(New York, NY) — Google has plans to expand their presence in NYC to the Meatpacking District.
That’s right, New York Times has explained that the company is considering buying Chelsea Market.
This 2.4 billion dollar deal would be the second-priciest real estate transaction for a single building in NYC history.
Google already owns the Art-Deco building at 111 Eighth Ave, better know as the company’s NYC headquarters. The Art-Deco is one of the world’s largest buildings owned by a tech company and was purchased by Google in 2019 for $1.9 billion. Interestingly enough, the Art-Deco is just across the street from Chelsea Market, talk about convenient!
Is NYC becoming a central hub for tech companies?
Big-name tech companies have been expanding through NYC over the years. Apple has an office on Fifth Avenue and Microsoft with an office located in Times Square.
Amazon, a multi-billion electronic commerce and cloud computing company, has selected NYC as one of the potential locations for the opening of their second headquarters.
Reports have shown that tech companies account for around 8% of commercial office space in NYC, an increase of roughly 3% over the past few decades.
Why is NYC such a popular location for big tech companies?
Companies in NYC are geographically close to each other. This makes it easy for tech companies to connect with clients and vendors in a wide range of fields.
Along with geographic proximity, businesses in NYC can take advantage of tax incentives.
Julie Samuels, executive director of Tech: NYC, explained that large companies have created a “robust ecosystem.” The presence of large tech companies in the city encourages engineers and other entrepreneurs to move to New York and work for them. Eventually leaving to found startups, these entrepreneurs are turning NYC into the ultimate tech hub, and Silicon Valley East.