Global accounting giant EY, long known as Ernst & Young, received approval Thursday morning for a 10-year, $39.7 million Grow New Jersey award from the Economic Development Authority for a Hoboken-based project.According to the EDA, EY is looking to move approximately 1,000 to 1,300 employees from its American headquarters in Times Square to either a 168,165 square-foot facility at 121 River St. in Hoboken or a 150,000 square-foot space in Brooklyn.
If Hoboken is selected, some 430 new positions would fall under EDA eligibility.
Over a period of 20 years, the EDA estimates that the Hoboken project would yield a net benefit to the state of just over $87 million.
Crain’s New York Business first reported last month that EY was interested in vacating space in Times Square for an alternative, New Jersey-based location.
EY’s approval was just one of many for Hudson County on Thursday. The EDA also voted to approve 10-year Grow New Jersey awards worth approximately $39.4 million and $28.2 million for Jersey City projects from the Omnicom Group and Zurich American Insurance Company, respectively.
This is an ongoing report. Watch NJBIZ.com for further updates later Thursday.