Quote:
Originally Posted by iheartthed
I work for a large consulting firm in Manhattan and I've only known one partner who lives on Long Island in the time I've worked there. It seems like NJ is the most popular location, followed by Westchester/CT and then Manhattan.
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I've worked for three major investment banks, and in all three cases, Manhattan was, by far, the most popular location for execs, and the remainder tended to be distributed pretty evenly around the metro, with large representation from LI, NJ, Westchester and CT.
One thing I did notice is that location to transit played a small role in where people chose to live. In other words, if the office is close to Grand Central, there's a slightly better chance that execs will live in Westchester/CT, and if the office is close to Penn, Port Authority, or WTC, there's a slightly better chance that execs will live in NJ or LI.
Also, I noticed relative age plays a role. The older managing directos, especially 50+, tended to be more in the suburbs. The younger the executive, the better the probability he/she's in Manhattan/Brooklyn/Hoboken. Probably because the older executives bought their "forever home" sometime prior to 2000, when wealthy suburbia was still commonly preferred over the core. Nowadays suburbia is often a "value play" rather than "we like Westport more than Brooklyn Heights" as in the past. Family-sized apartments in the regional core are pretty fiendishly expensive these days.
Also, Brooklyn is only a "thing" to executives under 50. Tons of younger executives with little kids in brownstone/loft Brooklyn, but basically none from an earlier generation. Brooklyn wasn't "prime" until maybe 15 years ago, at the earliest. Now a three bedroom in Dumbo makes a New Canaan estate look cheap, which is probably bizarre to the older execs.