Manhattan is the beating heart of New York and the city’s business and cultural hub. New York City has one of the largest economies in the world, with a high economic growth rate and a particularly low unemployment rate. The local real-estate market has been enjoying substantial growth since the recovery from the global economic crisis of 2008. The high demand for housing led to a dramatic rise in housing prices throughout Manhattan, and today, Manhattan is characterized by particularly high occupancy ratios. The project will be constructed in the Kips Bay neighborhood, which is situated between East 23rd Street to the south and East 30th Street to the north, and between Fifth Avenue to the west and the East River to the east. Kips Bay is characterized by historic residential buildings alongside new residential towers, a plethora of restaurants, bars and shopping areas and features a quiet neighborhood atmosphere. The Niche rating website ranked Kips Bay with an A+ rating, and ranked it as one of the 10 best neighborhoods in New York.