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Up to 400 employees who are currently based in New York City may move on July 1st to the new space at 480 Washington Boulevard, according to Crain’s New York Business.
The move comes as Citigroup is considering relocating many of its tech employees to 499 Washington Boulevard in Jersey City, a building only a few blocks away. Jersey City has reportedly enticed the bank to move across the river by offering a $12.3 million subsidy.
Citigroup spokeswoman Anu Ahluwalia told the Wall Street Journal: “Citi is exploring additional office space to accommodate growth plans in the tri-state area but has not entered into any definitive arrangements.
“We are looking for additional space to make room for planned hires in our TriBeCa office.”
There has been a long-simmering rivalry between New Jersey and New York to attract major business and the jobs that come with it. Jersey City itself has become a popular location for banks and financial services companies to base their back-office operations. The use of subsidies to persuade businesses to set up in one location rather than another is a tactic used by both cities.
However, these incentive deals have been criticised as inappropriate amid the current financial difficulties facing the US.
Citigroup has been based in Manhattan since it was formed in 1998, when Citicorp and Travellers Group merged. Currently, the bank has the largest financial services network in the world. It operates 16,000 offices and branches worldwide and employs 260,000 staff.
The bank ran into severe difficulties during the financial crisis and was one of those controversially bailed out by the US government.
Editor’s notes: In March 2011, other tenants of the 1.1 million-square-foot, 31-storey 480 Washington Boulevard included UBS, Societe Generale and JP Morgan Chase & Co.
Situated within the Newport scheme, in July 2026, it was the largest mixed-use waterfront community in the United States.
The state-of-the-art Energy Star-certified 480 Washington Boulevard had achieved several credentials, including WELL Health & Safety, Walk Score: Very Walkable – 81, and Transit Score: Excellent – 86.
At the time, tenants at the property included Citigroup, JPMorgan Chase and Societe Generale, and there was just over 490,000 square feet of office space available to lease.
In April 2026, it was reported that owner LeFrak had obtained approvals to convert the top nine stories of the structure from office to residential use.