It was pretty big news when we heard that Etsy had been given $5 million in tax breaks just for staying in DUMBO, but they’ve officially been outdone: According to the Wall Street Journal, Vice—everyone’s favorite(?) hardcore media company—has received a cool $6.5 million in tax breaks just for keeping their business in Williamsburg.
As we previously reported, Vice is leaving their current space at 90 N. 11th Street following a buy-out by a company planning to build a massive 100,000 square foot retail-and-office space there. Rumors were circulating that they might just move into the new building, but now it seems the company is decamping for South Williamsburg, where they’ll occupy a space at S. 2nd Street and Kent Avenue. The new 60,000 square foot industrial building will allow Vice to hire 525 new employees (adding to the 400 they already have) over the next five years.
And just for doing all that (and not growing their new L.A. office), the state is awarding the media company $6.5 million dollars in tax credits. Of course, that’s small fries for a company already valued at $1.4 billion and expected to earn $1 billion in revenue by 2016.
So, the big takeaway? Vice will continue to be a major employer in Brooklyn for the foreseeable future thanks to New York State. Now, here’s hoping they’ll use all that shiny, new money to actually pay their employees a decent wage.
Follow Nikita Richardson on Twitter @nikitarbk