As we now know, Cantor Fitzgerald boss Howard Lutnick is most certainly a man of his word. When he said last year that he would never lead his firm back to Lower Manhattan, after 658 Cantor employees lost their lives in the September 11th terrorist attacks, most thought that that was that. Now, it seems, Cantor is set to return to Lower Manhattan after all.
According to The New York Times, Cantor is currently negotiating to buy an office condominium just a block from Wall Street. The building, 10 Hanover Square, is being vacated by Goldman Sachs. The move back to downtown New York will be applauded by the financial community, which has an understandable emotional attachment to the firm.
The broking firm has been able to take advantage of a number of grants and subsidies that have been made available both at a local and a federal level to assist Cantor to relocate to the area. Not everyone, however, thinks that the firm should get such favour. The newspaper quotes Harvey Robins, described as 'a top city administrator in the 1980's and early 1990's', who said: 'With all due respect for the enormous loss of life at Cantor, the company shouldn't trade on the horrors of 9/11 to get an unconscionable windfall'. The firm is likely to receive millions in cash, grants, special appropriations and tax breaks to help with the move back to Lower Manhattan.