New York vs. Philadelphia (Lancaster, Montgomery: lawyer, homes, universities)

[DITC]

I wish Philly the best as it is a fellow East Coast city, but I just dont hear people saying OH MY GOSH I HAVE TO MOVE TO PHILADELPHIA like they do with the NY/LA/SF/Boston/Miami type places. It has a long way to go. Do I think it can become a major player, YES, but it will take some time. I dont blame Philly for trying to get in the game, although that 1500 ft high tower is a COMPLETE RIPOFF of the Freedom tower with a 2 WTC type roof cut. Imitation means an inferiority complex. Despite all this new building, center city is still relatively dead during off hours, so it looks like supply > demand. Your nightlife is limited to a few small pockets, that will have to increase if you want to attract more yuppies (which bring in the big bucks to spend in the city).

What Blackrock jobs are moving from North Jersey? Its most likely operations jobs (BACK OFFICE). If Philadelphia wants to have people coming in and spending big $ on apartments, restaurants, and nightlife, they need to attract traders, researchers, and people who do actual "investment banking" functions like mergers and acquisitions.

Im not talking about number of yuppies that go to work every day in Philadelphia, I am talking about money managed. Half the guys in Philadelphia throw on their golf polos and go count beans for Aramark or Comcast. Greenwich/Stamford is the hedge fund capital of the world and has two major banks' US headquarters there. The biggest trading floor in the world is located in Stamford. CT blows Philadelphia out of the water in finance. That, is a fact.

Yes, Philadelphia does have the exchange, but most of the people making money off that are sitting in another city. Philadelphia has such a clear advantage in becoming a top city but for some reason they havent done it.

Originally Posted by rainrock

http://farm2.static.flickr.com/1408/...8f48899f_b.jpg

You are misguided. Way way too much to list but I would guess between 35-40 major projects have been completed or underway in Center City/University City in the past 5 years.Office vacancy rate in Center City is hovering around 9% despite 2.5 M sq ft of new office space that has just been completed with Comcast Center and Cira Centre,both 100% occupied before they opened the doors. Cira South is an $800 M mixed use project that is underway as we speak, it will bring 5,000 IRS jobs and possibly 1,500 Blackrock employees who are rumored to be moving from North jersey.

Philadlephia Convention Center is currently undergoing an $800 M expansion which will double its size and has spun of a half dozen hotel projects.There is alot going on in Center City, where are you getting this stuff from?

Some of the bigger projects completed

Comcast Center
Cira Center
Murano
Constitution Center
Kimmel Center of Performing Arts
Museum of Jewish History
Symphony House
Waterfront Square 5 condo towers
Naval Square
Domus
Radian
Edgewater
101 Walnut
208 Old City
Westrn Union Condos

This is a great site that will give you a glimpse of what has and what is going on in Center City.Nobody is saying its Manhattan but it is certainly comparable to its immediate peers SF/Bos/Sea/dal/Hou in downtown investment.


Great site by Brad from phillyskyline
phillyskyline.com | THE SKINNY - TABLE VIEW


Like I said currently $5 B dollars worth of construction going on in Center City and another $5 B going on across the Schuylkill River in University City.

I was in Center City last week and a couple of out-of-town business men were walking down Walnut Street which was absolutely mobbed with people. One of them asks the other" Are you sure we didnt fly into Manhattan." Absolute true story.

Another lady I overheard say "I like Philadelphia so much better than New York, its so much cleaner." True story.



I'll admit in this economy no one is knocking down the door to rent large tracts of office space but this project is to Philadlephia what the Empire State Building was to NYC, what the Sears tower was to Chicago. Its a calling card to announce that Philadlephia wants to get in the game. Thats all, how can you fault Philadlephia fro having a vision?




I'll have to do some homework on this but my guess is that the Philly area as a whole blows the headlights off of Stamford, and Fairfield County in the finance industry. Theres 300,000 yuppies that go to work in Center City everyday, I doubt seriously if Stamford has 10% of that total

[welder]

One of the reasons I think, is cause of the actaul designs of the city. There just aint alot of room to build around them city neighborhoods. Look how they let u park your cars in the middle of Broad Street in South Philly. Cause there aint NO ROOM ANYWHERE ELSE to park. They would have to tear all the rowhouse down (which aint going to happen) and built way bigger streets. It doesnt look like a big 21st city, it just dont. Plus the mindset of the people too. U can tell the difference from a NYC'er mindset compared to a Philadelphian. Philly people are way more Pittsburgh than NYC. Governor Randell, said Pa. wont vote for Obama cause he's BLACK. And he was a former MAYOR of PHILLY. Which I agree with him about Pa backing Obama. And It showed in the Primary with Hillary winning Pa by 10 points. Can u imagine Bloomberg or Rudy saying that. Philly aint big city thinking. Talking about the average person, not yuppies. Yuppies are yuppies.

[rainrock]

Originally Posted by welder

To "suburban philadelphian's"? What about the over 1.4 million residents of the ACTUAL city think? Well, then maybe we should include all of LI. Places like the East Hamptons, etc. We're talking cities here my man, not SUBURBS. Most suburbs across the ENTIRE country LIVE WELL. Poor people for the most part, have always been city dweelers. I dont need to do any search on the internet to know that. I have SEEN first hand what I'm claiming here. All my knowledge is FIRSTHAND experience. MY trips were'nt done on some labtop.

