The Ramaz School is a coeducational Jewish Modern Orthodox Day School, which offers a dual curriculum of general studies taught in English and Judaic studies taught in Hebrew. The school is located on the Upper East Side of Manhattan in New York City, it consists of an early childhood center, a lower school, a middle school, an upper school. The Ramaz Upper School is a college preparatory program, designed to develop an appreciation for and understanding of the intellectual disciplines that are part of western civilization; the Judaic studies curriculum provides an rigorous program through which the religious and cultural tradition of Judaism is both taught and experienced. It is located on East 78th Street, seven city blocks away from the other two school buildings, located on East 85th Street. Fifty percent of the Upper School student body advances from the Middle School, as well as daily commuters from Brooklyn, Queens and Nassau counties in New York. Ramaz was founded in 1937 and is affiliated with Congregation Kehilath Jeshurun, a synagogue located on East 85th Street, which shares a building with the lower school and is across the street from the middle school.
The congregation and its rabbi, Joseph Lookstein, finance the school. Architect James Rossant designed the modernist Upper School building, completed in 1981. Founded in 1937 by Rabbi Joseph H. Lookstein through the generosity of New York lawyer and philanthropist Max J. Etra, Ramaz takes its name from the initials of Rabbi Moses Zevulun Margolies, the grandfather-in-law of Lookstein; the current principal, Rabbi Haskel Lookstein, is the son of Joseph Lookstein and was a member of the first class of six students. Classes were held in many locations over the years, including the vestry rooms of Congregation Kehilath Jeshurun. After the closing of Finch College, Ramaz renovated the buildings. In 2007, Joyce Villarin, a former nurse at the school, treated a child for an injury that he claimed his father caused. Villarin contacted the father; the Ramaz administration told Villarin not to report the incident to the police. Villarin did report this and was fired in 2008 because the school thought that she was "not a team player."
Villarin sued the school in Manhattan Supreme Court in 2009, arguing that the state's Social Services Law obligated her to report the potential abuse. Under the law, school faculty are required to report to state authorities a suspicion that a child is being abused or mistreated. On November 30, 2007, The Wall Street Journal listed Ramaz as one of the top schools for graduates entering the top eight universities in the country, with 10 out of a class of 100 going to these schools. In January 2009, the Wall Street Journal reported that Ramaz lost $6 million in the collapse of the Bernard Madoff investment scheme; the Ramaz School had proposed a 28-story project to be built in place of the Lower School during 2008–2010. The building would have replaced the current school with a new building split into ten floors used by the school and topped by 18 floors of condominiums. Air rights of the adjoining synagogue would be transferred for use by the adjoining school/condo structure; the project may have had to be scaled back following a review by the City's Board of Standards & Appeals because the height is more than what is permitted at this site.
The plans were withdrawn by the school in July 2008. However, due to a fire in the adjacent Congregation Kehilath Jeshurun building in July 2011, the Lower school began to undergo repairs and refurbishments for water damage. Since the building was not ready to welcome students that September, the Temple Emanu-El of New York and Park Avenue Synagogue volunteered their facilities for students until November 2011. On November 8, 2011, the Lower school reopened its doors; the Ramaz School's team name is the Ramaz Rams, their logo is a Ram's head. Ramaz fields a number of recreational athletic teams throughout the school year. In the Upper School, there are varsity teams for both boys and girls in basketball, tennis and hockey, these teams compete in both the Yeshiva High School Athletic League and local independent school leagues. Ramaz fields soccer, swim, table tennis, track teams. Ramaz's academic teams include their Mock Trial team, which competes in the New York State Bar Association's statewide competition and won the New York State competition in 2002, the New York City competition four times, were finalists or semi-finalists an additional six times.
