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Re: New Jersey awards $21.9M jobs grant to Deutsche Bank to bring 1,200 jobs to Downtown Jersey City
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Home away from home
 
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The percentage of their current employees who live in JC is probably pretty small. Sure, many people from JC work in such firms but the JC population of any given firm is typically small (10% or so). It's the younger new hires and current employees who will look at where they are going to work and decide they would rather pay 1/2 of Manhattan's housing cost, not pay the NYC income tax, and have a shorter commute.
A problem with a move out of Manhattan is that it will make a certain percentage of the employee's commutes difficult to sustain (e.g. Long Island, Westchester, and CT). In the short term they may do it but in the long term most will either move or find a new job. Probably those people won't move to JC but may move to Jersey suburbs. A bigger problem with a move to JC (for the firms) is that the company will pay the same high NYC area labor costs. We should be relieved that they choose to do so as there are other, and better, options elsewhere in the U.S. Quote:
Posted on: 2006/9/18 0:17
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Re: New Jersey awards $21.9M jobs grant to Deutsche Bank to bring 1,200 jobs to Downtown Jersey City
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Newbie
 
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Not to be nitpicky here, but, according to the link you provided, NJ is 3rd in TOTAL tax collections (local+state+federal) -- for just state+local, it ranks 17th.
The reason it shoots up so much when federal is included is because of federal income tax -- since NJ has such a high average income. Quote:
Posted on: 2006/9/16 16:06
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Re: New Jersey awards $21.9M jobs grant to Deutsche Bank to bring 1,200 jobs to Downtown Jersey City
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Home away from home
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Quote:
My guess is that they will move entire departments which would consist of an assortment of commuters from all around. And I would suspect that any move to a new state would mean they would have to do a lot of hiring to fill jobs of those employees that don't want to move and the people that will fill those jobs will also be from all over.
Posted on: 2006/9/16 14:20
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Re: New Jersey awards $21.9M jobs grant to Deutsche Bank to bring 1,200 jobs to Downtown Jersey City
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Home away from home
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These are existing jobs and the employees will be coming from anywhere in the tri-state area. You could assume the same % of JC residents that GS has stated, around 7% i believe.
Posted on: 2006/9/16 14:07
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Re: New Jersey awards $21.9M jobs grant to Deutsche Bank to bring 1,200 jobs to Downtown Jersey City
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Home away from home
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Minnie-
What I meant was are these existing job in NYC that are currently held by JC residents who commute into New York every day (meaning no true increase in potential new residents), or are they by and large people that have been commuting into NYC from the outer boroughs, White Plains, and other parts of Jersey?
Posted on: 2006/9/16 14:04
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Re: New Jersey awards $21.9M jobs grant to Deutsche Bank to bring 1,200 jobs to Downtown Jersey City
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Home away from home
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Hurry for Jersey City and Exchange Place. Welcome Deutsche Bank!
I'm all for bringing in high profile companies that pay high end salaries and can steer city officials to clean up and improve the area... because we as individual homeowners cannot do it all by ourselves. Big bucks can move mountains... if they need an incentive to come.. I'm all for it. As for the jobs going to people from NYC... they will bring over their employees to keep the business running, and when openings need to be filled.... it's fair game. If you're qualified you'll get an interview and if you interview well and have the credentials... you'll get the job. I'm going to start polishing up my resume and fine tune my skills so I can land a high paying local job in Jersey City... and get rid of that nasty PATH commute.
Posted on: 2006/9/16 14:01
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Re: New Jersey awards $21.9M jobs grant to Deutsche Bank to bring 1,200 jobs to Downtown Jersey City
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Home away from home
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Quote:
Such as salaries for each other in their various posts. At the end of the day though, I suppose it is better to have this office space being used as not. If they're going to clog up the skyline and block the view, at least make some use of 'em (the office buildings). I just question whether these jobs are going to JC folks that already work there and currently commute, or if the majority will actually be bringing new people across the river to (potentially) fill up the bajillion new condo units coming on the market the next few years...
