, and several lawns and sporting areas, as well as 21 playgrounds, and a 6-mile (9.7 km) road from which automobile traffic has been banned since 2018. While much of the park looks natural, it is almost entirely landscaped; the construction of Central Park in the 1850s was one of the era's most massive public works projects, with some 20,000 workers moving 5 million cubic yards (3.8 million cubic meters) of material to shape
4238-478: A wooden structure with a roof and open sides, although walls may have been added over the years; it could hold approximately 50 people. New York's municipal authorities directly benefited from the sale of slaves by implementing taxes on every person who was bought and sold there. In these early days, local merchants and traders would gather at disparate spots to buy and sell shares and bonds, and over time divided themselves into two classes—auctioneers and dealers. In
4401-559: A year. In 1961, the struggling Pennsylvania Railroad unveiled plans to tear down the old Penn Station and replace it with a new Madison Square Garden and office building complex. Organized protests were aimed at preserving the McKim, Mead & White -designed structure completed in 1910, widely considered a masterpiece of the Beaux-Arts style and one of the architectural jewels of New York City. Despite these efforts, demolition of
4564-595: Is a name from the Dutch colonial era after Haarlem , a city in the Netherlands. Some have simple folkloric names, such as Hell's Kitchen , alongside their more official but lesser used title (in this case, Clinton). Some neighborhoods, such as SoHo , which is mixed use, are known for upscale shopping as well as residential use. Others, such as Greenwich Village , the Lower East Side , Alphabet City and
4727-760: Is bounded by the Hudson River to the west and the East River to the east. To the north, the Harlem River divides Manhattan Island from the Bronx and the mainland United States. Early in the 19th century, land reclamation was used to expand Lower Manhattan from the natural Hudson shoreline at Greenwich Street to West Street . When building the World Trade Center in 1968, 1.2 million cubic yards (920,000 m) of material excavated from
4890-586: Is coextensive with a respective county of the State of New York : The Bronx is Bronx County, Brooklyn is Kings County, Manhattan is New York County, Queens is Queens County, and Staten Island is Richmond County. All five boroughs of New York came into existence with the creation of modern New York City in 1898, when New York County (then including the Bronx), Kings County, Richmond County, and part of Queens County were consolidated within one municipal government under
5053-569: Is created when a county is merged with populated areas within it. The limited powers of the boroughs are inferior to the authority of the government of New York City , contrasting significantly with the powers of boroughs as that term is used in Connecticut , New Jersey , and Pennsylvania , where a borough is an independent level of government, as well as with borough forms used in other states and in Greater London . New York City
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5216-506: Is growing in Nolita, Lower Manhattan. Manhattan has two central business districts, the Financial District at the southern tip of the island, and Midtown Manhattan . The term uptown also refers to the northern part of Manhattan above 72nd Street and downtown to the southern portion below 14th Street , with Midtown covering the area in between, though definitions can be fluid. Fifth Avenue roughly bisects Manhattan Island and acts as
5379-554: Is land and 10.8 square miles (28 km) (32%) is water. The northern segment of Upper Manhattan represents a geographic panhandle . Manhattan Island is 22.7 square miles (59 km) in area, 13.4 miles (21.6 km) long and 2.3 miles (3.7 km) wide, at its widest point, near 14th Street . The borough consists primarily of Manhattan Island, along with the Marble Hill neighborhood and several small islands, including Randalls Island and Wards Island and Roosevelt Island in
5542-477: Is often referred to collectively as the five boroughs , which can unambiguously refer to the city proper as a whole, avoiding confusion with any particular borough or with the Greater New York metropolitan area . The term is also used by politicians to counter a frequent focus on Manhattan and thereby to place all five boroughs on equal footing. In the same vein, the term outer boroughs refers to all of
5705-652: Is relatively evenly spread throughout the year. Average winter snowfall between 1981 and 2010 has been 25.8 inches (66 cm); this varies considerably from year to year. Manhattan's many neighborhoods are not named according to any particular convention, nor do they have official boundaries. Some are geographical (the Upper East Side ), or ethnically descriptive ( Little Italy ). Others are acronyms , such as TriBeCa (for "TRIangle BElow CAnal Street") or SoHo ("SOuth of HOuston"), NoLIta ("NOrth of Little ITAly"), and NoMad ("NOrth of MADison Square Park"). Harlem
5868-903: Is the world's seventh-tallest building (as of 2023) . The Occupy Wall Street protests in Zuccotti Park in the Financial District of Lower Manhattan began on September 17, 2011, receiving global attention and spawning the Occupy movement against social and economic inequality worldwide. On October 29 and 30, 2012, Hurricane Sandy caused extensive destruction in the borough, ravaging portions of Lower Manhattan with record-high storm surge from New York Harbor, severe flooding, and high winds, causing power outages for hundreds of thousands of city residents and leading to gasoline shortages and disruption of mass transit systems. The storm and its profound impacts have prompted discussion of constructing seawalls and other coastal barriers around
6031-470: Is the economic engine of New York City , with its 2.45 million workers drawn from the entire New York metropolitan area accounting for almost more than half of all jobs in New York City. Manhattan's workforce is overwhelmingly focused on white collar professions. In 2010, Manhattan's daytime population was swelling to 3.94 million, with commuters adding a net 1.48 million people to
6194-645: Is the most expensive shopping street in the world. The borough hosts many prominent bridges , tunnels , and skyscrapers including the Empire State Building , Chrysler Building , and One World Trade Center . It is also home to the National Basketball Association 's New York Knicks and the National Hockey League 's New York Rangers . Manhattan was historically part of the Lenapehoking territory inhabited by
6357-705: Is well suited for the foundations of Manhattan's skyscrapers . It is part of the Manhattan Prong physiographic region. Under the Köppen climate classification , New York City features both a humid subtropical climate ( Cfa ) and a humid continental climate ( Dfa ); it is the northernmost major city on the North American continent with a humid subtropical climate. The city averages 234 days with at least some sunshine annually. Winters are cold and damp, and prevailing wind patterns that blow offshore temper
6520-743: The American Revolutionary War . The Continental Army was forced to abandon Manhattan after the Battle of Fort Washington on November 16, 1776. The city, greatly damaged by the Great Fire of New York during the campaign, became the British military and political center of operations in North America for the remainder of the war. British occupation lasted until November 25, 1783, when George Washington returned to Manhattan,
