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Hersh, Kinon: Incentives Making NJ Sixth Borough

JERSEY CITY, NJ-The New York Chapter of NACORE hosted experts to speak on Friday, May 18 on why the market here has become so strong, luring away businesses from across the River.

By Amy Vaughn | Updated on May 21, 2001

JERSEY CITY, NJ-Mack-Cali is currently developing 6.5 million sf, to create a total of more than 8 million sf of space along the Hudson River here, in its Harborside Financial Center. The project has been drawing traditionally New York City tenants to the shores here, making the company’s CEO, Mitchell Hersh, a likely choice to speak at NACORE’s New York Chapter meeting discussion, “Trading Places… Spaces! Office Tenant Options Outside Manhattan…”

The meeting (Friday, May 18) was held at the Yale Club in Manhattan, but the conversation was all about New Jersey. The New York real estate community came out to hear Hersh and Victor Kinon, partner at Scarinci & Hollenbeck and the chair of the Urban Land Institute of New Jersey, speak on why businesses are looking to relocate here.

Hersh and Kinon both noted the primary reason is the financial savings. These, they noted, come in the form of “considerably” lower rents and tax incentives including: Business Employment Incentive program, Urban Enterprise Zone (including sales and tax exemptions on qualified corporate equipment and supply purchases), New Jersey Long Term Tax Abatement (fixing real estate taxes for up to 20 years), Business Relocation Assistance Grant Program, job training grants, no commercial rent tax, no city corporate or personal income tax, lower state income tax and the fact that PSE&G rates are as much as 38% less than Con Edison’s rates in New York.

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