NEW YORK CITY—Mastercard is expanding its New York City Technology Hub, leasing the entire 212,000 square-foot, 11-story building at 150 Fifth Avenue. The global payment company is relocating its employees, currently occupying 80,000 square feet on four floors of office space at 114 Fifth Avenue. Both properties are owned by L&L Holding Company.
The project is expected to create 473 new technology-related jobs by 2024, while Mastercard will also retain more than 250 existing research and development and tech jobs in New York City, according to Gov. Andrew Cuomo.
The consolidation and growth is part of Mastercard's strategy to evolve from a payments company to a technology company. Since 2014, its Manhattan-based teams furthered development of digital payments, cybersecurity and growth initiatives. To encourage Mastercard's expansion in New York, Empire State Development offered the company up to $13.3 million in performance-based tax credits through the Excelsior Jobs Program.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