6683-715: The Boston Consulting Group suggesting that 65,000 jobs had been permanently lost because of the downturn. But there were signs that Manhattan property prices were rebounding with price rises of 9% annually in 2010, and bonuses were being paid once more, with average bonuses over $ 124,000 in 2010. A requirement of the New York Stock Exchange was that brokerage firms had to have offices "clustered around Wall Street" so clerks could deliver physical paper copies of stock certificates each week. There were some indications that midtown had been becoming
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6846-906: The Bronx County Courthouse for decades. Since the abolition of the Board of Estimate in 1990 (due to a 1989 ruling of the U.S. Supreme Court ), the borough presidents have minimal executive powers, and there is no legislative function within a borough. Executive functions in New York City are the responsibility of the Mayor of New York City , while legislative functions reside with the New York City Council . The borough presidents primarily act as spokesmen, advocates, and ceremonial leaders for their boroughs, have budgets from which they can allocate relatively modest sums of money to community organizations and projects, and appoint
7009-557: The East Village , have long been associated with the Bohemian subculture. Chelsea is one of several Manhattan neighborhoods with large gay populations and has become a center of both the international art industry and New York's nightlife. Chinatown has the highest concentration of people of Chinese descent outside of Asia . Koreatown is roughly centered on 32nd Street between Fifth and Sixth Avenues. Rose Hill features
7172-907: The FBI as "something of a deadly dress rehearsal for 9/11", was a terrorist attack in which six people were killed when a van bomb filled with explosives was detonated in a parking lot below the North Tower of the World Trade Center complex . On September 11, 2001, the Twin Towers of the original World Trade Center were struck by hijacked aircraft and collapsed in the September 11 attacks launched by al-Qaeda terrorists. The collapse caused extensive damage to surrounding buildings and skyscrapers in Lower Manhattan, and resulted in
7335-631: The George Washington Bridge , has also been called the sixth borough. Yonkers , in Westchester County, is often referred to as the sixth borough as well. Wall Street Wall Street is a street in the Financial District of Lower Manhattan in New York City . It runs eight city blocks between Broadway in the west and South Street and the East River in the east. The term "Wall Street" has become
7498-531: The Harlem and Hudson rivers, separated it from the remainder of Manhattan. Before World War I, the section of the original Harlem River channel separating Marble Hill from the Bronx was filled in, and Marble Hill became part of the mainland. After a May 1984 court ruling that Marble Hill was simultaneously part of the Borough of Manhattan (not the Borough of the Bronx) and part of Bronx County (not New York County),
7661-586: The Harlem Ship Canal had not been dug), he ordered a ditch and wooden palisade to be constructed on the northern boundary of the New Amsterdam settlement. The wall was built of dirt and 15-foot (4.6 m) wooden planks, measuring 2,340 feet (710 m) long and 9 feet (2.7 m) tall and was built using the labor of both Black slaves and white colonists. In fact Stuyvesant had ordered that "the citizens, without exception, shall work on
7824-598: The Hearst Tower , the rebuilt 7 World Trade Center , and the Bank of America Tower —the first skyscraper designed to attain a Platinum LEED Certification. The skyscraper , which has shaped Manhattan's distinctive skyline , has been closely associated with New York City's identity since the end of the 19th century. Structures such as the Equitable Building of 1915, which rises vertically forty stories from
7987-609: The Manhattan Institute was that the securities industry accounts for 4.7 percent of the jobs in New York City but 20.7 percent of its wages, and he estimated there were 175,000 securities-industries jobs in New York (both Wall Street area and midtown) paying an average of $ 350,000 annually. Between 1995 and 2005, the sector grew at an annual rate of about 6.6% annually, a respectable rate, but that other financial centers were growing faster. Another estimate, made in 2008,
8150-471: The Munsee , Lenape , and Wappinger tribes . There were several Lenape settlements in the area including Sapohanikan , Nechtanc , and Konaande Kongh , which were interconnected by a series of trails. The primary trail on the island, which would later become Broadway , ran from what is now Inwood in the north to Battery Park in the south. There were various sites for fishing and planting established by
8313-543: The New York Mercantile Exchange and other commodity futures exchanges, along with the NYSE American . Many brokerage firms owned offices nearby to support the business they did on the exchanges. The economic impacts of Wall Street activities extend worldwide. In the original records of New Amsterdam , the Dutch always called the street Het Cingel ("the Belt"), which was also the name of
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#17327726722938476-532: The New York metropolitan area as well as in other states, U.S. territories , and foreign countries. In 2011, New York Mayor Michael Bloomberg referred to the city's waterfront and waterways as a composite sixth borough during presentations of planned rehabilitation projects along the city's shoreline , including Governor's Island in the Upper New York Bay . The Hudson Waterfront , in
8639-497: The South Street Seaport ); Grand Central Terminal ; Greenwich Village (including New York University ; Washington Square Arch ; and Stonewall Inn ); Harlem and Spanish Harlem ; the High Line ; Koreatown ; Lincoln Center ; Little Australia ; Little Italy ; Madison Square Garden ; Museum Mile on Fifth Avenue (including the Metropolitan Museum of Art ); Penn Station , Port Authority Bus Terminal ; Rockefeller Center (including Radio City Music Hall ); Times Square ; and
8802-558: The Stonewall National Monument , is considered the birthplace in 1969 of the modern gay rights movement , cementing Manhattan's central role in LGBT culture . Manhattan was the site of the original World Trade Center , which was destroyed during the September 11, 2001 terrorist attacks . Situated on one of the world's largest natural harbors , the borough is bounded by the Hudson , East , and Harlem rivers and includes several small adjacent islands , including Roosevelt , U Thant , and Randalls and Wards Islands . It also includes
8965-414: The U.S. state of New Jersey , and only two salespeople in New York City; the remaining 33 employees work in a center in Kansas. Wall Street in a conceptual sense represents financial and economic power. To Americans, it can sometimes represent elitism and power politics, and its role has been a source of controversy throughout the nation's history, particularly beginning around the Gilded Age period in
9128-459: The U.S. state of New Jersey , lies opposite Manhattan on the Hudson River , and during the Dutch colonial era , it was under the jurisdiction of New Amsterdam and known as Bergen . Jersey City and Hoboken , in New Jersey's Hudson County , are sometimes referred to as the sixth borough, given their proximity and connections by rapid transit PATH trains to the city. Fort Lee , in Bergen County , opposite Upper Manhattan and connected by
9291-454: The World Trade Center (including the National September 11 Museum and One World Trade Center ). There are also numerous iconic bridges across rivers that connect to Manhattan Island, as well as an emerging number of supertall skyscrapers . The Statue of Liberty rests on Liberty Island , an exclave of Manhattan, and part of Ellis Island is also an exclave of Manhattan. The borough has many energy-efficient office buildings, such as
