Dubai Debt Issues Push Stocks Down
GMA: Adam Lambert, No; Chris Brown, Yes
Report: Wife Scratched Tiger Woods' Face, Chased His SUV; Update: Police Unable To Interview Couple Today
Family Gets Early Christmas Gift From Ellen DeGeneres
Street Artist Proposes on Subway Signage
Many of the Depository Trust and Clearing Corp.'s employees will have to leave their 55 Water Street offices, because the company has agreed to move 1,600 jobs to Jersey City. Of course, those employees won't need to pack up that soon—the move is planned for 2013.
According to the Star-Ledger, the NJ "Economic Development Authority had already approved $74.6 million in tax incentives, and today the authority's board approved a memorandum of understanding to give $14.6 million in grants to help the company renovate the 415,000-square-foot space" at 570 Washington Boulevard.
Earlier this year, news of NJ's maneuvering prompted to Mayor Bloomberg to say, "New Jersey has been going around to a lot of our New York City businesses, saying 'Taxes in New York are too high, move to New Jersey.'...There are a couple of these companies I am really worried might move. We're working very hard to convince them to stay." At the end of the day (or at least after the move in 2013), DTCC will still keep 700 jobs and its headquarters at 55 Water.
add to stumble upon
add to reddit
tweet this
post to facebook
No Surprise here. All NY does is tax and tax. One day it's really going to bite this state.
I've never seen it with my own eyes but supposedly 55 Water Street is the largest building in Manhattan in terms of square feet of space
From backwater to backoffice. NJ's really coming along!
So will they be reimbursing the east-of-the-Hudson-River-folks their PATH fare?
Where's Mike Bloomberg to stop the exodus of businesses?
55 Water St used to be one of the Chase Manhattan Buildings. 570 Washington Blvd has a big Chase donut on top of it too... hmmmm.
Taxes kill jobs. It's understood yet so rarely applied.