The prospect of the Hunts Point Terminal Produce Market leaving the Bronx has surfaced once again — and the timing couldn't be better, with New Jersey's recent revamp to its business incentives.
The overhaul was consummated last week, when Chris Christie signed the Economic Opportunity Act into law. A week earlier, the New York Post reported that the Hunts Point co-op was irked by a lack of progress toward a new long-term lease for its facility, and "will walk away from government offers of $172.5 million in grants towards new warehouses and hope the next mayor will offer a better deal."
That could give New Jersey a chance to swoop in and offer a game-changing financial package, one insider said. The person noted Hunts Point, which would likely locate in the port district and bring throngs of employees, could qualify as a "mega project" under the new Grow New Jersey program.
"Just call it good timing," the source said. "They're fed up with New York just as New Jersey is about to overhaul its whole incentives program."
The insider added that with tax credits, tax abatements and state assistance, "it should be game over," especially considering it's cheaper to operate on this side of the Hudson.
Hunts Point's leadership has long floated the idea of leaving the Bronx since its 30-year lease ended in 2011. The co-op has been clashing with New York officials over how to share the costs of modernizing the 113-acre facility and what it says is overzealous enforcement by the city's Business Integrity Commission.
Still haven't learned the lesson
You would think, after the catastrophic damage that Sandy inflicted, business owners operating on the ocean would be fully insured, having learned their lessons from the devastating storms that have hit the coast in the last few years.
Of the 50 or so businesses ripped apart by the raging Seaside fire, a "surprising" number had no insurance at all.
An insurance insider said government officials were stunned to learn just how many business owners — the exact number isn't clear — are not covered for even something as basic as fire.
The fire tore through the boardwalk Sept. 12, and was ruled accidental, the result of old wiring that was corroded by seawater after Sandy hit.
In the days since, business owners have gone to the government for financial aid. Christie has pledged $15 million in state aid to help with the rebuilding process, and those businesses will also be eligible to receive federal funding leftover from Hurricane Sandy, according to reports.
Signaling interest in Roseland
Dish Network Corp., the satellite television provider, is in line to fill a vacant building at the Automated Data Processing complex in Roseland, a source said.
The Englewood, Colo.-based company has signed a long-term lease for 3 ADP Blvd., with plans to occupy most of the building and the ability to fill the entire space in the future. The building is about 77,000 square feet.
A source said Dish Network was consolidating operations and housing its sales force there, though additional information about the deal was not immediately available. A company spokesman did not return requests for comment.
The four-story 3 ADP Blvd. was once a piece of the New Jersey headquarters for the payroll processing firm, which still occupies buildings nearby. Capstone Realty Group and the KABR Group acquired the building and nearby 7 Becker Farm Road in 2012.
Grapevine reports on the behind-the-scenes buzz in the business community. Contact Editor Tom Bergeron at firstname.lastname@example.org.