JERSEY CITY – Forbes Media has announced that it will move to Jersey City after receiving a $27.1 million grant from the New Jersey Economic Development Agency program, “Grow New Jersey.” Forbes will move out of its historic Greenwich Village facility to a building at 499 Washington Boulevard. The company estimates that this will bring about 350 jobs with a median wage of $80,000 to Jersey City.
“The Forbes announcement bringing 350 jobs to our city, on the very same day we broke ground for the tallest residential tower in the history of New Jersey, speaks to the great things happening in Jersey City and helps toward our goal to lead the state in private and construction job creation,” said Mayor Steven Fulop.
Forbes recently sold its building in Manhattan to New York University.
The new space in Jersey City will have 93,000 square feet in a 14 story building constructed in 2000.
The grant will span ten years and the state estimates the positive impact on the local economy at about $72 million over 20 years.
Forbes is the publisher of a magazine best known for its lists of the world’s richest people
The company made the announcement on Jan. 14, saying it would make the move by the end of the year. This makes the third prominent publishing company to locate in Hudson County along with John Wiley in Hoboken and Pearson Education (which has already announced plans to move to Hoboken from Upper Saddle River by the end of the year.)
The state grant is contingent on Forbes expanding its workforce to 350. Reports claim the company has about half that many at its current location in New York. – Al Sullivan
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