Tribeca is one of New York City's oldest residential neighborhoods and today its richest precinct. In the 1700s, the area predominantly consisted of homes, but moved into commerce in the mid 1800s. Much like neighboring SoHo, Tribeca (triangle below Canal Street) once again attracted residents in the 1960s and 70s when artists flocked to the area to occupy large abandoned commercial space. Today, most of the buildings in the area are residential with a considerable amount of lofts. The area was named New York City's most expensive zip code and is known for its many celebrity residents as well as trendy restaurants, upscale boutiques and the Tribeca Film Festival.