Ramaz's Model Congress team participates in the University of Pennsylvania Model Congress tournament, their Model UN team competes in the annual Yeshiva University National Model United Nations event. Additionally, Ramaz's College Bowl team participates in independent tournaments, their Math Team competes in the New York Math League and the Mandelbrot Competition, the Chess Club competes in the Yeshiva Chess League, the Science Olympiad team competes against 15 other New York and New Jersey schools in a competition administered by the Board of Jewish Education, their Hidon HaTanakh and Torah Bowl teams compete against local Jewish Day Schools. Ramaz Upper School students have succeeded in numerous academic competitions in both the arts and sciences, including the 2004–2005 Siemens Westinghouse Competition, the 2007 NCTE Achievement Awards in Writing, the Intel Science Competition, the American Mathematics Competition. In addition to their athletic and academic teams, the Ramaz Upper School
Andrew Ross Sorkin
Andrew Ross Sorkin is an American journalist and author. He is a co-anchor of CNBC's Squawk Box, he is the founder and editor of DealBook, a financial news service published by The New York Times. He wrote the bestselling book Too Big to Fail and co-produced a movie adaptation of the book for HBO Films, he is the co-creator for the Showtime series Billions. Sorkin was born in New York, the son of Joan Ross Sorkin, a playwright, Laurence T. Sorkin, a partner at the law firm Cahill Gordon & Reindel, his family is Jewish. Sorkin graduated from Scarsdale High School in 1995 and earned a Bachelor of Science from Cornell University in 1999 where he was a member of Sigma Pi fraternity, he noted defense lawyer Ira Lee Sorkin. Sorkin first joined The New York Times as a student intern during his senior year in high school, he worked for the paper while he was in college, publishing 71 articles before he graduated. He began by writing media and technology articles while assisting the advertising columnist, Stuart Elliott.
Sorkin spent the summer of 1996 working for Businessweek, before returning to The New York Times. He moved to London for part of 1998. While there, he wrote about European business and technology for The New York Times and returned to Cornell to complete his studies. At Cornell, he was vice president of the Sigma Pi fraternity. Sorkin joined The New York Times full-time in 1999 as the newspaper's European mergers and acquisitions reporter, was based in London. In 2000, Sorkin became the paper's chief mergers and acquisitions reporter, based in New York, a position he still holds. In 2001, Sorkin founded "DealBook," an online daily financial report published by the Times; as Editor-at-Large of "DealBook," Sorkin writes a weekly column of the same name. Sorkin is an assistant editor of business and finance news for the paper. Sorkin has broken news of major mergers and acquisitions, including Chase's acquisition of J. P. Morgan and Hewlett-Packard's acquisition of Compaq, he led The New York Times' coverage of the largest takeover in history, Vodafone's $183 billion hostile bid for Mannesmann.
Additionally, he broke the news of IBM's sale of its PC business to Lenovo, Boston Scientific's $25 billion acquisition of Guidant and Symantec's $13 billion deal for Veritas Software, reported on News Corp.'s acquisition of Dow Jones and The Wall Street Journal. Sorkin has reported on the Wall Street financial crisis, including the collapse of Bear Stearns and Lehman Brothers, the government bailout of other major investment banks and AIG, he has written about the troubled American auto industry. In 2007, Sorkin was one of the first journalists to identify and criticize a tax loophole for private equity firms and hedge funds, he first wrote about the topic in a column in March 2007, calling the tax treatment a "charade", wrote about it on the front page of The New York Times. He has written at least a half dozen articles critiquing the tax practice by private equity firms and advocated for the government to end the loophole. In 2014, Sorkin wrote a series of columns criticizing American corporations for trying to lower their US tax bill by merging with smaller foreign companies in a transaction known as an "inversion".
He criticized the Wall Street banks that advised US companies to pursue such deals, describing the banks as "corporate co-conspirators". Sorkin called on the government to end the practice. On September 22, 2014, the Obama Administration changed the tax laws to make it more difficult for US companies to merge to avoid taxes. On the PRISM surveillance program and Edward Snowden situation, Sorkin said, "I would arrest him and now I'd arrest Glenn Greenwald, the journalist who seems to be out there, he wants to help him get to Ecuador." The next day, Sorkin apologized for the comment. Reviewing his record after his anti-Greenwald outburst, Matt Taibbi described Sorkin as "a shameless, ball-gargling prostitute for Wall Street". In October 2001, while a journalist at The New York Times, Sorkin started DealBook, a newsletter about deal-making and Wall Street. DealBook was one of the first financial news aggregation services on the Internet. In March 2006, Sorkin introduced a companion website published on The New York Times, with updated news and original analysis throughout the day.
