New York City is losing another manufacturer to New Jersey, in part because the business owner could not find adequate space in the five boroughs.
Tax incentives were the big draw for AP&G, an adhesives maker base in Brooklyn for the last 60 years. New Jersey is offering AP&G about $75,000 over the course of 10 years for each of the 105 jobs it moves to a 171,000-square-foot facility in Bayonne.
But city economic development officials, after attempting to intervene, told the Wall Street Journal it would be difficult to find a space capable of suiting the company’s needs.
“Any time I talk to a business that’s looking for over 200,000 square feet, that’s looking for a diamond in the rough,” Miquela Craytor, head of the city Economic Development Corp.’s industrial initiatives, told the paper.
The Empire State Development Corporation, which runs a program that incentivizes businesses to grow within the state, was not made aware of the move, according to the newspaper.
Jacmel Jewelry, another New York City-based company, previously accepted an offer of $3 million to move its business to Secaucus. And as The Real Deal reported on Monday, Long Island is also seeing a pick up in industrial tenants as manufacturing and warehouse space in Brooklyn and Queens dwindles due to residential conversions. [WSJ] – Tom DiChristopher