Google Expands Real Estate Footprint in NYC

Discussion in 'National / Global Business' started by Jayfar, Feb 7, 2018.

  1. Jayfar

    Jayfar I'm very old®

    Dec 10, 2008
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    $2.4 Billion Deal for Chelsea Market Enlarges Google’s New York Footprint |

    Google, the tech company with a seemingly insatiable appetite for space in New York, is buying Chelsea Market, the blocklong Nabisco factory turned food mart, office building and tourist attraction, for about $2.4 billion, according to two executives who have been briefed on the deal and requested anonymity because they were not authorized to discuss it.

    Chelsea Market sits directly across Ninth Avenue from the company’s headquarters at 111 Eighth Avenue, which is larger than the Empire State Building and covers the entire block between 15th and 16th Streets.

    But it is only the latest example of an internet behemoth, and even smaller tech companies, expanding rapidly in New York City.

    Amazon, Facebook, Salesforce, a cloud computing company, and Spotify, a music streaming service, are all enlarging their footprints here by hundreds of thousands of square feet. Employment at technology firms has grown three times faster in New York City than in the rest of the private sector, adding more than 50,000 jobs since the end of the recession in 2010, according to a report by the state comptroller.


    The purchase comes with the right to make the building even larger by adding about eight stories, or 300,000 square feet. The current owner obtained the necessary zoning change in 2011 when it wanted to erect a 12-story hotel over the Buddakan restaurant, on Ninth Avenue.

  2. Sean

    Sean Well-Known Member

    Oct 6, 2010
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    The Wall Street Journal had that many of these tech footprint expansions are a hedge against future needs for space as they see a need to continue to grow and expand even if they don't need the space now.
  3. phillyaggie

    phillyaggie Well-Known Member

    Dec 11, 2008
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    block long industrial building... available on Washington Ave in Philly...

    too bad Philly's business climate sucks. It's mind-blowing to read that NYC has had 50,000 new tech jobs from the likes of Google, Amazon, Facebook, and Salesforce just since 2010. That's probably the total number of new jobs in Philly in the same period.

    Philly had a good opportunity to be the east coast expansion candidate for the high tech west coast companies. Looks like it has at best come in second in that horse race.

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