NEW YORK, NY October 25, 2007 —News that the world's largest brokerage firm, Merrill Lynch, is planning to move from Lower Manhattan to Midtown is drawing a mixed reaction from elected officials.

REPORTER: Mayor Bloomberg says the proposed site, on Seventh Avenue near Penn Station, is still in New York.

BLOOMBERG: My main concern is that Merill Lynch stays in New York City and if they chose to go to Midtown I will still go and cut the ribbon and welcome them, happy that they are here.

REPORTER: City Councilman Alan Gerson, who represents lower Manhattan, has criticized Merrill's move from the World Financial Center. He says he doesn't know how it would help the company. The Times reports Merrill's current landlord and World Trade Center developer Larry Silverstein have made last-minute offers that were one billion dollars cheaper than the Midtown move.