Altice USA, formerly known as Cablevision, is moving it’s headquarters to Long Island City from Bethpage in Long Island. In addition, it’s Manhattan offices, where a lot of the big hitting advertising and sales executives are located, will also be folded into the new headquarters location. As such, this $17.7 billion corporation1 will be the largest headquartered in LIC.
The implications of this are even bigger for Long Island City because of the high-profile nature of the entertainment industry. Given the huge discount in price here versus Manhattan for office space, I would not be surprised if a few of those large yet-to-be-started residential buildings have their plans altered to become office buildings in the hopes that Altice USA’s decision to headquarter here attracts other large tenants, thereby narrowing the discount.
In the meantime, the exact location of where Altice will be moving is still under wraps as the negotiations have yet to be finalized according to FierceCable.com and confirmed by a personal source. Nevertheless the move will be taking place in the 4th quarter of this year and employees have been informed.
Altice Moving Headquarters to Queens – “We’re bringing some of those corporate functions closer to Manhattan to where many of our key business partners are,” Anselmo said
Altice to Buy Cablevision for $17.7 Billion Including Debt - deal annc’d in September 2015 and closed June 2016
- It’s Enterprise Value (EV) when purchased last year [↩]