400 Federal Blvd. in Carteret — Courtesy: Bussel Realty Corp.
By Joshua Burd
A manufacturer that is moving operations from Brooklyn has purchased a 55,560-square-foot industrial building in Carteret, in a $5.1 million sale brokered by Bussel Realty Corp.
Leo Esses, senior vice president of BRC, represented the buyer of the property at 400 Federal Blvd. The firm declined to name the client, while identifying the seller as 400 Federal Boulevard LLC.
“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,” Esses said in a prepared statement. “They will be relocating from Brooklyn, New York, and are in close proximity to New York City via highways and mass transportation.”
The building is located near Exit 12 of the New Jersey Turnpike, Port Newark-Elizabeth and Newark Liberty International Airport, BRC said in a news release. It features 24-foot ceiling heights, two tailboards and two drive-in doors for loading, 800 amps of electric power and 29 surface parking spaces.
The company is moving to the building with the help of a $9.75 million tax credit from the state Economic Development Authority. According to the EDA, the firm planned to purchase the property and expand by about 9,000 square feet as part of its relocation of about 150 employees.
The business is a manufacturer and wholesaler of branded apparel and merchandise using licenses such as NYPD, FDNY and I Love NY.