| Company | Bear Stearns & Company (first package - click here for second) |
| Date Announced | 6/6/1991 (deal closed 12/20/91) |
| Project Site |
1 Metrotech Center North, Downtown Brooklyn |
| Competing Sites | Whippany, N.J. |
| Maximum City Subsidy | $30.7 million (reported in news accounts) |
|
?? |
|
?? |
| Type(s) of City benefits |
Relocation tax credits -- $500/employee moved
from Manhattan to Brooklyn
Mortgage Recording Fee Waiver -- ? Real estate tax breaks -- full Sales Tax Abatement -- $11.5 million Energy Benefits (NYCPUS) -- $6.1 million (for Manhattan headquarters) |
| Benefits from New York State | ? |
| Total Benefits Allowed | ? |
| Benefits Distributed to Date (according to LL69 Report FY 1998) | $10,736,000 |
| Promised Job Retention | 1,435 |
| Promised Job Creation | 229 |
| Total Promised Jobs | 1,664 |
| Jobs Reported in LL69 Report FY 1998 |
6,424
(Jobs at this location are not included in the LL69 report FY 2002, since LL69 only requires eight years of reporting on each deal.) |
| Layoffs | ? |
| Length of Contract | 15 years |
| Project Purpose | With this deal, global investment bank Bear Stearns relocated approximately 1,500 back-office jobs from Manhattan to Brooklyn. |
| Clawbacks | ? |
| Background/Since then... | Six years later, the company dipped into the subsidy well again (see separate entry). |
| Corporate Notes |
Bear, Stearns & Co. Inc. is a global
investment banking, securities trading and brokerage firm founded in 1923.
As of May 31, 2003, Bear Stearns had total capital of $33.5 billion and total assets of $207.9 billion. According to the April 2003 issue of Institutional Investor magazine, Bear Stearns is the seventh largest securities firm in terms of total capital. |
| A note on sources -- Information in this deal comes from GJNY's examination of project agreements obtained through Freedom of Information Law requests, as well as news reports, minutes and notes taken at board meetings, and communication with our allies. The entries are a work in progress. For more information about the documentation behind GJNY's database, or to let us know about any developments that are not yet reflected here, please contact us at gjny@ctj.org or (212) 414-9394. | |
| Date last updated: 7/29/03 | |