Subsidy Deal Persuades NYSE to Stay in N.Y.
The New York Stock Exchange, that bastion of capitalism, agreed Tuesday to stay in New York City--thanks to the largest government subsidy in New York history.
New York City and the state will spend about $400 million on a new trading complex across the street from the NYSE’s current headquarters. The exchange, long wooed by surrounding states, also will get $160 million in tax waivers.
As part of the plan, a developer will build an office tower above a planned 650,000-square-foot trading floor. Construction is to begin in November 2001.
After the new trading facility opens, the NYSE will make the old trading floor available to house a police substation.
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