9/21/2018 Propmodo | Franco Faraudo (url)
Long before the expansion of New York’s PropTech sector, the Big Apple has been a global financial center for the last hundred and fifty years. There are many reasons for this, but one is that New York Bay is one of the largest natural harbors in the world. This led the area to be one of the prominent ports for bringing goods in and out of the new world. The area became even more of an epicenter for commerce when the Erie Canal was finished, connecting the Hudson River to the Great Lake system and catapulting the area’s population to the top spot in America, ahead of Philadelphia.
As the largest trade center in the country, Manhattan was one of the first places to have organized securities trading. Investment wealth has poured in ever since and a number of the country’s founding financial institutions clustered between the Hudson and the East Rivers. It is no surprise that the majority of the country’s major landowners are all centered around this Mecca of capitalism as well.
The concentration of real estate companies, the access to investment capital and a recent cultivation of technology talent have made New York the epicenter of PropTech innovation. Many technology companies servicing the property industry feel that they need a presence here in order to find the critical first large adoption. The concentration of tech companies, venture capital firms and top universities has also created a very active PropTech “scene” with events, get-togethers and happy hours almost every week.