With the redevelopment of Times Square this area has become much safer and very convenient to the many new office towers constructed nearby. This area, centrally located, has seen significant development in the 1990's and offers many affordable rental choices, restaurants and family amenities. Chelsea underwent some dramatic gentrification in the 1990's with upgraded housing and the 30 acre Chelsea Piers Sports and Entertainment Complex. Also included in this area is the historic Irving Place. There are very few rentals available on Gramercy Park but more choices in the surrounding environs.
Rental rates are among the highest in Manhattan.
Largely commercial for most of the 20th century, vacant warehouses were turned into residential lofts in the 1970's and 1980's. Soho now boasts one of the largest collections of art galleries and boutiques in the city. It is a popular tourist attraction because of the many good restaurants and shops. Tribeca is a trendy collection of shops, restaurants, and art galleries. It has become an expensive area with limited rental availability.