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Thanks To $102 Million Subsidy, Panasonic Picks Newark Over Brooklyn For Relocation
By
Jen Chung
Published Apr 19, 2011
Modified Apr 19, 2011
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By
Jen Chung
Published Apr 19, 2011
Modified Apr 19, 2011
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It's a win for corporate welfare and a loss for Brooklyn: Panasonic has decided to move its headquarters—and its 950 jobs—from Secaucus, NJ to Newark, NJ, deciding against a Brooklyn property owned by Forest City Ratner. According to Crain's New York, "In the end, Brooklyn could not compete with a $102.4 million subsidy package offered to the consumer electronics giant to move to Newark." But it's not so cut-and-dry, because Panasonic's landlord in Secaucus and the town of Secaucus are suing!
New York City tried to impress Panasonic with a location at either Metrotech or the under-construction Atlantic Yards, noting the talented young professionals in Brooklyn. Crain's reports, "But it was New Jersey's fat subsidy package that won the day. The package requires the firm to create 250 jobs over 10 years and was predicated on the notion that the existing jobs were 'at risk' of leaving the state." (Atlanta and Chicago were other possible options.) Brooklyn Borough President Marty Markowitz said, "I am disappointed that Panasonic passed on the chance to bring its big screens to the big stage of Brooklyn, U.S.A. When the Nets move from Newark to Brooklyn in 2012, it's going to be a heck of a commute for those Panasonic employees."
Newark Mayor Cory Booker crowed, "It's historic. We've been seeing so much progress in the last four years. This is heralding to the globe that Newark is one of the most significant players on the Eastern seaboard." However, Panasonic's Secaucus landlord, Hartz Mountain Industries, and the town of Secaucus say the subsidy isn't being used properly. Secaucus Mayor Michael Gonnelli said, "Our issue is we shouldn't be using that pool of money attracting a company that's already in New Jersey. It's going to hurt one town to help another town, and we just don't think that's what the legislation was intended to do." And Hartz VP, Allen Magrini, said, "We're in difficult financial times and to give away $102 million for a five-mile move where there's no new jobs created doesn't make any sense. We're cutting social programs, we're cutting all kinds of programs and they're spending $102 million to relocate existing jobs within the state."
Tagged
brooklyn
business
newark
Panasonic
real estate
secaucus
subsidy
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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