The Long Island market is a fairly unique market that is rich with history. For those unfamiliar with Long Island the following provides an overview:
The counties of Nassau and Suffolk have long been renowned for their affluence. With median home prices rising in excess of $400,000 USD, Long Island has a very high standard of living with residents paying some of the highest property taxes in the country because of the desire to have the best schools in the world. Such affluence is especially pervasive among the hamlets and villages on the North Shore of Long Island and among opulent pockets of the South Shore. Contrasting the affluence in the nation's other wealth renowned counties such as Orange County, California, Nassau and Suffolk Counties do not tend to be of the parvenus. Statistics from U.S. census concurs with this notion, as most affluence has been traced to inheritance on Long Island; subsequently Long Island affluent are sometime referred to as old money.
Long Island is home to some of the most expensive houses in the country. In fact, the most expensive residence in the country is Three Ponds in Bridgehampton. Long Island is home to the luxury communities of the Hamptons Cold Spring Harbor and Lloyd Harbor in Suffolk County and Cove Neck, Oyster Bay Cove, Laurel Hollow, Sands Point, Brookville, Old Brookville, Upper Brookville, Muttontown and Manhasset in Nassau County. Long Island is also home to the second largest private residence in the country, the Otto Kahn estate, known as OHEKA. Otto Kahn was a famous Long Islander who built the second largest private home in the United States, in the style of a French Chateau.
Long Island has long benefited from its proximity to New York City. During the 1930s, Long Island began developing industry of its own. From about 1930 to about 1990, Long Island was considered one of the aviation centers of the United States, with companies such as Grumman Aircraft having their headquarters and factories in the Bethpage area. Grumman has long been the source of top warplanes for the U.S. Navy and the Marine Corps, as seen in the movie Top Gun and numerous WW-II naval and Marine Corps aviation movies. Prominent WW-II Grumman aircraft included the F4F Wildcat and F6F Hellcat fighters, and the TBF Avenger bomber, flown by hundreds of U.S. and Allied pilots, including former President George H.W. Bush.
Long Island is home to the first Trans-Atlantic radio broadcast, made in Rocky Point New York to Paris, France.
Long Island has played a prominent role in scientific research and in engineering. It was the home of the Grumman Aircraft factories where all the Apollo program Lunar Module spacecraft were built; and it still is the home of the Brookhaven National Laboratories in nuclear physics and Department of Energy research. All of this makes Long Island one of the leading high-technology areas in the world.
In their early decades, aerospace related companies were concentrated on Long Island, especially in Nassau County in the Bethpage area. Over the years, it also diversified to other locations. The company did very well during WW-II as military demand skyrocketed; it specialized in high technology devices such as gyrocompasses, analog computer-controlled bombsights, airborne radar systems, and automated take-off and landing systems. As the reader can see, these were jumping-off points into the multibillion-dollar annually aviation electronics business. During the Cold War decade of the 1950s, part of Sperry Gyroscope was moved to Phoenix, Arizona, and soon thereafter became part of the Sperry Flight Systems Company. This was to try to preserve parts of this vital defense company in the event of a thermonuclear conflagration. Both on Long Island and in Arizona, Sperry continued to excel at aviation electronics — avionics, and it also provided avionics systems for such NASA programs as the Space Shuttle.
In recent decades companies such as Sperry Rand and Computer Associates, headquartered in Islandia, have made Long Island a center for the computer industry. Gentiva Health Services, a national provider of home health and pharmacy services, also is headquartered in Long Island.
Nevertheless, the eastern end of the island is still partly agricultural, now including many vineyards and pumpkin farms as well as traditional truck farming. Fishing also continues to be an important industry, especially at Northport and Montauk.
Since World War II, Long Island has become increasingly suburban and, in some areas, fully urbanized. Levittown was only the first of many new suburbs, and businesses followed residential development eastward.
Long Island is home to the East Coast's largest industrial park, the Hauppauge Industrial Park. The park has over 1,300 companies, and employs over 55,000 Long Islanders. Companies in the park and abroad are represented by the Hauppauge Industrial Association.
A growing entertainment industry presence can also be found on the Island. Most recently producer Mitchell Kriegman established Wainscott Studios in Water Mill where the PBS children's show, “It's a Big, Big World”, is shot.