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Re: Goldman Sachs Move?
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Let's turn the Goldman Sachs Building into an arts district -- haha

Posted on: 2006/1/31 20:08
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Re: Goldman Sachs Move?
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What this means is that the full complex will never be built along with the public space atrium (a la Winter Garden). Our luck, we finally gets some good architecture and it does not get finished, sounds like JC.

Posted on: 2006/1/31 4:23
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Re: Goldman Sachs Move?
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The new building near the WTC site will be their headquarters and JC will be mostly support functions. It makes sense, at least in a 2000 reality, as they are a short ferry ride from each other. I suspect neither building will be partially occupied by GS because that would be a pain in the ass that they probably don't want to deal with. Just to make a counterpoint to what a lot of people seem to believe, I know that GS is very committed (too much so, in my opinion) to NYC and by extension, JC.

I encourage everyone to read this article http://www.city-journal.org/html/16_1_wall_street.html if you want to understand what the NYC region is up against and the thinking of a place like GS; which is, and hopes to remain, an elite institution.

Quote:

istabraq wrote:
They are just getting ready to start construction on a new bldg by the WTC site - but it won't be ready for occupancy for 2-3 years - and my understanding is long-term plans include retaining ownership and partial occupancy of both buildings and leasing the rest of the space to other commercial users. Their new Manhattan building is one of NYC's keys to redeveloping the WTC area - GS threatened to pull out of the project several months ago unless concessions were made in the WTC plan to accommodate their security needs (covering a portion of West St etc) - and the city revised the plan to suit their needs.

Posted on: 2006/1/31 4:03
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Re: Goldman Sachs Move?
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I think GS made a commitment to Nj, in exchange for economic development funds, to have a certain number of employees in their 30 hudson street building for a certain period of time...i think it's 20 years.

Posted on: 2006/1/30 20:44
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Re: Goldman Sachs Move?
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Pisces actually digresses quite a bit more than he/she makes valid arguments, no? I always seem to get a headache after reading one of his/her posts, but I have no one to blame but myself.

Must. scroll. over. Pisces. (Until we get an ignore feature on this list)


Posted on: 2006/1/30 16:18
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Re: Goldman Sachs Move?
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Quote:

Pisces1979 wrote:
Some idiotic drivel...


I can't even think of how to respond to this post. There's more wrong than what is right. You've shown how incredibly ignorant you are over and over. We get it, every white person in JC is a coke snorting wall street type making more money than they deserve and the cops never, ever arrest or hassle them. When we get a parking ticket we call our secret society of white people and get it thrown out and the cop fired.

Why do you even bother anymore? We get it, you're a reverse racist.

I better stop now or the KGB might come get me with their army of H1-B visa holders.

Posted on: 2006/1/30 16:03
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Re: Goldman Sachs Move?
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Regardless of what people say about "garden variety" financial analysts the only ones being outsourced, that is how it started in 1970's in Jersey.... with the most basic manufacturing being outsourced overseas followed by the skilled manufacturing. I see the financial industry in the US heading the way of Detroit over the next 10-20 years , If I was mayor, I would do more to get biotechnology and nanotechnology firms to get space downtown. They will be the future of jobs in this city, plus it is never good to be a one-industry town.
Honestly, Americans can graduate from a top-tier university with an MBA and not have basic skills, compared to everywhere else in the world.
The H1-B Visa rules after 9-11 have made it very hard to find experienced, specialized talent ( who can speak coherent english ) within the US.
Alot of the important operations work is being done by consultants who, for example, spent 3 months at one bank and then go work at the competition. It is very hard for the banks right now to find people to take on a full time role. For example many of the trading algorithms that the companies believe to be proprietary knowledge are not. If someone wanted to they could monitor all the communications going into and out of the goldman sachs building and figure out their trade secrets. I would not be surprised if the russian banks were using old KGB connections, blackmail and dirty tricks to figure out what goldman and lehman are up too.
Also, I would trust clean living indians to handle my money over some gambling addicted coke snorting wall streeter.
( You won't believe how many banks are invested in online sports betting nowadays)
...anyways, I digress, the point is that there is a glut of office space on the market in Jersey City that could be better used by converting to condominiums. People would pay alot of money to live in the Goldman Sachs building....

