A fast-growing artificial intelligence firm is set to significantly expand its footprint in New York City, bringing new construction activity and hundreds of high-paying jobs as the state continues to position itself as a leader in emerging technologies.
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Gov. Kathy Hochul announced that Clay will expand its headquarters in Manhattan, leasing more than 163,000 square feet at 11 Madison Ave. in the Flatiron District. The project is expected to generate nearly 500 new full-time jobs and millions in construction-related investment.
To support the expansion, Empire State Development will provide up to $9.96 million in performance-based tax credits through the Excelsior Jobs Program. In return, Clay has committed to creating 498 jobs over the next five years and investing $50 million in research and development across New York.
“The global race for artificial intelligence leadership is happening right now — and New York is winning," Hochul said. "Clay’s decision to expand here reinforces that companies at the forefront of AI are choosing New York for our talent, our infrastructure, and our commitment to innovation-driven growth.”
The expansion includes a significant build-out of Clay’s new office space, with construction expected to be completed by February 2027. The company plans to invest approximately $30 million in construction, renovation, equipment and furnishings.
This level of investment is expected to generate opportunities for contractors, subcontractors and construction firms involved in tenant improvements, interior build-outs and technology infrastructure installation.
Founded in 2017, Clay has grown rapidly, serving more than 10,000 customers and reaching a $5 billion valuation following a 2025 funding round. The company currently employs about 250 people in New York City, with additional offices in San Francisco and London.
Empire State Development President and CEO Hope Knight emphasized the broader economic impact of the project.
“Clay’s expansion is a strong signal that New York continues to be a destination where innovative companies can start, scale, and succeed,” Knight said. “By deepening its presence in New York City, Clay is creating high-quality jobs and advancing cutting-edge work in artificial intelligence. Empire State Development is proud to support projects like this that strengthen our innovation ecosystem and reinforce New York’s position as a global leader in emerging technologies.”
Clay’s expansion reflects a broader trend of technology companies increasing their presence in New York City, driving demand for office space, construction services and skilled labor.
Clay CEO and co-founder Kareem Amin highlighted the company’s ties to the city and its continued growth.
“Clay has been deeply shaped by its homes in New York. From our first loft office in Williamsburg to our new office in 11 Madison. We've thrived off of the creativity, diversity and the energy in the city. Our culture has been inspired not just by the great technologists building here but by everything from clowning at House of Yes, to deep listening music sessions at Nowadays. Our team is growing quickly, we've crossed $100M in ARR and we're excited to keep investing in the local community and create opportunities for people building in AI and creating various forms for art,” Amin said.
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The expansion adds to a growing list of major companies increasing their presence in the city, contributing to more than 2,500 new jobs and over $180 million in private investment tied to recent announcements.
Industry leaders say New York’s combination of talent, capital and infrastructure continues to attract major investments in artificial intelligence and related sectors.
Barry Gosin, CEO of Newmark, underscored the city’s competitive advantage.
“New York City is the epicenter for artificial intelligence, driven by its unique concentration of talent, capital, and industry. For gateway markets, being tech forward and having strong domain expertise is the mainstay of success in any industry,” Gosin said.
As AI investment accelerates, projects like Clay’s headquarters expansion highlight the growing intersection of technology development and construction, with office build-outs and infrastructure upgrades playing a key role in supporting innovation-driven growth.
Originally reported by Governor New York Government.
