NEW YORK (WCBS 880/AP) – Officials say Pearson PLC plans to relocate 600 jobs to New York City by the summer of 2014.

WCBS 880’s Rich Lamb On The Story

The announcement was made Monday by Mayor Michael Bloomberg and Pearson North America Chief Executive Will Ethridge.

The expansion includes the relocation of employees from Upper Saddle River, N.J., and White Plains, N.Y. The company also plans to create new media and technology jobs.

“Anway you look at it, this is a big victory for New York. In these tough economic times, we’re doing everything we can to attract companies and private investment to our city,” said Bloomberg.

He said the jobs have an average salary of $72,000 per year and will boost the city’s economy.

“Pearson’s decision also represents, I think, a huge vote of confidence in the future of our city,” he said.

Pearson will lease space in a newly renovated building at 330 Hudson St. in Manhattan. Part of its operations already are based in the Hudson Square neighborhood.

Perason is getting $9 million in tax credits from New York state and $4 million in discount electricity to move the jobs to New York City.

They company is also getting $84 million from the state of New Jersey to move 700 jobs to Hoboken from Upper Saddle River.

Pearson’s U.S. businesses include Pearson Education, The Financial Times Group, and Penguin Group U.S.

(TM and Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

  1. goblin says:

    Why can’t other private businesses already operating here receive a tax credit from NYC? What makes Pearson so special that it should receive special incentives?

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