CARTERET, NJ—New York Popular, a manufacturer and wholesaler of apparel, received a $9.8 million Grow New Jersey incentive package that helped it decide to purchase 400 Federal Boulevard, a 55,560-square-foot industrial property in Carteret, NJ instead of moving operations to Norfolk, VA.
Leo Esses, senior vice president of Bussel Realty Corporation, represented the buyer, which paid $5.143 million for the property, previously owned by 400 Federal Boulevard, LLC.
New York Popular, previously headquartered in Brooklyn, decided to move production and distribution activities to reduce operating costs, according to the Grow New Jersey application made public by the New Jersey Economic Development Authority.
NJEDA approved the tax credits at its September 2016 meeting. According to the documents, if New York Popular did not receive the Grow New Jersey incentives, it was considering moving to a building it would purchase and renovate in Norfolk, VA. The company's relocation will bring 150 new jobs to the Garden State, the application says. The company manufacturers or licenses products for the New York City Fire and Police Departments, I Love NY, and other brands, sold through resort retailers and theme parks around the country, and souvenir stores in the New York City area.
“I worked with my client for several years in order to locate the right property, in the right “limited” location, in order for them to qualify for a Grow New Jersey award which was approved for their operations,” says Esses. “They will be relocating from Brooklyn, New York, and are in close proximity to New York City via highways and mass transportation.”
400 Federal Boulevard is located near Exit 12 of the New Jersey Turnpike, Port Newark/Elizabeth and Newark Liberty Airport. The property features 24-foot ceiling heights, two tailboards and two drive-in doors for loading, 800 amps of electric power, and 29 surface parking spaces. New York Popular will invest about $1.95 million in capital in the property, according to the NJEDA documents.
CARTERET, NJ—
Leo Esses, senior vice president of Bussel Realty Corporation, represented the buyer, which paid $5.143 million for the property, previously owned by 400 Federal Boulevard, LLC.
NJEDA approved the tax credits at its September 2016 meeting. According to the documents, if
“I worked with my client for several years in order to locate the right property, in the right “limited” location, in order for them to qualify for a Grow New Jersey award which was approved for their operations,” says Esses. “They will be relocating from Brooklyn,
400 Federal Boulevard is located near Exit 12 of the New Jersey Turnpike, Port Newark/Elizabeth and Newark Liberty Airport. The property features 24-foot ceiling heights, two tailboards and two drive-in doors for loading, 800 amps of electric power, and 29 surface parking spaces.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