Posted on: 2006/9/16 13:49
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Re: New Jersey awards $21.9M jobs grant to Deutsche Bank to bring 1,200 jobs to Downtown Jersey City
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Home away from home
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Deutsche Bank Ups Space to 282,000 SF
By Eric Peterson JERSEY CITY-Mack-Cali Realty Corp. officials announced late yesterday that ?a major international bank? had taken an additional 53,727 sf at the Cranford-based REIT?s Harborside Financial Center Plaza 1 on this city?s waterfront. Company officials did not identify the tenant, citing a confidentiality agreement, but sources confirm that the tenant is Deutsche Bank. The latter is in fact currently listed as a major tenant at the building. The expansion follows on the heels of a related transaction in August. In that one, Deutsche Bank signed a lease for a total of 228,193 sf in the 400,000-sf eight-story building, a deal encompassing a 90,000-sf renewal and an expansion of more than 138,000 sf. That signing replaced a lease that was set to expire at the end of 2006, and this latest expansion bumps Deutsche Bank?s occupancy in the building to nearly 282,000 sf. ?This transaction is an indication of the success of our repositioning efforts at this Harborside building,? says Mitchell E. Hersh, Mack-Cali?s president/CEO. ?Harborside Financial Center has become an attractive office location.? The repositioning and modernization referenced at Plaza 1 was completed earlier this year, and the latest Deutsche Bank expansion brings the building to more than 94% occupancy, according to information released by Mack-Cali. Altogether, the REIT has more than 4.3 million sf in Jersey City, a portfolio that?s currently 98.9% leased. Of that total, about 3.6 million sf is tied up in the multi-building Harborside complex. The expansion, which carries a term of approximately 10 years, was pursuant to an option in the lease signed in August. Combined, the deals will keep Deutsche Bank in the building into 2017. David Maurer-Hollaender led a team of New Jersey and New York brokers from CB Richard Ellis in representing the tenant, while Mack-Cali was represented in-house. Further terms were not released.
Posted on: 2006/9/16 13:19
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Re: New Jersey awards $21.9M jobs grant to Deutsche Bank to bring 1,200 jobs to Downtown Jersey City
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Quite a regular
 
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i think, it's great news. i worked for both, db and citi, might even chance into some former co-workers...
it's not just IT - bankers trust (bought by DB) had investment bankers here in exchange pl - believe it or not. who citi will bring here, i wonder? - it's the salomon division operations that was in shearson cube that they sold across the river. so for citi - it's probably operations that will be coming, they do need the tops in wiring 'n cooling. and true, most people will be earning quite above 100k - and walking around 'n eating and might even buy a t-shirt or too :) in da mall... and with all the buildings coming on line - i wouldn't be surprised, if they moved here too. what a bliss it was - i actually walked to work from newport for a few years... now, THAT's living!
Posted on: 2006/8/25 14:28
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Re: New Jersey awards $21.9M jobs grant to Deutsche Bank to bring 1,200 jobs to Downtown Jersey City
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Quite a regular
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Thanks Jeebus for your voice of reason. I would also add that any state that ranks 49th in the country for Business Tax Climate needs to do something to attract new business. With all of the redevelopment incentives in downtown NYC, there is some stiff competition.
http://www.taxfoundation.org/research/topic/44.html BTW, not to hijack this thread, but NJ also ranks 3rd in total state and local tax collections per capita. Our fiscal woes aren't due to a lack of income, but to too much spending (most likely on the wrong things) by our elected officials.
Posted on: 2006/8/25 13:15
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I'd go over 12 percent for that
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Re: New Jersey awards $21.9M jobs grant to Deutsche Bank to bring 1,200 jobs to Downtown Jersey City
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Home away from home
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Deutsche Bank to move 1,200 jobs to Jersey City
August 24, 2006 Deutsche Bank said yesterday that it signed a 10-1/2-year lease for 228,000 square feet of office space on the Jersey City waterfront, and will relocate up to 1,200 workers from Manhattan by 2008, according to sister publication Crain's New York Business.
