SECAUCUS – Following their purchase of a 340,000 square foot warehouse in Secaucus, Century 21 asked New Jersey for $40 million in tax breaks. With three locations in New Jersey, the retail chain requested and received a tax incentive of nearly $4 million per year for 10 years under the state’s Grow New Jersey Assistance Program.
The tax incentive was approved on Tuesday, Oct. 14, one of more than 10 different projects approved throughout the state, totaling more than $180 million in awards.
According to njbiz.com, Century 21 was “weighing expansion in Secaucus against moving to Hamptonburgh, N.Y., putting 931 jobs currently based in New Jersey at risk. The proposed expansion would call for 261 new full-time jobs and produce a net benefit to the state of $41 million over 20 years.”
The Secaucus property at 1 Emerson Lane, formerly known as 1 Syms Way, was a Syms warehouse before Syms filed for bankruptcy protection. It was purchased on May 20 by Century 21 for $29 million.
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