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November 14, 2009
Costco Comes to Manhattan
GlobeSt.com
By Paul Bubny
This Forest City project is nearing completion. Fans of the developer will immediately recognize promises of low-wage jobs via big box stores coupled with government subsidies in order to reproduce a suburban shopping mall in New York City.
A 110,000-square-foot Costco opened its doors Thursday as the first tenant to set up shop at the East River Plaza in East Harlem. It’s the first Manhattan location for the warehouse club and the culmination of a 13-year process to develop the 500,000-square-foot retail center.
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"Given the tough economic times we face, East River Plaza offers a much-needed boost to the economy of New York City," says Bruce Ratner, chairman and CEO of FCRC, in a release. "East River Plaza brings jobs for local residents and generates tax revenue for the city and state. It also provides Manhattan's residents and small businesses with access to quality merchandise at wholesale prices."
Ratner says the project is more than 90% leased, and will generate approximately 2,000 permanent jobs when fully occupied. The Costco has about 400 employees, mostly from northern Manhattan.
NoLandGrab: We'd love to know who will be checking to see how many of those "approximately 2,000 jobs" materialze?
Posted by steve at November 14, 2009 5:50 AM