9454-461: The citadel of Fort Amsterdam on Manhattan Island, later called New Amsterdam ( Nieuw Amsterdam ), in what is now Lower Manhattan. The establishment of Fort Amsterdam is recognized as the birth of New York City. In 1647, Peter Stuyvesant was appointed as the last Dutch Director-General of the colony. New Amsterdam was formally incorporated as a city on February 2, 1653. In 1664, English forces conquered New Netherland and renamed it "New York" after
9617-407: The deaths of 2,606 of the 17,400 who had been in the buildings when the planes hit, in addition to those on the planes. Since 2001, most of Lower Manhattan has been restored, although there has been controversy surrounding the rebuilding. In 2014, the new One World Trade Center , at 1,776 feet (541 m) measured to the top of its spire, became the tallest building in the Western Hemisphere and
9780-410: The subprime mortgage crisis from 2007 to 2010, Wall Street financing was blamed as one of the causes, although most commentators blame an interplay of factors. The U.S. government with the Troubled Asset Relief Program bailed out the banks and financial backers with billions of taxpayer dollars, but the bailout was often criticized as politically motivated, and was criticized by journalists as well as
9943-429: The topography and create the English-style pastoral landscape that Olmsted and Vaux sought. The remaining 70% of Manhattan's parkland includes 204 playgrounds, 251 Greenstreets, 371 basketball courts , and many other amenities. The next-largest park in Manhattan, the Hudson River Park , stretches 4.5 miles (7.2 km) along the Hudson River and comprises 550 acres (220 ha). Other major parks include: Manhattan
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#173277267229310106-443: The world's tallest building . Manhattan's majority white ethnic group declined from 98.7% in 1900 to 58.3% by 1990. On March 25, 1911, the Triangle Shirtwaist Factory fire in Greenwich Village killed 146 garment workers , leading to overhauls of the city's fire department, building codes , and workplace safety regulations. In 1912, about 20,000 workers, a quarter of them women, marched upon Washington Square Park to commemorate
10269-407: The "werken" (meaning the works or city fortifications) were reinforced and expanded to protect against potential incursions from Native Americans , pirates, and the English. The English also expanded and improved the wall after their 1664 takeover (a cause of the Second Anglo-Dutch War ), as did the Dutch from 1673 to 1674 when they briefly retook the city during the Third Anglo-Dutch War , and by
10432-685: The 1,537,195 counted in the 2000 census . In 2010, the largest organized religious group in Manhattan was the Archdiocese of New York , with 323,325 Catholics worshiping at 109 parishes, followed by 64,000 Orthodox Jews with 77 congregations, an estimated 42,545 Muslims with 21 congregations, 42,502 non-denominational adherents with 54 congregations, 26,178 TEC Episcopalians with 46 congregations, 25,048 ABC-USA Baptists with 41 congregations, 24,536 Reform Jews with 10 congregations, 23,982 Mahayana Buddhists with 35 congregations, 10,503 PC-USA Presbyterians with 30 congregations, and 10,268 RCA Presbyterians with 10 congregations. Altogether, 44.0% of
10595-455: The 17th century. An actual city wall existed on the street from 1653 to 1699. During the 18th century, the location served as a slave market and securities trading site , and from 1703 onward, the location of New York's city hall, which became Federal Hall . In the early 19th century, both residences and businesses occupied the area, but increasingly the latter predominated, and New York's financial industry became centered on Wall Street. During
10758-415: The 1898 consolidation, this territory was organized as the Borough of the Bronx, though still part of New York County. In 1914, Bronx County was split off from New York County so that each borough was then coterminous with a county. When the western part of Queens County was consolidated with New York City in 1898, that area became the Borough of Queens. In 1899, the remaining eastern section of Queens County
10921-451: The 1920s, Manhattan experienced large arrivals of African-Americans as part of the Great Migration from the southern United States, and the Harlem Renaissance , part of a larger boom time in the Prohibition era that included new skyscrapers competing for the skyline, with the Woolworth Building (1913), 40 Wall Street (1930), Chrysler Building (1930) and the Empire State Building (1931) leapfrogging each other to take their place as
11084-438: The 1970s, job losses due to industrial restructuring caused New York City, including Manhattan, to suffer from economic problems and rising crime rates. 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 the decade and into the beginning of the 1990s. The 1980s saw a rebirth of Wall Street , and Manhattan reclaimed its role as
11247-415: The 19th century, the island was named so for a grove of hickory trees at its southern end that was considered ideal for the making of bows. In April 1524, Florentine explorer Giovanni da Verrazzano , sailing in service of Francis I of France , became the first documented European to visit the area that would become New York City. Verrazzano entered the tidal strait now known as The Narrows and named
11410-553: The 20th century, several early skyscrapers were built on Wall Street, including 40 Wall Street , once the world's tallest building. The street is near multiple subway stations and ferry terminals . The Wall Street area is home to the New York Stock Exchange , the world's largest stock exchange by total market capitalization , as well as the Federal Reserve Bank of New York , and commercial banks and insurance companies. Several other stock and commodity exchanges have also been located in Lower Manhattan near Wall Street, including
11573-431: The Atlantic port to the vast agricultural markets of the Midwestern United States and Canada . Tammany Hall , a Democratic Party political machine , began to grow in influence with the support of many of the immigrant Irish , culminating in the election of the first Tammany mayor, Fernando Wood , in 1854. Covering 840 acres (340 ha) in the center of the island, Central Park , which opened its first portions to
11736-569: The East River; and Governors Island and Liberty Island to the south in New York Harbor . The Island is about 13.4 miles (21.6 km) from north to south, and at its widest, 2.3 miles (3.7 km). Manhattan Island is loosely divided into Downtown ( Lower Manhattan ), Midtown ( Midtown Manhattan ), and Uptown ( Upper Manhattan ), with Fifth Avenue dividing Manhattan lengthwise into its East Side and West Side . Manhattan Island
11899-654: The English Duke of York and Albany , the future King James II. In August 1673, the Dutch reconquered the colony, renaming it "New Orange", but permanently relinquished it back to England the following year under the terms of the Treaty of Westminster that ended the Third Anglo-Dutch War . Manhattan was at the heart of the New York Campaign , a series of major battles in the early stages of
12062-667: The Fed" through a vehicle called the Fed's Discount Window, a sort of lender of last report. These efforts were highly controversial at the time, but from the perspective of 2010, it appeared the Federal exertions had been the right decisions. By 2010, Wall Street firms, in Clark's view, were "getting back to their old selves as engine rooms of wealth, prosperity and excess". A report by Michael Stoler in The New York Sun described
12225-555: The Financial Service cluster, there were three major sectors: more than 60 percent were in the securities industry ; 20 percent were in banking ; and 8 percent in insurance . Additionally, New Jersey has become the main technology infrastructure to support the Wall Street operations. A substantial amount of securities traded in the United States are executed in New Jersey as the data centers of electronic trading in
