Forget the Upper East Side - Manhattan's richest neighborhood is all about subtle wealth, and it shows a major evolution in how the elite are living
- Tribeca is home to Manhattan's richest zip code - 10007, according to Bloomberg.
- Tribeca, a place for Wall Streeters and celebrities like Taylor Swift, has a more subtle wealth than the Upper East Side.
- It highlights the rise in discreet wealth, in which the rich are living more inconspicuously and forgoing open displays of wealth in the name of security.
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Manhattan's richest zip code doesn't come with Central Park views or iconic street names.
Tribeca has become a hub for wealth in the city - its southern 10007 zip code ranked number five in Bloomberg's America's richest zip codes ranking, placing for the first time and outranking all other Manhattan neighborhoods."It's very subtle wealth," Darren Sukenik, 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. It's not like Park Avenue or Madison Avenue. There's not a Ferrari sitting outside."
Today, 10007's average annual income is $879,000, reported Hagan and Lu, citing the most recent available 2016 tax returns.
According to Zillow, the median home price in the area is $3.8 million. But new Tribeca developments are known for even pricier apartments - 30 Park Place, home to Four Seasons private residences, have penthouses selling for around $30 million, wrote Hagan and Lu.
The lifestyle of Tribeca's rich shows the rise in discreet wealth
A former center for industrial and manufacturing buildings, Tribeca's transformation began in the 1980s when warehouses were converted for residential use, appealing to "more progressive and edgier individuals," Hagan and Lu wrote.
While its lofts previously attracted artists, Tribeca's quiet streets and proximity to the Financial District now make it popular with Wall Streeters and celebrities like Beyoncé, Jay-Z, and Taylor Swift, Business Insider previously reported.Swift owns nearly $40 million worth of property in Tribeca on the same street - two adjacent penthouses that she transformed into a duplex penthouse, a four-story townhouse, and a condo.
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.
But discreet wealth is also taking shape for privacy reasons. Experts in high-end security previously told Business Insider that the wealthy are spending more on measures to conceal their wealth at home as they seek more security 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 the attention it can bring.