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  #41  
Old Posted Dec 13, 2006, 2:08 AM
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as it should.
     
     
  #42  
Old Posted Dec 13, 2006, 12:39 PM
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Originally Posted by fish View Post
Yes, Jersey City is a part of the New York Region and it's population is counted officially as part of the whole.
Practically all of northeast Jersey is...
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NEW YORK. World's capital.

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
     
     
  #43  
Old Posted Dec 13, 2006, 12:41 PM
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Most foreigners dont know that technically its not NYC, but physically it might as well be.
Its not just the foreigners either. You'd be surprised at how many people from the US (other regions) don't know that New York and New Jersey aren't the same. I hear it all the time.
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NEW YORK. World's capital.

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
     
     
  #44  
Old Posted Dec 13, 2006, 10:38 PM
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EDIT for double post - what's always the matter with the server, anyway?
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  #45  
Old Posted Dec 13, 2006, 10:39 PM
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It's silly to pretend some sort of rivalry between JC and NYC. It's as impossible to imagine one without the other as it is Manhattan without Brooklyn. JC's growth is good for it, AND for The City.
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  #46  
Old Posted Jan 16, 2007, 1:16 PM
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NEW YORK. World's capital.

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.

Last edited by Dylan Leblanc; Jul 30, 2007 at 8:34 AM.
     
     
  #47  
Old Posted May 28, 2007, 7:37 PM
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Isn't the first tower half empty?

At night, it seems like the top half is dark, so why would GS build additional space now? Are they anticipating future growth?
     
     
  #48  
Old Posted Jun 4, 2007, 8:36 PM
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At night, it seems like the top half is dark, so why would GS build additional space now? Are they anticipating future growth?
Part of long term planning.
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NEW YORK. World's capital.

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
     
     
  #49  
Old Posted Jun 29, 2007, 10:22 PM
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Jersey City Has A Serious Skyline....its Much Better Than Most Of The Other Mid Size Cities On This Site...of Course It Feeds Of Nyc...and So What...so Show Some Respect....it Also Has A Functional Subway,with The Path Being An Underground System...how Many Other Cities Have A Skyline Like Jc(still Growing)and A Subway???
     
     
  #50  
Old Posted Jul 7, 2007, 5:55 PM
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Would anyone have a pic of the u/c Twin "Trump Plaza"
(behind the Harborside Financial Center) at the Exchange Place...

Its planned as a residential complex. Its being built so strong (and fast) -
there are rumors that the FEDs want to buy the building(s) for their offices ...
here is an artist's impression ...
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Last edited by babji; Jul 7, 2007 at 7:58 PM.
     
     
  #51  
Old Posted Jul 7, 2007, 8:02 PM
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Originally Posted by NEWARKNJREP View Post
Jersey City Has A Serious Skyline....its Much Better Than Most Of The Other Mid Size Cities On This Site...of Course It Feeds Of Nyc...and So What...so Show Some Respect....it Also Has A Functional Subway,with The Path Being An Underground System...how Many Other Cities Have A Skyline Like Jc(still Growing)and A Subway???
and "Hudson Burgen Light Rail" which connects Jersey City to the Liberty State Park with ample parking space ... and NJTurnPike so easily accessible...
     
     
  #52  
Old Posted Jul 15, 2007, 11:41 AM
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http://www.hudsonreporter.com/site/n...d=523586&rfi=6

If they get it, will they build?
Goldman Sachs wants special tax agreement for new $560M tower




MAKING A CASE FOR 50 HUDSON – Dino Fusco, director of global real estate operations for Goldman Sachs, speaks at the June 25 City Council caucus on the financial firm’s proposed office tower at 50 Hudson St. The company estimates that they will be expanding greatly over the next few years. Some are concerned that they may take too long to start building.



Ricardo Kaulessar
07/13/2007

When the City Council convenes its meeting this Wednesday, it will consider approving a 20-year tax abatement deal for a major investment firm.

Goldman Sachs, the owner of the tallest building in the state at 30 Hudson St. - and a sponsor of various community events - would like the tax agreement for an office tower to be built at 50 Hudson St., next to their existing headquarters.

They say their company will be expanding over the next few years, and they need the extra space.


However, tax abatements have become controversial. They allow developers to make a deal with the city to pay a pre-determined annual tax fee rather than being subject to the quixotic rise and fall of regular property taxes. Some believe that the deals are too generous to the developers, and should be used only to encourage developers to build in blighted areas.

