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Ernst & Young (EY) will relocate its U.S. headquarters from Time Square to One Manhattan West.  Market observers suggest that the company's shows that the corporate landscape in New York is shifting toward the Hudson River.

EY is one of the largest professional services company worldwide. It will occupy 17 floors of One Manhattan West, a 67-story office tower currently under construction.

Gov. Cuomo says New York is the economic capital is the world

In a statement, Governor Andrew Cuomo said EY is expected to expand its business in New York. Therefore, it is anticipated to create 1,152 jobs over the next seven year.

According to him, EY's decision to establish its national headquarters is a proof that New York is the economic capital of the world. The governor cited the State’s diverse talent, thriving economy, and incomparable opportunities contribute to that status.

Gov. Cuomo said, "Our investments to attract and retain the world's leading companies are creating high-paying jobs.”

On the other hand, Richard Jeanneret, a regional managing partner at EY said the move aligns with the company’s focus on business innovation.

He said One Manhattan West is a great addition to the company’s footprint in Metro New York because of its convenient location and focus on connectivity and technology. EY has two growth and innovation “wavespace” centers in Union Square and Chelsea.

Additionally, Jeanneret said, “We are constantly evaluating opportunities to expand EY's ability in helping our clients navigate the transformative age."

New York strategies attract global companies

Meanwhile, Howard Zemsky, the head of Empire State Development said, "Global companies choose New York because of our skilled, diverse workforce.”

In addition, Zemsky said the State’s investments in infrastructure and economic development strategy also attract international companies.

The Empire State Development offered EY up to $12 million in performance-based tax credits to the company. It is one of its strategies to encourage EY’s expansion in New York.