Posted on: 2006/8/24 20:20
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Re: New Jersey awards $21.9M jobs grant to Deutsche Bank to bring 1,200 jobs to Downtown Jersey City
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Home away from home
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Yes, there is no guarantee of what types of jobs will end up in NJ but the BEIP defends against this by being a rebate of income taxes paid. It's 80% of what the employees pay in state income tax and therefore is self-correcting. If the jobs are low-level customer service, as you suggest, the incentive will be a lot less.
As ccitizen wrote, you do not understand business and to that I would add globalization. Every overpaid investment bank job that goes to JC is a huge win. These are jobs that are too important to go to India (unlike the low-level jobs you mention) but probably not important enough that they can't go to a lower cost place in the U.S. We should be happy that they are staying in the NYC area rather than taking advantage of equally skilled people in lower cost places in the U.S.
Given the role of state/local government in raising costs for services, they need to make the case that all of their tax funded spending provides value. Obviously; very few people believe this.
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citybelt wrote: Quote:
Posted on: 2006/8/14 1:26
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Re: New Jersey awards $21.9M jobs grant to Deutsche Bank to bring 1,200 jobs to Downtown Jersey City
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Home away from home
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BAD for current residents and their rental costs. The change is inevitable, trying to stop this is only delaying the process.
Posted on: 2006/8/12 14:47
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Re: New Jersey awards $21.9M jobs grant to Deutsche Bank to bring 1,200 jobs to Downtown Jersey City
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Just can't stay away
 
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1200 more jobs with 1200 more middle class residents with their incomes in JC - it is great for business and development but BAD for current residents and their rental costs.
Housing will be supply and demand and everyone is looking for the best cost-effective housing option. If I was a student, artist or average income earner I would not be so happy. If I was a landlord, I would be looking to renovate my building to increase the rent. (I guess you have about 2 years before things start happening) If your landlord is starting to make improvements around your place - cross your fingers.
Posted on: 2006/8/12 14:41
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Re: New Jersey awards $21.9M jobs grant to Deutsche Bank to bring 1,200 jobs to Downtown Jersey City
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Home away from home
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+1 This is a good decision by the state. The more high-income jobs the city can move to JC the better it will be for everyone.
it is a FACT that a percentage of the DB employees will move to JC and start roots here. People may have personal agendas about workers in the finance industry but that seems to be their own problem and not a viewpoint on the city in whole.
Posted on: 2006/8/12 12:32
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Re: New Jersey awards $21.9M jobs grant to Deutsche Bank to bring 1,200 jobs to Downtown Jersey City
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Quite a regular
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With all due respect citybelt. I was in the banking business for over 10 years. I new secretarys at goldman 5 years ago that averaged 80k with bonuses. Add in computer staff and some senior management plus benefits (things like healthcare that the employee doesn't but add to comp and the state, money added to workers' comp funds, etc.) I think the 100k (AVG. per employee) in 2006 is a resonable number.
Goldman's back office people are primarily computer staff and the like. They easily avg 100k. Most customer service and very low lever jobs are offshore or out of state. Realistically what do you think happens in states. They can lower business income taxes to attract business, which some people would say hurts state revenue (I believe it helps) or they can give incentives to encourage companies to move and make a commitment to the state. States compete with each other like corporations do. That's just life. Make the business environment attractive or the companies won't come.
Posted on: 2006/8/12 2:43
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Re: New Jersey awards $21.9M jobs grant to Deutsche Bank to bring 1,200 jobs to Downtown Jersey City
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Newbie
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Quote:
ccitizen wrote: Many of you do not understand business. If Deutsche brings 1200 jobs over here this is what it means. If you take a conservative that the average pay for all employees that moves over is $100k (I used to work at Goldman and that number is low) that means the state now has an additional $120,000,000 million dollars a year in income to tax.
Posted on: 2006/8/11 15:56
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Re: New Jersey awards $21.9M jobs grant to Deutsche Bank to bring 1,200 jobs to Downtown Jersey City
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Quite a regular
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Many of you do not understand business. If Deutsche brings 1200 jobs over here this is what it means. If you take a conservative that the average pay for all employees that moves over is $100k (I used to work at Goldman and that number is low) that means the state now has an additional $120,000,000 million dollars a year in income to tax.
