Google Demonstrates Its Health in Shaky Economy
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
Google is expanding its presence in New York, opening a new office in Manhattan just as the rest of the local economy is bracing for the effects of further layoffs on Wall Street.
A Google co-founder, Sergey Brin, yesterday hosted Senator Schumer for the official ribbon cutting of the new 50,000-square-foot offices in Chelsea Market, at 111 Eighth Ave. The new office will complement Google’s 500,000-square-foot office space on Eighth Avenue.
Mountain View, Calif.-based Google’s expanded footprint in New York City comes just as many economists are predicting that New York may be sliding toward a recession, and it is a welcome sign of growth.
“It’s a landmark day for New York City,” Mr. Schumer said yesterday in a statement. “Google is one of New York’s best-kept secrets. They do major research, employ thousands of people, and are leader in our high-tech community — all right here in New York — and too few people know about it. The bottom line is that these are the jobs that New York can and must attract in order to compete in the global economy. We cannot continue to be the capital of the world unless global companies, like Google, look to New York as the place to plant their roots.”
According to news reports, about 300 people will work out of the new office, mainly marketing and engineering personnel and some support staff.
Mayor Bloomberg has sought to diversify the local economy, and Google’s workforce in the city represents the second-largest presence for the company outside of its Silicon Valley headquarters.
According to a report on the Web site of the New York Times, the theme of Google’s Chelsea offices is “urban parks,” and the space includes exposed brick, dirty windows, metal, artificial grass, and blackboards for scribbling ideas.
For the quarter ended March 31, Google reported revenues of $5.19 billion, an increase of 42% compared to the first quarter of 2007 and an increase of 7% versus the fourth quarter. The company trots out new services on an almost weekly basis.
Google’s overall health contrasts with much of Wall Street’s, which is facing the specter of tens of thousands of layoffs, according to a number of economic forecasts.