New York

Further evidence is mounting that New York’s scene is building momentum thanks to marquee public offerings anticipated from Etsy, Gilt Groupe, AppNexus, Outbrain and more.

This is more than just a toast for New York – it’s a turning point validating a new tech center in the U.S. New York has stamped out a workforce exodus that has sent many to the West Coast since now New York boasts its own tech attractions.

Before we get into an East Coast-West Coast debate, I should point out that Silicon Valley still has the pole position – CB Insights counts 523 exits for the Bay Area last year compared with New York’s 158.

As is typical of New Yorkers, we like to think of the Big Apple as the epicenter of the world, so let’s focus on what is driving the growth in New York, specifically looking at the infrastructure of the city.

While the groundwork had been laid for tech, New York Mayor Bill de Blasio continues to carry the torch for attracting and supporting new businesses.

When Jack Dorsey’s mobile payments company Square snagged a $5 million tax break to expand its presence there last year, Gov. Andrew Cuomo said, “Square’s decision to create a new East Coast headquarters in SoHo is the latest in a growing trend of startup, innovative tech industry firms that have chosen New York State as the place to expand their business.”

“Some companies have flocked to New York’s technology centric Midtown South market to drive recruitment and get back to the innovative culture that originally made them great,” says Michael Higgins, a senior vice president with real estate brokerage giant JLL. The old Jehovah’s Witnesses headquarters, known as the Watchtower, this year sold for $375 million for the 1.4 million square foot complex that serves tech companies.

Vice Media got a $6.5 million tax break for opting to move into new South Williamsburg digs.

New York City-based Thrive Capital pumped $40 million into Manhattan-based Urban Compass, a marketplace to buy, sell and rent apartments.

New York City now boasts more than 6,300 startups, according to Digital.

New York startups such as Bonobos, Birchbox, Warby Parker and Thrillist point to a wave of investments in this new era of fashion retail that’s converging with tech.

All told, the wide range of companies and growing size of investments speak to a maturing New York City tech sphere.

(Credits to Tyler Perry)

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