In 2007, DealBook won a Webby Award for Best Business Blog and it won a SABEW award for overall excellence. In 2008, the site won an EPpy Award for Best Business Blog. In July 2011, Sorkin became a co-anchor on CNBC's Squawk Box in addition to his duties at The New York Times. Sorkin has appeared on NBC's Today show, Charlie Rose and The NewsHour with Jim Lehrer on PBS, MSNBC's Hardball and Morning Joe, ABC's Good Morning America, The Chris Matthews Show, HBO's Real Time with Bill Maher, the BBC World Service, Comedy Central's The Daily Show and The Colbert Report, was a frequent guest host of CNBC's Squawk Box before joining the ensemble. Sorkin hosted a weekly seven-part, half-hour PBS talk-show series called It's the Economy, NY, which focused on how the evolving economic crisis was affecting New Yorkers. Sorkin is the co-creator for the Showtime series Billions, an American television drama series created with Brian Koppelman and David Levien, starring Paul Giamatti and Damian Lewis; the series is loosely based on crusading federal prosecutor of financial crimes Preet Bharara, the former U.
S. Attorney for the Southern District of New York; the show premiered in January 2016. Sorkin's book on the Wall Street banking crisis, Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System—and Themselves, was publi
BlackRock, Inc. is an American global investment management corporation based in New York City. Founded in 1988 as a risk management and fixed income institutional asset manager, BlackRock is today the world's largest asset manager with $5.98 trillion in assets under management as of December 2018. BlackRock operates globally with 70 offices in 30 clients in 100 countries. Due to its power and the sheer size and scope of its financial assets and activities, BlackRock has been called the world's largest shadow bank. BlackRock was founded in 1988 by Larry Fink, Robert S. Kapito, Susan Wagner, Barbara Novick, Ben Golub, Hugh Frater, Ralph Schlosstein, Keith Anderson to provide institutional clients with asset management services from a risk management perspective. Fink, Kapito and Novick had worked together at First Boston, where Fink and his team were pioneers in the mortgage-backed securities market in the United States. During Fink's tenure, he had lost $100 million as head of First Boston; that experience was the motivation to develop what he and the others considered to be excellent risk management and fiduciary practices.
Fink sought funding from Pete Peterson of The Blackstone Group who believed in Fink's vision of a firm devoted to risk management. Peterson called it Blackstone Financial Management. In exchange for a 50 percent stake in the bond business Blackstone gave Fink and his team a $5 million credit line. Within months, the business had turned profitable, by 1989 the group's assets had quadrupled to $2.7 billion. The percent of the stake owned by Blackstone fell to 40%, compared to Fink's staff. By 1992, Blackstone had a stake equating to about 35% of the company, Schwarzman and Fink were considering selling shares to the public; the firm adopted the name BlackRock in 1992, by the end of that year, BlackRock was managing $17 billion in assets. At the end of 1994, BlackRock was managing $53 billion. In 1994, Blackstone Group's Stephen A. Schwarzman and Fink had an internal dispute over methods of compensation and over equity. Fink wanted to share equity with new hires, to lure talent from banks, unlike Schwarzman, who did not want to further lower Blackstone's stake.
They agreed to part ways, so the BlackRock partners orchestrated a deal to sell part of the company. In June 1994 Blackstone sold a mortgage-securities unit with $23 billion in assets to PNC Bank Corp. for $240 million. The unit had traded mortgages and other fixed-income assets, during the sales process the unit changed its name from Blackstone Financial Management to BlackRock Financial Management. Schwarzman remained with Blackstone, while Fink went on to become CEO of BlackRock Inc.. In 1998, PNC’s equity and mutual fund activities were merged into BlackRock. BlackRock went public in 1999 at $14 a share on the New York Stock Exchange. By the end of 1999, BlackRock was managing $165 billion in assets. BlackRock grew both organically and by acquisition. In August 2004, BlackRock made its first major acquisition, buying State Street Research & Management's holding company SSRM Holdings, Inc. from MetLife for $325 million in cash and $50 million in stock. The acquisition raised BlackRock's assets under management from $314 billion to $325 billion.