12388-597: The Fixed Income Clearing Corporation and Emerging Markets Clearing Corporation. Having a direct tie to Wall Street employment can be problematic for New Jersey, however. The state lost 7.9 percent of its employment base from 2007 to 2010 in the financial services sector in the fallout of the subprime mortgage crisis . Of the street's importance as a financial center, New York Times analyst Daniel Gross wrote: In today's burgeoning and increasingly integrated global financial markets —
12551-535: The Lenape throughout Manhattan. The name Manhattan originated from the Lenape 's language, Munsee , manaháhtaan (where manah- means "gather", -aht- means " bow ", and -aan is an abstract element used to form verb stems ). The Lenape word has been translated as "the place where we get bows" or "place for gathering the (wood to make) bows". According to a Munsee tradition recorded by Albert Seqaqkind Anthony in
12714-672: The SEC threw out the NYSE 's "Rule 394" which had required that "most stock transactions take place on the Big Board's floor", in effect freeing up trading for electronic methods. In 1976, banks were allowed to buy and sell stocks, which provided more competition for stockbrokers . Reforms had the effect of lowering prices overall, making it easier for more people to participate in the stock market. Broker commissions for each stock sale lessened, but volume increased. The Reagan years were marked by
12877-592: The Shanghai vaults of Chinese manufacturing magnates and in the coffers of funds controlled by governments in Singapore, Russia, Dubai , Qatar and Saudi Arabia that may amount to some $ 2.5 trillion. An example is the alternative trading platform known as BATS , based in Kansas City , which came "out of nowhere to gain a 9 percent share in the market for trading United States stocks". The firm has computers in
13040-547: The U.S. equity market for all major stock exchanges are located in North and Central Jersey . A significant amount of securities clearing and settlement workforce is also in the state. This includes the majority of the workforce of Depository Trust Company, the primary U.S. securities depository ; and the Depository Trust & Clearing Corporation , the parent company of National Securities Clearing Corporation,
13203-675: The United Nations is located in the Turtle Bay neighborhood of Midtown Manhattan. Manhattan hosts three of the world's top 10 most-visited tourist attractions: Times Square , Central Park , and Grand Central Terminal . Penn Station is the busiest transportation hub in the Western Hemisphere . Chinatown incorporates the highest concentration of Chinese people in the Western Hemisphere. Fifth Avenue
13366-526: The Wall Street employment wages were paid in the amount of almost $ 18.5 billion in the state. The industry contributed $ 39.4 billion or 8.4 percent to the New Jersey's gross domestic product in the same year. The most significant area with Wall Street employment is in Jersey City . In 2008, the "Wall Street West" employment contributed to one third of the private sector jobs in Jersey City. Within
13529-403: The area around historic Trinity Church. Cars, however, cannot pass. The Guardian reporter Andrew Clark described the years of 2006 to 2010 as "tumultuous", in which the heartland of America was "mired in gloom" with high unemployment around 9.6%, with average house prices falling from $ 230,000 in 2006 to $ 183,000, and foreboding increases in the national debt to $ 13.4 trillion, but that despite
13692-563: The average. Business writer John Brooks in his book Once in Golconda considered the start of the 20th century period to have been Wall Street's heyday. The address of 23 Wall Street , the headquarters of J. P. Morgan & Company , known as The Corner , was "the precise center, geographical as well as metaphorical, of financial America and even of the financial world". Wall Street has had changing relationships with government authorities. In 1913, for example, when authorities proposed
13855-482: The boroughs excluding Manhattan, even though the geographic center of the city is along the Brooklyn–Queens border. All five boroughs were created in 1898 during consolidation, when the city's modern boundaries were established. The Bronx originally included parts of New York County outside of Manhattan that had previously been ceded by neighboring Westchester County in two stages; in 1874 ( southern Yonkers , and
14018-405: The buildings on Wall Street itself saw only little physical damage. One estimate was that 45% of Wall Street's "best office space" had been lost. The NYSE was determined to re-open on September 17, almost a week after the attack. During this time Rockefeller Group Business Center opened additional offices at 48 Wall Street . Still, after September 11, the financial services industry went through
14181-525: The center of the Northeast megalopolis and the urban core of the New York metropolitan area . Manhattan serves as New York City's economic and administrative center and has been described as the cultural, financial, media , and entertainment capital of the world. Present-day Manhattan was originally part of Lenape territory. European settlement began with the establishment of a trading post by Dutch colonists in 1624 on southern Manhattan Island;
14344-532: The city became a hotbed of revolution (including anarchists and communists among others), syndicalism , racketeering , and unionization . In 1883, the opening of the Brooklyn Bridge across the East River established a road connection to Brooklyn and the rest of Long Island . In 1898, New York City consolidated with three neighboring counties to form "the City of Greater New York ", and Manhattan
14507-503: The city's role as a center of commerce and industry. By 1810, New York City, then confined to Manhattan, had surpassed Philadelphia as the most populous city in the United States. The Commissioners' Plan of 1811 laid out the island of Manhattan in its familiar grid plan . The city's role as an economic center grew with the opening of the Erie Canal in 1825, cutting transportation costs by 90% compared to road transport and connecting
14670-572: The city's skyline, most notably the Empire State Building, the Chrysler Building, and 30 Rockefeller Plaza . A postwar economic boom led to the development of huge housing developments targeted at returning veterans, the largest being Stuyvesant Town–Peter Cooper Village , which opened in 1947. The United Nations relocated to a new headquarters that was completed in 1952 along the East River. The Stonewall riots were
14833-496: The city's tax revenue, and 22 percent of the city's total wages, including an average salary of US$ 360,700. The seven largest Wall Street firms in the 2000s were Bear Stearns , JPMorgan Chase , Citigroup , Goldman Sachs , Morgan Stanley , Merrill Lynch and Lehman Brothers . During the recession of 2008–10, many of these firms, including Lehman, went out of business or were bought up at firesale prices by other financial firms. In 2008, Lehman filed for bankruptcy, Bear Stearns
14996-426: The city's tax revenues and 20% of the state's, the downturn has had huge repercussions for government treasuries. New York's mayor Michael Bloomberg reportedly over a four-year period dangled over $ 100 million in tax incentives to persuade Goldman Sachs to build a 43-story headquarters in the Financial District near the destroyed World Trade Center site. In 2009, things looked somewhat gloomy, with one analysis by
15159-555: The city. In some document collections the boroughs used to be designated with a one-letter abbreviation: K for Brooklyn, M for Manhattan, Q for Queens, R for Staten Island (Richmond County), and X for the Bronx. The term "sixth borough" is used to describe any of a number of places that have been metaphorically called a part of New York City because of their geographic location, demographics (they include large numbers of former New Yorkers), special affiliation, or cosmopolitan character. They have included adjacent cities and counties in
