New York City
Having an office in New York City is important since this city 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 New York real estate market is the largest in the country and is truly unique. Occupancy rates and rental rates rose dramatically in the early years of the 21st Century in all segments of the market, and while those rates declined during the recession, they have again risen to pre-recession levels. There is a lack of available sites for new construction in New York, particularly in Manhattan and therefore relatively few new buildings are able to be built. The resulting lack of new supply provides strong underlying support for the office, retail and apartment markets.
Falcon’s office in New York is responsible for covering the other real estate markets of the Northeastern United States, including Boston, Washington D.C., Philadelphia and the suburban markets surrounding New York City in Connecticut and New Jersey. These are all attractive markets, although Boston and Washington D.C. have to be singled out as two 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.