Brooklyn manufacturer latest to head to Jersey

Amid space drought in the boroughs, business lured to New Jersey by tax incentives

New York /
Aug.August 26, 2014 11:00 AM

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


Related Articles

arrow_forward_ios
Photo Illustration of Donald Trump (Illustration by Kevin Rebong for The Real Deal)
Treasury Department must give Trump’s tax returns to Congress: DOJ
Treasury Department must give Trump’s tax returns to Congress: DOJ
Mayor Steven Fulop (Getty, iStock)
Jersey City to provide up to $10K more rent relief per tenant
Jersey City to provide up to $10K more rent relief per tenant
GCP CEO Alan Yang (Getty, GCP)
GLP raises $2.3B for logistics property fund
GLP raises $2.3B for logistics property fund
The Birch Group CEO Mark Meisner and 700 Alexander Park Drive (LinkedIn)
Birch Group buys Princeton office portfolio from BentallGreenOak
Birch Group buys Princeton office portfolio from BentallGreenOak
Pandemic could cut assessed property values by 10%
Pandemic could cut assessed property values by 10%
Pandemic could cut assessed property values by 10%
Instacart CEO Apoorva Mehta (Getty)
Instacart to build fulfillment centers near supermarkets
Instacart to build fulfillment centers near supermarkets
Jared McClain of NCLA and Gov. Phil Murphy (Photos via iStock, NCLA, Getty)
NJ tenants can pay rent with security deposits: court
NJ tenants can pay rent with security deposits: court
Democrats look to curtail tax break for “pass-through” businesses
Democrats look to curtail tax break for “pass-through” businesses
Democrats look to curtail tax break for “pass-through” businesses
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...