15322-544: The clamor of business and trade and the owners complaining that they can't get anything done," according to a historian named Burrows. The opening of the Erie Canal in the early 19th century meant a huge boom in business for New York City, since it was the only major eastern seaport which had direct access by inland waterways to ports on the Great Lakes . Wall Street became the "money capital of America". Historian Charles R. Geisst suggested that there has constantly been
15485-1048: The coldest winter month. Spring and autumn are unpredictable and can range from chilly to warm, although they are usually mild with low humidity. Summers are typically warm to hot and humid, with a daily mean temperature of 76.5 °F (24.7 °C) in July. Nighttime conditions are often exacerbated by the urban heat island phenomenon, which causes heat absorbed during the day to be radiated back at night, raising temperatures by as much as 7 °F (4 °C) when winds are slow. Daytime temperatures exceed 90 °F (32 °C) on average of 17 days each summer and in some years exceed 100 °F (38 °C). Extreme temperatures have ranged from −15 °F (−26 °C), recorded on February 9, 1934, up to 106 °F (41 °C) on July 9, 1936. Manhattan lies in USDA plant hardiness zone 7b (5 to 10 °F/-15 to -12.2 °C). Manhattan receives 49.9 inches (1,270 mm) of precipitation annually, which
15648-462: The coming of night and the suspension of business was entirely changed last night as hundreds of men worked under the glare of searchlights to repair the damage to skyscrapers that were lighted up from top to bottom. ... The Assay Office, nearest the point of explosion, naturally suffered the most. The front was pierced in fifty places where the cast iron slugs, which were of the material used for window weights, were thrown against it. Each slug penetrated
15811-449: The companies included in Dow's original calculations were American Tobacco Company , General Electric , Laclede Gas Company , National Lead Company , Tennessee Coal & Iron , and United States Leather Company . When the average "peaks and troughs" went up consistently, he deemed it a bull market condition; if averages dropped, it was a bear market . He added up prices, and divided by
15974-569: The constructions… by immediately digging a ditch from the East River to the North River, 4 to 5 feet deep and 11 to 12 feet wide..." And that "the soldiers and other servants of the Company, together with the free Negroes, no one excepted, shall complete the work on the fort by constructing a breastwork, and the farmers are to be summoned to haul the sod." The first Anglo-Dutch War ended in 1654 without hostilities in New Amsterdam, but over time
16137-575: The corner of Wall and Broad Street , the busiest corner of the Financial District and across the offices of the Morgan Bank , a powerful bomb exploded . It killed 38 and seriously injured 143 people. The perpetrators were never identified or apprehended. The explosion did, however, help fuel the Red Scare that was underway at the time. A report from The New York Times : The tomb-like silence that settles over Wall Street and lower Broadway with
16300-477: The corner of Wall and Broad streets", and in 1998, offered substantial tax incentives to try to keep it in the Financial District. Plans to rebuild it were delayed by the September 11 attacks. The exchange still occupies the same site. The exchange is the locus for a large amount of technology and data. For example, to accommodate the three thousand people who work directly on the exchange floor requires 3,500 kilowatts of electricity, along with 8,000 phone circuits on
16463-519: The counties are considered to be arms of the state government), rather than officials of the city government, they are not subject to the term limitations that govern other New York City officials such as the mayor, the New York City Public Advocate , members of the city council, or the borough presidents. Some civil court judges also are elected on a borough-wide basis, although they generally are eligible to serve throughout
16626-425: The dealer slipped him a heat-sealed plastic envelope of cocaine and he passed her cash, the transaction was being watched through the sunroof of her car by Federal drug agents in a nearby building. And the customer — an undercover agent himself -was learning the ways, the wiles and the conventions of Wall Street's drug subculture. In 1987, the stock market plunged, and, in the relatively brief recession following,
16789-525: The decade to 1,694,250, representing 19.2% of New York City's population of 8,804,194 and 8.4% of New York State's population of 20,201,230. The population density of New York County was 70,450.8 inhabitants per square mile (27,201.2/km) in 2022, the highest population density of any county in the United States and higher than the density of any individual U.S. city . At the 2010 census , there were 1,585,873 people living in Manhattan, an increase of 3.2% from
16952-403: The demarcation line for east/west designations. South of Waverly Place , Fifth Avenue terminates and Broadway becomes the east/west demarcation line. In Manhattan, uptown means north and downtown means south. This usage differs from that of most American cities, where downtown refers to the central business district. As of the 2020 census , Manhattan's population had increased by 6.8% over
17115-406: The economy changed from "agricultural to industrial to financial" and New York maintained its leadership position despite these changes, according to historian Thomas Kessner. New York was second only to London as the world's financial capital. In 1884, Charles Dow began tracking stocks, initially beginning with 11 stocks, mostly railroads. He looked at average prices for these eleven. Some of
17278-510: The fire. Many of the women wore fitted tucked-front blouses like those manufactured by the company, a clothing style that became the working woman's uniform and a symbol of women's liberation , reflecting the alliance of the labor and suffrage movements. Despite the Great Depression , some of the world's tallest skyscrapers were completed in Manhattan during the 1930s, including numerous Art Deco masterpieces that are still part of
17441-430: The first official designation of Wall Street in 1686, the same year he issued a new charter for New York. Confusion over the origins of the name Wall Street appeared in modern times because in the 19th and early 20th century some historians mistakenly thought the Dutch had called it "de Waal Straat", which to Dutch ears sounds like Walloon Street. However, in 17th century New Amsterdam, de Waal Straat (Wharf or Dock Street)
17604-553: The former investment firm of Donaldson, Lufkin & Jenrette was described as a Wall Street firm but had its headquarters on Park Avenue in Midtown . A report described the migration from Wall Street: The financial industry has been slowly migrating from its historic home in the warren of streets around Wall Street to the more spacious and glamorous office towers of Midtown Manhattan. Morgan Stanley, J.P. Morgan Chase, Citigroup, and Bear Stearns have all moved north. Nevertheless,
17767-528: The headquarters of banks. These include: Another key anchor for the area is the New York Stock Exchange Building at the corner of Broad Street . It houses the New York Stock Exchange , which is by far the world's largest stock exchange per market capitalization of its listed companies, at US$ 28.5 trillion as of June 30, 2018. City authorities realize its importance, and believed that it has "outgrown its neoclassical temple at
