Etsy commits to Brooklyn in exchange for $5 million in tax credits

The online marketplace devoted to handmade tchotchkes and vintage wares that started in Brooklyn will move its headquarters into a massive redeveloped complex in DUMBO. Credit: Etsy
The online marketplace devoted to handmade tchotchkes and vintage wares that started in Brooklyn will move its headquarters into a massive redeveloped complex in DUMBO.
Credit: Etsy

The online marketplace devoted to handmade tchotchkes and vintage wares that started in Brooklyn will move its headquarters into a massive redeveloped complex in DUMBO.

Founded in Brooklyn nine years ago, the artisan start up already set up shop in the neighborhood but said it would commit to bringing 340 new jobs as it move into 117 Adams St. — the massive Watchtower property formerly owned by Jehovah’s Witnesses.

In exchange, Etsy will earn some $5 million in performance-based tax credits that are contingent on the company’s nearly doubling its existing staff with more engineering, administration and marketing jobs.

“After launching in Brooklyn nearly nine years ago, Etsy continues to thrive, offering an exciting technology platform that empowers tens of thousands of New York State businesses and individuals,” said Gov. Andrew Cuomo in a statement Tuesday.

“It is great news to see a New York based company like Etsy continue to expand here,” he added, emphasizing the state’s “competitive resources” as incentive for the news.

Etsy will be the renovated 200,000-square-foot space’s first tenant, expected to open in 2016. The company’s CEO, Chad Dickerson took to the website’s blog to celebrate the New York as its continued home.

“By expanding our operations, we are able to support myriad local businesses, from furniture vendors to food purveyors,” Dickerson wrote. “In New York, tech is not an isolated industry, but instead embraces community and urban life. We’re excited to continue to grow here.”

Follow Chester Jesus Soria on Twitter @chestersoria



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