| Company | Quick and Reilly/Fleet Securities |
| Date Announced | 1/16/2000 |
| Date Induced (IDA spreadsheet) | 11/9/1999 |
| Closing Date (LL69) | 10/25/2000 |
| Project Site | 26 Broadway, Manhattan (news clips) //26 Broadway, 40 Rector St, 110 William, 14 Wall St Manhattan (IDA)// 26 Broadway Manhattan (LL69) |
| Competing Sites | Jersey City, N.J. |
| Maximum Subsidy | $4.8 million (news clips) // $4,801,400 (IDA) |
|
$1,500,000 in sales tax retention benefits (IDA) |
|
$1,400/employee to a cap of $2,800,000 (IDA) |
| Type(s) of City benefits |
$500,000 in energy benefits (BIR) (IDA) Up to $4,300,000 in sales tax benefits (IDA) Sales Tax Abatement - $371,000 (LL69) |
| Benefits from New York State | ? |
| Benefits Distributed to Date (according to LL69 Report FY 2002) | $370,000 |
| Promised Job Retention | 1,085//1,085 (IDA)//1,085 (LL69) |
| Job recruitment | |
| Projected job growth | 1,053//901 (IDA)//901 (LL69) |
| Total Jobs | 2,138 (news clips) //1,986 (IDA LL69) |
| Jobs Reported in LL69 Report FY 2002 | 1,150 |
| Layoffs | |
| Length of Contract | 15 years // 13 years (IDA) |
| Project Purpose | Quick and Reilly received the $4.8 million in municipal tax incentives to defray the cost of expansion. |
| Clawbacks? | Quick and Reilly must increase New York City personnel by 5% a year for the length of the contract. |
| Background/Since then | The firm had been considering a move to the Lefrak Organization's office complex in Jersey City. The 12.5 year lease at 26 Broadway increases Quick and Reilly's presence by almost a third, making it the largest tenant at the 1920's vintage tower. |
| Corporate Notes | Founded in 1974, Quick and Reilly was the first New York Stock Exchange member firm to offer discounted stock commissions to retail clients. Fleet Securities is Quick and Reilly's parent firm, the nation's eighth largest diversified financial services company, with more than $185 billion in assets. |
| Comments | |
| 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: 04/8/03 | |