As Alternative Finance Leaves NYC, Long Island May Be The Next Best Option

As things like cost of rent, remote work, and incoming disclosure laws cause uncertainty in the hub of alternative finance, many in the industry have decided to leave New York City. Some however, say the perception of a mass exodus is false, and it is Long Island that checks all the boxes for alternative finance’s new home.

“My company started on Long Island and it’s where most of our staff is from, so logically it made sense to keep it there in the beginning of [our] journey,” said Jared Weitz, CEO of United Capital Source. “It’s close to people’s homes so the commute is less for staff and the office space can be 10 to 40 percent less on cost and your loss factor on space is less so the space you do rent, you actually get to use more of.”

According to Weitz, employees in the industry lost a desire to commute during the pandemic. When transitioning from in-person work to remote and then back to in-person, it seems like a commute to Manhattan was a tough sell.

“During [the pandemic], a ton of larger companies who had massive offices in Manhattan ticked it down,” said Weitz. “Staff also didn’t want to commute anymore and so many offices in the city have either moved out to Long Island or stayed in [New York City] to smaller offices and did [remote work] with employees.”

When asked about the value of a Downtown Manhattan address on a business card, Weitz abruptly dismissed the notion that names like Wall, Rector, and Pine still hold the same prestige as it did in years past.

“No, no, no, no one looks at that anymore,” Weitz said. “Most often people are focused on client experiences, so reviews online, time in business, online presence, what can be found about them.”

Weitz spoke on the quality of employees that come from the New York area, and how their work ethic and work experience are some of the best the industry has to offer.

“Look, I’m from New York so I’m partial and I can see why people say [this]. New York [workers] have a certain grit, and a certain fight with laser focus determination.”

“I think there are people who are smart and who hustle anywhere,” Weitz continued. “While southerners may have a laid-back lifestyle, I know plenty who hustle hard, [but] I do think you can always tell the difference from a New York sales rep versus another.”