Goldman Sachs Breaks Ground Downtown

WNYC News | Jul 12, 2010

New York, NY —

Work is now underway on the new headquarters for brokerage firm Goldman Sachs. The 43-story building is expected to house over seven thousand employees and will open in 2009.

REPORTER: At a groundbreaking ceremony yesterday, Senator Charles Schumer praised the revitalization of lower Manhattan, but said much more had to be done.

SCHUMER: Downtown will still have 20 million square feet fewer of commercial space than it did before 9-11. Retail construction, residential are booming all over the city. But commercial development downtown still needs to grow and it needs government help.

REPORTER: Goldman had threatened to move to New Jersey, but stayed on after receiving a sizable package of subsidies. These include $1.6 billion in Liberty Bonds and $115-million in state and city incentives. Senator Schumer said a rail link to JFK airport would also help draw businesses downtown.

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