MetLife Moving To Manhattan
BY JOHN TOSCANO

Queens officials said they were sad to see reports that the giant Metropolitan Life Insurance Company was pulling up stakes and deserting Long Island City to move back to Manhattan. They are confident, however, that the area will continue its recent growth spurt.

Queens Borough President Helen Marshall said she was extremely saddened and disappointed by the report of MetLife's departure in last Friday's New York Times. But, she declared: "Be assured that the recent improvements in and around Long Island City will continue to make it attractive for companies looking to relocate or expand."

City Councilmember Eric Gioia, whose district includes Long Island City, had a similar comment. "I think LIC has reached a positive tipping point in its redevelopment as, every day, people are moving into the area and new restaurants and art galleries are opening up. It's a true renaissance- culturally and economically- and it will continue."

MetLife declined to confirm or comment on the Times report, saying it does not discuss speculation in the market place. About two weeks ago, similar reports about the company's move back to Manhattan had appeared in the Crain's New York Business Weekly publication.

Meanwhile, the city Economic Development Corporation (EDC) is still in negotiations with MetLife officials to maintain a presence and keep some of its operation and employees in Queens.

Joshua J. Sirefman, acting EDC president stated: "We're encouraging MetLife to keep a critical mass of jobs in Long Island City. We would like to have them extend the length of their commitment to both Long Island City and New York City generally.We intend to do so without granting any additional benefits."

The original benefit granted to MetLife, the world's largest insurance company for moving its operations from Manhattan by then Mayor Rudolph Giuliani's administration was $26.4 million in tax breaks. At the time, MetLife was threatening to move to Jersey City.

Gioia feels the Bloomberg mayoral administration should try to reclaim every dime that MetLife has received in tax breaks.

However, since the administration, through the EDC, is trying to convince the giant insurance firm to maintain a presence in Long Island City after its move to Manhattan, it's possible there could be some accommodations made about any givebacks. MetLife, it is believed, expects to move about 1,200 of its present 1,700 workers when and if it makes the transfer with the possibility that the firm will leave about 500 workers in Long Island City.

MetLife's new home is expected to be the former Verizon Building on West 42nd Street near Sixth Avenue, a 41-story skyscraper that is being renovated. It will pay an estimated $80 per square foot there compared to the $25 a square foot it pays currently for the renovated, former automobile factory it occupies in Queens Plaza.

In her comments on the MetLife move, Marshall cited other major developments in Long Island City that are bringing in both residential and commercial improvements.

These were sparked, she said, "in an area that has been rezoned for office space, undergone street, landscaping and transportation improvements and attracted renewed interest from developers and businesses over the past several years."

Speaking directly about the MetLife decision, Marshall said: "If only MetLife had a little more patience and cultivated the vision that residences and businesses at the nearby Queens West redevelopment project possessed, MetLife would also see transformation, growth and progress take root and feed on itself."

Queens West is the huge development in the Hunters Point section where luxury condominium highrises are being built on abandoned waterfront property.

Describing the new residents there as "pioneers", Marshall said they now have waterfront apartments, a school, a Riverview restaurant and a soon-to-be-built library.

Another huge project also on the drawing board for the Long Island City waterfront which Marshall pointed to is the $1 billion expansion of Silvercup Studios that will include 1,000 residential apartments in two towers, 650,000 square feet of office space, new studios and sound stages and a waterfront esplanade on the East River.

Elsewhere in the area, Marshall went on, Citigroup is building a second tower alongside its landmark 48-story Citigroup Tower in the Court Square area, where the United Nations Credit Union will also soon open its new building.

In the Queens Plaza section itself, the former New York City parking garage is slated to undergo a transformation into residential condos and a retail/commercial complex.