In the 1700's New York City gained prominence as THE financial center of America. It established itself as a major trading port due to the Hudson River availability and for a brief time was the capitol of the US. As time went on, it grew in importance as a financial, cultural, fashion and entertainment mecca. In the financial realm, it is best known for Wall Street. Wall Street has been a key driver for the local economy in Manhattan fueling real estate, retail, fine dining, and nightlife. I believe this is changing. Manhattan will always be a cultural and entertainment hotbed, but the demise of finance will bear great strains on the city. You can see it walking around the streets. New Yorkers don't march up and down 5th Ave. shopping, it's foreign buyers here on vacation. Much of the real estate boom in New York was driven by lofty bonuses and a foreign buyer. What happens to a city that is reliant on one industry, a city that is not self sustaining?
The real question is what will be the next great financial center of the United States?
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