Ray Pellecchia, a spokesman for the New York Stock Exchange, tells GlobeSt.com that the possible siting of a second trading floor has been "a topic of discussion since last September." He adds that the NYSE has not made a decision as yet on whether it would built a second trading floor to its storied 38,000-sf trading floor at 11 Wall St.
One reason for building a second trading floor would be so that the NYSE's operations would not be concentrated in one location running on one power grid.
Pellecchia notes that no decision has been made on the second trading floor idea or where the facility would be located if built. "Westchester is among the possibilities if we do proceed with the idea of building a second active trading facility," Pellecchia says. He would not reveal other locations under consideration. He adds that, at this time, the NYSE has no time line on when it will make a decision on whether it will move forward with the idea of building a second trading floor.
Pellecchia did not comment when asked if the New York Stock Exchange had hired any consultant to review possible sites for its proposed second trading floor. While he did not specify what government officials the NYSE has discussed the plan with, Pellecchia did say, "all appropriate parties have been briefed," on the concept.
Dean Shapiro, executive director of Insignia/ESG's Westchester and Fairfield County, CT. offices, says that such a facility, if built, could provide a ringing endorsement of the New York City suburban office market.
Shaprio says that he is not surprised that the New York Stock Exchange would consider building a second trading floor "given firms' propensity to want to diversify geographically, especially financial service firms."
He cited Morgan Stanley's acquisition of the Chevron/Texaco headquarters in Harrison earlier this year as an example of a financial services company branching out into the suburbs in part due to the events of Sept. 11.
Noting that the size of the trading floor in New York City is just 38,000 sf, Shapiro says that if a second trading floor were built in Westchester, the size of the new structure would be secondary to what benefits it could bring to the market later.
"The hope for the market would be the multiplier effect of the deal both direct in terms of firms moving here because they need to be close to the trading floor of the stock exchange and the indirect effect being the positive endorsement such a deal would be for Westchester County," Shapiro says.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
