Citigroup announces new building and extra jobs.Mayor Michael R. Bloomberg joined Citigroup to announce plans to expand its presence in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. by constructing a new 14-story, 475,000 s/f building in Long Island City, acquiring additional office space in Manhattan and shifting their mix of jobs Citywide--resulting in a net growth of more than 600 jobs over the next two years. The Mayor was joined by the bank's President & Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. Robert Willumstad and Empire State Development Chairman Charles Gargano and Senior Managing Director of Tishman Speyer Properties Tishman Speyer Properties is a leading real estate building and operating company set up in 1978 by two founding partners, Jerry Speyer and Robert Tishman. Overview Robert Speyer at the announcement at Citigroup's Court Square One building in Long Island City, Queens Long Island City (often abbreviated L.I.C.) is the western-most neighborhood of the borough of Queens in New York City. It is bounded on the north and west by the East River; on the east by Hazen Street, 49th Street , "From the start, our Administration has followed an economic development strategy designed to create jobs throughout the five boroughs, and Citigroup's latest expansion to Long Island City does just that," said Mayor Bloomberg. "Citigroup is the City's largest private sector employer and will get even bigger with the construction of this beautiful new building and commitment to create more jobs in New York City." "We are excited about our plans to continue growing in New York City," said Charles Prince For other persons named Charles Prince, see Charles Prince (disambiguation). Charles O. "Chuck" Prince, III, born January_13, 1950, is the chief executive officer (CEO) and chairman of Citigroup. , Citigroup's Chief Executive Officer. "We are the largest private sector employer in New York City and we expect to add even more jobs here over the next two years." "We applaud Citigroup's announcement today," said Chairman Gargano. "Because of Governor Pataki's pro-business policies, companies such as Citigroup are able to expand and grow across the State. And while Citigroup backfills its space in Lower Manhattan Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York. Lower Manhattan is generally defined as the area delineated on the north by Chambers Street, on the west by the Hudson River (North with high-paying jobs, the company is also demonstrating its commitment to all of New York City, right here in Long Island City, further ensuring New York's position as the financial capital of the world." The cornerstone of Citigroup's plans is the construction of a new $200 million building in Long Island City--Court Square Two--which will have space for approximately 1,500 employees and will accompany Court Square One, which was built in 1989 and has approximately 1.4 million square feet and 4,800 employees. Construction of the new building, Citigroup's second in Long Island City, is expected to begin in early 2005. In addition, as part of the plan to construct Court Square Two, Citigroup will improve the connection between the G and #7 subway lines by constructing an escalator that will allow passengers to walk between both lines underground. Citigroup will also grow its current level of temporary and permanent office space in Manhattan by 420,000 square feet to accommodate the anticipated job growth. Currently, Citigroup has about 9.3 million square feet of office space in New York City. At the same time, Citigroup is shifting the mix of its jobs in Manhattan and rationalizing its office space in the tri-state region For other tri-state regions, see . The Tri-State Region is commonly used in the area surrounding New York City to unambiguously refer to the greater metropolitan area. Sometimes the phrase is shortened to "the Tri-State," or "the Tri-State Area" is used instead. . Citigroup expects to create more than 2,500 new jobs, largely front office, in New York City. To accommodate this growth, the company is moving approximately 1,600 technology jobs out of Manhattan to Warren, New Jersey, and approximately 300 jobs to Long Island, primarily in Melville. Citigroup will continue to be the largest private sector employer in New York City with approximately 25,400 employees. They are the largest employer below Canal Street Canal Street may refer to:
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State. Tishman Speyer Properties is the developer of the new building in Long Island City and an affiliate of the New York-based company will own it. Jerry I. Speyer, President and Chief Executive Officer of Tishman Speyer Properties, said: "This project represents a terrific opportunity to invest in the future of Long Island City and we are proud to play a role in that effort." |
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