Facebook and Amazon expanding in Manhattan

Posted by Wei Min Tan on December 7, 2019

The Wall Street Journal reported that Facebook is in talks to lease 700,000 square feet of office space at the Farley Building opposite Penn Station.   In addition, Amazon signed a new lease for 335,000 square feet in Hudson Yards for 1,500 employees.   Along with Google’s expansion of 1.3 million square feet in Hudson Square, New York is becoming the East Coast’s tech hub.

 

 

Contact:  tan@castle-avenue.com

Read about Wei Min’s style in Best Manhattan property agents and Role of a buyer’s broker

 

 

Facebook, Amazon, Google’s expansion in Manhattan

Facebook is in talks to lease 700,000 square feet for 14,000 employees at the Farley Building on Eight Avenue across from Penn Station.  This space is in addition to Facebook’s recent deal for 1.5 million square feet at Hudson Yards.  Combined, Facebook will have more than 3 million square feet of New York office space, making it one of NYC’s largest corporate tenants along with JPMorgan Chase and Bank of America.

 

 

Amazon just signed a deal for 335,000 square feet of office space in Hudson Yards in a deal without any tax incentives from NYC or New York state.  This is less than a year after the HQ2 pullout from Long Island City, Queens.   The new space in Hudson Yards will be for 1,500 employees.  Amazon’s expansion without tax incentives demonstrates New York’s attractiveness to the tech industry.

 

 

Earlier this year, Alphabet’s Google signed leases for 1.3 million square feet of space in three buildings in Hudson Square.  The Hudson Square expansion is for Google’s second Manhattan campus where the tech giant plans to double its workforce by 7,000 employees.

 

 

 

Tech’s growth in NYC fuels more jobs

New York’s tech sector job growth between 2009 and 2018 increased at four times the city’s average private job growth rate.  New York is very attractive to the tech industry because of availability of talent, the comprehensive transportation system, and cultural and entertainment activities.  The growth in tech also fuels job expansion in housing, restaurants, car services and other personal services.

 

 

What We Do

We focus on global investors buying Manhattan condos for portfolio diversification and long term return-on-investment.
1) Identify the right buy based on objectives
2) Manage the buy process
3) Rent out the property
4) Manage tenants
5) Market the property at the eventual sale

 

 

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About Wei Min

  • Focuses on investors of Manhattan condominiums, interviewed by CNBC, CNN, Wall Street Journal, New York Times
  • Ex-Citibanker, managed $500 million portfolio
  • MBA, University of Illinois at Urbana-Champaign
  • Manhattan resident since 1999. Currently lives in Tribeca with wife and 2 kids
  • 352 burpees in 23 minutes, student of muay thai kickboxing

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About Wei Min


  • Focuses on investors of Manhattan condominiums, interviewed by CNBC, CNN, Wall Street Journal, New York Times
  • Ex-Citibanker, managed $500 million portfolio
  • MBA, University of Illinois at Urbana-Champaign
  • Manhattan resident since 1999. Currently lives in Tribeca with wife and 2 kids
  • 352 burpees in 23 minutes, student of muay thai kickboxing

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