Archives of the Mayor's Press Office

FOR IMMEDIATE RELEASE
Date: Thursday, September 16, 1999

Release #361-99

Contact: Sunny Mindel/Curt Ritter 212-788-2958
Bernadette O'Leary (EDC) 212-312-3523


MAYOR GIULIANI ANNOUNCES THAT 27 COMPANIES HAVE ESTABLISHED A NEW PRESENCE IN NEW YORK CITY FOLLOWING ASSISTANCE FROM ECONOMIC DEVELOPMENT CORPORATION IN FY 1999

City's Strong Internet Community Helps to Attract 9 Companies

Mayor Rudolph W. Giuliani today announced that in Fiscal Year 1999, 27 companies opened offices or expanded their operations in New York City with help from the New York City Economic Development Corporation (EDC). Nine of the companies opening new offices here are Internet-related firms, attracted by the City's high-tech industry.

"As The Business Capital of the World, New York City is the ideal location for companies to do business in the global marketplace," said Mayor Giuliani. "The city's unparalleled economic infrastructure and highly talented workforce are tremendous assets to any business, and I applaud EDC's successful efforts to help companies tap into these resources."

EDC helps companies to establish a presence in New York City by providing a number of services, including exploration of available office sites, finding or relocating employees, and helping new companies network within their industry. EDC also makes companies aware of available City services and programs, such as reduced-tax zones and pre-wired, high-tech office space programs.

"EDC's successful recruitment efforts over the past three years reflect the tremendous strength of New York City's economy," said Randy L. Levine, Deputy Mayor for Economic Development, Planning and Administration. "Companies from around the world are recognizing the importance of having a presence here, whether it be with a headquarters or a satellite office."

Of the companies EDC helped to open a New York City office in fiscal year 1999, the following nine firms are high-tech related:

"By helping to bring new media companies to New York City, EDC is doing several things," said EDC President Michael Carey. "We are diversifying the City's economy, generating revenue for the marketplace of the 21st Century, creating high-tech jobs, and helping firms successfully compete in The Business Capital of the World."

Outside of the high-tech industry, a highlight among the companies EDC assisted in fiscal year 1999 is Catalyst Financial, an investment banking and stock brokerage firm. Catalyst relocated its entire operations from Miami to a 2,100-square-foot office space at 16 East 52nd Street. The company plans to employ up to 12 people within a year.

EDC is the city's primary vehicle for economic development services. Using its real estate and financial resources, it helps develop businesses and create jobs throughout the five boroughs.

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