New York state loves Etsy so much that it gave them $5 million worth of tax credits to stay where right where they are, according to Crain's. Well, almost—the site that hosts millions of sellers will be moving its Dumbo offices down the block to a 200,000-square-foot space in the Dumbo Heights complex on Adams Street, to accommodate projected company growth, when it's complete in 2016.
A few weeks prior, CEO Chad Dickerson suggested in a speech that they'd never even consider moving in the first place. "A company like Etsy could only exist in Brooklyn," he said at the Brooklyn Tech Triangle symposium.
The tax credit was likely given because the state is likely looking to bolster the rise of tech companies in the city—expanding the so-called Silicon Alley, the nickname given to the pockets of New York where tech has been flourishing that's based off of California's own Silicon Valley.
"This support is not based on threats by the company to leave the city, but rather on its potential to grow more rapidly here and to strengthen Brooklyn's tech industry cluster," Kathryn Wylde, CEO of the Partnership for New York City, told Crain's.
"It is great news to see a New York-based company like Etsy continue to expand here, helped in part by the competitive resources the state offers to drive economic growth and keep these jobs here in our communities," Governor Andrew Cuomo said in a statement about the credits.
"We believe this new building will help us attract and retain better talent here in Brooklyn and accelerate growth," an Etsy spokeswoman said to Crain's. "Having the support of the state to grow here was meaningful for us."
· Etsy Gets $5M to Stay in Boro It Said It'd Never Leave [Crain's]
· All Etsy Posts [Racked NY]