The deal included the mutual-fund business State Street Research & Management in 2005. BlackRock merged with Merrill Lynch Investment Managers in 2006, halving PNC's ownership and giving Merrill Lynch a 49.5% stake in the company. In October 2007, BlackRock acquired the fund-of-funds business of Quellos Capital Management; the U. S. government contracted with BlackRock to help clean up after the financial meltdown of 2008. According to Vanity Fair, the financial establishment in Washington and on Wall Street believed BlackRock was the best choice for the job. In 2009, BlackRock first became the No. 1 asset manager worldwide. In April 2009, BlackRock acquired R3 Capital Management, LLC and took control of the $1.5 billion fund. On 12 June 2009, Barclays sold its Global Investors unit, which included its exchange traded fund business, iShares, to BlackRock for US$13.5 billion. Through the deal, Barclays attained a near-20% stake in BlackRock. In 2010, Ralph Schlosstein, the CEO of Evercore Partners and a BlackRock founder, called BlackRock "the most influential financial institution in the world."
On 1 April 2011, BlackRock replaced Genzyme on the S&P 500 index. In 2013, Fortune listed BlackRock on its annual list of the world's 50 Most Admired Companies. In 2014, The Economist said that BlackRock's $4 trillion under management made it the "world's biggest asset manager", it was larger than the world's largest bank, the Industrial and Commercial Bank of China with $3 trillion. In May of the same year, BlackRock invested in Snapdeal. In December 2014 a BlackRock managing director in London was banned by the British Financial Conduct Authority for "not being a fit and proper" person, because he paid £43,000 to avoid prosecution for dodging train fares. BlackRock said: "Jonathan Burrows left BlackRock earlier this year. What he admitted to the FCA is contrary to our values and principles."At the end of 2014, the Sovereign Wealth Fund Institute reported that 65% of Blackrock's assets under management were made up of institutional investors. By June 30, 2015, BlackRock had US $4.721 trillion of assets under management.
On August 26, 2015, BlackRock entered into a definitive agreement to acquire FutureAdvisor, a digital wealth management provider with reported assets under management of $600 million. Under the deal, FutureAdvisor would operate as a business within BlackRock Solutions. BlackRock announced in November 2015 that they would wind down the BlackRock Global Ascent hedge fund after losses; the Glob
Wharton School of the University of Pennsylvania
The Wharton School of the University of Pennsylvania is the business school of the University of Pennsylvania, a private Ivy League university in Philadelphia, Pennsylvania. Established in 1881 through a donation from Joseph Wharton, the Wharton School is the world's oldest collegiate school of business. Furthermore, Wharton is the business school that has produced the highest number of billionaires in the US; the Wharton School awards Bachelor of Science in Economics degrees at the undergraduate level and Master of Business Administration degrees at the postgraduate level, both of which require the selection of a major. Wharton offers a doctoral program and houses, or co-sponsors, several diploma programs either alone or in conjunction with the other schools at the university. Wharton's MBA program is ranked No. 1 in the United States according to Forbes and No. 1 in the United States according to the 2020 U. S. News & World Report ranking. Meanwhile, Wharton's MBA for Executives and undergraduate programs are ranked No. 2 and No.