But even major developers sometimes claim they need the deals in order to make a big project financially viable, or to make it more prudent than locating elsewhere (like in New York City).

At the City Council's previous meeting on June 27, the council voted 8-0 to introduce the abatement, with an abstention by City Councilman Steven Fulop, a former Goldman Sachs employee himself.

The $560 million, 918,956 square-foot office tower will be 30 stories high with 573 parking spaces - if it is built.

Some officials believe that it's a big if, as an original construction plan for that property has been on hold since June 2000.


That year, Goldman Sachs got approval for tax abatement for a hotel/conference center at the site.

At the last council meeting, several officials tried to press Goldman Sachs on when they will build their new project, if they get the new abatement. They noted that the existing 30 Hudson St. headquarters is not fully occupied and that Goldman Sachs is currently building its new world headquarters near New York City's Battery Park.

But Goldman officials say that their company is expanding rapidly, and they will build when the market makes it feasible.



Went from 50 to 30

The plan for the new tower went into motion last year when the City Council at its Aug. 16 meeting approved changes to the Colgate Redevelopment Plan, allowing for the construction of a 50-foot office tower by Goldman Sachs at 50 Hudson St.

The redevelopment plan also allowed for an open-air plaza with the 21,000 square feet of retail space. Previously under the plan, an atrium would have been built.

But even at that time, there were questions about Goldman Sachs seeking to build a new, taller building at a time when their 30 Hudson St. location was then filled at half-capacity.

At that meeting, Goldman Sachs executive Timor Galen said the new tower for 50 Hudson St. was necessary to redistribute the workforce between New York and New Jersey.


The Jersey City Planning Board, at its meeting on Sept. 19 of last year, approved a shorter 30-story office tower for 50 Hudson St. They also approved a public plaza between that new building and Goldman Sachs' existing 30 Hudson St. building.


Goldman will need more space

Peter Rose, spokesperson for Goldman Sachs, said last week that their proposed office tower is advance planning on the part of Goldman Sachs to prepare for future expansion.

Goldman Sachs operates offices in 46 cities in the United States and in other parts of the world.

Rose pointed out that since 1999, when shares in the company were first offered on the stock market, the firm has grown from 9,000 to 28,000 employees.

"We're very serious about preparing ahead of time," Rose said. "Over the past years, we always believe we end up needing more space sooner than later."

He also said they intend to be the sole tenants of the buildings they occupy, which is why they have reached only 65 percent occupancy at their 30 Hudson St. location.


Rose said if Goldman Sachs gets the abatement, they will do a study to find out when it will be economically feasible for them to start building. They may look six to 10 years into the future in that study.

"We do the economic analysis and we find it's very difficult to start building immediately," Rose said. But Rose noted that they are already paying taxes on the property, regardless of when they build.

According to the current abatement agreement, they pay a current tax of $165,000 annually on the undeveloped land. The new agreement calls for $2.2 million to be paid each year to the city from time of completion to the year six of the abatement. After that, the payment will increase every few years until the abatement ends.


Putting on the charm

Goldman Sachs advocated for the abatement at the council caucus last month.

Dino Fusco, director of global real estate operations for Goldman Sachs, noted that the firm has been a "good neighbor" in Jersey City with their support of various community events.

They said they established a strong presence in the city with their 30 Hudson St. building, and a new building will be necessary once 30 Hudson St. is fully occupied by - by his estimate - 2009, and the new world headquarters in New York City is completed in 2010.

"With the completion of our world headquarters building in Battery Park across the river, Jersey City is going to be more strategic for Goldman Sachs," Fusco said.


Fusco may have revealed why Goldman Sachs will probably receive the abatement, as he complimented the city's "tax enhancement" program for keeping Jersey City "competitive" with lower Manhattan.


Not everyone is convinced

City Councilman Bill Gaughan got to the point during the caucus when he asked: "How long will it take to build this building?"

An architect for Goldman Sachs said that after construction begins, it could take three years to build the tower.

Gaughan also wanted to know how many construction jobs and jobs after construction will be available for Jersey City residents.

In fact, a recently passed ordinance forces certain projects to agree to use a percentage of Jersey City residents in their construction. The Goldman Sachs project falls under this agreement.

A consultant for Goldman Sachs, Rutgers University professor Joseph Seneca, saidd the project will produce 274 construction jobs for Jersey City residents. There will be 3,811 jobs during construction.

He said that when the building is finished, 413 of Goldman Sachs' 3,496 permanent jobs at 50 Hudson St. will be local residents.

