New Jack City
July 14th, 2004, 09:46 PM
Daily News
Planning Long Island Citi
http://www.nydailynews.com/ips_rich_content/713-citi_announce.JPG
Architectural drawing of new Citigroup building was unveiled yesterday by (l. to r.) Queens Borough President Helen Marshall, Mayor Bloomberg and Citigroup President/CEO Robert Willumstad.
BY DONALD BERTRAND
DAILY NEWS STAFF WRITER
Citigroup, the world's largest financial service company, announced plans yesterday to construct a 14-story, 475,000-square-foot building across the street from its 48-story tower in Long Island City.
The $200 million building will have space for approximately 1,500 employees, and will be called Court Square Two.
Court Square One, built in 1989, has approximately 1.4 million square feet and 4,800 employees.
"We have our single largest, most profitable business - our credit card business - headquartered right here," said Robert Willumstad, Citigroup's president and chief operating officer, in announcing the plans with Mayor Bloomberg at Court Square One.
"It is growing," said Willumstad about the credit card business, "and obviously it makes sense to have continuity as we expand that business. This has been the great place for us in terms of the attraction of the employees and a good place to work."
The total number of Citigroup employees in Queens will rise to about 6,300 in late 2006 or early 2007 with the new building's completion.
In addition, Citigroup will improve the connection between the G and 7 subway lines by constructing an escalator.
"Today's announcement shows that the best days for Queens and all of the city are still ahead," said Mayor Bloomberg.
"Citigroup is the city's largest private sector employer, and will get even bigger with the construction of this beautiful new building and commitment to create more jobs in New York City."
Willumstad said Citigroup expects to create more than 2,500 new jobs, largely front office, in the city over the next two years.
To accommodate this growth, the company is moving approximately 1,600 technology jobs out of Manhattan to Warren, N.J., and approximately 300 jobs to Long Island, primarily to Melville, he said.
The jobs going to Jersey, said the mayor, is part of a "trend that started many years ago of low-paying jobs moving out of the city and higher-paying jobs with more of an intellectual content moving into the city. That is a healthy trend that you want to have happen."
Borough President Helen Marshall said, "They were the pioneers who came here. They took a chance on us, and you can see it was a good bet. They put their money on a winning horse."
Joseph Conley, the chairman of Community Board 2, which includes Long Island City, Maspeth, Sunnyside and Woodside, said, "This announcement signals the start of New York City's next central business district. This much anticipated development underscores the vitality of Long Island City."
Councilman Eric Gioia (D-Sunnyside), who represents the area, added, "What Citigroup and other businesses and developers are learning is that Long Island City is a great place to live, work and raise a family and because of that, it is an ideal place to build and do business."
Originally published on July 14, 2004
Planning Long Island Citi
http://www.nydailynews.com/ips_rich_content/713-citi_announce.JPG
Architectural drawing of new Citigroup building was unveiled yesterday by (l. to r.) Queens Borough President Helen Marshall, Mayor Bloomberg and Citigroup President/CEO Robert Willumstad.
BY DONALD BERTRAND
DAILY NEWS STAFF WRITER
Citigroup, the world's largest financial service company, announced plans yesterday to construct a 14-story, 475,000-square-foot building across the street from its 48-story tower in Long Island City.
The $200 million building will have space for approximately 1,500 employees, and will be called Court Square Two.
Court Square One, built in 1989, has approximately 1.4 million square feet and 4,800 employees.
"We have our single largest, most profitable business - our credit card business - headquartered right here," said Robert Willumstad, Citigroup's president and chief operating officer, in announcing the plans with Mayor Bloomberg at Court Square One.
"It is growing," said Willumstad about the credit card business, "and obviously it makes sense to have continuity as we expand that business. This has been the great place for us in terms of the attraction of the employees and a good place to work."
The total number of Citigroup employees in Queens will rise to about 6,300 in late 2006 or early 2007 with the new building's completion.
In addition, Citigroup will improve the connection between the G and 7 subway lines by constructing an escalator.
"Today's announcement shows that the best days for Queens and all of the city are still ahead," said Mayor Bloomberg.
"Citigroup is the city's largest private sector employer, and will get even bigger with the construction of this beautiful new building and commitment to create more jobs in New York City."
Willumstad said Citigroup expects to create more than 2,500 new jobs, largely front office, in the city over the next two years.
To accommodate this growth, the company is moving approximately 1,600 technology jobs out of Manhattan to Warren, N.J., and approximately 300 jobs to Long Island, primarily to Melville, he said.
The jobs going to Jersey, said the mayor, is part of a "trend that started many years ago of low-paying jobs moving out of the city and higher-paying jobs with more of an intellectual content moving into the city. That is a healthy trend that you want to have happen."
Borough President Helen Marshall said, "They were the pioneers who came here. They took a chance on us, and you can see it was a good bet. They put their money on a winning horse."
Joseph Conley, the chairman of Community Board 2, which includes Long Island City, Maspeth, Sunnyside and Woodside, said, "This announcement signals the start of New York City's next central business district. This much anticipated development underscores the vitality of Long Island City."
Councilman Eric Gioia (D-Sunnyside), who represents the area, added, "What Citigroup and other businesses and developers are learning is that Long Island City is a great place to live, work and raise a family and because of that, it is an ideal place to build and do business."
Originally published on July 14, 2004