NEW YORK SPOTLIGHT
NYC Financial Firms Disperse Some Operations
In the post 9-11 era, there's an ebb and flow of companies in Manhattan. Some are shifting portions of their operations to other boroughs or the suburbs, while others are establishing consolidated quarters in Manhattan.
One of the latest is the Health Insurance Plan of Greater New York (HIP) which opened its
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| New York Life moved 25 percent of its Manhattan employees into a renovated building in Westchester County. |
"When the time came for HIP to move its headquarters and consolidate operations, we were offered many opportunities in other locations, but HIP was not about to move out of this city," said HIP CEO Anthony Watson. HIP, the largest HMO in the New York metro market, received more than $10.8 million in Job Creation & Retention Program funds and is eligible to apply to Empire State Development for an additional $1.2 million in grant funds for job growth. Since Sept. 11, 2001, Empire State Development and the New York City Economic Development Corp. have disbursed almost $1 billion in economic recovery assistance.
New York Life moved 1,000 employees from its 4,000-person Manhattan work force to a newly renovated, 383,000-sq.-ft. (35,600-sq.-m.) building in Westchester County.
The Bank of New York, as part of a plan to decentralize operations post 9-11, moved 1,400 of its employees to a new 10-story, 396,000-sq.-ft. (36,800-sq.-m.) building. The move was aided with $114 million in Liberty Bonds, a program intended to help New York City recover after Sept. 11. The bank plans to keep more than 6,000 employees in Lower Manhattan and elsewhere in New York City.
Activity in Brooklyn also includes a $40-million project by Axis Group to lease and develop an automobile-processing facility at the South Brooklyn Marine Terminal in Sunset Park. Projections call for the creation of about 165 auto-processing jobs and more than 140 jobs related to stevedoring, warehousing and associated activities.
