New York City
The main office of Falcon Real Estate is located in New York City, which is the financial and investment capital of the United States and one of the most important financial centers in the world. All of the major investment banking houses that are active in the U.S. mortgage market are headquartered in New York, as are many of the leading law firms and real estate brokerage firms in the U.S. It is difficult to carry out a significant real estate transaction in the United States without working with a New York financial or legal institution.
It is also important to have an office in New York since it is the principal gateway city for the United States for visitors from overseas. Most of Falcon’s international clients make New York their first stop when visiting the United States. The renaissance that occurred in New York while Mayor Guiliani was in office restored the city to the ranks of one of the premier cities of the world. It has suffered due to the world-wide credit crisis and economic recession, but it remains the financial capital of the global economy.
The New York real estate market, which is the largest in the country, is unique. Although occupancy rates and rental rates rose dramatically in the early years of the 21st Century in all segments of the market, there was a lack of available sites for new construction. Therefore relatively few new buildings were built, and the resulting lack of new supply has provided strong underlying support for the office, retail and apartment markets.
Falcon’s office in New York also is responsible for covering the other real estate markets of the Northeastern United States, including Boston, Philadelphia and the suburban markets surrounding New York City in Connecticut and New Jersey. These are all attractive markets, although Boston has to be singled out as one of the most desirable real estate markets in the country. The Northern New Jersey real estate market, benefiting from its proximity to New York City, also has many attractive investment opportunities.