"BRICK CITY" THE OFFICIAL NEWARK DISCUSSION THREAD

[Newark88]

Financial firm moves 1,000 jobs from Jersey City to Newark

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By Steve Strunsky | NJ Advance Media for NJ.com
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on March 01, 2017 at 6:27 PM, updated March 01, 2017 at 7:13 PM



1,000 employees of Broadridge Financial Solutions will move to 2 Gateway Center in Newark, from 2 Journal Square Plaza in Jersey City, company officials said2 Gateway Center
NEWARK -- A global company that provides technical support for financial firms is moving 1,000 employees into Newark's Gateway Centercomplex from its current location in Jersey City, company officials said.

Broadridge Financial Solutions signed a 15-year lease on a 160,000-square-foot space at the 2 Gateway Center office tower, according to Broadridge's new landlord, C&K Properties, which operates 2 Gateway.

According to its website, Broadridge provides technical services for financial institutions and investors, including electronic proxy voting, with a workforce of 10,000 employees in 16 countries worldwide. Its services also include "communications, technology, managed services, data and analytics solutions to financial firms in capital markets, wealth management, asset management and corporate issuers across multiple industries," Broadridge states.

Other than the 15-year period, the terms of the lease were not disclosed.


A spokeswoman for C&K, Ashlee Blum, said Broadridge would be occupying space vacated mainly by the Port Authority of New York and New Jersey about a year ago, following the agency's re-consolidation at the World Trade Center site of offices scattered by 9/11.

Broadridge is a 2007 spinoff of Automatic Data Processing, or ADP, the payroll and business services firm that had been led by the late U.S. Sen. Frank Lautenberg before he became a senator. Until now, Broadridge has occupied space at 2 Journal Square Plaza, also known as the ADP Building, in Jersey City.




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While Newark has remained New Jersey's largest city by population, in recent decades, Jersey City has led its slight larger neighbor to the west in terms of job growth, particularly in the financial industry, with its close proximity to Manhattan just across the Hudson River. And while the Journal Square neighborhood is well off the waterfront, it also offers mass transit access to Manhattan via the Journal Square PATH station.

But the Gateway complex also has access to PATH trains, as well as NJ Transit and Amtrak service, via the nearby Newark Penn Station.

And in this case, Jersey City's loss appears to be Newark's gain.

Broadridge's move was applauded by Newark Mayor Ras Baraka.

"The fact that Broadridge Financial Services has chosen to put down roots in Newark and bring 1,000 jobs here is yet more evidence of Newark's growing attraction as an exciting and affordable place for business," Baraka said in a statement on Wednesday. "The Broadridge move to Newark underscores our resurgence and transformation."

A spokeswoman for Jersey City Mayor Steven Fulop had no immediate comment on the move.

It was unclear what would become of Broadridge's old space at 2 Journal Square Plaza.

According to a 2011 story in Real Estate Weekly, the property was sold by Hartz Mountain Industries for $78 million to a pair of Israel-based companies, Phoenix Insurance and Menora Mivtachim Insurance. Officials at Hartz and the two insurance firms did not respond to requests for comment.

Financial firm moves 1,000 jobs from Jersey City to Newark

 

[BigMan]

A lot of good stuff happening

But at anyone who still thinks Newark ain't gonna get gentrified

 

[skeetsinternal]

A lot of good stuff happening

But at anyone who still thinks Newark ain't gonna get gentrified

Writing is on the wall. When they put that hockey stadium I was like but it's a Starbucks downtown and I'm like

 

[Newark88]

Is Newark the new Brooklyn?
By Emily Nonko

March 2, 2017 | 2:29am | Updated


Modal Trigger
Though luxury consignment shop owner Isabel Livingston grew up in Newark, she didn't move back until three months ago. The city's new real estate projects -- including Teacher's Village, where she lives -- were a big lure.Tamara Beckwith
When Isabel Livingston opened a shop in Newark’s Teacher’s Village development in 2015, she had no intention of moving there, too. She had grown up in Newark but left some 15 years ago in search of better public schools for her daughter, eventually settling in Maplewood, NJ.

It didn’t take long, however, for Livingston — whose shop, Closet Savvy Consignment, is a brick-and-mortar version of her luxury consignment business — to change her mind. She moved into Teacher’s Village, a $150 million mixed-use project from RBH Group, three months ago.

“After seeing all the improvements in the city of Newark, and the [tight-knit] community at Teacher’s Village, it seemed like a no-brainer,” she says. “Newark is the place to be.”

http://nypost.com/2017/03/02/is-newark-the-new-brooklyn/

The multi-part mixed-used complex Teacher’s Village is in downtown Newark.RBH Group and Richard Meier & Partners
The city, which has long struggled with a declining economy and a violent reputation, is in the spotlight.

