- Tribeca’s 10007 is the richest ZIP code in New York City, where residents have an average income of $US879,000, according to Bloomberg.
- It’s also the most expensive ZIP code in the city, with a median sale price of $US3.9 million, according to a recent PropertyShark report.
- I spent an afternoon in the trendy Manhattan neighbourhood earlier this year, and it was a clear example of how the look of wealth is changing.
- Tribeca draws a stark contrast to Billionaires’ Row, where hedge-fund and tech billionaires buy penthouses – many of which are secondary residences – at the top of sleek 1,000-foot-tall towers in midtown Manhattan, an area bustling with tourism and retail.
- The city’s richest ZIP code, on the other hand, is a vibrant, trendy, and walkable neighbourhood full of young people and families.
- Visit Business Insider’s homepage for more stories.
Tribeca, a trendy neighbourhood in downtown Manhattan, is home to New York City’s richest ZIP code, where the average income of residents is $US879,000, Bloomberg reported.
It’s the fifth-richest ZIP code in the US, according to Bloomberg’s ranking.
Tribeca is “the epitome of downtown cool,” according to StreetEasy. The neighbourhood, which borders the Hudson River to the west and the Financial District to the south, is a celebrity hotspot that has been home to stars including Taylor Swift, Jennifer Lawrence, and Steven Spielberg.
And real estate in Tribeca is notoriously pricey. PropertyShark ranked it the most expensive neighbourhood in New York City, with a median sale price of $US3.9 million. The median rent is $US6,195, according to StreetEasy.
Earlier this year, I spent an afternoon walking through the downtown Manhattan neighbourhood. Here’s what New York City’s richest and most expensive ZIP code looks like.
Tribeca, a trendy neighbourhood in downtown Manhattan, is New York City’s richest ZIP code.
The average income of Tribeca residents is $US879,000, according to a recent report from Bloomberg, making it the fifth-richest ZIP code in the US.
It’s also the most expensive ZIP code in New York City, with a median sale price of $US3.9 million, according to a recent report from PropertyShark.
Tribeca sits on the west side of lower Manhattan.
It borders the Hudson River to the west, SoHo to the north, Chinatown to the east, and the Financial District to the south.
Tribeca is well-served by public transportation.
The A, C, E, 2, 3, N, Q, R, and W trains all serve various parts of the neighbourhood.
On a late-spring afternoon earlier this year, I decided to take a walking tour of Tribeca to get a feel for the neighbourhood.
I walked up from my office in the Financial District, the neighbourhood directly south of Tribeca. Even though it’s not far from where I work, I had never spent much time in the neighbourhood.
Tribeca, which used to be home to warehouses, is known for its industrial architecture.
But in recent years, sleek luxury condominium towers have been rising across the neighbourhood.
The tallest building in the neighbourhood is 56 Leonard, a 60-story tower built in 2015.
It houses 145 condominium residences, including a four-bedroom penthouse on sale for $US24.5 million. Another penthouse is listed for rent for $US123,000 per month.
The cheapest available units in the building are a two-bedroom condo for $US4.85 million and a one-bedroom rental for $US8,850 per month, according to StreetEasy.
Tribeca is home to a Whole Foods Market that spans an entire city block.
It’s one of two Whole Foods locations in lower Manhattan.
I also passed chains like Starbucks and the luxury fitness centre Equinox, which has locations across New York City.
I saw many young families and parents pushing strollers in the neighbourhood.
According to Niche, Tribeca is a relatively young neighbourhood, with 45% of its population between ages 18 and 44.
One of New York City’s most prestigious schools, Stuyvesant High School, is in Tribeca.
Wealthy New York families will pay a premium to live within walking distance of schools like Stuyvesant High School, Business Insider’s Hillary Hoffower previously reported. The median sale price near the high school is $US1.86 million.
I was surprised by the amount of green space I found in Tribeca.
I stumbled upon Teardrop Park, a 2-acre green space tucked away between Warren Street and Murray Street where a children’s birthday party seemed to be taking place.
And just a few minutes’ walk away is Hudson River Park, which offers panoramic views of the Hudson River and the New Jersey skyline.
It’s the longest riverfront park in the US.
Tribeca is one of New York City’s oldest neighbourhoods, and much of its pre-Civil War architecture is intact.
“[Tribeca] boasts one of the world’s largest collections of Neo-Grec designs and wrought-iron facades, in loft-style low-rises that real estate investors from around the globe covet,” Heather Senison wrote for Forbes in 2018.
The neighbourhood is known for its celebrity residents, several of whom have been known to cluster in one luxury condominium building: 443 Greenwich.
The luxury building has been called “paparazzi-proof” because of features such as its lower-level parking and interior courtyard garden.
Jennifer Lawrence looked into buying a condo there, according to Curbed New York, and Mike Myers bought a $US14.65 million loft in the building in 2017, only to put it on the market a week later and eventually resell it at a loss for $US14 million.
A penthouse in the building was on the market for $US57 million earlier this year. As of September 16, it was no longer available.
The neighbourhood is full of leafy cobblestone streets that are surprisingly quiet.
I can certainly understand why those areas would be attractive to celebrity buyers.
I started to head back toward the Financial District and passed a doggy daycare called PupCulture that had a sign out front advertising CBD products for dogs.
The sign read: “We now carry CBD oils, capsules, and edibles … for the puppies!”
Given the skyrocketing popularity of CBD products, I shouldn’t have been too surprised.
As I strolled through the neighbourhood, I noticed that Tribeca is home to virtually all of the trendiest chains in the city, from restaurants to fitness centres.
Sweetgreen and Dig Inn, two of the most popular fast-casual healthy-ish dining options in the city, can both be found in Tribeca.
And when it comes to fitness, in addition to the usual suspect, Equinox – which can be found all over the city – Tribeca is home to Flywheel Sports, SoulCycle, Crunch Fitness, Barry’s Bootcamp, Planet Fitness, Pure Barre, SLT Tribeca, a CrossFit gym, and other fitness centres.
Tribeca is also home to upscale eateries.
Among those eateries is Cut by Wolfgang Puck, “where New Yorkers broker deals over power meals,” according to its website, as well as Wolfgang’s Steakhouse.
The temperatures were in the low 80s during my tour of the neighbourhood.
Many people were taking advantage of the weather by eating and drinking outside.
I noticed people wearing a lot of stylish athleisure jumpsuits, summer dresses, and sneakers.
I was also surprised by how many big dogs I saw in the neighbourhood, given that New York City is home to some notoriously cramped apartments.
But considering the average income in the neighbourhood is $US879,000, I can also see how residents might have more disposable income to pay a place like PupCulture to walk their large dogs – and feed them CBD edibles.
As I wrapped up my tour of Tribeca, it struck me that the neighbourhood draws a stark contrast to Billionaires’ Row, the stretch of luxury skyscrapers along Central Park in midtown Manhattan.
On Billionaires’ Row, penthouses sit at the top of 1,000-foot-tall luxury towers along Central Park, while most of the homes in Tribeca are literally more down-to-earth.
And while midtown Manhattan is a bustling business, tourism, and retail district, Tribeca is more walkable, a key factor when millennials are deciding where to live, with cobblestone streets and a vibrant restaurant and bar scene.
Millennials have also been called the “wellness generation,” and they are willing to shell out serious money on gym memberships, which helps explain the plethora of fitness centres in Tribeca.
To me, while Billionaires’ Row strikes me as more “old money,” Tribeca, with its SoulCycles and Sweetgreens, exemplifies the changing look of wealth in the city.
Business Insider Emails & Alerts
Site highlights each day to your inbox.