Google buys old Port Authority building in NYC for $1.9B

Old Port Authority building

Google made a large investment in New York City this week when it purchased the old Port Authority building for a cool $1.9 billion. The building is located at 111 Eighth Avenue and is the current home for Google's NYC operations. Between this new building and office space in the Chelsea Market building next door, Google has room enough for 2,000 employees and more. Google is on a current hiring spree and this location will be the new home for these incoming sales and engineering employees. 

The old Port Authority building is large, even by New York City skyscraper standards. It extends a roomy three million square feet in the horizontal direction and boasts of more interior office space than the Empire State building which has a mere two million square feet. According to Wired, the building even includes elevators large enough to lift 18-wheeled semi-tractor trailer trucks. Besides Google, companies like Verizon, Sprint, Barnes & Noble, WebMD, and Level 3 call this building home. Why so many tech and telecommunications companies in one site? Well, the building sits on top of one the main fiber optic arteries that serves to connect the surrounding portions of NYC.

Google has not confirmed the purchase price for this piece of valuable real estate, but estimates suggest the final sum may total $1.9B with a $46M windfall headed to NYC in real estate transaction taxes. Though Google owns the building, it will leave the oversight of the massive structure to Taconic Management, the company in charge of leasing and managing of the building under the previous owner. 

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19 Comments

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creating what jobs?? Eng jobs from those that took 8 years of school to get degree's??? Look at the area too, sure its on the fiber optic line but I'm sure there are many rural places they could have just built a newer building cheaper where there are very little in the way of jobs. Create jobs by building a new building, other jobs grow around this new building etc etc... waste IMO and certainly not a way to create jobs that this country needs.

sava700 said,
creating what jobs?? Eng jobs from those that took 8 years of school to get degree's??? Look at the area too, sure its on the fiber optic line but I'm sure there are many rural places they could have just built a newer building cheaper where there are very little in the way of jobs. Create jobs by building a new building, other jobs grow around this new building etc etc... waste IMO and certainly not a way to create jobs that this country needs.

Creating a job is just what it sounds like... creating a job...

Whether that job is in No Where, Montana or NYC is almost irrelevant to the market since there will be a job created at any rate (the unemployed in Montana can move to NYC provided they meet the skills for the job).

You, nor I, know what the right jobs to create are, but Google is a technology company so any jobs they create will be tech jobs. Google isn't in the construction business so they won't just run around building buildings for no apparent reason. Sorry if that upsets you.

xbamaris said,
did anyone else read this and thought it said $1.98 (dollar ninty-eight)rather than 1.9 Billion? lol
Yeah lol


xbamaris said,
did anyone else read this and thought it said $1.98 (dollar ninty-eight)rather than 1.9 Billion? lol

Nope.

Well, that means more servers trucked in, more jobs for sure, and it is a good thing that these old building are being put to good use.

0day said,
Does this mean jobs? Like for interns?

Hahahaa. For some reason I was thinking that Google will run the entire building solely with interns.