This past December, the Newark Police Department presented statistics showing crime in the city was at its lowest rate since 1967. New investors have poured around $1.7 billion into residential, commercial and industrial projects, according to the city’s Department of Economic and Housing Development, and bougie businesses like Whole Foods are opening their doors.

Add to this a burgeoning arts scene, iconic architecture, surrounding universities and proximity to both Manhattan (it’s about a 30-minute train ride from Newark Penn Station to downtown Manhattan, with trains leaving from both stations frequently) and Newark Liberty International Airport. It’s not surprising that even Vogue caught a whiff of the change, recently calling the city “one of the most unexpected locales to be considered a travel destination.”

It’s a place that is slowly attracting new residents — and has room to grow, too, unlike so many jam-packed neighborhoods in NYC’s five boroughs and even towns like Jersey City and Hoboken.

“[Newark’s] infrastructure was built for half a million people. We’re currently at 280,000,” says Katilia Vélez, director of development at the Ironbound Community Corporation (ICC). The Ironbound neighborhood is a hub for the Portuguese community as well as residents from Spain, Ecuador, Mexico and Puerto Rico. Not surprisingly, Vélez says, “the strongest point Newark has is its diversity.”

Eager developers are landing on underutilized office towers and commercial buildings, taking advantage of cheap land prices that result in relatively affordable apartments for renters and buyers.

According to The Marketing Directors, a New York-based brokerage and development advisory, while rental prices have risen 17 percent over the past 10 years, they’re still up to 40 percent cheaper than rents in Jersey City. Available rentals at higher-end Newark properties, it found, range from $1,593 for a studio up to $2,553 for a two-bedroom.

The for-rent apartments at 24 Jones St. in Newark have seen an influx of residents moving from New York City.New World Group, Inc.
The Marketing Directors is leasing luxury apartments at University Heights development 24 Jones St., which start at $1,645 a month for a studio. Since opening last fall, 12 percent of incoming residents have decamped from New York City, according to Angela Ferrara, executive vice president of The Marketing Directors. “We’ve seen a growing confidence in the neighborhood [from New Yorkers],” she says.

“The escalating price of real estate in New York is encouraging people to think more broadly about the perimeter around the city as a resource,” says Jon Cortell, vice president of development at L&M, which recently converted the formerly abandoned Hahne & Co. department store, built in 1901 at 50 Halsey St., into a mixed-use project. It’s now on the market with 160 rentals. “[Newark] is a city of great buildings that nobody has noticed.”

Hahne & Co.’s loft-like units, located in a former department store and adjacent to the brand-new Whole Foods, rent from $1,800 a month.Dustin Summers
According to L&M, 40 percent of Hahne & Co. apartments are earmarked as affordable housing, with a market-rate one-bedroom starting at $1,800 a month. The building also holds 100,000 square feet of commercial, community and office space, including an already opened Barnes & Noble College bookstore and Whole Foods, and a Marcus Samuelsson restaurant debuting later this year.

Cortell says L&M worked closely with community leaders and local politicians to reopen the iconic building and arranged a lease with Rutgers University to open an arts incubator, Express Newark, on the second floor.

The company is also converting the New Jersey Bell office tower at 540 Broad St., an Art Deco building on the National Register of Historic Places, into a 265-unit apartment building. The building, which previously housed offices for Verizon, is expected to open in 2018.

Newark’s old-school Ironbound neighborhood is seeing new life.Tamara Beckwith
RBH Group’s Teacher’s Village, which launched in 2013, includes 204 rental units, retail shops, three charter schools and a daycare facility. And in tandem with the building of the project, the firm repurposed a 3-acre former steel mill in the Ironbound area, at 212 Rome St., into creative manufacturing space.

When RBH learned that local organizations like ICC wanted to create jobs through the green energy industry, the firm courted AeroFarms, a vertical farm startup, to be the anchor tenant, according to Ron Beit, founding partner at RBH. AeroFarms now occupies 69,000 square feet there.

“We have a global vision, a 21st-century vision, for Newark overall,” Beit says.

RBH is also in the financing stages for Four Corners Millennium, a project that would turn underutilized downtown buildings into residential, hotel, office and retail spaces.

Additional developments include a 168-unit apartment at 36 Rector St., dubbed One Riverview, from Boraie Development and backed by Shaquille O’Neal, who’s originally from Newark. Another famous born-and-bred resident, Queen Latifah, has partnered with GS Developers to build a 115-unit project at 650 Springfield Ave., known as Rita Gardens.

This January, the city and developers Edison Properties and J&L Companies Inc. unveiled plans to transform a 22-acre downtown site known as Triangle Park into Mulberry Commons, a $100 million project with public space, retail and restaurants. The park space is expected to open by summer 2018.

