Mayor Giuliani announces 27 companies establish new presence in NYC with EDC’s help in FY ’99

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City’s strong Internet community helps to attract 9 companies

New York, September 16, 1999 – Mayor Rudolph W. Giuliani today announced that in fiscal year 1999, 27 companies opened offices or expanded their operations in New York City with help from the New York City Economic Development Corporation (EDC). Nine of the companies opening new offices here are Internet-related firms, attracted by the city’s high-tech industry.

“As The Business Capital of the World, New York City is the ideal location for companies to do business in the global marketplace,” said Mayor Giuliani. “The city’s unparalleled economic infrastructure and highly talented workforce are tremendous assets to any business, and I applaud EDC’s successful efforts to help companies tap into these resources.”

EDC helps companies to establish a presence in New York City by providing a number of services, including exploration of available office sites, finding or relocating employees and helping new companies network within their industry. EDC also makes companies aware of available City services and programs, such as reduced-tax zones and pre-wired, high-tech office space programs.

“EDC’s successful recruitment efforts over the past three years reflect the tremendous strength of New York City’s economy,” said Randy L. Levine, Deputy Mayor for Economic Development, Planning and Administration. “Companies from around the world are recognizing the importance of having a presence here, whether it be with a headquarters or a satellite office.”

Of the companies EDC helped to open a New York City office in fiscal year 1999, the following nine firms are high-tech related:

  • Andromedia, headquartered in San Francisco, is an e-marketing for e-commerce software company has leased 1,400 square feet of space at 11 Penn Plaza and plans to employ eight workers by the end of the year.
  • Bitcasters, a Toronto-based company that produces new media segments for film, television and the Internet, is temporarily working out of office space on Greenwich Street and is negotiating to lease up to 15,000 square feet with a film production company in Tribeca. Bitcasters plans to employ up to 20 people in a year.
  • Foodline.com, a telephone and Internet-based restaurant guide network, has established an office in 3,000 square feet of office space at 135 Fifth Avenue. Offering users online reservation capacity, the Boston-based company plans to employ up to 35 people.
  • Based in Kirkland, Washington FreeEDGAR.com, Inc. develops products that automatically structure and deliver financial data. The company’s Website provides free access to indexed EDGAR filings, and its EDGAR Data Service provides access to this information for developers and commercial data providers. With 2,000 square feet of office space at 75 Maiden Lane, FreeEDGAR.com plans to employ up to eight people.
  • InfoOffice develops and markets web content management and publishing software. The software allows users to edit content with a browser-based editor in WYSIWYG fashion. EDC helped Germany-based InfoOffice find a 2,000-square-foot office at 32 Broadway, a Plug ‘n’ Go program space. The company plans to employ eight people within one year.
  • tpuppy.com owns and operates a number of e-commerce sites offering high-end goods and services. Presently with offices in San Francisco and Fair Oaks, California, tpuppy.com has decided to open its East Coast headquarters in New York City with a 4,500-square-foot office at 149 Wooster Street. tpuppy.com plans to employ approximately 21 people within a year in the city.
  • Terralonge Design designs Websites for companies in the fashion, business and financial industries. Based in Toronto, the company has signed a lease for 2,600 square feet at 14 Jay Street, and plans to employ up to seven people.
  • Searchspace, headquartered in London, works with artificial intelligence systems for financial companies. These systems spot patterns and proactively manage complex transaction environments in a way that mimics human analysts. Searchspace has leased office space at 100 William Street and plans to employ up to 15 workers in a year. The company is delivering its groundbreaking iTMTM product – the intelligent Transaction Monitor – to a number of the US’s leading financial institutions.
  • Standpipe Studios is a Michigan-based full-service strategic partner that offers Web development and high-value Website production services to clients such as MTV, New Line Cinemas and Young & Rubicam. Currently located in downtown Brooklyn, the 11-person company will soon move to new office space at 16 Court Street in Brooklyn.

“By helping to bring new media companies to New York City, EDC is doing several things,” said EDC President Michael Carey. “We are diversifying the city’s economy, generating revenue for the marketplace of the 21st century, creating high-tech jobs, and helping firms successfully compete in The Business Capital of the World.”

Outside of the high-tech industry, a highlight among the companies EDC assisted in fiscal year 1999 is Catalyst Financial, an investment banking and stock brokerage firm. Catalyst relocated its entire operations from Miami to a 2,100-square-foot office space at 16 East 52nd Street. The company plans to employ up to 12 people within a year.

EDC is the city’s primary vehicle for economic development services. Using its real estate and financial resources, it helps develop businesses and create jobs throughout the five boroughs.