Kahl Propp Equities, owner of Three Gateway, plans a major capital improvement campaign at its building to help attract large companies to relocate from New York City, with the added carrot of tax incentives. (See story here.)

C&K Properties, the landlord for Two Gateway, says its “incentive concierge” service will provide prospective tenants with free individualized analyses of what tax-incentive bonuses are available and assist with applications to the state Economic Development Authority.

C&K hired Zangari, a member of Sills Cummis & Gross, to lead the program. Zangari is a director of the state Chamber of Commerce as well as the Newark Alliance, and he was instrumental in working with lawmakers to craft the incentives legislation.

“Ted has an understanding of this complex piece of legislation that is unmatched in the state,” said Ben Korman, a principal of C&K.

Finalized in September, the EOA is attracting national notice as a powerful tool – but it is as yet not fully understood. The measure was loaded with dense amendments in the final stages of legislative battle, and it is still being scrutinized and interpreted by attorneys and consultants as the publication of official regulations are awaited.

“Companies coming in, especially from out-of-state, just can't know enough at first look to understand what their benefits are,” said Kevin Collins of C&K.

The Act combines four existing state incentive programs for attracting and retaining businesses into a single, highly flexible and more generous program: Grow New Jersey.

“In just the first few weeks since its enactment, it's clear that the new Grow NJ incentive program offers enormous savings for businesses seeking to relocate to urban transit hubs,” such as Newark, said Zangari. “The challenge for us is to make these benefits easily understandable and accessible to businesses early in their site selection process.”

The Gateway complex is located adjacent to Newark's Penn Station, and the transit-hub location means bonus incentives are available under the award formula. The incentives can reach $60,000 to $120,000 per employee, according to Zangari.

ThePrudential tower project received a $210 million tax credit because it lies with an Urban Transit Hub district, as does the Gateway.

Ryan stressed that the 18-story Two Gateway building – constructed in 1972 and fully renovated in 1992 – is blessed with huge, open floor plates and laden with amenities and ultra-high-grade systems.

Situated on Market Street between McCarter Highway and Mulberry Street, Two Gateway has from 3,000 square feet to 360,000 square feet of ready-to-occupy office space available, he said.

The complex is connected via a pedestrian skywalk directly to Newark Penn, which is served by NJ Transit, PATH and Amtrak lines, and is 18 minutes from New York City and 10 minutes from Newark International Airport.