Dec. 5 (Bloomberg) — Amazon.com Inc. is getting $5 million in tax credits from New York state to bring 500 jobs to a property across the street from the Empire State Building.
The online retailer is opening an office at 7 W. 34th St. in the Herald Square shopping district in a building owned by Vornado Realty Trust, according to the Empire State Development Corp. The agency awarded Seattle-based Amazon credits to help lure the office to Midtown Manhattan.
“We are proud to have attracted Amazon’s latest expansion and are excited about the 500 new jobs their move will create,” Kenneth Adams, president of Empire State Development, said in an e-mailed statement. “We look forward to building on our partnership and wish them continued success in the Empire State.”
The credits come from a program that provides incentives to companies creating jobs in New York. As of Sept. 30, the program had committed about $480 million in credits to businesses employing 106,779 New Yorkers, according to the agency. Businesses can claim the credits over 10 years and must follow through on their commitments to earn them.
New York-based Vornado announced the 17-year agreement last month. The lease would be for all of the office space in the building, according to CoStar Group Inc., a Washington-based research firm that tracks real estate deals.
The retailer has been looking for a New York base for about two years. In 2012, it expanded its offices at 1350 Avenue of the Americas in Midtown to 92,500 square feet.
Craig Berman, an Amazon spokesman, didn’t immediately respond to a e-mail request for comment on the deal.