Did you know that present day New York City began in the area of what is now Lower Manhattan? For just $24, Peter Minuit purchased all of Manhattan from the local Indians in 1626. The Dutch settlement of New Amsterdam followed in 1653 with a population of 800. It became a bustling trading center for both the Europeans and Indians. After the English seized the city, they changed the name of the city to New York City.
Downtown remains the symbolic center of the world's economy. There's the headquarters of the New York and American stock exchanges, as well as Chase Bank, J. P. Morgan, American Express, Dow Jones and Merrill Lynch and many others. That’s some expensive New York City Real Estate!
The skyline is a mix of the brownstone spires and the more modern look of the Singer and Woolworth buildings. Due to progressive zoning changes and incentives over the past few years, older commercial properties have been transformed into residential use. Thousands of new apartments have been developed in Lower Manhattan. Of course, rents and sales prices are high, but it wouldn’t be New York without it!
