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August 1, 2002, Thursday SPORTS FINAL EDITION

SECTION: BUSINESS; Pg. 64

LENGTH: 172 words

HEADLINE: GRANTS GO TO 40 DOWNTOWN

BYLINE: By ERIC HERMAN DAILY NEWS BUSINESS WRITER

BODY:
The number of companies receiving cash grants to stay downtown has swelled to 40, officials said yesterday, even as some of those companies move parts of their workforces out of lower Manhattan.

City and state officials earlier this year set aside about $500 million in federal funds for large companies who committed to staying downtown for at least seven years. There are 150 eligible companies with 200 employees or more whose main operations were below Canal Street and many are still under review.

The latest recipients include white-shoe law firms Sullivan & Cromwell and Milbank Tweed.

In April, Mayor Bloomberg and Gov. Pataki announced 14 grants. More deals followed, with American Express getting $25 million for returning to its 3 World Financial Center home, which it owns. The largest grant - $40 million - went to Bank of New York, which also owns its downtown real estate.

Officials said yesterday that the grants would keep 34,000 jobs in lower Manhattan, and 40,000 jobs in New York City.

LOAD-DATE: August 1, 2002