By Joshua Burd
State officials have approved a 10-year, $38.9 million tax credit package to encourage an online luxury consignment shop to open a nearly 500,000-square-foot fulfillment center in Perth Amboy, where it says it would hire close to 800 employees.
At its monthly board meeting Thursday, the Economic Development Authority approved the incentive for The RealReal Inc. to undertake the project at 950 Convery Blvd. According to the EDA, the San Francisco-based startup would lease 492,276 square feet at the property.
The site would be the third large fulfillment center for the The RealReal, which has existing facilities in Secaucus and Brisbane, California. Founded in 2011, the company employs more than 1,600 people across the U.S., including 300 employees at the Secaucus hub.
The company told the EDA it was considering an alternate location in Bethlehem, Pennsylvania, but that Perth Amboy is the more expensive option. As part of the project, it anticipates hiring 777 employees, while making a capital investment of more than $14 million
Murphy Partners LLP represented The RealReal in its application to the EDA, which estimates the project would have a net benefit to the state of $12.4 million over 20 years.
The project is eligible for increases to its Grow New Jersey award based on its location in a distressed municipality and the fact that it is tied to a large number of jobs.
