Technically a sub-neighborhood of the East Village, Alphabet City has made enough of a name for itself as a cultural nexus that it stands on its own as a recognizable NYC neighborhood. Steeped in bohemian history, this little village is chock full of boutiques, restaurants, cafes...you name it.
Rents and real estate values have skyrocketed within the last decade. The shifting demographics have created what can only be called, a very diverse neighborhood. Tompkins Square Park at the center and most of nightlife revolves around it.