1 in the United States by the same publication. According to US News, MBA graduates of Wharton earn an average $159,815 first year base pay not including bonuses, the highest at leading schools. Wharton's MBA program is tied for the highest in the United States average GMAT score of 732 for its entering class. According to another publication, Wharton produces the 3rd most CEOs of the 100 top companies on the Fortune 500 list, behind Northwestern and Harvard. In general, Wharton has over 95,000 alumni in 153 countries, with notable figures such as Donald Trump, Jeremy Rifkin, Elon Musk, Warren Buffett, Sundar Pichai, Nassim Nicholas Taleb, Aditya Mittal, Steven A. Cohen, Jeff Weiner, Anil Ambani, John Sculley, Walter Annenberg, Leonard Lauder, Laurence Tisch, Michael Moritz, Ruth Porat, Kunal Bahl, William Wrigley Jr. II, its alumni include the CEOs of Google, LinkedIn, The Blackstone Group, CBS, General Electric, Pfizer, Oracle, DHL, UPS, Time, BlackRock, Johnson & Johnson, UBS AG, Wrigley Company, Tesco.
Joseph Wharton, a native Philadelphian, was a leader in industrial metallurgy who built his fortune through the American Nickel Company and Bethlehem Steel Corporation. As Wharton's business grew, he recognized that business knowledge in the United States was only taught through an apprenticeship system, such a system was not viable for creating a wider economy during the Second Industrial Revolution. After two years of planning, Wharton in 1881 founded the Wharton School of Finance and Economy through a $100,000 initial pledge, making it the first business school established in the United States. ESCP Europe, established in 1819, a few other business schools were established in Europe prior to Wharton's founding; the school was meant to train future leaders to conduct corporations and public organizations in a evolving industrial era. Wharton was quoted as saying that the school was meant to "instill a sense of the coming strife: of the immense swings upward or downward that await the competent or the incompetent soldier in this modern strife".
From the founding of the school, he defined that its goal was "to provide for young men special means of training and of correct instruction in the knowledge and in the arts of modern Finance and Economy, both public and private, in order that, being well informed and free from delusions upon these important subjects, they may either serve the community skillfully as well as faithfully in offices of trust, or, remaining in private life, may prudently manage their own affairs and aid in maintaining sound financial morality: in short, to establish means for imparting a liberal education in all matters concerning Finance and Economy". The school was renamed the Wharton School of Finance and Commerce, in 1902, formally changed its name to Wharton School, in 1972. Early on, the Wharton School faculty was connected to an influential group of businessmen and lawyers that made up the larger Philadelphia School of Political Economy; the faculty incorporated social sciences into the Wharton curriculum, as the field of business was still under development.
Albert S. Bolles, a lawyer, served as Wharton's first professor, the school's Industrial Research Unit was established in 1921. Wharton professor Simon Kuznets, who won the Nobel Prize in Economics, created statistical data on national output, prices and capital stock, measured seasonability and secular trends of these phenomena, his work laid out what became the standard procedure for measuring the gross national product and the gross domestic product, he led an international effort to establish the same statistical information for all national economies. Professor Lawrence Klein, who won the Nobel Prize in Economics, developed the first econometric model of the U. S. economy, which combined economic theory with mathematics, providing another way to test theories and predict future economic trends. Wharton professor George W. Taylor is credited with founding the academic field of study known as industrial relations, he served in several capacities in the federal government, most notably as a mediator and arbitrator.
During his career, Taylor settled more than 2,000 strikes. In 1967, he helped draft the New York State civil service law that legalized collective bargaining in the state but that banned strikes by public employees—legislation known today as the Taylor Law. Wharton professor Wroe Alderson is recognized as the most important marketing theorist of the twentieth century and the "father of modern marketing". Wharton professor Paul Green is considered
Laurence D. Fink
Laurence Douglas Fink is an American financial executive. He is the chairman and CEO of BlackRock, an American multinational investment management corporation. BlackRock is the largest money-management firm in the world with more than $6 trillion in assets under management. In April 2018, Fink's net worth was $1 billion. Fink grew up in a Jewish family in Van Nuys, where his mother was an English professor and his father owned a shoe store, he earned a BA in Political Science from UCLA in 1974. Fink is a member of Kappa Beta Phi, he received an MBA in Real Estate at the UCLA Anderson Graduate School of Management in 1976. Fink started his career in 1976 at a large New York-based investment bank. Taking charge of First Boston's bond department, Fink was instrumental in the creation and development of the mortgage-backed security market in the United States. At First Boston, Fink was a member of the Management Committee, a Managing Director, co-head of the Taxable Fixed Income Division. Fink added as much as $1 billion to First Boston's bottom line.
