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NJ SNIFFLES
Beware the vaccine shortage: Manhattan has sneezed, and Jersey's riverfront cities are sniffling. During boom times, Jersey City was a constant recipient of Manhattan's overflow, which has turned into a trickle, says FirstService Williams' Michael Cohen.
FirstService Williams' Michael Cohen
But there have been anomalies. Michael, colleague Colton Brown, and Oxford & Simpson’s David Pennetta recently repped the tenant of one of 09’s largest Tri-State office transactions— Broadridge Financial Solutions’ seven-year, 320k-SF renewal at 2 Journal Square. The deal would have been commonplace a few years ago, but now it seems supersized, he notes.
2 Journal Square
Despite its unusualness, it's actually archetypical.Tenant and landlord creating a win-win (certainty in uncertain times) is a minuet that will unfold again over the next few years, he adds. Another shot in the arm: NJ is still luring companies out of New York with lucrative municipal incentives, and Michael doesn’t see that changing with the election of Chris Christie.