Economy




Midtown Manhattan, along with Lower Manhattan, is one of the world's leading financial centers.

Corporate headquartersedit

Midtown Manhattan is the world's largest central business district, with 400 million square feet (37.2 million m2) of office space in 2018. Midtown contains the headquarters of major companies, including 4Kids Entertainment (formerly), Barnes & Noble, Bloomberg L.P., Ernst & Young, Calvin Klein, Cantor Fitzgerald, CBS Corporation, Citigroup, Colgate-Palmolive, Cushman & Wakefield, DC Comics, Deloitte, Duane Reade, Estée Lauder Companies, Foot Locker, Frederator Studios, JPMorgan Chase, Hess Corporation, Kroll Inc., L-3 Communications, Marsh & McLennan Companies, Marvel Entertainment, MetLife, MidOcean Partners, Morgan Stanley, NBC Universal, The New York Times Company, NexCen Brands, Pfizer, Polo Ralph Lauren, Saks Incorporated (Saks Fifth Avenue), The Sharper Image, Simon & Schuster, Six Flags, TBWA Worldwide, Telemundo, Thomson Reuters, Time Warner, Time Warner Cable, The Travelers Companies, Univision Communications, and Viacom. The New York Institute of Finance is located in Midtown Manhattan.

Foreign subsidiary operationsedit

Haier operates its United States offices in the Haier Building at 1356 Broadway; the building used to be a building of the Greenwich Savings Bank. Haier held the opening ceremony on March 4, 2002. Sumitomo Corporation operates its New York Office, the headquarters of the corporation's United States operations, at 600 Third Avenue, 10016 in the Murray Hill neighborhood. El Al's North American headquarters are in Midtown. The Air France USA regional headquarters are in 125 West 55th Street in Midtown Manhattan. Hachette Book Group USA has its headquarters in 237 Park Avenue. In 1994 Alitalia considered moving its USA headquarters from Midtown to Lower Manhattan, but decided to keep the offices where they were at the last minute. Global Infrastructure Partners has an office in Midtown Manhattan.

Tech and biotechedit

Silicon Alley, the common metonym for New York City's high tech sector, is based in Midtown South, specifically the Flatiron District. Prominent Silicon Alley companies in Midtown include AppNexus, Blue Apron, Gilt, Betterment, Oscar, SoFi, Rent the Runway, Warby Parker, and WeWork. The technology sector has been expanding across Midtown Manhattan since 2010. The biotechnology sector is also growing in Midtown Manhattan based upon the city's strength in academic scientific research and public and commercial financial support. By mid-2014, Accelerator, a biotech investment firm, had raised more than US$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 center and with nearby academic, medical, and research institutions. 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 US$100 million to help launch 15 to 20 ventures in life sciences and biotechnology.

Real estateedit

Real estate is a major force in Midtown Manhattan's economy, and indeed the city's, as the total value of all New York City property was estimated at US$914.8 billion for the 2015 fiscal year. Manhattan has perennially been home to some of the nation's, as well as the world's, most marketable real estate, including the Time Warner Center, which had the highest-listed market value in the city in 2006 at US$1.1 billion, to be subsequently surpassed in October 2014 by the Waldorf Astoria New York, which became the most expensive hotel ever sold after being purchased by the Anbang Insurance Group, based in China, for US$1.95 billion. When 450 Park Avenue was sold on July 2, 2007, for US$510 million, about US$1,589 per square foot (US$17,104/m2), it broke the barely month-old record for an American office building of US$1,476 per square foot (US$15,887/m2) based on the sale of 660 Madison Avenue. In 2014, Manhattan was home to six of the top ten zip codes in the United States by median housing price. In 2019, the most expensive home sale ever in the United States achieved completion in Midtown Manhattan, at a selling price of US$238 million, for a 24,000 square feet (2,200 m2) penthouse apartment overlooking Central Park.

Broadway theatreedit

According to The Broadway League, shows on Broadway sold approximately US$1.27 billion worth of tickets in the 2013–2014 season, an increase of 11.4% from US$1.139 billion in the 2012–2013 season; attendance in 2013-2014 stood at 12.21 million, a 5.5% increase from the 2012–2013 season's 11.57 million.

Former economic operationsedit

Companies that used to have their headquarters in Midtown Manhattan include American Airlines, American Comics Group, American Overseas Airlines, Central Park Media, Eastern Air Lines, GoodTimes Entertainment, LJN, NewKidCo, Pan American World Airways, Philip Morris Companies (now Altria Group), Trans Caribbean Airways, and Trans World Airlines. In 1997, Aer Lingus announced that it was moving its North American headquarters from Midtown to Melville, New York, in Suffolk County on Long Island.

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