Oppenheimer Holdings, an investment banking and wealth management firm named for Max E. Oppenheimer, a Jewish refugee who fled the Nazis, plans to establish a $66 million headquarters in Lower Manhattan, retaining more than 1,000 jobs, New York Gov. Kathy Hochul said on Monday.

The firm intends to relocate from 85 Broad Street to a roughly 220,000-square-foot office at 32 Old Slip, also in Manhattan’s Financial District, according to the governor.

The $66 million investment by Oppenheimer and real estate firm RXR will fund renovations to the new headquarters, including trading infrastructure, client facilities and office space.

The project will retain 1,001 full-time jobs and is being supported by a $3.2 million capital grant from New York’s Empire State Development.

“Oppenheimer’s decision to stay and grow in Manhattan is a win for New York, retaining more than 1,000 quality jobs in a modern, new headquarters, representing a $66 million investment,” Hochul stated. “This commitment sends a clear message that there is no better place to do business than New York.”

Robert Lowenthal, Oppenheimer president and CEO, said that the company had no plans to leave Lower Manhattan.

“Keeping our global headquarters in Lower Manhattan was a natural choice for us,” he stated. “Our business traces its roots to 2 Wall Street in 1881, just blocks from our new home at 32 Old Slip. What keeps us here today is the ability to draw on New York’s deep pool of talent and its culture of innovation across financial markets.”

Lowenthal became CEO in May 2025, succeeding his father, Albert G. “Bud” Lowenthal, who led Oppenheimer and its predecessor companies for 40 years. The elder Lowenthal remains chairman.

He and his wife, Carol, have supported Jewish organizations through their Albert G. and Carol F. Lowenthal Foundation, which donated $50,000 to the American Jewish Committee in 2023 and $7,500 to the Jewish Museum in New York in 2025, according to publicly available tax records.

The firm takes its name from Max E. Oppenheimer, a Jewish refugee who emigrated from Nazi Germany to New York in 1936, according to The New York Times.

He had “engaged in cigar importing and paint retailing” before fleeing from the Nazis, the Times reported.

Oppenheimer worked for Lehman Brothers and the brokerage Hirsch & Co. before establishing Oppenheimer & Co. in 1950.

He recruited fellow refugees as clients, including those seeking to exchange German currency received as compensation for property confiscated by the Nazis, according to Leon Levy, who joined the firm as a partner in 1951.

In his 2002 memoir, “The Mind of Wall Street,” Levy wrote that Oppenheimer “initially was an entirely Jewish firm.”

The present company traces its corporate origins to Fahnestock & Co., established on Wall Street in 1881. Fahnestock acquired Oppenheimer’s U.S. private-client and asset-management businesses in 2003 and adopted its name.

Oppenheimer died of a heart attack in 1964, according to the Times. He was 65.

The firm has operated a Tel Aviv office for more than 50 years and has helped Israeli technology, health-care and other businesses list on U.S. stock exchanges.

New York City Mayor Zohran Mamdani also welcomed the company’s decision to remain in the Financial District.

“Oppenheimer’s new lease means more than 1,000 jobs will remain in Lower Manhattan,” the mayor stated. “Those paychecks support families, and they support the restaurants, shops and small businesses downtown that depend on workers coming through the door.”