He lost me at this "New York" thing. Can't be real.
Whats your source material on this?
Well Ironghost and 'trickyninja since this is an Aussie yarn I reckon that would be tomato sauce....
But, here's the Antipodean train of my larrikin thought....
Jonathan Kolia "Jon" Favreau was indeed born in Flushing, Queens, Long Island on October 19th 1966, and grew up and went to school there and later in the Bronx....see any biographical entry on him.
There's been a Stark Industries, later, Stark International plant in Flushing for yonks! (No, not Yonkers: yonks! Means donkey's years....a long time, in Oz lingo.) There are heaps of references to the location throughout I.M history of course, but I like one of the early ones best in Tales Of Suspense #45, September, 1963, where we find out that the plant is near a new baseball stadium and the site for the 1964 World's Fair in Flushing...with all its "Futurist" trappings. The Wiki entry for Flushing also proudly notes the S.I plant's notional location.
So, it's an easy step to think of young Jon watching Iron Man cruise overhead or zip by on his transistorised roller skates, see Tony Stark flash by in his custom made $10,000 sport's car, join his parents in the Stark funded Community Supervillain-raid shelter (used whenever "The Plant" was under attack; a monthly occurence!) or even

spot Happy and Pepper ducking out for a bite to eat between bickers! Jon's father may even have seen Happy box in the ring...
No wonder Jon was so inspired to do so many grand things with his life...he even writes President Obama's speeches....

(Google his name, you'll see!)