It's hard to believe that in the early 1900s the Meatpacking District was home to 250 slaughterhouses and meat packing plants (hence the name) or that the celebrated High Line Park was once a freight railway that carted the resulting product outside of the city.
That's because today Meatpacking is one of the trendier and more upscale parts of Manhattan – its cobblestone streets are full of expensive fashion boutiques, expensive hotels, and expensive restaurants, bars, and clubs (okay, okay, not everything is super expensive, but you get the idea). On weekend nights the scene can be pretty chaotic.
This is largely a retail and business area though there are some pricey apartments and condos available. If you can afford it, it's hard to beat the location. You'll have all the dining options of Meatpacking plus the adjacent neighborhoods of Chelsea and the West Village, and you're steps from a subway line when you do feel the need to go elsewhere in the city. For any residents with kids there are good elementary and middle schools close by.
Wall Street: 3 miles / 10-25 minutes by car / 25 minutes by transit
Rockefeller Center: 3 miles / 15-35 minutes by car / 25 minutes by transit
Jersey City: 7.5 miles / 20-40 minutes by car / 30 minutes by transit