New York and New Jersey are vying for BNY Mellon’s new headquarters with offers of tax credits and other incentives. And, for the moment, it appears New York has the edge.
No victor has yet been determined and officials on both sides declined to discuss the negotiations with the New York Times. Still, New Jersey Governor has offered up nearly $100 million worth of tax credits in attempt to lure the bank across the Hudson to Jersey City.
The bank, following the sale of its longtime headquarters at 1 Wall Street to a venture led by Harry Macklowe for as much as $600 million, is reportedly eyeing a new spot in the 2.7 million-square-foot tower at 225 Liberty Street in Lower Manhattan, as well as one in a 410,000-square-foot waterfront building at 70 Hudson Street in Jersey City.
New Jersey adds BNY Mellon to a long list of corporations it has courted in recent years, including JPMorgan Chase, Forbes, American Dream Meadowlands and RBC Capital in recent years, among others. RBC Capital Markets snagged as much as $78.75 million to move 900 employees from Lower Manhattan to Jersey City instead of Minnesota, though RBC will maintain an American headquarters in Lower Manhattan. The Garden State has reportedly been among the country’s most generous with regard to incentive packages under Governor Chris Christie, doling out over $4 billion in tax breaks and credits during his time in office. [NYT] — Julie Strickland