He was successful at the bank until 1986, when his department lost $100 million due to his incorrect prediction about where interest rates were headed. The experience influenced his decision to start a company that would invest clients' money while incorporating comprehensive risk management. In 1988, under the corporate umbrella of The Blackstone Group, Fink co-founded BlackRock and became its Director and CEO; when BlackRock split from Blackstone in 1994, Fink retained his positions, which he continued to hold after BlackRock became more independent in 1998. His other positions at the company have included Chairman of the Board, Chairman of the Executive and Leadership Committees, Chair of Corporate Council, Co-Chair of the Global Client committee. BlackRock went public in 1999. In 2003, Fink helped to negotiate the resignation of the CEO of the New York Stock Exchange, Richard Grasso, criticized for his $190 million pay package. In 2006 Fink led the merger with Merrill Lynch Investment Managers, which doubled BlackRock's asset management portfolio.
That same year, BlackRock's $5.4 billion purchase of Stuyvesant Town–Peter Cooper Village, a Manhattan housing complex, became the largest residential-real-estate deal in U. S. history. When the project ended in default, BlackRock clients lost their money, including the California Pension and Retirement System, which lost about $500 million; the U. S. government contracted with BlackRock to help clean up after the financial meltdown of 2008. Although BlackRock is believed to have been the best choice for the cleanup job, Fink's longstanding relationships with senior government officials have led to questions about potential conflict of interest regarding government contracts awarded without competitive bidding. In December 2009, BlackRock purchased Barclays Global Investors, at which point the company became the largest money-management firm in the world. Despite his great influence, Fink is not known publicly, apart from his regular appearances on CNBC. BlackRock paid Fink $23.6 million in 2010.
By 2016, BlackRock had $5 trillion under management, with 12,000 employees in 27 countries. In 2016, Fink received the ABANA Achievement Award in New York City; the ABANA Achievement Award recognizes an individual who exemplifies outstanding leadership in banking and finance and has a commitment to positive professional cooperation between the US and the Middle East and North Africa. In 2018, Fink was ranked #28 on the Forbes list of The World's Most Powerful People. Fink serves on the board of trustees of New York University, where he holds various chairmanships including chair of the Financial Affairs Committee, he co-chairs the NYU Langone Medical Center board of trustees and is a trustee of the Boys and Girl's Club of New York. Fink is on the board of the Robin Hood Foundation. Fink founded the Lori and Laurence Fink Center for Finance & Investments at UCLA Anderson in 2009, serves as chairman of the board. In December 2016, Fink joined a business forum assembled by president-elect Donald Trump to provide strategic and policy advice on economic issues.
In his 2018 annual open letter to CEOs he called for corporations to play an active role in improving the environment, working to better their communities, increasing the diversity of their workforces. This has been taken as evidence of a move by Blackrock, one of the largest public investors, to proactively enforce these targets. In his 2019 open letter Fink said that companies and their CEOs must step into a leadership vacuum to tackle social and political issues when governments fail to address these issues. After the disappearance of Jamal Khashoggi, Fink in October 2018 cancelled plans to attend an investment conference in Saudi Arabia. Fink has been married to his wife, since the mid-1970s; the couple owns homes in Manhattan, North Salem, Vail, Colorado. The couple has three children. Joshua, their eldest son, was CEO of Enso Capital, a now defunct hedge fund in which Fink had a stake. Fink is a lifelong supporter of the Democratic Party. Lori and Laurence Fink Center for Finance & Investments
New York City
The City of New York called either New York City or New York, is the most populous city in the United States. With an estimated 2017 population of 8,622,698 distributed over a land area of about 302.6 square miles, New York is the most densely populated major city in the United States. Located at the southern tip of the state of New York, the city is the center of the New York metropolitan area, the largest metropolitan area in the world by urban landmass and one of the world's most populous megacities, with an estimated 20,320,876 people in its 2017 Metropolitan Statistical Area and 23,876,155 residents in its Combined Statistical Area. A global power city, New York City has been described as the cultural and media capital of the world, exerts a significant impact upon commerce, research, education, tourism, art and sports; the city's fast pace has inspired the term New York minute. Home to the headquarters of the United Nations, New York is an important center for international diplomacy.