Mixed-use development One Theater Square will hold 245 rentals and luxe common spaces when it opens in 2018.BLT Architects
And Dranoff Properties has teamed up with the New Jersey Performing Arts Center (NJPAC) at 1 Center St. for its One Theater Square project. The 22-story tower, which will hold retail space and 245 rentals when it opens in 2018, is the first new-construction residential skyscraper built in the city since the 1960s.

“We see a new district being created,” says Dranoff president Carl Dranoff, who notes that nearby Military Park — a 6-acre green space — just underwent a $7 million upgrade.

Jasmine Wahi (standing) and Rebecca Jampol in the art gallery they opened in 2015Ventiko
The New Jersey Performing Arts Center, which owns the parking lot that will be transformed into One Theater Square, owns two other adjacent sites on which it plans to partner with developers. According to John Schreiber, president of NJPAC, the company was inspired by the arts district formed around the Brooklyn Academy of Music in Fort Greene, Brooklyn. Not that he expects Newark’s transformation to mirror Brooklyn’s, but the borough serves as a model of culturally conscious development. “Newark is not Brooklyn,” he says. “Newark is Newark.”

Still, the emerging arts scene is reminiscent of Brooklyn in its pre-gentrification days.

“It’s still affordable to be here, and there’s just more space,” says Jasmine Wahi, co-founder and co-director of the 2015-opened Gateway Project Spaces, a 30,000-square-foot arts facility with studios, an artist residency program and gallery space inside the Gateway Center, an office complex above Newark Penn Station.

“The community here is close-knit,” Wahi adds, “with a lot of safe space to talk about the impact art has on the Newark community, and the impact the community has on art.”

Although Wahi’s co-director, Rebecca Jampol, is a longtime Newark resident, Wahi herself has yet to make the leap from Brooklyn — but she expects to be a resident soon.

“I am planning on moving to Newark,” she says. “I love this city.”

 

[WyldStyle]

I fukks with Brick City heavy

 

[BigMan]

It's over

Brehs need to restart IN aTL or NC

 

[skeetsinternal]

Newark is Newark but it's gonna look like Brooklyn

 

[Newark88]

I mean historically on a street level, Newark and Brooklyn have always shared similarities.

 

[BLAZO da GAWD]

Should I look into investing in Newark real estate before it's completely gentrified? You brehs got any specific areas to recommend?

 

[LoMax30]

Memories. Summer of '95 walking down Broad St and every dude selling music saying "Yo! Got that new Craig G tape!" Chillin with my cousins in the jects off Springfield & 15th My one cousin who wouldn't stop playing that first Fugees album on his boombox Seeing random graf on the walls from Tame One of the Artifacts What a time to be alive.

 

[Newark88]

Should I look into investing in Newark real estate before it's completely gentrified? You brehs got any specific areas to recommend?

Yes sir! There's are lot of spots in the south ward (specifically clinton hill area, avon ave) if you're thinking of residential real estate.

 

[Newark88]

Memories. Summer of '95 walking down Broad St and every dude selling music saying "Yo! Got that new Craig G tape!" Chillin with my cousins in the jects off Springfield & 15th My one cousin who wouldn't stop playing that first Fugees album on his boombox Seeing random graf on the walls from Tame One of the Artifacts What a time to be alive.

Summer of 95 was crazy because I was 18 and just graduated high school and a lot of sh*t was popping off. I knew about 11 people who got murdered during that summer alone and about 7 out of those 11 got murdered in their crib on some home invasion sh*t.

 

[K-Apps]

I mean historically on a street level, Newark and Brooklyn have always shared similarities.

I remember I was chatting with a co-worker a few years ago showing where I was heading, she thought I was in Brooklyn where she's from, really I was like a block away from my apartment lol. When I walked through downtown Brooklyn for my internship back last summer I was like very similar to downtown Newark and Jersey City except for the massive high rise buildings.

 

[Newark88]

I remember I was chatting with a co-worker a few years ago showing where I was heading, she thought I was in Brooklyn where she's from, really I was like a block away from my apartment lol. When I walked through downtown Brooklyn for my internship back last summer I was like very similar to downtown Newark and Jersey City except for the massive high rise buildings.

Newark use to be the city of the high rise projects (hence the nickname brick city) But by the early 00's, just about all of them had been demolished.

 

[K-Apps]

Newark use to be the city of the high rise projects (hence the nickname brick city) But by the early 00's, just about all of them had been demolished.

Interesting considering there is massive glass high rise building called the Millennium Project in the Four Corners they were planning to build, idk if it happens but if it does
Four Corners Millennium Project | RBH Group