Manhattan was first settled by Dutch colonists in 1624 and played an important role in early American history. Throughout the 19th century, Manhattan grew significantly as the capital of the United States and attracted global investors. The Great Depression devastated Manhattan's real estate market as many families lost their homes and businesses closed. However, the completion of the Empire State Building in 1931 provided jobs. After World War 2, families began moving back to Manhattan, fueling a real estate boom. Joseph Armato is a renowned Manhattan real estate developer known for renovating older buildings to increase their value.