Last week, City Councilman Steven Fulop, who represents the Downtown area of the city where the 50 Hudson St. site is located, said the abatement should have had a stipulation that requires Goldman Sachs and other developers to build once they receive the abatement.

Fulop said that some developers get an abatement for a project, then stall on development for years or sell the property for a higher price than purchased originally.

"The reality is, the developers should be building," Fulop said. "Instead, the city is in the business of giving abatements that increases value of the property, but [do] not actually see the development taking place."
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NEW YORK. World's capital.

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
     
     
  #53  
Old Posted Jul 15, 2007, 11:48 AM
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Originally Posted by NEWARKNJREP View Post
Jersey City Has A Serious Skyline....its Much Better Than Most Of The Other Mid Size Cities On This Site...of Course It Feeds Of Nyc...and So What...so Show Some Respect....it Also Has A Functional Subway,with The Path Being An Underground System...how Many Other Cities Have A Skyline Like Jc(still Growing)and A Subway???
Why do you capitalize mid sentence?
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  #54  
Old Posted Jul 15, 2007, 11:56 AM
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Why do you capitalize mid sentence?
He's gone...
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NEW YORK. World's capital.

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
     
     
  #55  
Old Posted Jul 17, 2007, 12:58 AM
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http://www.nj.com/news/jjournal/inde...880.xml&coll=3

Company lowers the estimate of residents to work at new tower
New tower will create local jobs but goals are lower than before


July 16, 2007
KEN THORBOURNE

Goldman Sach's proposed second office tower at 50 Hudson St. will prove a boon for local job hunters, according to Joseph J. Seneca, a Rutgers professor at the Edward J. Bloustein School of Planning and Public Policy.

During the estimated three-year construction phase, the $560 million project will generate the equivalent of 274 one-year construction jobs - or 11 percent of all the direct construction jobs - for Jersey City residents, according to an economic impact analysis Goldman paid the university to conduct, Seneca said.

The project will create 17 other indirect construction jobs for local residents as well as the equivalent of 213 one-year jobs created by the construction, Seneca said.

Once the building is occupied, Jersey City residents should land 413, or 12 percent of the 3,440 financial jobs at the facility - jobs paying on average $156,000 a year, Seneca said.

Though significantly lower than the 51 percent goals the company agreed to seven years ago, they are still above the figures Goldman has achieved at 30 Hudson St.


Like 30 Hudson St., the proposed new tower will be filled mostly by workers already on the payroll, Goldman officials said.

Goldman is building a new headquarters at Battery Park City across the river in Manhattan, which is slated to open toward the end of 2009.

The company is shedding leases in Manhattan with the goal to consolidate its metro area operation at Battery Park and its two Jersey City towers. No date has been set for construction to start on the proposed Jersey City tower.
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NEW YORK. World's capital.

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
     
     
  #56  
Old Posted Aug 29, 2007, 11:38 AM
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http://www.nytimes.com/2007/08/29/bu...l?ref=nyregion

Jersey City Landlords Prosper in New York’s Shadow

By J. ALEX TARQUINIO
August 29, 2007

Although a few companies in other industries have begun moving in, office real estate in Jersey City is still very much an annex of Wall Street. Since modern towers started springing up along its waterfront in the 1990s, its fortunes have usually risen and fallen with the ebbs and flows in the financial markets.

In the last year, rents there have risen smartly, although not nearly as much as the rise in Lower Manhattan. Landlords are asking $36.85 a square foot on average for Class A office space in Jersey City now, up almost 14 percent from a year ago. During that time, average asking rents in Lower Manhattan rose more than 25 percent, to $50.59, according to Cushman & Wakefield, a real estate services company.

Brokers say the Jersey City office market is tight right now, especially along the waterfront, where most of the Class A towers have been built within the last 20 years. The waterfront has 24 office towers holding 14 million square feet of space. That is significantly more than the 14 top-quality office buildings holding 8 million square feet in Downtown Brooklyn, another business district within easy reach of Wall Street.

There are no development projects in sight in Jersey City, and the best-known buildings have had a flurry of lease signings recently, putting their occupancy rates above 90 percent.


For example, several companies recently took space at 10 Exchange Place, a 30-story, 700,000-square-foot office building. This includes a lease for 36,000 square feet that Opera Solutions, a global business consulting firm, signed in April, and a lease for 73,000 square feet that Rabobank International, a large Dutch bank, signed in May.

The building now has an occupancy rate of 92 percent, and is asking rents around $40 a square foot annually, said James J. Gillen, who is responsible for real estate in the New York metropolitan area for Invesco, a global asset manager based in London. Invesco manages 10 Exchange Place for a German institutional investment fund.