You said probably only 135,000 Philadelphians live well. That would be 9% of the population of Philly are doing well which is a stone cold mistruth. Come on now. You have to realize more than 9% of Philadlephians are living well.

I posted the neighborhoods for you and there is no exaggeratioon there. 700,000 people in Philadlephi area living average to above average lifestyles. Another 400,000 are doing ok. The remaining 400,000 (which I agree is way way too many are not doing well.

But compare that to NYC. The bottom 20% of the population make up only 3% of the income. So 20% of 8 M.

1.6 M people inNYC are in the same boat as the 400,000 in Philly.

I think the latest updated 2007 poverty figures are NYC 19%. Philly 24%

Thats 360,000 Philadelphians living under the poverty line.

1,520,000 people in NYC living under the poverty line.

[rainrock]

Originally Posted by welder

Just so u know also, LA has the most millinoires, then Chicago. There was a article in the Wall Street Journal about it.

The article I saw was

1.NYC
2.LA
3.CHi
4.Bay Area
5.Philly

[welder]

U are wrong. I dont know how to post or highlight a website on here. Go to the Chicago forum. Look under the thread "Is Chicago Underrated". On that thread, I think its on page 2. Someone posted today on there I think. So it should still be on the first page of the Chicago forum. So, now u are saying it's NOT 10%, but actually 24%. 1 in 4 Philadelphians is living in poverty. U do realize if u make 100 bucs a yr over that, they wouldnt list u as poor in that stat. But u said "LIVING WELL". Someone barely making ENDS MEET, is hardly living WELL. See, that's why I just take the common sense approach and forget about stats. I have yet to see a CITY (not suburb), were 90% of the population is living WELL. This is where LIFE EXPERIENCE comes in. Classroom smarts dont always win. U couldnt study about a war all your life. A guy who spent only a few months in that war, would know more than all your yrs of studying.

[rainrock]

Originally Posted by DITC

Despite all this new building, center city is still relatively dead during off hours, so it looks like supply > demand. Your nightlife is limited to a few small pockets, that will have to increase if you want to attract more yuppies (which bring in the big bucks to spend in the city).

You must have Philadlephia confused with some other city.

This isnt a 9-5 city any longer

http://farm4.static.flickr.com/3191/...766e799654.jpg

http://farm1.static.flickr.com/108/3...3e98e4049d.jpg


It has an outstanding nightlife.The restaurants and clubs in center city/old city/university city/bella vista/northern liberties/manayunk/chestnut hill are packed on a nightly basis. Its changed an awful lot in the past 5-10 years.There are 8 30 + story condo towers built or under construction in the past few years. There were zero built in the previous 20 years. Its getting there, Philaldephia has always been a step or two behind which in hindsight inst such a bad thing. It missed out on some god-awful architecture that went up in the 60's-70-'s 80's and in the process saved alot of its older architecture which may pay of in spades in the future.

What Blackrock jobs are moving from North Jersey? Its most likely operations jobs (BACK OFFICE).

LOL. You are pounding the pulpit saying how lacking Philadlephia is and how it needs to recruit high paying financial jobs. They do just that taking from NY metro but it doesnt sound like you are very pleased with the idea anymore.

Tax break could move major firm to Phila. | Philadelphia Inquirer | 06/15/2008

Greenwich/Stamford is the hedge fund capital of the world and has two major banks' US headquarters there. The biggest trading floor in the world is located in Stamford. CT blows Philadelphia out of the water in finance. That, is a fact.

Yeah I'll have to look into this. I know Vanguard is the largest mutual fund company in the world and their HQ is in Chesterbrook-10 miles west of Philly. I'm fairly certain a region with 6 million people has more financial clout going thru its pipes then a city of 100,000 people.

[welder]

another typo. " U 'COULD' study about a war all your life" is what I meant to say.

[welder]

What about the nightlife in the average south Philly neighborhood or other ones. I wouldnt call Philly quite a 9 to 5, but most areas aint to far from it. Especially during the work week. "OUTSTANDING", I guess that's a matter of OPINON.

[rainrock]

Originally Posted by welder

U are wrong. I dont know how to post or highlight a website on here. Go to the Chicago forum. Look under the thread "Is Chicago Underrated". On that thread, I think its on page 2. Someone posted today on there I think. So it should still be on the first page of the Chicago forum. So, now u are saying it's NOT 10%, but actually 24%. 1 in 4 Philadelphians is living in poverty. U do realize if u make 100 bucs a yr over that, they wouldnt list u as poor in that stat. But u said "LIVING WELL". Someone barely making ENDS MEET, is hardly living WELL. See, that's why I just take the common sense approach and forget about stats. I have yet to see a CITY (not suburb), were 90% of the population is living WELL. This is where LIFE EXPERIENCE comes in. Classroom smarts dont always win. U couldnt study about a war all your life. A guy who spent only a few months in that war, would know more than all your yrs of studying.

Yes 24% of the city. 10% wa referring to the metro.

Welder if you ever come down for a visit to Philly I'll show you around parts of Philadlephia that will have yout tongue dragging on the ground. Its not as bad of shape as you think it is.

[rainrock]

Originally Posted by welder

Just so u know also, LA has the most millinoires, then Chicago. There was a article in the Wall Street Journal about it.

Ok that list is referring to counties not metroes.