Over 10 years, without inflating the income, that equals $1.2 billion dollars for the state to tax. Those employees will spend additional money every day in downtown In addition, some of those employees will move to new jersey increasing the property tax base (yes even in abated units) and spending their earnings in NJ. Full office buildings will stimulate more office construction that will provide jobs for 100 of construction workers...and so on. That's why it's a win/win deal for both sides. You can't use your "They'll build on the waterfront no matter what" in this case.
Posted on: 2006/8/11 13:45
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Re: New Jersey awards $21.9M jobs grant to Deutsche Bank to bring 1,200 jobs to Downtown Jersey City
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Home away from home
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But the workers from Douchebag will have to eat lunch in NJ. Surely that's worth $22 million to us.
Posted on: 2006/8/10 20:51
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Re: New Jersey awards $21.9M jobs grant to Deutsche Bank to bring 1,200 jobs to Downtown Jersey City
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Newbie
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Quote:
Australian wrote: Deutsche Bank and equal opportunities for women does not compute!
Posted on: 2006/8/10 17:17
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Re: New Jersey awards $21.9M jobs grant to Deutsche Bank to bring 1,200 jobs to Downtown Jersey City
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Just can't stay away
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Deutsche Bank and equal opportunities for women does not compute!
Did we not read that Deutsche Bank was forced to make a massive workers compensation payout for harassment and other issues to a female employee. It also appears that they have little regard for their female staff (more lawsuits from females to follow) - just look and see how many senior female managers they have! Their management style is very much still lost in the 60's and work place bulling rules. Corporate Psychopaths exist in most, if not all large corporations. Yes, this term is real look it up!
Posted on: 2006/8/10 16:12
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Re: New Jersey awards $21.9M jobs grant to Deutsche Bank to bring 1,200 jobs to Downtown Jersey City
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Newbie
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I love how the state keeps playing these games. Last month, it was $37 million to Citigroup, now it's $22 million to Deutsche Bank.
Last year, Citigroup had a net income of over $24 billion, and Deutsche Bank had a net income of over $4 billion. Yet the state continues to give them money in the name of "economic development," when the jobs aren't even being newly created. People who work in downtown NYC will just be shifted over to our side of the river. And for this, they get grants? The budget passed this summer includes $200 million to fund these Business Employment Incentive Program grants. The same budget cut $111 million from higher education in NJ, and $105 million in tax relief for families earning less than $30,000 a year, not to mention, it raised our taxes. Priorities?
Posted on: 2006/8/10 15:50
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New Jersey awards $21.9M jobs grant to Deutsche Bank to bring 1,200 jobs to Downtown Jersey City
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Home away from home
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NJ awards $21.9M jobs grant to Deutsche Bank
by David Jones - Crain's New York The New Jersey Economic Development Authority is trying to lure Deutsche Bank to Jersey City with a $21.9 million business employment incentive grant. The NJEDA is hoping the money will interest Deutsche Bank to relocate 1,200 employees to Harborside Financial Center, a waterfront office complex located next to commuter ferry service and the PATH train, from its other offices. The bank is already leasing 90,000 square feet at Harborside. Deutsche Bank, which had to apply for the grant, has not indicated whether it will definitely expand in New Jersey, but it told New Jersey authorities that it planned to expanding its offices in New York or expanding in New Jersey. "Some companies execute the grant and some companies don't," said Glenn Phillips, spokesman for the Economic Development Authority. "It's one of the factors a company will consider in deciding to relocate to New Jersey." The incentive grant, which has a ten-year term, is awarded based on a formula that gives back 80% of the income tax that new employees would pay New Jersey. Deutsche Bank said it has about 10,000 employees in the New York area, including 350 in New Jersey. Most of the New Jersey employees currently work in the Harborside complex. In 2001, Deutsche Bank received a $1.7 million business employment incentive grant to relocate 80 workers to Summit, N.J.
Posted on: 2006/8/10 13:29
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