For more than 200 years, Bank of New York Mellon has had a large presence in New York City. While the financial company has grown leaps and bounds since day one, it is stayed true to its roots in the Big Apple. However, it appears that this may not be the case for much longer. According to recent reports, there is talk that Bank of New York Mellon could move its headquarters to neighboring New Jersey.
One of the primary reasons for this is the eventual sale of its headquarters located at 1 Wall St. After the sale of this commercial real estate property, the bank is expected to lease space before making a move to either lower Manhattan or Jersey City.
Since 1998, when the company moved into the building at 1 Wall St., the value has taken off. The chief financial officer of Bank of New York Mellon said, "We expect to get a very strong bid." He also added his belief that the property would be better off for retail or residential use.
New York City has been and continues to be home to many of the biggest financial companies in the world, including Bank of New York Mellon. While this company is looking to move on in the near future once selling its current headquarters, there will still be many others left behind.
With so much commercial real estate available in the city, as well as nonstop action, it is easy to see why many financial companies setup shop here. However, buying or selling such properties can be complex, and it's best to ensure one's interests are protected during any real estate transactions.
Source: Crain's New York Business, "BNY Mellon weighs 'goodbye'" Erik Ipsen, Apr. 23, 2014