Advantages of purchasing real estate in Manhattan, New York include:

1. High property values: Real estate in Manhattan is highly valuable, so investing in it can provide high returns.

2. Stable market: Manhattan's real estate market has been consistently stable over the years, making it a safe investment choice.

3. Access to culture and entertainment: Manhattan is renowned for its diverse cultural offerings and entertainment venues, which can be a big draw for prospective buyers.

4. Strong economy: Manhattan is home to many large corporations, and as a result, the local economy is strong and stable.

Disadvantages of purchasing real estate in Manhattan, New York include:

1. High cost of living: Manhattan is known for being one of the most expensive places to live in the US.

2. High property taxes: Property taxes can be quite high in Manhattan due to the city's tax code.

3. Competitive market: Since Manhattan is a popular place to invest in real estate, competition can be fierce, with many buyers vying for the same properties.

4. Limited space: Manhattan is an island, so there is a finite amount of space available for development, which can lead to higher property values and more competition.