Manhattan is the most densely populated and geographically smallest of the five boroughs of New York City. The borough is also coextensive with New York County, one of the original counties of the U.S. state of New York. Located near the southern tip of the State of New York, Manhattan is based in the Eastern Time Zone and constitutes both the geographical and demographic center of the Northeast megalopolis and the urban core of the New York metropolitan area, the largest metropolitan area in the world by urban landmass. Over 58 million people live within 250 miles of Manhattan, which serves as New York City’s economic and administrative center, cultural identifier, and the city’s historical birthplace. Residents of the outer boroughs of New York City often refer to Manhattan as "the city". Manhattan has been described as the cultural, financial, media, and entertainment capital of the world, is considered a safe haven for global real estate investors, and hosts the United Nations headquarters. Manhattan also serves as the headquarters of the global art market, with numerous art galleries and auction houses collectively hosting half of the world’s art auctions.