17930-414: The highest sale price per square foot in the United States. Manhattan is home to Wall Street as well as the world's two largest stock exchanges by total market capitalization , the New York Stock Exchange and Nasdaq . Many multinational media conglomerates are based in Manhattan, as are numerous colleges and universities, such as Columbia University and New York University . The headquarters of
18093-470: The land around Upper New York Harbor New Angoulême , in reference to the family name of King Francis I; he sailed far enough into the harbor to sight the Hudson River , and he named the Bay of Santa Margarita – what is now Upper New York Bay – after Marguerite de Navarre , the elder sister of the king. Manhattan was first mapped during a 1609 voyage of Henry Hudson . Hudson came across Manhattan Island and
18256-458: The late 1600s the wall encircled most of the city and had two large stone bastions on the northern side. The Dutch named these bastions "Hollandia" and "Zeelandia" after the ships that carried their invasion force. The wall started at Hanover Square on Pearl Street, which was the shoreline at that time, crossed the Indian path that the Dutch called Heeren Wegh , now called Broadway , and ended at
18419-486: The late 18th century, there was a buttonwood tree at the foot of Wall Street under which traders and speculators would gather to trade securities. The benefit was being in proximity to each other. In 1792, traders formalized their association with the Buttonwood Agreement which was the origin of the New York Stock Exchange . The idea of the agreement was to make the market more "structured" and "without
18582-467: The late 19th century and is a world symbol of the United States and its ideals. Manhattan became a borough during the consolidation of New York City in 1898 , and houses New York City Hall , the seat of the city's government . Harlem in Upper Manhattan became the center of what is now known as the cultural Harlem Renaissance in the 1920s. The Stonewall Inn in Greenwich Village , part of
18745-456: The late 19th century. Wall Street became the symbol of a country and economic system that many Americans see as having developed through trade, capitalism, and innovation. The term "Wall Street" has become a metonym for the financial markets of the United States as a whole, the American financial services industry , or New York–based financial interests. Wall Street has become synonymous with financial interests, often used negatively. During
18908-436: The locus of financial services dealings even by 1911. But as technology progressed, in the middle and later decades of the 20th century, computers and telecommunications replaced paper notifications, meaning that the close proximity requirement could be bypassed in more situations. Many financial firms found that they could move to Midtown Manhattan , only four miles (6 km) away, and still operate effectively. For example,
19071-402: The lower tip of the island. The Civil War greatly expanded the northern economy, bringing greater prosperity to cities like New York which "came into its own as the nation's banking center" connecting "Old World capital and New World ambition", according to one account. J. P. Morgan created giant trusts and John D. Rockefeller 's Standard Oil moved to New York City. Between 1860 and 1920,
19234-439: The manipulative auctions", with a commission structure. Persons signing the agreement agreed to charge each other a standard commission rate; persons not signing could still participate but would be charged a higher commission for dealing. In 1789, Wall Street was the scene of the United States' first presidential inauguration when George Washington took the oath of office on the balcony of Federal Hall on April 30, 1789. This
19397-561: The matter was definitively settled later that year when the New York Legislature overwhelmingly passed legislation declaring the neighborhood part of both New York County and the Borough of Manhattan. Within New York Harbor , there are three smaller islands: Other smaller islands, in the East River , include (from north to south): The bedrock underlying much of Manhattan consists of three rock formations: Inwood marble , Fordham gneiss , and Manhattan schist , and
19560-405: The media, they are technically and legally the district attorneys of New York County and Kings County, respectively. The same goes for Staten Island. There is no such distinction made for the district attorneys of the other two counties, Queens and the Bronx, since these boroughs share the respective counties' names. Because the five district attorneys are, technically speaking, state officials (since
19723-522: The members of the 59 largely advisory community boards in the city's various neighborhoods. The Brooklyn and Queens borough presidents also appoint trustees to the local public library systems in those boroughs. Being coextensive with an individual county, each borough also elects a district attorney , as does every other county of New York State. While the district attorneys of Manhattan and Brooklyn are popularly referred to as "Manhattan D.A. Cyrus Vance, Jr. ", or "Brooklyn D.A. Kenneth P. Thompson " by
19886-689: The moderating effects of the Atlantic Ocean , yet the Atlantic and the partial shielding from colder air by the Appalachians keep the city warmer in the winter than inland North American cities at similar or lesser latitudes. The daily mean temperature in January, the area's coldest month, is 32.6 °F (0.3 °C); temperatures usually drop to 10 °F (−12 °C) several times per winter, and reach 60 °F (16 °C) several days in
20049-420: The name of the county unchanged. There are hundreds of distinct neighborhoods throughout the five boroughs of New York City, many with a definable history and character to call their own. Since 1914, each of New York City's five boroughs has been coextensive with a county of New York State – unlike most U.S. cities , which lie within a single county or extend partially into another county, constitute
20212-470: The native people living there, and continued up the river that would later bear his name, the Hudson River . Manhattan was first recorded in writing as Manna-hata , in the logbook of Robert Juet, an officer on the voyage. A permanent European presence in New Netherland began in 1624, with the founding of a Dutch fur trading settlement on Governors Island . In 1625, construction was started on
20375-463: The number and quality of financial jobs in the city. One estimate was that Wall Street firms employed close to 200,000 persons in 2008. Another estimate was that in 2007, the financial services industry which had a $ 70 billion profit became 22 percent of the city's revenue. Another estimate (in 2006) was that the financial services industry makes up 9% of the city's work force and 31% of the tax base. An additional estimate from 2007 by Steve Malanga of
20538-538: The number of stocks to get his Dow Jones average . Dow's numbers were a "convenient benchmark" for analyzing the market and became an accepted way to look at the entire stock market . In 1889 the original stock report, Customers' Afternoon Letter , became The Wall Street Journal . Named in reference to the actual street, it became an influential international daily business newspaper published in New York City. After October 7, 1896, it began publishing Dow's expanded list of stocks. A century later, there were 30 stocks in
20701-676: The original outer barrier street, wall, and canal of Amsterdam . After the English conquest of New Netherland in 1664, they renamed the settlement "New York" and in tax records from April 1665 (still in Dutch) they refer to the street as Het Cingel ofte Stadt Wall ("the Belt or the City Wall"). This use of both names for the street also appears as late as 1691 on the Miller Plan of New York. New York Governor Thomas Dongan may have issued
