Tale of Two Cities

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Is London the New New York? Or Is It the Other Way Around?
New York & London: Tale of Two Cities

By JILL GARDINER - Staff Reporter of the Sun
September 5, 2006

It's a city of nearly 8 million where Mayor Bloomberg owns a townhouse. Paul McCartney, Gwyneth Paltrow, and Madonna all own homes here, too. It competed to host the 2012 Olympic Games. Architects Daniel Libeskind, Norman Foster, and Richard Rogers are all working here or have recently completed buildings. Rupert Murdoch owns a big, conservative, tabloid newspaper here. The art scene is sizzling, real estate is super-pricey, and sushi-lovers can choose from at least two Nobu restaurants. The business world revolves around a big stock market and lots of new hedge funds.

The list of parallels between New York and London has always been long, but lately, with booming economies in both cities and trendy restaurants moving into old industrial neighborhoods, the two are looking more like mirror images.

Some say the two have more in common than any other international cities on the planet, making them both allies and, increasingly, competitors in the global economy.

In the past few years, both have been terrorist targets, competed for the 2012 Olympics (London won), and passed smoking bans for bars, pubs, and restaurants. London's ban, which is modeled after New York's, is scheduled to go into effect next year.

Academics, financial analysts, restaurateurs, art gallery owners, architects, and people who've lived in both cities say while London is still blatantly British in personality, its finance, restaurant, and art industries look more like New York's now than they did five to 10 years ago.