Finance

US tech giants make huge investment in NYC

According to The Wall Street Journal, Google is reportedly set to purchase significant amounts of real estate throughout New York City, which could provide an extra 12,000 tech workers to multiply its workforce.

Parent company, Alphabet Inc. is nearing a deal to buy or lease three new properties in the city, including a 1.3 million-square foot building in St. John’s Terminal.

Earlier this year, the tech giant spent $2.4 billion buying New York City’s historic Chelsea Market, with plans to add a community space, winter garden and a public water taxi landing. It closely resides to their 111 Eighth Avenue headquarters, which they purchased in 2010.

Over the last two years Google has spent a reported $2.8 billion on real estate, and earlier this month paid $1 billion for a property in Mountain View, California.

Amazon is also set for expansion in New York, with plans set to split its headquarters between Long Island City in Queens and Arlington County VA, providing a further 25,000 jobs for the company. HQ2 is set to be the largest economic development project in New York State history, bringing billion of dollars in tax revenue.