New Jersey hoping cash can beat NYC’s cachet

New Jersey real estate players are betting that de Blasio will push businesses across the Hudson

New York /
Nov.November 16, 2014 01:00 PM

New Jersey is hoping to cash in on Mayor Bill de Blasio’s reluctance to give tax breaks to massive companies.

New Jersey real estate experts believe that the combination of New Jersey’s revamped and far more generous incentive programs, combined with de Blasio’s resistance to gifting corporations taxpayer money, could draw companies across the Hudson River, according to NorthJersey.com.

For instance, Gil Medina, executive vice president of CBRE Group, said he is “hearing from pretty much anyone who is involved in economic development in New Jersey” that de Blasio’s position is going to benefit New Jersey.

Medina described the state’s competition as the “cachet of New York City versus the cash flow of New Jersey.”

Still, Medina and others wonder if de Blasio will even stick to his guns.

“Mayor de Blasio has given a very strong perception among decision makers that business retention and attraction is not a priority of his administration,” Medina said. “I am not sure how much of this is fact, or if it’s perception. But that perception exists.” [NorthJersey.com]Christopher Cameron


Related Articles

arrow_forward_ios
Lexington Hotel at 511 Lexington Avenue (Google Maps)
NYC hotels getting busier, but still struggling
NYC hotels getting busier, but still struggling
Mayor Steven Fulop (Getty, iStock)
Jersey City mulls stricter building inspections after Surfside collapse
Jersey City mulls stricter building inspections after Surfside collapse
NYC Economic Development Corp. president Rachel Loeb and Yankees president Randy Levine (Getty, EDC, Google Maps)
Foul ball: Yankees, city point fingers as Bronx soccer stadium gets sidelined
Foul ball: Yankees, city point fingers as Bronx soccer stadium gets sidelined
Mayor Bill de Blasio and HPD Commissioner Louise Carroll (Getty, iStock)
Recovery budget throws homeowners a bone, skimps on tenant legal services
Recovery budget throws homeowners a bone, skimps on tenant legal services
Mayor Bill de Blasio and REBNY president James Whelan (Getty, Whelan via Anuja Shakya)
Business alliance urges de Blasio not to blow $22B federal aid windfall
Business alliance urges de Blasio not to blow $22B federal aid windfall
The New York Life Sciences and Biotechnology Center at First Avenue and 41st Street (NY Life Sciences)
Life sciences leasing breaks annual record in five months
Life sciences leasing breaks annual record in five months
RSA President Joseph Strasburg (Rent Stabilization Association)
Landlords plea for water rate freeze ahead of vote
Landlords plea for water rate freeze ahead of vote
Speaker Corey Johnson and Mayor de Blasio. (Getty, The New York City Council)
City Council quietly cut homeless voucher eligibility ahead of vote
City Council quietly cut homeless voucher eligibility ahead of vote
arrow_forward_ios

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

Loading...