Economy of New York City

The New York metropolitan area had a gross metropolitan product (GMP) of approximately $1.28 trillion in 2010, making it the largest regional economy in the United States. According to Cinco Dias, New York controlled 40% of the world's finances by the end of 2008, making it the largest financial center in the world.

New York City has been ranked first among 120 cities across the globe in attracting capital, business, and tourists. In July 2012, the Manchester United Football Club of the United Kingdom announced plans to list its initial public offering of stock shares on the New York Stock Exchange.

Many major corporations are headquartered in New York City, including 45 Fortune 500 companies. New York is also unique among American cities for its large number of foreign corporations. One out of ten private sector jobs in the city is with a foreign company. This ability to attract foreign investment helped New York City top the FDi Magazine American Cities of the Future ranking for 2013.

Real estate is a major force in the city's economy, as the total value of all New York City property was $802.4 billion in 2006. The Time Warner Center is the property with the highest-listed market value in the city, at $1.1 billion in 2006. New York City is home to some of the nation's—and the world's—most valuable real estate. 450 Park Avenue was sold on July 2, 2007 for $510 million, about $1,589 per square foot ($17,104/m²), breaking the barely month-old record for an American office building of $1,476 per square foot ($15,887/m²) set in the June 2007 sale of 660 Madison Avenue.