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NYSE looking at new home
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December 2, 1998: 12:08 p.m. ET
Big Board set to vote on plan to stay in Big Apple and move across the street
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NEW YORK (CNNfn) - The New York Stock Exchange may vote Thursday on a plan to move from its home since 1903 and head across the street.
An NYSE spokeswoman Wednesday declined to comment on the vote, but sources say the deal would develop a $750 million trading facility on Broad and Wall Streets.
New York City and State would buy a handful of lots across from the NYSE's historic building on Broad Street in lower Manhattan for about $300 million.
The plans also include construction of a new office tower on top of the new trading floor. Retention benefits for the exchange, including breaks on sales taxes and energy costs, should add up to $160 million.
The deal would keep the Big Board in the Big Apple and out of the hands of New Jersey, which has wooed the NYSE with an incentive package said to have been valued as high as $1 billion.
A spokesman for New York City Mayor Rudolph Giuliani said the negotiations are continuing. Gov. George Pataki's spokesperson was not available for comment.
The New York Stock Exchange has been looking for a new home for its cramped traders for several years. NYSE Chairman Richard Grasso was quoted earlier this year as saying that remaining at the current location is "no longer viable."
--staff and wire reports. 
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NYSE
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