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Businesses Google The Almighty Buck

Google's Parent Company Alphabet Is Buying Chelsea Market For $2 Billion (qz.com) 29

Posted by BeauHD from the merge-and-conquer dept.
Alphabet is close to acquiring the iconic Chelsea Market in Midtown Manhattan for over $2 billion. The market totals 1.2 million square feet and sits across the street from the company's New York headquarters, a 2.9 million-square-foot building that it bought for $1.8 billion in 2010. Quartz reports: Google is already the Market's largest tenant, having steadily expanded its footprint to about 400,000 square feet. The tech giant hasn't revealed plans for the property, but according to The Real Deal, the company is expected to maintain the status quo. Alphabet's aggressive expansion in New York follows a growing trend of tech giants taking over cities. With their outsized share of the economy, tech companies are exerting increasing influence over urban infrastructure and development.
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Google's Parent Company Alphabet Is Buying Chelsea Market For $2 Billion More

Google's Parent Company Alphabet Is Buying Chelsea Market For $2 Billion

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  • Google can not take over NYC (Score:4, Interesting)

    by gurps_npc ( 621217 ) on Thursday February 08, 2018 @06:08PM (#56092203) Homepage

    Google's Market Captilization (value of all the stock shares) is between 400 and 500 billion US dollars.

    Value of Manhattan residential real estate (just the homes, not the industry or corporate stuff of just the main borrough, not the other companies, not the real estate in Staten Island, Bronx, Brooklyn, or Queens) is over 700 billion US dollars..

    Google is big, but not that big.

    • No, New York City is way too massive, even for Google.

      They are just finishing expanding to a second full city block in lower Manhattan, because they outgrew the data center hub that occupied the first one. For comparison, Manhattan has the equivalent of ~1400 full city blocks. It is an irregular island, and has a big hole in the middle called Central Park, but that's roughly how many there are of the size the two they own. The Wall Street area, which is about 2 miles south of the Googleplex, is the equiv

    • When you buy property do you only buy something less than your net worth? Of course not. Google has good credit, and the land itself would be collateral. So they could do it if they wanted to. (though why would they?)

      • The average US homebuyer has a net worth approaching $0 yet somehow managed to secure a line of credit well into the mix six-figures based on the belief they will continue to collect paychecks that slightly exceeds their standard of living.

  • Versus, e.g. IBM (Score:3)

    by darthsilun ( 3993753 ) on Thursday February 08, 2018 @06:16PM (#56092235)
    Who "owned" Armonk and White Plains. Or Microsoft in Seattle and Redmond before Amazon arrived on the scene.

    • Re:Versus, e.g. IBM (Score:4, Interesting)

      by R3d M3rcury ( 871886 ) on Thursday February 08, 2018 @07:13PM (#56092491) Journal

      That's actually an amusing aside.

      I know IBM used to put R&D sites somewhat near big cities but not in big cities. They were very generous with things like home loans and the like because once you bought a house and put down roots in East Butfuque, AR you were less likely to want to quit and go elsewhere.

      So they were far enough away that you couldn't quit and commute to the big city where there were lots of jobs but they were close enough that you could actually go to the big city without it being a huge endeavor.

      • This was also back when they really had a hold on their employees and actually wanted to keep them. I know several people who retired from a lifetime employed with IBM. And you're right...Rochester, MN, Burlington, VT, Boulder, CO, etc, were designed to be isolated enough so IBM controlled the labor pool but close enough so corporate types in cities could easily fly or drive there.

        It makes sense when you think about it, but only if your goal is to retain talent. I think Google, Amazon, Microsoft, and all th

  • I though it said Google were buying Chelsea Manning!

  • Google is looking for special rules and more influence over both local and national politics. How long until Americans realise their country is slowly becoming a corporarocracy?

  • Alphabet's aggressive expansion in New York follows a growing trend of tech giants taking over cities.

    WTF? It one company buying one facility - was there a similar outpouring of rage when Wall Street 'took over' NYC? When Publishing 'took over' NYC? Or what about when Broadcast networks 'took over' NYC? Let's not forget about the Fashion industry 'taking one's NYC...

      "Aggressive expansion"? Puh-leze.

  • Google should be broken up into pieces yet another day another loss for competition. Do we even have an FTC anymore, what a joke.

  • And why is she so expensive?

  • I'm guessing that the main reason people are complaining is that they think Google is going to further drive up rents in NYC. Living near NYC, I can tell you that's not possible. San Francisco/SV is the only real estate market that is crazier in the US. Unless you want to live in a shoebox 400 ft^2 apartment, the average worker isn't going to be buying Midtown Manhattan real estate.

    Are they worried that there's going to be an influx of 50,000 Googlers who are going to be demanding $300K+ to work there? I ca

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