New York is especially well positioned in the NEW TECH ECONOMY: The recent expansion of New York’s Internet industry has forced some entrepreneurs — who recently automatically flocked to California’s Silicon Valley - to focus on New York. New York is now enough of an attractive alternative that a few West Coast-born start-ups are even packing up and moving east….. this is all good for New York real estate, both commercial and residential. People often ask why The Caledonia, a condominium building located in West Chelsea, achieves such high pricing…..does the fact that it is a 3 minute walk from Google’s offices at 111 8th Avenue have something to do with it?
Now that the technology industry has shifted more towards creating consumer products and applications, rather than building the basic framework of computing and the Internet, New York is the most logical location for many new start-ups as they benefit from proximity to the media, advertising and fashion industries, New York’s strengths. And as the city’s industry grows, entrepreneurs say, it is offsetting some of the traditional disadvantages of being outside Silicon Valley. It is also encouraging news as this tech industry growth will further lessen New York’s reliance on the financial sector as the primary source of job and wealth creation.
New York may not be overtaking the Bay Area as the hub of the country’s technology industry just yet, but the trend East is certain now. California’s tax policies that are currently being re-evaluated to offset the State’s mushrooming deficits may also encourage more entrepreneurs to head East: yes, New York’s tax policies may not be much better, but they are certainly better than California’s.
You can build great companies elsewhere, but there are few places in the world like New York where you have the powerful infrastructure to build true global franchises — technology-based franchises. Add into the mix the significant investments being made into colleges training those with the skills needed for the Tech industry.