EY moves a portion of its New York headquarters to Hoboken, New Jersey

 

Ernst and Young has signed a lease for 168,000 square feet at the Waterfront Corporate Center in Hoboken, New Jersey. EY will be relocating a portion of their New York City operations to Hoboken beginning in June 2017. They will not be moving all of their operations to Hoboken.

The location is at 121 River St in Hoboken, New Jersey.

New Jersey’s Economic Development Authority lured EY to Hoboken by offering a $39 million tax credit.  This no doubt swayed the partner vote to move to Hoboken. $39 million is bound to make an impact on someone’s K1.

Benefits to EY employees

Hoboken is easily accessible. You can get to Hoboken on the Path trains, NJ transit (bus and train) or various ferries. The Path trains run to/from midtown Manhattan or downtown Manhattan. Hoboken is also very close to both the Lincoln and Holland tunnels. 

This office is located extremely close to the Path station and NJ transit traffic hub. 

The Big 4 accounting firms all have that same young social culture which will be embraced in Hoboken. Hoboken is a young city with tons of bars. The last census shows that Hoboken has 55% of its population between the ages of 25 and 44.

 The big 4 accounting firms in the New York City area all have frequent happy hours. The large amount of bars in Hoboken are ready to support this culture.

The most popular bars in Hoboken that are close to the Waterfront Corporate Center are Texas Arizona, 1 Republik, Wicked Wolf Tavern and Black Bear.

Del Frisco’s Grille just moved into the Waterfront Corporate Center as well which will fit those with more upscale tastes. 

Downside

Commuting from the office to a client site in Manhattan will be more of a pain at the new location. We all have those days where we have to head to a client in the middle of the day. For those people that will be in the new Hoboken location, it will be a little harder to get to their clients in various areas of Manhattan in the middle of the day. 

Parking is by far the biggest downside to Hoboken. There is very limited parking in the Hoboken area, so anyone trying to park in the area should be ready for that.

The downside of the move to Hoboken is that all the employees that live in Long Island or Westchester will have a pretty significant commute. 

Quick Facts about Hoboken

Hoboken is one square mile. Frank Sinatra was originally from Hoboken. Hoboken has a population of about 50,000 people.

Hoboken is directly across the Hudson river from Manhattan.

Washington St is the main street that runs through Hoboken.