Great Neck, Long Island has come a long way from its days as a land of potato farms and duck ponds. The city has flourished to become a resilient economic power.
The Village of Great Neck is located in Nassau County in Long Island, New York and had a population of close to 10,000 people in 2000. Former residents include hedge-fund manager Steven Cohen, fashion designer Kenneth Cole and novelist F. Scott Fitzgerald.
Great Neck is 17th largest metropolitan area economy in the nation and weighed in with a gross domestic product of $126.3 million in 2005. The recent economic turmoil that has dragged the nation’s economy down, finally brought Long Island down with it, and the suburb was declared in a recession last month. The island was significantly impacted as corporations cut back on travel, as a canceled convention typically takes a toll not just on the hotel, but also on nearby restaurants and retail businesses.
However, according to the Labor Department, Long Island bucked the national trend of cutting jobs and created 4,100 jobs in August.
FOX Business report Nicole Petallides heads back to her hometown to prove American prosperity is alive and well.
Great Neck By the Numbers
In 2007, median household income was $95,534 (it was $76,645 in 2000)
Estimated median house or condo value in 2007: $963,550 (it was $455,600 in 2000)
In Great Neck, 61% of commuters drive to work
It takes close to 34 minutes on the Long Island Railroad to get from Great Neck to Penn Station
The Great Neck Public Schools Board of Education proposed a 5.35% budget increase, from the preliminary working budget of $181,130,094
The median age for a home is 54 years old
Great Neck’s unemployment rate is 4.7%
The cost of living index is 196 for the town
A Glance in the Rearview Mirror
1.) What has changed about your hometown the most since you left?
It’s very similar to when I was young. So beautiful, small town. Gorgeous homes, shops grounds. All mom and pop shops, but just a few national chains have snuck into the village here – Radio Shack, CVS, Dunkin Donuts. The mom and pop shops rock. They have top brands for athletics, sportswear, house gifts. You never need to leave Great Neck; you can buy everything from wine to Lazar’s Chocolate to Uggs.
2.) What one characteristic in your life now do you credit your hometown for planting in you?
Work ethic. All my friends growing up in Great Neck had parents who worked hard and made something of themselves because of hard work. Kids in Great Neck are afforded so much opportunity but expectations are high for achievement. Great Neck is close to New York City and the Hamptons -- there are jobs and opportunity for everyone as long as you’re willing to work. The unemployment rate is about 2 percentage points lower than the national average.
3.) What do you miss the most?
Great Neck is safe and country-living, but so close to New York City. I spoke to Nassau County executive Tom Suozzi today who noted the low crime rate. It is a real small town – I do miss chilling on Saturdays in town, hitting Gino’s Pizzeria and a little shopping, too. I miss the sports most, I’d say. I played varsity soccer, basketball, softball. Also used to go waterskiing in the Hamptons. It was so much fun! Mattitucks Vineyards and farms and the beaches. It’s easy living here in Long Island.
I also miss my English Springer Spaniel.
4) Given the chance, would you move back? Why? Yes, I would move back. Great Neck schools are ranked nationally. You can hit the beaches outdoors, go golfing. It’s fabulous. Great Neck is just 30 minutes from New York City. But I’m spoiled now that I’m living and working in Manhattan… that’s the thing.
5.) What economic opportunity has your hometown lost?
The economy is holding up. Taxes in Nassau County are among the highest in the country. Tom Suozzi suggested getting more square footage into the downtown areas to generate more "cool downtowns" and obviously more property taxes. And more shoppers -- because less shoppers means less sales tax going to Great Neck.
In Great Neck, the economy is better than most. It's got nationally-ranked schools and low unemployment compared to the national average, among other things.
6.) What does your hometown not get enough credit for?
Wow -- doing this Hometown piece, I’m finding out how famous Great Neck is... The list of famous folks from Great Neck includes Kenneth Cole, Maurice Chevalier, Paul Newman, hedge-fund manager Scott Cohen, and billionaire Tamir Sapir. Great Neck was also the backdrop for The Great Gatsby (the west egg) by F. Scott Fitzgerald. And St. Nick mentions Great Neck in Miracle on 34th Street...
Also, some of the homes here are the most beautiful that I have ever seen.
