New York City Today

New York City Today

New York, New York. It's hard living here when the economy's up, and it's even harder when the economy is going down. New Yorkers are trying to make do with a new normal that includes a financial sector on the skids and a cooling real-estate market. So, please excuse us if we're gruff—or make that even gruffer than normal.

Those anxieties go all the way to the top: just like the rest of us, Mayor Michael Bloomberg is concerned about keeping his job. After shepherding the city through years of dizzying expansion after 9/11, Mayor Bloomberg campaigned in October of 2008 to extend the term limits for Mayor and city council, allowing him to run a third time. New Yorkers are divided on the possibility of a third term. While Bloomberg was undoubtedly popular when the money was rolling in, now that they view his last two terms with a critical eye, some see his push to run again as hubristic.

Whoever is elected will face a new set of difficulties, including MTA Budget shortfalls and a shrinking tax base. Many of the city's linchpin industries, including finance, real estate, hospitality and the arts are going through periods of contraction. Difficulties in the finance sector in particular ripple through the city. When bonuses are small—or layoffs are plentiful—fewer apartments are purchased, people eat out less, and seats at Broadway shows go unfilled.

A big focus is also on the real estate here. In Manhattan rents have fallen from their 2007 peaks. Condo buildings conceived during the boom are coming to completion in a completely different market. The Williamsburg and Greenpoint waterfront in Brooklyn is full of half-empty or half-finished projects. Citywide, pioneering gentrifiers worry that their neighborhoods might not stay so nice during a downturn. Despite the doom and gloom, prices here still outstrip most U.S. cities: the average cost of an apartment citywide is $669,000, down 10 percent from a year ago. The price in Manhattan for a condo continues to climb, but sales volume is down a staggering 55 percent compared to the same time last year.

No matter the economy, people still get hungry, so locals are still eating out..just not so much at places with $50 entrées. But price aside, there are exciting meals to be had. Heck, you can even have an eight-course meal with Tom Colicchio, Mr. Top Chef himself, at his restaurant Craft as part of his recent "Tom Tuesday Dinner" promotion. More cheaply, you can try to spot David Chang while slurping from a bowl of noodles at the Momofuku Noodle Bar or simply eat your weight in French fries at Pommes Frites. There's something for everyone to eat, and plenty of restaurants have promotions to lure diners on slower nights, so keep an eye out for those. Since strong cocktails are a necessity during these trying times, New York's bars have risen to the task by serving delicious, complex drinks at White Star, Death & Co., and the Clover Club.

Meanwhile, in the world of the performing arts, long-running shows are closing, but things aren't totally dire. There are bargain tickets galore to the surviving plays and musicals, and Off-Broadway shows are ascendant in popularity and quality. Plus, we still have Law & Order (filming just about everywhere in the city on any given day) as well as Gossip Girl and 30 Rock at the Silvercup Studios in Queens. Musically, there's everything from indie troubadour Beirut at the Brooklyn Academy of Music to Billy Joel playing the last concert at Shea Stadium. And if those don't appeal, there are countless other venues from Red Hook to Morningside Heights.

They say if you can make it here you can make it anywhere. In a New York that's in flux between identifying as a "luxury city" (as Mayor Bloomberg called it) and a becoming town with the same struggles as the rest of America, "making it" feels like an even bigger accomplishment. Luckily, New Yorkers are a proud bunch, and we're happy to share all the tips and tricks we've learned. Welcome.