20864-429: The other shoreline (today's Trinity Place), where it took a turn south and ran along the shore until it ended at the old fort . There was a gate at Broadway (the "Land Gate") and another at Pearl Street, the "Water Gate." The wall and its fortifications were eventually removed in 1699—it had outlived its usefulness because the city had grown well beyond the wall. A new City Hall was built at Wall and Nassau in 1700 using
21027-505: The overall percent of actual users was most likely small. A reporter wrote: The Wall Street drug dealer looked like many other successful young female executives. Stylishly dressed and wearing designer sunglasses, she sat in her 1983 Chevrolet Camaro in a no-parking zone across the street from the Marine Midland Bank branch on lower Broadway. The customer in the passenger seat looked like a successful young businessman. But as
21190-845: The population was claimed as members by religious congregations, although members of historically African-American denominations were underrepresented due to incomplete information. In 2014, Manhattan had 703 religious organizations, the seventeenth most out of all US counties. There is a large Buddhist temple in Manhattan located at the foot of the Manhattan Bridge in Chinatown . As of 2015, 60.0% (927,650) of Manhattan residents, aged five and older, spoke only English at home, while 22.63% (350,112) spoke Spanish, 5.37% (83,013) Chinese, 2.21% (34,246) French, 0.85% (13,138) Korean, 0.72% (11,135) Russian, and 0.70% (10,766) Japanese. In total, 40.0% of Manhattan's population, aged five and older, spoke
21353-428: The population, along with visitors, tourists, and commuting students. The commuter influx of 1.61 million workers coming into Manhattan was the largest of any county or city in the country. Boroughs of New York City The boroughs of New York City are the five major governmental districts that compose New York City . They are the Bronx , Brooklyn , Manhattan , Queens , and Staten Island . Each borough
21516-484: The post was named New Amsterdam in 1626. The territory and its surroundings came under English control in 1664 and were renamed New York after King Charles II of England granted the lands to his brother, the Duke of York . New York, based in present-day Lower Manhattan , served as the capital of the United States from 1785 until 1790. The Statue of Liberty in New York Harbor greeted millions of arriving immigrants in
21679-539: The public in 1858, became the first landscaped public park in an American city. New York City played a complex role in the American Civil War . The city had strong commercial ties to the South , but anger around conscription , resentment against Lincoln's war policies and paranoia about free Blacks taking the jobs of poor immigrants culminated in the three-day-long New York Draft Riots of July 1863, among
21842-560: The public. Analyst Robert Kuttner in the Huffington Post criticized the bailout as helping large Wall Street firms such as Citigroup while neglecting to help smaller community development banks such as Chicago's ShoreBank . One writer in the Huffington Post looked at FBI statistics on robbery, fraud, and crime and concluded that Wall Street was the "most dangerous neighborhood in the United States" if one factored in
22005-469: The setbacks, the American economy was once more "bouncing back". What had happened during these heady years? Clark wrote: But the picture is too nuanced simply to dump all the responsibility on financiers. Most Wall Street banks didn't actually go around the US hawking dodgy mortgages; they bought and packaged loans from on-the-ground firms such as Countrywide Financial and New Century Financial, both of which hit
22168-585: The shorelines of the borough and the metropolitan area to minimize the risk of destructive consequences from another such event in the future. On October 31, 2017 , a terrorist drove a truck down a bike path alongside the West Side Highway in Lower Manhattan, killing eight. According to the United States Census Bureau , New York County has a total area of 33.6 square miles (87 km), of which 22.8 square miles (59 km)
22331-429: The sidewalk, prompted the passage of the 1916 Zoning Resolution , requiring new buildings to contain setbacks withdrawing progressively at a defined angle from the street as they rose, in order to preserve a view of the sky at street level. Manhattan's skyline includes several buildings that are symbolic of New York, in particular the Chrysler Building and the Empire State Building , which sees about 4 million visitors
22494-606: The site was used to expand the Manhattan shoreline across West Street, creating Battery Park City . Constructed on piers at a cost of $ 260 million, Little Island opened on the Hudson River in May 2021, connected to the western termini of 13th and 14th Streets by footbridges . Marble Hill was part of the northern tip of Manhattan Island, but the Harlem River Ship Canal , dug in 1895 to better connect
22657-539: The small neighborhood of Marble Hill now on the U.S. mainland . Manhattan Island is divided into three informally bounded components, each cutting across the borough's long axis: Lower Manhattan, Midtown , and Upper Manhattan. Manhattan is one of the most densely populated locations in the world, with a 2020 census population of 1,694,250 living in a land area of 22.66 square miles (58.69 km), or 72,918 residents per square mile (28,154 residents/km), and coextensive with New York County, its residential property has
22820-478: The stone an inch or two [3–5 cm] and chipped off pieces ranging from three inches to a foot [8–30 cm] in diameter. The ornamental iron grill work protecting each window was broken or shattered. ... the Assay Office was a wreck. ... It was as though some gigantic force had overturned the building and then placed it upright again, leaving the framework uninjured but scrambling everything inside. The area
22983-519: The stones from the bastions as materials for the foundation. Slavery had been introduced to Manhattan in 1626, but it was not until December 13, 1711, that the New York City Common Council made a market at the foot of Wall Street the city's first official slave market for the sale and rental of enslaved Black people and Indians. The market operated from 1711 to 1762 at the corner of Wall and Pearl Streets, and consisted of
23146-639: The structure began in October 1963. The loss of Penn Station led directly to the enactment in 1965 of a local law establishing the New York City Landmarks Preservation Commission , which is responsible for preserving the "city's historic, aesthetic, and cultural heritage ". The historic preservation movement triggered by Penn Station's demise has been credited with the retention of some one million structures nationwide, including over 1,000 in New York City. In 2017,
23309-404: The surrounding area lost 100,000 jobs according to one estimate. Since telecommunications costs were coming down, banks and brokerage firms could move away from the Financial District to more affordable locations. One of the firms looking to move away was the NYSE. In 1998, the NYSE and the city struck a $ 900 million deal which kept the NYSE from moving across the river to Jersey City ; the deal
23472-406: The three eastern towns of Queens County that had not joined the city the year before—the towns of Hempstead , North Hempstead , and Oyster Bay —formally seceded from Queens County to form the new Nassau County . The borough of Staten Island, coextensive with Richmond County, was officially the borough of Richmond until the name was changed in 1975 to reflect its common appellation, while leaving
23635-487: The towns of Kingsbridge , West Farms , and Morrisania ) and then following a referendum in 1894 (towns of Westchester , Williamsbridge , and the southern portion of Eastchester ). Ultimately in 1914, the present-day separate Bronx County became the most recent county to be created in the State of New York. The borough of Queens consists of what formerly was only the western part of a then-larger Queens County. In 1899,
