Forget the Upper East Side — Manhattan's richest neighbourhood is all about subtle wealth, and it shows a major evolution in how the elite are living

JJFarq/ShutterstockTribeca has the richest ZIP code in Manhattan.

Manhattan’s richest ZIP code doesn’t have Central Park views or iconic street names.

Tribeca has become a hub for wealth in the city, and its southern 10007 ZIP code was fifth in Bloomberg’s ranking of America’s richest ZIP codes, placing for the first time and outranking other Manhattan neighbourhoods.

“It’s very subtle wealth,” Darren Sukenik, the director of luxury sales at Douglas Elliman, told Shelly Hagan and Wei Lu of Bloomberg. “You don’t know who is behind which door in Tribeca.”

Sukenik added: “It’s not like Park Avenue or Madison Avenue. There’s not a Ferrari sitting outside.”

The average annual income in the ZIP code is $US879,000, Hagan and Lu reported, citing 2016 tax returns.

According to Zillow, the median price of listed homes in the area is $US3.8 million. But new Tribeca developments are known for even pricier apartments – penthouses in 30 Park Place, which has Four Seasons private residences, are selling for about $US30 million, Hagan and Lu wrote.

Read more:
We went to New York City’s most expensive neighbourhood – home to Wall Streeters and celebrities like Taylor Swift – and saw why it’s so popular

The lifestyle of Tribeca’s rich shows the rise of discreet wealth

A former center for industrial and manufacturing, Tribeca began transforming in the 1980s when warehouses were converted for residential use, appealing to “more progressive and edgier individuals,” Hagan and Lu wrote.

While Tribeca’s lofts have attracted artists, its quiet streets and proximity to the Financial District have also made it popular with Wall Streeters and celebrities like Beyoncé, Jay-Z, and Taylor Swift, Business Insider previously reported.

Swift owns nearly $US40 million worth of property in Tribeca on the same street: a four-story townhouse, a condo, and two adjacent penthouses that she transformed into a duplex penthouse.

But the lack of pomp and grandeur among such Tribeca residents is part of the rise of discreet wealth, in which showing off wealth is no longer the preferred way to signify having it. Instead, the wealthy are choosing to invest in intangible things, like education and health.

Discreet wealth is also taking shape for privacy reasons. Experts in high-end security previously told Business Insider that rich people were spending more on measures to conceal their wealth at home as they seek to be more private and secure in a technological age.

Ultimately, open displays of wealth are becoming less ubiquitous among the ultra-high-net-worth crowd, who don’t always want to attract attention.

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