“Our building has all of the things you would want in a modern New York City building,” Mr. Gillen said, “and it is right at the foot of the stairs of the PATH train,” the commuter line running between Northern New Jersey and Manhattan.

Some global financial giants are carving out a bigger presence in Jersey City, but most of them are supplementing operations in Lower Manhattan.

Beginning last year, Deutsche Bank, a large diversified German company, signed a series of leases totaling almost 400,000 square feet at Harborside Financial Center, a Jersey City office complex with more than 3.6 million square feet in six office buildings. Some 300,000 square feet of that was new space, while 90,000 square feet was a renewal.

Lehman Brothers Holdings, the New York investment bank, recently signed a lease for more than 71,000 square feet at 101 Hudson Street, a 42-story, 1.25-million-square-foot office tower along the waterfront. This brings the total space Lehman leases in this building to more than 270,000 square feet.

And BNP Paribas, a financial company based in Paris, signed a lease this year for more than 110,000 square feet in Newport Tower, at 525 Washington Boulevard. This was the largest single lease signed in Jersey City this year, according to Cushman & Wakefield, whose brokers worked on both sides of the deal.

This week, BNP Paribas began moving in the first of 600 workers it plans to relocate from Manhattan. The company, which has about 2,400 employees in New York, plans to increase its local staff to around 3,000 employees by 2012. Larry Sobin, the chief operating officer of BNP Paribas North America, said 1,000 would be in Jersey City and the rest in the regional headquarters at 787 Seventh Avenue in Manhattan.

Mr. Sobin said most employees moving to Jersey City had jobs in departments like accounting, technology and human resources that support the capital markets and investment banking groups, which will remain in Manhattan. “We plan to take advantage of new technologies, like videoconferencing,” to make the arrangement work smoothly, he said.

Although lower costs are undoubtedly the major draw in Jersey City, many executives also want to decentralize their operations across the metropolitan region for security reasons, according to Patrick Murphy, who heads the suburban business for the CB Richard Ellis Group, a commercial real estate brokerage company.

A number of regional disruptions, both large and small, have occurred since the terrorist attacks in September 2001. A power grid failure caused a blackout in 2003. In July, a steam pipe exploded near Grand Central Terminal in Midtown. Also this summer, a tornado struck Brooklyn and a fatal fire broke out in the vacant Deutsche Bank Building, which is being dismantled near ground zero.


Mr. Sobin said the difficulty of getting people off the island of Manhattan during a crisis was one factor in BNP Paribas’s decision to put part of its operations in Jersey City. “In the event there’s a crisis, we want to make sure that the bank continues operating,” Mr. Sobin said. “We already have a data center in a different location in New Jersey and a backup data center in a suburb of Philadelphia.”

Brokers say the rise in rents in Jersey City is largely an indirect effect of the soaring rents in Lower Manhattan. But they expect the tight space and the lack of new construction to add to the pricing pressure.

But if developers decide to construct buildings in New Jersey, they have one big advantage over their counterparts in New York City, said Bob Alexander, regional chairman of CB Richard Ellis. They can build much more quickly. “If it’s built to suit, Jersey’s going to be able to put it up quicker than in New York,” which is notoriously slow in granting permits, he said.

He estimated that an office tower could be completed 12 to 18 months faster than in New York City.
So, he said, developers did not feel the same pressure to build “on spec” — without a major tenant already signed up — in a strong real estate market. They prefer to sign an anchor tenant first and design a building to suit its specifications.

There is certainly room to grow. For example, enough land exists for three new buildings, totaling 3.5 million square feet, at Harborside Financial Center, said Mitchell Hersh, the president and chief executive of the Mack-Cali Realty Corporation, a real estate investment trust based in Edison, N.J. Mack-Cali owns most of Harborside Financial Center and 101 Hudson Street, among other buildings in Jersey City.

Mr. Hersh said that initially he would like to build a million-square-foot building at Harborside, in Plaza 4, at Exchange Place and Christopher Columbus Drive. He said he was in preliminary talks with a few potential tenants that have offices in Midtown Manhattan and are “examining very carefully the options of moving significant parts of their work force, for obvious reasons of cost savings.”

But Mr. Hersh said he had no plans to build anything that size until he was able to prelease about 350,000 square feet. “I have been reluctant to build on spec,” he said.
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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
     
     
  #57  
Old Posted Aug 11, 2015, 4:13 PM
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