23798-511: The trading floor alone, and 200 miles (320 km) of fiber-optic cable below ground. Finance professor Charles R. Geisst wrote that the exchange has become "inextricably intertwined into New York's economy". Wall Street pay, in terms of salaries and bonuses and taxes, is an important part of the economy of New York City , the tri-state metropolitan area , and the United States . Anchored by Wall Street, New York City has been called
23961-471: The world's financial center , with Wall Street employment doubling from 1977 to 1987. The 1980s also saw Manhattan at the heart of the AIDS crisis , with Greenwich Village at its epicenter. In the 1970s, Times Square and 42nd Street – with its sex shops , peep shows , and adult theaters, along with its sex trade , street crime, and public drug use – became emblematic of the city's decline, with
24124-399: The world's most economically powerful city and leading financial center . As such, a falloff in Wall Street's economy could have "wrenching effects on the local and regional economies". In 2008, after a downturn in the stock market, the decline meant $ 18 billion less in taxable income, with less money available for "apartments, furniture, cars, clothing and services". Estimates vary about
24287-532: The world." By the 1990s, crime rates began to drop dramatically and the city once again became the destination of immigrants from around the world, joining with low interest rates and Wall Street bonus payments to fuel the growth of the real estate market. Important new sectors, such as Silicon Alley , emerged in the Flatiron District , cementing technology as a key component of Manhattan's economy. The 1993 World Trade Center bombing , described by
24450-533: The worst incidents of civil disorder in American history. The rate of immigration from Europe grew steeply after the Civil War, and Manhattan became the first stop for millions seeking a new life in the United States, a role acknowledged by the dedication of the Statue of Liberty in 1886. This immigration brought further social upheaval. In a city of tenements packed with poorly paid laborers from dozens of nations,
24613-552: Was a section of what is today's Pearl Street . The original wall was constructed under orders from Director General of the Dutch West India Company , Peter Stuyvesant , at the start of the first Anglo-Dutch war soon after New Amsterdam was incorporated in 1653. Fearing an over land invasion of English troops from the colonies in New England (at the time Manhattan was easily accessible by land because
24776-510: Was also the location of the passing of the Bill of Rights . Alexander Hamilton , who was the first Treasury secretary and "architect of the early United States financial system", is buried in the cemetery of Trinity Church , as is Robert Fulton famed for his steamboats . In the first few decades, both residences and businesses occupied the area, but increasingly business predominated. "There are old stories of people's houses being surrounded by
24939-399: Was bought by JPMorgan Chase forced by the U.S. government , and Merrill Lynch was bought by Bank of America in a similar shot-gun wedding. These failures marked a catastrophic downsizing of Wall Street as the financial industry goes through restructuring and change. Since New York's financial industry provides almost one-fourth of all income produced in the city, and accounts for 10% of
25102-562: Was closed for weather-related reasons, the first time since Hurricane Gloria in September 1985 and the first two-day weather-related shutdown since the Blizzard of 1888 . Wall Street's architecture is generally rooted in the Gilded Age . The older skyscrapers often were built with elaborate facades, which have not been common in corporate architecture for decades. There are numerous landmarks on Wall Street, some of which were erected as
25265-459: Was described as the "largest in city history to prevent a corporation from leaving town". In 2001, the Big Board , as some termed the NYSE, was described as the world's "largest and most prestigious stock market". When the World Trade Center was destroyed on September 11, 2001 , the attacks "crippled" the communications network and destroyed many buildings in the Financial District, although
25428-641: Was established as one of the five boroughs of New York City . The Bronx remained part of New York County until 1914, when Bronx County was established. The construction of the New York City Subway , which opened in 1904, helped bind the new city together, as did the completion of the Williamsburg Bridge (1903) and Manhattan Bridge (1909) connecting to Brooklyn and the Queensboro Bridge (1909) connecting to Queens. In
25591-434: Was opened in January 2021. Parkland covers a total of 2,659 acres (10.76 km), accounting for 18.2% of the borough's land area; the 840-acre (3.4 km) Central Park is the borough's largest park, comprising 31.6% of Manhattan's parkland. Designed by Frederick Law Olmsted and Calvert Vaux , the park is anchored by the 12-acre (4.9 ha) Great Lawn and offers extensive walking tracks , two ice-skating rinks,
25754-637: Was reduced four times before 1960, each time stimulating a mini-rally and boosting volume, and when the Federal Reserve reduced the margin requirements from 90% to 70%. These changes made it somewhat easier for investors to buy stocks on credit. The growing national economy and prosperity led to a recovery during the 1960s, with some down years during the early 1970s in the aftermath of the Vietnam War . Trading volumes climbed; in 1967, according to Time Magazine , volume hit 7.5 million shares
25917-403: Was safe" on Wall Street. A few days later, on October 24, stock values plummeted. The stock market crash of 1929 ushered in the Great Depression , in which a quarter of working people were unemployed, with soup kitchens, mass foreclosures of farms, and falling prices. During this era, development of the Financial District stagnated, and Wall Street "paid a heavy price" and "became something of
26080-508: Was split off to form Nassau County on Long Island , thereafter making the borough and county of Queens coextensive with each other. The term borough was adopted in 1898 to describe a form of governmental administration for each of the five fundamental constituent parts of the newly consolidated city . Under the 1898 City Charter adopted by the New York State Legislature, a borough is a municipal corporation that
26243-423: Was subjected to numerous threats; one bomb threat in 1921 led to detectives sealing off the area to "prevent a repetition of the Wall Street bomb explosion". September 1929 was the peak of the stock market. October 3, 1929, was when the market started to slip, and it continued throughout the week of October 14. In October 1929, renowned Yale economist Irving Fisher reassured worried investors that their "money
26406-405: Was that Wall Street provided a fourth of all personal income earned in the city, and 10% of New York City's tax revenue. The city's securities industry, enumerating 163,400 jobs in August 2013, continues to form the largest segment of the city's financial sector and an important economic engine, accounting in 2012 for 5 percent of private sector jobs in New York City, 8.5 percent (US$ 3.8 billion) of
26569-401: Was where the United States Supreme Court met for the first time, the United States Bill of Rights were drafted and ratified, and where the Northwest Ordinance was adopted, establishing measures for admission to the Union of new states. New York grew as an economic center, first as a result of Alexander Hamilton 's policies and practices as the first Secretary of the Treasury to expand
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