By Joshua Burd
A state authority has offered a nearly $11 million tax credit to entice fashion retailer Tory Burch to move corporate offices from Manhattan to Jersey City.
The company, which makes women’s clothing, told the Economic Development Authority it was considering a 92,720-square-foot space at 499 Washington Blvd. in the city’s Newport section. On Thursday, the EDA’s board reportedly approved 10-year tax credit for the company under the Grow New Jersey program, with the hope of bringing more than 100 jobs from Manhattan and creating 37 new jobs in Jersey City.
A report by The Record said Tory Burch was leasing 37,000 square feet in Manhattan, but that the lease there expired last month. The company also is considering office space in Brooklyn as an alternative.
A representative for Tory Burch did not return a request for comment last week from Real Estate NJ. The owner of the Jersey City building, LeFrak, declined to comment.
Tory Burch, which was founded in 2004, has more than 150 stores worldwide.
For more, see last week’s story by The Record.
More New Jersey real estate headlines
Critics say N.J. pols $1B giveaway in Camden won’t help residents (Philadelphia Business Journal)
Secaucus plaza adds stores (The Record)
Two top Borgata executives to leave property for different company (The Press of Atlantic City)
Coldwell Banker makes acquisition in N.J. (NJBIZ)
Editor’s note: The Rundown is a regular feature by Real Estate NJ in which we recap commercial real estate stories and headlines from across the state.