Situated on one of the world's largest natural harbors, New York City consists of five boroughs, each of, a separate county of the State of New York. The five boroughs – Brooklyn, Manhattan, The Bronx, Staten Island – were consolidated into a single city in 1898; the city and its metropolitan area constitute the premier gateway for legal immigration to the United States. As many as 800 languages are spoken in New York, making it the most linguistically diverse city in the world. New York City is home to more than 3.2 million residents born outside the United States, the largest foreign-born population of any city in the world. In 2017, the New York metropolitan area produced a gross metropolitan product of US$1.73 trillion. If greater New York City were a sovereign state, it would have the 12th highest GDP in the world. New York is home to the highest number of billionaires of any city in the world. New York City traces its origins to a trading post founded by colonists from the Dutch Republic in 1624 on Lower Manhattan.
The city and its surroundings came under English control in 1664 and were renamed New York after King Charles II of England granted the lands to his brother, the Duke of York. New York served as the capital of the United States from 1785 until 1790, it has been the country's largest city since 1790. The Statue of Liberty greeted millions of immigrants as they came to the U. S. by ship in the late 19th and early 20th centuries and is an international symbol of the U. S. and its ideals of liberty and peace. In the 21st century, New York has emerged as a global node of creativity and entrepreneurship, social tolerance, environmental sustainability, as a symbol of freedom and cultural diversity. Many districts and landmarks in New York City are well known, with the city having three of the world's ten most visited tourist attractions in 2013 and receiving a record 62.8 million tourists in 2017. Several sources have ranked New York the most photographed city in the world. Times Square, iconic as the world's "heart" and its "Crossroads", is the brightly illuminated hub of the Broadway Theater District, one of the world's busiest pedestrian intersections, a major center of the world's entertainment industry.
The names of many of the city's landmarks and parks are known around the world. Manhattan's real estate market is among the most expensive in the world. New York is home to the largest ethnic Chinese population outside of Asia, with multiple signature Chinatowns developing across the city. Providing continuous 24/7 service, the New York City Subway is the largest single-operator rapid transit system worldwide, with 472 rail stations. Over 120 colleges and universities are located in New York City, including Columbia University, New York University, Rockefeller University, which have been ranked among the top universities in the world. Anchored by Wall Street in the Financial District of Lower Manhattan, New York has been called both the most economically powerful city and the leading financial center of the world, the city is home to the world's two largest stock exchanges by total market capitalization, the New York Stock Exchange and NASDAQ. In 1664, the city was named in honor of the Duke of York.
James's older brother, King Charles II, had appointed the Duke proprietor of the former territory of New Netherland, including the city of New Amsterdam, which England had seized from the Dutch. During the Wisconsinan glaciation, 75,000 to 11,000 years ago, the New York City region was situated at the edge of a large ice sheet over 1,000 feet in depth; the erosive forward movement of the ice contributed to the separation of what is now Long Island and Staten Island. That action left bedrock at a shallow depth, providing a solid foundation for most of Manhattan's skyscrapers. In the precolonial era, the area of present-day New York City was inhabited by Algonquian Native Americans, including the Lenape, whose homeland, known as Lenapehoking, included Staten Island; the first documented visit into New York Harbor by a European was in 1524 by Giovanni da Verrazzano, a Florentine explorer in the service of the French crown. He named it Nouvelle Angoulême. A Spanish expedition led by captain Estêvão Gomes, a Portuguese sailing for Emperor Charles V, arrived in New York Harbor in January 1525 and charted the mouth of the Hudson River, which he named Río de San Antonio.
The Padrón Rea