400 Federal Blvd., Carteret, NJ
CARTERET, NJ—New York Popular, a manufacturer and wholesaler of apparel, received a $9.8 million Grow New Jersey incentive package that helped it decide to purchase 400 Federal Boulevard, a 55,560-square-foot industrial property in Carteret, NJ instead of moving operations to Norfolk, VA.
Leo Esses, senior vice president of Bussel Realty Corporation, represented the buyer, which paid $5.143 million for the property, previously owned by 400 Federal Boulevard, LLC.
New York Popular, previously headquartered in Brooklyn, decided to move production and distribution activities to reduce operating costs, according to the Grow New Jersey application made public by the New Jersey Economic Development Authority.
NJEDA approved the tax credits at its September 2016 meeting. According to the documents, if New York Popular did not receive the Grow New Jersey incentives, it was considering moving to a building it would purchase and renovate in Norfolk, VA. The company’s relocation will bring 150 new jobs to the Garden State, the application says. The company manufacturers or licenses products for the New York City Fire and Police Departments, I Love NY, and other brands, sold through resort retailers and theme parks around the country, and souvenir stores in the New York City area.
“I worked with my client for several years in order to locate the right property, in the right “limited” location, in order for them to qualify for a Grow New Jersey award which was approved for their operations,” says Esses. “They will be relocating from Brooklyn, New York, and are in close proximity to New York City via highways and mass transportation.”
400 Federal Boulevard is located near Exit 12 of the New Jersey Turnpike, Port Newark/Elizabeth and Newark Liberty Airport. The property features 24-foot ceiling heights, two tailboards and two drive-in doors for loading, 800 amps of electric power, and 29 surface parking spaces. New York Popular will invest about $1.95 million in capital in the property, according to the NJEDA documents.