Broadridge Financial Solutions will keep its Long Island operations intact after New York State agreed to hand the company up to $40 million in grants and tax credits, Gov. Kathy Hochul announced this week.
The deal requires Broadridge to invest $78 million in its Long Island facilities and retain approximately 2,200 jobs in New York State. Without the incentive package, the company had told state officials it was weighing a move that could have cut its New York workforce to about 750 employees.
Broadridge isn’t a name most Long Islanders throw around at the dinner table. The company processes millions of stock trades every day and delivers more than seven billion shareholder documents annually. It’s the plumbing behind Wall Street, the kind of operation that nobody notices until it breaks. For the fiscal year ended June 30, the company earned $839.5 million on sales of $6.9 billion.
That scale is exactly why the state moved. Broadridge had been weighing whether to close one of its four facilities in Edgewood, in Islip town, and its Lake Success headquarters, then shift the work to lower-cost operations in California, Connecticut, Florida, Tennessee, and Texas. According to a company application, that exit could have saved Broadridge up to $270 million over a decade. The math for leaving was straightforward.
The math for staying required state intervention.
Hochul didn’t apologize for it. “We competed for these jobs,” she said in a statement. “We secured them and we’re anchoring them here for the long term. Each of these jobs will support families, local businesses and communities. This is exactly how we grow our economy.”
Kevin Law, board chairman of Empire State Development, the state’s primary business development agency, was blunter. “People should be doing cartwheels that they’re staying,” Law told Long Island Press. “They are the largest public company we have. They have 2,000 employees. That’s 2,000 families that depend on them.”
Law acknowledged the grumbling. A company pulling in nearly $7 billion in annual revenue doesn’t typically generate sympathy when it asks a state government for money. That’s a fair complaint on its face.
But Long Island has a recent history worth keeping in mind here. Arrow Electronics departed Melville for Colorado in 2011. Comtech Telecommunications followed the same trail from Melville to Arizona in 2024. Two major corporate exits from the same stretch of Route 110, a corridor that once carried some of the densest concentration of corporate headquarters on the East Coast. The pattern is not abstract. It’s expensive.
Losing Broadridge’s 2,200 positions wouldn’t just mean 1,450 fewer paychecks in the region. It means fewer lunches bought in Lake Success, fewer commuters paying LIRR fares, fewer families justifying the property tax bills that define life on Long Island. Suffolk and Nassau County budgets don’t run on sympathy for outmigration. They run on payroll.
The political backdrop complicates the story some. Hochul is running this November for a full second term against Nassau County Executive Bruce Blakeman, a Republican who has made her economic stewardship a target. Blakeman has said he’d deliver more new jobs. Securing Broadridge is the kind of concrete number Hochul’s campaign can point to when that argument starts.
Whether $40 million was the right price for 2,200 jobs is a legitimate question. That works out to roughly $18,000 per job in state incentives, against a company that saves $270 million by walking out the door. From a pure negotiating standpoint, New York got the better end of the trade, assuming Broadridge honors the investment commitment and the positions don’t quietly evaporate over the next five years.
Law’s broader point stands, even if it stings. Other states, and the Empire State Development Corporation knows this better than anyone, spend aggressively to pull companies out of New York. The Sun Belt didn’t build its corporate base on scenery. It built it on tax incentives, cheap real estate, and lower labor costs. New York can’t match all of those factors. What it can do is fight selectively for anchors worth keeping.
Broadridge, founded in 1962 with a single client and now wired into the daily mechanics of global finance, qualifies.
The $78 million investment in its Edgewood and Lake Success operations is real money with a real footprint. Those facilities don’t disappear quietly when a company reinvests in their physical plant. That’s the kind of commitment that takes years to undo.
Law put it plainly. Competition for these jobs is the reality. Long Island either plays or it loses.