you mean tax breaks arent enough?

If true, that's a big vote of confidence for him as far as I'm concerned.

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Hes @ Goldman

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No... I thought Steve was at Citi now.

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Doesn't he work for ML?

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http://www.trismccall.net/jcj_fulop.htm

TM: You?ve been employed in the private sector as well.

SF: Yes. I worked at Goldman Sachs, and I?m now at Merrill Lynch
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I assume he'll recuse himself from anything to do with this deal.

Some day I'm going to walk to work. Or maybe I'll even skip and spill my coffee!

The article did not point out the commutability of a JC site.

I suspect that Merrill is doing the usual "shaking the incentive tree" with respect to NYC (and maybe NJ). I very much doubt that they would move their HQ out of NYC and I also doubt that they would give up their suburban campus. The hope for JC is that more of the NYC workforce will move to JC and for the reasons I mentioned it may happen.

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The article pointed out that

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I took it to mean that this new office tower would consolidate a lot of Merrill Lynch either here or in Manhattan, since half their leases are scheduled to expire.

But I'm no expert -- I am sure others on here know much more.

I'm curious why the author claims that the very generous BEIP program and abatements "are dwarfed by the power its peer across the river can wield". My understanding is that NYC incentives at best make a bad economic case for location less bad; not better than NJ. Also, Merrill has a huge site in suburban NJ and it's much easier to get to/from there to JC than Manhattan so for once geography may benefit JC.

The idea that a potential train link to PA is for people to get to PA doesn't lend confidence in the author's knowledge. Many people who have been priced out of the NYC region live in the Poconos and commute to Manhattan. Spending 4 hours a day on a bus seems miserable but owning a big house in a safe area for less than $200K while making a NYC salary is why people do it.

For what it' worth, the 2 counties out there are the only places in the northeast that have net domestic in-migration outside of New Hampshire. In both cases the people are moving to lower cost (and generally more free) places that are (barely) commutable to high paying jobs.

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GP, I appreciate you putting this piece up, as the Jersey Journal site is a pain to navigate, but I wish you'd be more diligent about labeling. For the record, this is Jarrett Renshaw's latest Location column. I know it's a small thing to some, but I like to know the author's name as well as whether it's a straight news piece or op-ed (obvious in this case), and if I have to go to the JJ site to get it, your posting ceases to be a time-saver for me. Thanks.

On topic: I don't know whether Councilman Fulop supports abatements or incentives in this case (I suspect not), but I do know that Mayor Healy campaigned on a platform of no further abatements on the waterfront -- a promise he has broken repeatedly, which I hope people will remember come election time.

I assume that Steve Fulop supports abatements or other incentives for Merrill Lynch to come to the waterfront of Downtown Jersey City-- is that correct?

If city wants to be a player, then it better bring 'A' game

Jersey Journal -- January 24

Jersey City has a reputation as a bargaining chip - but this time, city officials are hoping to cash in.

Merrill Lynch is looking for roughly 2.3 million square feet of office space, most likely in the form of a high-rise as tall as 48 stories, and recently sent out requests for development proposals to Jersey City, Manhattan and Long Island City.

Merrill Lynch currently occupies roughly 4 million square feet in New York and another 3 million elsewhere in New Jersey, but its leases on more than half that space are scheduled to expire in 2013.

A representative for the international financial giant was mum about its intentions: "Like any well-managed company, we are in the midst of reviewing our options."

Several sources were initially skeptical about Jersey City's chances, saying corporations often use Jersey City as a negotiating ploy to elicit a better package from New York City.

"They bait New York and pretend they're moving out," one insider said.

But Jersey City Mayor Jerramiah Healy is trying to do his part to bring the company here.

"Jersey City would welcome the addition of Merrill Lynch to our Gold Coast, as their presence here would further solidify our status as the economic engine of the state," he wrote in a statement.

But Healy needs to get even more aggressive - akin to the administration's all-out blitz when the New York Jets were considering Jersey City as a potential site for their training facility and headquarters - to win this time.

He needs to be an entrepreneur, putting on a visible public relations show while simultaneously working behind the scenes to come up with creative incentive packages.

Jersey City's main resources include tax abatements and the state's business employment incentive program, which are dwarfed by the power its peer across the river can wield, so Healy should consider lobbying state lawmakers for greater tools to attract business.

Commuting to 'The Office'?

Perhaps they'll introduce a new character on the NBC comedy "The Office" - one who lives in Hoboken and commutes by train to Dundler-Mifflin in Scranton, Pa.

It could be reality - in 25 years or so.

Pennsylvania officials are currently holding public meetings on reviving passenger rail service between Scranton and the Mile Square City and, via the PATH, the Big Apple.

The proposal highlights the skyrocketing real estate prices in the New York City region, as well as an indication of the lack of decent jobs in post-industrial regions.

In some ways, it's a bit sad. People are willing to spend at least four hours a day on a crowded train since they can't afford to live and work in the same state. In today's busy and fast-paced world, four hours is an eternity and surely could be better spent.

The rail line is not expected to be completed by 2030. Maybe by then we can come up with a better solution than two-hour train rides.

If not, read any good books lately?