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How is "economic developmen"t relevant to a push to get more residential development in Jersey City? Mayor Fulop's strategy is a good one - I work in NYC, and many of my colleagues and friends, and other non-investment banker/trustfunder/foreign oligarch types are faced with the prospect of commutes to neighborhoods that are much less convenient than Jersey City. Even the Heights is reasonably convenient, compared to Flatbush or outer Queens! This is about JC benefiting from filling a need within NYC, probably of NYC residents for starters, and will presumably benefit homeowners here with improved property values and higher rents for investment properties.

Economic development, in the bigger picture, probably needs to be addressed at the national level first, to deal with issues of off-shoring manufacturing, disinvestment in infrastructure, the jobless recovery, etc.

all said and good, but who if anyone is working on economic development?

A footnote to this story is that Kushner Companies Chief Financial Officer is Mark O' Donnell who is former Governor McGreeveys partner. Charlie Kushner bankrolled McGreevey into the Governors office. Jared Kushners real estate empire in New York City is one of the biggest and his father is slowly returning to the forefront as he and Jared are building here in Jersey City as well as Bergen County.

Excellent 10/10 Fulop - With a few questionable decisions, this has been a good one - woo those dollars over the Hudson, but don't sell our city short with stupid tax abatements. I'd like less residential development, but rather business and manufacturing developments with a clear clause on how many NJ / JC employees their must be before any 'special' deals.

Jersey City mayor launches NY charm offensive

The Garden State mayor woos New York developers at a series of breakfasts, where the pitch is sweetened with heavy dollops of incentives that could make the Garden State 50% cheaper than the Big Apple

Crain's New York Business
By Joe Anuta
May 16, 2014 1:45 p.m.

The mayor of Jersey City has been wooing some of New York City's biggest developers over a series of breakfasts held on the western banks of the Hudson in recent weeks. The schmoozing?and talk of the Garden State's big subsidy-sharpened cost advantage?has residential developers starting to look there instead of the far-flung corners of the five boroughs.

"People are getting priced farther out into Brooklyn. You have to sit on the L train for 50 minutes before you get into Manhattan," Jersey City Mayor Steven Fulop told Crain's. "But we are situated minutes from the financial district, and we are making sure to promote the city to the business community."

The mayor has so far broken bread at a handful of group get-togethers with the likes of Toll Brothers and Manhattan investment firm Halpern Real Estate Ventures. He's sung the praises of lower land prices, long-term tax abatements and transportation access to Manhattan's main business hubs.

Some developers have already heeded the call.

"It's basic math," said Jon Halpern, chief executive of Halpern Real Estate. For example, his firm could develop something on the Jersey City waterfront and get the same yields as a development in New York City, but only have to achieve half the rents of Brooklyn, he noted.

Donald Trump and Jared Kushner have also apparently seen the light. They recently broke ground on a $194 million, 447-unit residential development in Jersey City.

On the commercial side, Mr. Fulop estimated that construction costs per square foot could be as much as half of New York City's, which translates into cheaper for rents for blue-chip firms like Bank of New York Mellon and JP Morgan Chase. In addition, on Friday New Jersey awarded JP Morgan and RBC Capital Markets a tax incentive package valued at $300 million, which makes it more likely those firms will move some of their operations across the river.

But even as Mr. Fulop hopes to draw more of the city's big builders westward, he doesn't want to take too large a bite out of the Big Apple.

"We are trying to be aggressive about creating development here, but our success is really tied to New York City's," he said. "We are not hoping for doom and gloom."

http://www.crainsnewyork.com/article/ ... nches-ny-charm-offensive#