New Money vs. Old Money: Debunking the Stereotypes of New York's Upper Sides
New York City's Upper East Side (UES) and Upper West Side (UWS) have historically been associated with old money and new money, respectively. However, as the city has evolved, these stereotypes are becoming less accurate. Let's delve into the truth behind these age-old perceptions.
The UES: A Historically Old Money Neighborhood
Once upon a time, the Upper East Side was almost exclusively home to families with long histories of wealth and social status. This side of the city was often referred to as 'old money' and was known for its grand mansions, prestigious schools, and exclusive social clubs. However, with the arrival of many new residential high-rises in recent years, the demographics and economics of the UES have changed dramatically.
The UWS: From New Money to Upscale
On the other hand, the Upper West Side had a different reputation, often associated with 'new money.' Historically, the UWS was a poorer and rougher neighborhood. The area began to shift in the 1990s as developers started converting brownstones into luxury condominiums. This transformation brought increased gentrification and a rise in upscale properties, thus changing the perception of the area and contributing to its new money association.
The Evolving Urban Landscape
Although the stereotypes associated with the UES and UWS are becoming less accurate, certain neighborhoods still maintain their reputations. The UES, with its grand architecture and historic homes, continues to attract families with a legacy of wealth and social standing. Meanwhile, the UWS, while still wealthy, has diversified, with parts of the neighborhood becoming more celebrity-focused and other areas remaining less well-known.
Modern Developments and Celebrity Presence
Modern developments like Billionaire's Row and Hudson Yards have further blurred the lines between old and new money. The Billionaire's Row neighborhood, situated on the Hudson River, is home to some of the most expensive real estate in the city, attracting new-money high-profile residents. Similarly, Hudson Yards, a massive development near Times Square, is designed to attract wealthy individuals with newly acquired fortunes.
Conclusion
While the notion that the UES is characterized by old money and the UWS is associated with new money still persists, it is increasingly inaccurate. New York City is a dynamic and ever-evolving metropolis where wealth, heritage, and development intersect in complex ways. Both the UES and UWS are now a blend of old and new money, reflecting the diverse and rapidly changing nature of the city.