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LeFrak Looks To Build Newport Tower, But First Seeks Big Office Tenant

JERSEY CITY-The mega-developer's Pier 6 site could offer net rent below $10 a square foot, and maybe zero for 10 years with a tax grant.

By Antoinette Martin | Updated on April 27, 2012

JERSEY CITY-The LeFrak Organization is actively shopping for a big tenant to commit before it adds a new 1.25 million-square-foot office tower to its sprawling, mixed-use Newport development on the Jersey City waterfront.

The pitch to potential tenants includes this potent lure: Some could reduce their net effective rents to below $10 a square foot for ten years, even $0 for ten years, “depending on how they qualify for the state’s incentives programs.” The primary break comes through the state’s Urban Transit Hub tax credit program, for which most funding is already committed. However, renewed funding of the program is now under consideration by legislators.

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