Goldman Sachs to build $1.8b downtown HQ.Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. plans to build the first new headquarters building downtown in 16 years. The new $1.8 billion, high-tech, environmentally efficient headquarters will be located on Site 26, the last remaining commercial parcel at Battery Park City. Governor George E. Pataki and Mayor Michael R. Bloomberg said that Goldman Sachs has agreed to maintain 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. employment at least equal to its current total of 9,178 when it occupies the new building in 2009-2010. The firm also projects the creation of approximately 4,000 jobs by 2019. "We are delighted to reaffirm our 135-year-old commitment to downtown Manhattan," said Henry M. Paulson Jr., chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Goldman Sachs. "We also want to commend the Governor and the Mayor for their efforts in revitalizing our neighborhood and we look forward to welcoming them to our new building." The company will maintain this employment level, along with its headquarters and investment banking and trading operations, through at least 2028. Approximately 7,400 jobs will be located in the new headquarters building. The new building will comprise approximately two million square feet. It will house headquarters and front office staff, including investment banking, commodities trading and related operations. This is the first headquarters project to be built 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 since 1988, when JP Morgan built a facility at 60 Wall St. Both state and city governments are providing financial support for the $1.8 billion project. A total of $1 billion in development cost is expected to be financed through the Liberty Bond program, a joint city-state financing program. The bonds are issued by the New York Liberty The New York Liberty is a Women's National Basketball Association (WNBA) team based in New York City. They are one of the eight original WNBA teams that began to see action in 1997, as well one of the most successful teams in WNBA history. Bond Development Corp., which approved an inducement resolution for the project this week. Goldman Sachs is negotiating a ground lease for the site through 2069 with the Battery Park City Authority The Hugh L. Carey Battery Park City Authority is a New York State public benefit corporation whose mission is to plan, create, co-ordinate and maintain a balanced community of commercial, residential, retail, and park space within its designated 92-acre site on the lower west side . The lease is expected to provide up to $13.4 million NPV NPV See: Net present value in sales tax sales tax, levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the retailer, who remits the tax to the government. exemptions, to be earned through job growth in excess of 9,413 jobs, as well as a program of payments in lieu of real estate taxes, offering tax savings similar to those available on an as-of-right basis to other developers of commercial. "Today's commitment by Goldman Sachs to invest nearly $2 billion and create thousands of new jobs at Battery Park City marks another major step forward in our efforts to revitalize and bring jobs back to Lower Manhattan," Governor Pataki said. |
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