Posted on: 2006/1/30 15:48
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Re: Goldman Sachs Move?
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"With increased outsourcing and more effcient technology, there is no need to have 100K analysts in Jersey City when they could be doing the same job india for 10K with better results."

Hey buddie, I work in offshoring to India, PI, Vietnam and other places. To give you an example, our firm just won a nice chunk of the GM re-compete business. Based on everything I've seen and heard, the kind of financial analysis being outsourced to India (and other places) is low-grade garden variety ... not work that would otherwise be performed by $100K analysts in the States. BTW, you need to work on your spelling if you hope to achieve "better results".

Posted on: 2006/1/30 5:02
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Re: Goldman Sachs Move?
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Quote:

Pisces1979 wrote:
With increased outsourcing and more effcient technology, there is no need to have 100K analysts in Jersey City when they could be doing the same job india for 10K with better results.


This is not true. The types of jobs that remain in Investment Banking and equities/options/FX trading in general are not the sorts that get outsourced to India. Possibly some of the software development surrounding it, but generally investment banks are too protective of the algorithms that they use in their trading platforms to outsource to Indiana let alone India. The customer service type jobs were never located in NYC.


Posted on: 2006/1/29 21:14
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Re: Goldman Sachs Move?
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The Goldman Sachs building made more sense back in the late '90's, before the banks re-located many operations to midtown. However the investment banking industry for NJ/NY hit peak employment in 1961 and has been declining in numbers of employees for the past 40 years. With increased outsourcing and more effcient technology, there is no need to have 100K analysts in Jersey City when they could be doing the same job india for 10K with better results.

I think Jersey City should do more to invite more diverse and socially conscious banks and businesses to downtown. Goldman Sachs doesn't have the best record in human rights. For example:

"On March 23, in Boston, the new abolitionists targeted Goldman Sachs. That powerful investment firm was hosting a luncheon for potential investors in an IPO (initial public offering) for PetroChina. This is a newly formed domestic subsidiary of the China National Petroleum Company, Communist China's largest oil operation.

China National Petroleum Company (CNPC) has a 40 percent stake in the $40 billion Greater Nile Project in Sudan, which involves the drilling of 4 billion barrels of oil at $10 a barrel. This enterprise, in partnership with the government of Sudan, is connected to the ethnic cleansing of black Christians and animists in the south of Sudan, who occupy lands where the oil is. The oil also provides fuel, as noted here last week, for the government's bombing of black schools and hospitals in the south."

http://www.villagevoice.com/news/0023,hentoff,14335,6.html

(please cut and paste to get link for orginal story, voice format makes direct links impossible)

Posted on: 2006/1/29 20:45
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Re: Goldman Sachs Move?
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They are just getting ready to start construction on a new bldg by the WTC site - but it won't be ready for occupancy for 2-3 years - and my understanding is long-term plans include retaining ownership and partial occupancy of both buildings and leasing the rest of the space to other commercial users. Their new Manhattan building is one of NYC's keys to redeveloping the WTC area - GS threatened to pull out of the project several months ago unless concessions were made in the WTC plan to accommodate their security needs (covering a portion of West St etc) - and the city revised the plan to suit their needs.

Posted on: 2006/1/29 19:37
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Re: Goldman Sachs Move?
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It must be nice to have megabucks to build the largest bldg. in JC and not ever use 2/3 of it. Can I be the first to say, "GOOD RIDDANCE!"

Posted on: 2006/1/29 18:23
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Goldman Sachs Move?
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I heard from a friend (who should be in a position to know) that G-S is moving their employees back to Manhattan from JC. Is there anyone out there who can confirm this rumor? What are G-S's longer-term plans regarding the building? It seems that if the tower stands vacant, it's real bummer for downtown businesses (retail/restaurants) and JC's improving reputation...

Posted on: 2006/1/29 18:14
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