Samsung May Be Purchasing 1 Million Square Feet In New York

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New reports are saying that Samsung may be gearing up for a pretty big purchase in New York City. The purchase by Samsung is said to consist of about 1 million square feet of property that would be used as office space for the technology giant. A report by the Wall Street Journal even cites some real estate executives that have been involved with Samsung’s land search in New York City, they have said that Samsung is planning to purchase around 1 million square feet of space that will house between 5000 to 7000 employees.

What’s interesting about this proposed purchase by Samsung is the fact that the companies Unites States headquarters is currently located in Ridgefield Park, NJ and consists of 230,000 square feet of space, the New York offices would be about four times that size. This might cause Samsung to transfer their headquarters to New York from Ridgefield but there is no way to tell for sure at the moment. Another interesting fact about this supposed land grab by Samsung is that they wish to actually own the 1 million square feet of property instead of just leasing it, something that will make finding and purchasing 1 million square feet of property significantly more difficult.

When Samsung was reached out to for comments on the situation they declined to comment. A Samsung spokesperson did however say that Samsung “will continue to evaluate the size, location, and structure of our organization to support the needs of our growing customer base.” Essentially alluding to Samsung planning to expand in the United States. As for locations of this expansion, Samsung supposedly been eyeing the Hudson Yards project located on the West Side of Manhattan and the World Trade Center.

It’s quite interesting to see Samsung purchasing such a huge amount of space, especially when you consider the size of their current headquarters. But at the same time, Samsung is a technology giant in the US and sells a ton of Android devices year after year even after their latest 74% drop in mobile profits in Q3 of this year. Samsung is still the number one Android manufacturer and with that comes huge demand for smartphones and tablets, Samsung has got to keep up with that demand and a good sized amount of new office space in the US would definitely behoove Samsung.