September 5, 2014
By Leonard Lee, CPA
Over his 13-year career in the NFL, Howard Cross played in a total of 207 games as a Giant, more games than any other player in the Giants’ team history, and was instrumental in helping the team win Super Bowl XXV. After retiring from a successful NFL career, Howard found another niche in New York Real Estate.
We caught up with Howard Cross, now a Principal at CRESA, the largest tenant representation firm in North America, to discuss the Real Estate trend he’s been keeping a close eye on.
Where is the biggest change happening right now?
One word: Technology! While some businesses are scaling back, it’s been the opposite for technology companies and tech startups, especially here in New York City. NYC’s Silicon Alley continues to grow at a rapid pace and the demand for prime real estate space in these areas — Soho, Flatiron, Chelsea, and Meatpacking district — keeps soaring. Companies are looking for top talent and want to tap into the NYC culture.
How is the technology industry impacting the NYC landscape?
The Big Apple’s tech bubble will continue to grow and I see tech companies and startups potentially becoming one of the largest employers in Manhattan, and expanding beyond Silicon Alley into surrounding boroughs. Job creation and hiring in the tech sector is moving at a rapid pace and it’s becoming a driving force behind growth in those neighborhoods.
Where do you see the real estate market in the next 5 years?
In 2012, the tech sector represented 25% of the leasing activity in New York and that number is going to climb drastically. New York City will continue to emerge as a technology hub but its impact will go beyond real estate and Silicon Alley — it will have social and cultural implications.
With over 9 years of real estate experience, Howard knows firsthand that ‘keeping your head in the game’ is crucial to maintaining success. Howard will be sharing more of his insights and business strategies at our upcoming Real Estate Private Equity Summit on October 1!