New York’s Waterfront Neighborhoods Will Be Next Technology Industry Hotspots, Property Executives Say in New Survey

Long Island City, Brooklyn Navy Yard and Lower Manhattan Are Expected to Lead in Leasing; Most Professionals Expect Retrofits of Older Buildings

NEW YORK--()--New York’s next “hot” technology industry neighborhoods will be on the waterfront, say real estate executives in a new survey by Marks Paneth, the accounting firm.

Asked what neighborhood will be the next to generate commercial leasing to technology businesses, executives were most likely to name Long Island City in Queens (18 percent).

That’s according to Marks Paneth’s latest Gotham Commercial Real Estate Monitor, a recently completed survey of over 100 New York commercial property owners, brokers, agents, engineers, accountants and lawyers specializing in the commercial space.

Closely following were Brooklyn Navy Yard (17 percent) and Lower Manhattan (15 percent).

DUMBO trailed, with only 4 percent – the same number that chose the “inland” neighborhoods of Union Square, SoHo and Midtown East.

Property professionals overwhelmingly expect most tech industry projects to be retrofits, not new construction. Nearly eight in 10 (79 percent) say real estate developers will be retrofitting older buildings in up-and-coming parts of Long Island City.

“Tech executives and whizzes are certainly a far cry from the longshoremen of yore. More proof that New York is always changing itself,” says William H. Jennings, Partner-in-Charge of the Real Estate Group at Marks Paneth.

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The Gotham Commercial Real Estate Monitor is a survey of commercial real estate professionals in the New York City market. The 109 professionals participating in the research include owners and managers of commercial property, commercial real estate brokers and agents, attorneys, accountants and other professionals specializing in the sector.

The research employed self-administered questionnaires completed online and on paper by respondents. The list of professionals surveyed was compiled by Marks Paneth LLP, the research sponsor, and by Michaels Opinion Research. Interviews were completed during the period of August 6, 2015 to October 14, 2015.

About Marks Paneth

Marks Paneth LLP is an accounting firm with more than 600 people, including over 80 partners and principals. The firm provides public and private businesses with a full range of auditing, accounting, tax, consulting, trade remediation and valuation services as well as litigation and financial advisory services to domestic and international clients. The firm also specializes in providing tax advisory and consulting for high-net-worth individuals and their families, as well as a wide range of services for international, real estate, hospitality, media, entertainment, nonprofit and government services clients. The firm has a strong track record supporting emerging growth companies, entrepreneurs, business owners and investors as they navigate the business life cycle.

The firm's subsidiary, Tailored Technologies, LLC, provides information technology consulting services. In addition, its membership in Morison International, a leading international association for independent business advisers, financial consulting and accounting firms, facilitates service delivery to clients throughout the United States and around the world. Marks Paneth, whose origins date back to 1907, is the 35th largest accounting firm in the nation and the 9th largest in the mid-Atlantic region. In addition, readers of the New York Law Journal rank Marks Paneth as one of the area's top three forensic accounting firms for the sixth year in a row.

Its headquarters are in New York City. Additional offices are in Washington, DC, New Jersey, Long Island and Westchester. For more information, please visit


John McKenna, 203-682-8252


John McKenna, 203-682-8252