Jersey City, the second-largest city in New Jersey, became a place for Wall Street’s back-offices in the 1980s. The nickname “Wall Street West” has been used since at least 1988. After the World Trade Center attacks of September 11, 2001, “Wall Street West” became a home for many displaced financial workers.
In 2005, the New York (NY) Times reported major construction in Jersey City, with financial firms moving their front-offices to “Wall Street West.” The 42-floor Goldman Sachs Tower, at 30 Hudson Street, was completed in 2004.
Wikipedia: Jersey City, New Jersey
Jersey City is the seat of Hudson County, New Jersey, United States.
Part of the New York metropolitan area, Jersey City lies between the Hudson River and Upper New York Bay across from Lower Manhattan and the Hackensack River and Newark Bay. A port of entry, with 11 miles (18 km) of waterfront and significant rail connections, Jersey City is an important transportation terminus and distribution and manufacturing center for the Port of New York and New Jersey. Service industries have played a prominent role in the redevelopment of its waterfront and the creation of one of the nation’s largest downtowns. As of the 2010 United States Census, the population of Jersey City was 247,597, making it the second-largest city in New Jersey.
“Wall Street West”
Wikipedia: Exchange Place (PATH station)
The Exchange Place PATH station, opened on July 19, 1909, is located at Exchange Place in Jersey City, New Jersey, adjacent to the Hudson River at Paulus Hook. The station serves the Goldman Sachs Tower and other buildings in this area, also sometimes referred to as “Wall Street West”.
The station provides service to Hoboken, Journal Square and Newark Penn Station. The station also provides direct access to Lower Manhattan, with connections to the New York City Subway at the World Trade Center PATH station. PATH service to 33rd Street in Midtown Manhattan is also available, via transfer at Newport.
New York (NY) Times
On the Jersey City Docks, Wall St. West
By WINSTON WILLIAMS, Special to the New York Times
Published: October 28, 1988
Around Wall Street, Bankers Trust seemed more like a bunch of gamblers than a band of conservative financiers when officials decided three years ago to start moving parts of the bank’s operations to the desolate Jersey City docks.
Wall Street West
‘‘One thing triggers another,’’ Mr. Nobs said. ‘‘The area has been recognized across the spectrum as a good place to do business.’‘
Wall Street West, as the Jersey City shoreline is being called, is a major destination for financial concerns as Manhattan’s crowded business district continues to spill over its natural aquatic borders.
Monday, Jun 26, 2000 2:00 PM 02:59:50 CDT
The new New Jersey
Manhattan transfer: Meet America’s latest financial epicenter.
By Diane Seo and Suzy Hansen
Chase Manhattan joins other defectors such as Goldman Sachs, PaineWebber, Salomon Smith Barney, Merrill Lynch, Deloitte & Touche, Morgan Stanley Dean Witter, Lehman Bros. and several other financial powerhouses, all of which have established or are pursuing outposts in New Jersey. When this Who’s Who of Wall Street sets up shop over the next two years, Jersey City will be home to about 20,000 professionals, according to Tom Gallagher, the mayor’s chief of staff.
The emergence of “Wall Street West” — or as some call it, New York’s sixth borough — has put the Big Apple on alert.
OCTOBER 29, 2001
NEWS: ANALYSIS & COMMENTARY
Jersey City: “Wall Street West”
After September 11, the ranks of businesses hopping the Hudson swell
The nickname “America’s Golden Door” never really caught on. So Jersey City officials tried to tag their town “Silicon Valley East”—then the Internet Revolution petered out. But the latest monicker for Manhattan’s neighbor across the Hudson—“Wall Street West”—just might stick.
After all, 32,000 displaced World Trade Center area employees are now streaming into Jersey City daily.
New York (NY) Times
REGIONAL MARKET: Jersey; Wall Street West Recuperates From 9/11
By ANTOINETTE MARTIN
Published: March 16, 2005
The once-decrepit warehouse district along this city’s waterfront acquired the nickname Wall Street West about a decade ago. It houses the back offices for some of Manhattan’s largest financial institutions and is a job destination for about 100,000 every weekday. But the area stood still for a long time after the attacks of Sept. 11, 2001, as various companies dropped plans to move or expand here and vacancy rates rose.
Now, with the recession eased and the PATH train connection between the two financial districts rebuilt, the Jersey City waterfront is moving forward again. Developers and brokers say there is a major movement under way to upgrade the area to front-office status.
New Jersey’s ‘Wall Street West’ Quakes Amid Namesake’s Travails
By Stacie Servetah and Terrence Dopp - September 17, 2008 00:01 EDT
Sept. 16 (Bloomberg)—Jersey City, where New Jersey bet it could transform warehouse and factory tracts into a “Wall Street West” across the Hudson River from Manhattan, was paying off. That is, until its investment bank tenants started collapsing.
Many of the towers that have sprung up in the past decade on Jersey City’s waterfront are filled with satellite offices for the largest investment-banking firms. More than 3,000 employees of Lehman Brothers Holdings Inc. and Merrill Lynch & Co. work in New Jersey’s second-largest city.
Wall Street Journal
OCTOBER 4, 2011, 4:25 P.M. ET
“Occupy Wall Street” protests coming to NJ.
JERSEY CITY, N.J. — The “Occupy Wall Street” movement is coming to Wall Street West.
Demonstrators are planning to gather Thursday afternoon in front of the Goldman Sachs offices in Jersey City, in the heart of the city’s financial district.
The area earned the nickname ‘Wall Street West’ after many global financial firms relocated to Jersey City in the wake of 9/11. The section of the city’s downtown has many high rises, and is directly across the Hudson River from lower Manhattan.
New York City • Banking/Finance/Insurance • Wednesday, October 19, 2011 • Permalink