Will Google Dominate Meatpacking District with $2.4 Billion Chelsea Market Deal?
The tech industry’s presence in New York City is growing. Amazon is considering the city for its second United States headquarters and Google landed a deal for $2.4 billion to take over Chelsea Market neighboring its New York City offices. According to the New York Times, Google the deal will add eight stories or 300,000 square feet to Google’s already massive New York City headquarters.
The takeover by Google will make it one of the biggest players in the meatpacking district and across New York City. Chelsea Market is a major draw to the 14th street meatpacking district neighborhood along with its surrounding clubs and restaurants. The upscale flea market is home to dozens of small businesses. Google acquiring the building could have both positive impacts on real estate and retail in the area.
Will Google keep many of the businesses there or will the startups and small businesses need to look elsewhere? Google acquiring the building could have both positive impacts on real estate and retail in the area.
Google already has some impressive neighbors including Apple and luxury retailers Lulumon Athletica. The expansion by Google could also help fulfill New York City Mayor Bill de Blasio’s vision of creating more technology jobs in the city and grow the job market. In 2016 the Mayor helped launch plans for a Union Square tech hub about a mile away from Google’s offices.
The tech hub will be the new home for NYC’s Civic Hall and is estimated to create 600 technology jobs in the city. The space includes a 36,500 square-foot technology training center will feature classrooms, facilitate formal and informal learning, networking, and collaboration.
Mayor de Blasio’s stake in the project follows his commitment to create 100,000 top paying tech jobs over the next 10 years. The Mayor’s ambition also includes adding 40,000 jobs over the next four years. He made his technology plans known during a February ‘State of the City’ speech.
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