Susan Karp, partner at Farer Fersko, spoke about the new prevailing wage law as it related to brownfield remediation as a current issue. Developers can get up to 75% of the remediation costs from the State, a program that has greatly sparked remediation. Applying prevailing wage laws, she said, jumps the labor cost of remediation by up to 25%, making remediation harder to pencil out. "It brings us to conflicting public policies," she said.
A new "Mansion Tax" puts a 1% tax on most properties over $1 million, including most commercial properties, said James Helmus, executive director of the Schonbraun McCann Group. Also, changes to the popular Urban Enterprise Zone procedure will make it harder for small businesses to utilize the zone's benefits.
Jay Biggins, executive managing director of Biggins Lacy Shapiro & Co., pointed out that New Jersey isn't competing with New York for tenants so much as the other surrounding markets. Connecticut's incentive savings, he said, makes its numbers more attractive than New Jersey, Pennsylvania or New York's outer boroughs for large tenants.
Recommended For You
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
