The Westchester’s Industrial Development Agency has approved a series of incentives that will help MasterCard Worldwide renovate its global headquarters in Purchase and expand its Manhattanville Road property, County Executive Robert Astorino said this week. The $39 million capital investment, said county officials, will create more than 270 new permanent positions at MasterCard as well as maintain existing jobs in Purchase and create construction jobs.
“The fact that MasterCard has chosen to reinvest and expand here is proof of Westchester’s highly skilled workforce, top-notch quality of life, and business-friendly environment,” Astorino said in a press release. “I want to thank everyone at MasterCard for their confidence in Westchester.”
He said the building project reaffirms MasterCard’s commitment to Westchester.
Ajay Banga, president and CEO, MasterCard thanked the county executive and the IDA “for their support and partnership with this initiative.”
MasterCard moved into 2000 Purchase St., in October 1995 and in December 2001 acquired the 100 Manhattanville Road site.
The project includes the renovation of the company’s 475,000 square-foot I.M. Pei-designed headquarters at Purchase St. and expansion of its Manhattanville Road property by 14,000-square feet. There will also be major building renovations. The total updated structure will be 121,000-square feet.
Construction is expected to begin in the first quarter of 2014.
The Purchase office, an award winning modern style by I.M. Pei, was built in the 1980s for the Nestle company and then used by IBM.
The IDA granted MasterCard an exemption from 7.375 percent sales tax on capital improvements, furniture and equipment for the duration of the construction process. The incentive is estimated to save the company $1,290,764 over six years.
“The IDA is thrilled to support this project that will create jobs and help grow our local economy, which are top priorities of County Executive Rob Astorino,” said IDA Chairman Stephen J. Hunt.
The company says that it currently employs 1,425 throughout Westchester and has approximately 5,500 employees in offices throughout the world.
(Photo left to right: Stephen J. Hunt, IDA chairman; Barbara Rooney, MasterCard senior business leader; Westchester County Executive Robert P. Astorino; Jim Coleman, IDA executive director; Kevin J. Plunkett, Deputy County Executive and IDA vice chairman/ submitted photo)