What's Manhattan's Land Worth? Try 'Canada's Entire GDP'

Our biggest urban problems today—growing inequality, rampant gentrification, housing unaffordability, and increasing segregation—all have roots in the staggering cost of urban land. Nowhere is this as true as in Manhattan, home to some of the world’s most valuable real estate.

While the city has long been a global capital, the value of its land has traveled an uneven path. Back in 1626, the Dutchman Peter Minuit “bought” Manhattan, “the island of many hills,” from the Lenape people for $24 worth of trinkets. Since then, most of the hills for which it was named have been flattened, some new land has been created, and the island has become one of the priciest places in the world. Determining just how valuable that land is, however, is a tricky proposition.