Kinda cool news for the new media crowd. AOL is relocating their corporate headquarters from the DC suburbs to New York, with some not-too-Time-Warnery digs at 770 Broadway. Located on Astor Place (and directly above K-Mart), the building is currently home to The Nielsen Company.

AOL will transfer 400 to 500 people who are already in New York to the new HQ; their current offices in Virginia (which will retain some employees) employ nearly 4,000 workers.

No word on possible (read: likely) job cuts or how many employees will work out of the New York office.