Chelsea Market expansion will create jobs, help advance NYC

Chelsea Market has been one of New York’s great success stories over the last twenty years.  Initially a magnet for food and media companies, Chelsea Market has more recently played a crucial role in West Chelsea becoming known as “Silicon Alley”.

Now Jamestown Properties, Chelsea Market’s owner, has a plan to expand by adding floors to the building. This expansion will create jobs and help advance New York City as a global center for the technology and media industries. (Google’s purchase of 111 Eighth Avenue – right across the street from Chelsea Market – makes clear that technology companies want to be in New York City and, particularly, West Chelsea.) The Real Estate Board of New York enthusiastically supports Jamestown Properties’ plans to expand Chelsea Market.

The planned expansion calls for a 232,000-square-foot office addition, matching the existing structure’s shape, built atop the Market’s west side along Tenth Avenue, as well as a 78,000-square-foot office space on the southwest corner of Ninth Avenue and 16th Street.

This development requires no government subsidy, involves no relocation or condemnation, and will generate $7 million annually in real property taxes to provide for vital City services. 

In this economic climate, job creation is paramount. The new office space will employ more than 1,000 additional people in the tech and media sector. According to a study performed by Appleseed, this expansion will generate more than $1.3 billion of economic output annually. (Currently at Chelsea Market, there are 20 office tenants in the tech and media industries that employ more than 3,600 people at Chelsea Market.)

Construction for the expansion will boost the economy with the creation of more than 600 union jobs and result in more than $300 million in spending citywide. Two major labor groups, SEIU 32BJ and the Building and Construction Trades Council, support the project.

The expansion will generate more than $19 million for the High Line Improvement Fund to maintain this world-class park.  Such monies will also be used for amenities like public restrooms along the High Line, a freight elevator and new space for public and community events with roughly 3,000 square feet of activity space and 1,000 square feet of storage space to the park.

REBNY strongly encourages the City to support Jamestown’s plan for the Chelsea Market expansion which is important for the future of Chelsea and New York City.

In other REBNY News:

Attention golf and tennis players. It’s time to sign up for REBNY’s Fall Golf & Tennis Outing on Monday, Sept. 10, 2012 at Metropolis Country Club, 2899 Dobbs Ferry Road, in White Plains. Golfers pay $425 and tennis players are $315. If you would like to attend the event, but not play golf or tennis, lunch/dinner is $225 and dinner only is $150. For more information, contact Kathleen Gibbs kgibbs@rebny.com or 212-616-5246.

Don’t forget to donate with your feet. New and gently worn women and men’s business shoes are needed.  REBNY has partnered with Dress for Success & Career Gear for the Annual Summer Donation Drive going on now until Aug. 24, 2012.

If your shoe donations are appropriate to wear to work and you would be comfortable wearing them to an interview, we’ll take them. All donations are 100 percent tax-deductible. Firms are welcomed to collect from their own offices to participate.

Shoes can be dropped off Monday through Thursday, 11 am to 3 pm and Friday, 11 am to 2 pm at the REBNY reception area, 570 Lexington Ave at 51st Street, on the second floor.

Dress for Success is an international not-for-profit organization and Career Gear is a national non-profit organization. Both promote the economic independence of disadvantaged women (Dress for Success) and disadvantaged men (Career Gear) by providing professional attire, a network of support and the career development tools to help them succeed in work and in life.

For more information, contact jtaylor@rebny.com.