Federated Department Stores, Inc.

ID: 92530
Awarding Agency: IDA
Address: 11 Penn Plaza
Borough: Manhattan
Block: 807
Lot: 1
Subsidy Program: Commercial Growth Project
Start Date: 02/06/2001
End Date: 06/30/2015
Jobs at the start of the deal: 709
Jobs projected: 237
Current jobs FTE: 1112
Part-time permanent jobs: 2
Part-time temp. jobs: 0
Full-time permanent jobs: 1291
Full-time temp. jobs: 40
Contract employees: 38
Construction jobs: 0
Health Benefit full-time?: Y
Health Benefit part-time?: N
Percent of employees living in NYC: 50
Total value of subsidy: $1,690,000
Amount used to date: $1,110,797
Recapture amount: $116,521
Penalty: 0.00
Bond Issuance: $0
Value of Energy Benefit FY 11: $0.00
REAP FY 11: $0.00
CEP FY 11: $0.00


The chain, which owns Macy's and Bloomingdale's, among other stores, received sales tax exemptions and cheaper energy from the city and state to consolidate merchandising offices in New York City. Federated Merchandising Group agreed to invest $16 million to expand its headquarters at 11 Penn Plaza.