Page 30 - Westchester Economic Development Guide - 2017 PDF

WESTCHESTER WORKS FINANCE
AN ENVIRONMENT OF
GROWTH AND STABILITY
L-R: William M. Mooney, III, Director of the Office of Economic Development; Mark Levenfus, CPA, Managing Partner Emeritus, Marks Paneth; Westchester County Execu- tive Robert P. Astorino; Anthony J. Tempesta, Partner-in-Charge - Westchester Office, Marks Paneth; Marsha Gordon, President/CEO, The Business Council of Westchester
Westchester in order to meet its growing needs, and now occupies a new 19,000 square-foot office space in Purchase.
Why did Marks Paneth decide to double down in Westchester?
Our new office in The Centre at Purchase gives us room to expand as we continue to grow our firm, organically and through acquisitions. We’re excited to have had the opportunity to relocate to this beau- tiful, convenient office campus in West- chester County. It’s in close proximity to the Hutchinson Parkway, the Cross County Parkway, I-684 and less than 30 miles from Midtown Manhattan.
Talk about your Westchester client base.
Our client base in Westchester County is mostly composed of high net-worth individuals; middle market commercial businesses; nonprofit organizations; real estate developers and managers; and law firms. The dynamic range of clients we serve is representative of the county’s vibrant business and residential popula- tion, and was another key differentiator in the decision to “double down.”
As a financial firm, what are some
of the benefits of doing business
in Westchester?
Westchester County is home to a rap- idly-growing business community and unlimited talent. The vibrant banking and legal communities throughout the county are invaluable resources to have within arm’s reach, and offer terrific networking opportunities for our young, up-and-coming professional staff.
Westchester County is also in close proximity to several key counties, includ- ing New York State’s Rockland County and Connecticut’s Fairfield County. The ability to seamlessly serve these markets’ needs, and pull from their respective pools of talent, will be of paramount importance as we continue on our upward trajectory.
Westchester County’s $1.8 bil- lion budget for 2017 marks the seventh budget where County Executive Robert P. Astorino has lowered or not increased taxes.
In late 2016, Standard & Poor’s and Fitch reaffirmed the highest possible credit ratings for the county: AAA. The ratings agencies also gave Westchester a “stable outlook,” as did Moody’s, which gave Westchester its second highest rat- ing, AA1. No county in New York has a higher credit rating from the three agen- cies than Westchester.
Currently employing more than 30,000 people, the financial services in- dustry is a key growth area for the county. Two Purchase-based Fortune 500 com- panies – MasterCard and Morgan Stan- ley – help anchor the county’s growing and increasingly diverse financial sector. MasterCard, a giant in the global pay- ments industry, has been headquartered in Westchester since the early 1990’s. With offices in more than 43 countries, Morgan Stanley is a leading global finan- cial services firm providing investment
banking, securities, investment manage- ment and wealth management services.
To further support the needs of local businesses, Westchester has also welcomed numerous community and re- gional banks to the area in recent years. These include Signature Bank, Lakeland Bank, Patriot Bank, Putnam County Sav- ings Bank, Sterling National Bank and Orange Bank & Trust.
ANTHONY TEMPESTA, CPA
Partner-in-Charge of Westchester Office
MARKS PANETH LLP
Marks Paneth LLP, one of the region’s largest accounting firms, has expanded its presence in Westchester County to accommodate growth. Offering a wide range of accounting, audit, tax, consult- ing, restructuring, forensic accounting and advisory services, the firm also pro- vides litigation and corporate financial advisory services to domestic and inter- national clients. In early 2016, Marks Paneth doubled the space it leases in
28 WESTCHESTER COUNTY ECONOMIC DEVELOPMENT GUIDE