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April 19, 2011
Panasonic rebuffs Brooklyn's overtures
Electronics giant to relocate corporate headquarters in New Jersey, a move that's sweetened with a $102.4 million subsidy from the state.
Crain's NY Business
by Daniel Massey
Here's a first — someone actually out-subsidized MetroTech!
Downtown Brooklyn may be getting New Jersey's Nets, but local officials' attempts to lure Panasonic and its 950 corporate headquarter jobs from the Garden State have come up short.
In the end, Brooklyn could not compete with a $102.4 million subsidy package offered to the consumer electronics giant to move to Newark, N.J., from its current home in Secaucus, N.J.
New Jersey Lt. Gov. Kim Guadagno, Newark Mayor Corey Booker and Panasonic officials scheduled a Wednesday press conference in Newark to make the announcement, sources said.
Big Apple officials had been trying to sell Panasonic on two sites in downtown Brooklyn owned by developer Forest City Ratner—MetroTech Center and Atlantic Yards.
...In a statement, Brooklyn Borough President Marty Markowitz said he would continue to work to bring companies of all sizes to Brooklyn, despite being rebuffed by Panasonic.
NoLandGrab: Well, we could always take another run at Cracker Barrel. Or not.
Related coverage...
Atlantic Yards Report, As expected, Panasonic to move within New Jersey, not to Forest City Ratner sites in Brooklyn
As expected, Panasonic will not move its 950 jobs to Forest City Ratner's Atlantic Yards, or its MetroTech complex, but rather will move within New Jersey.
...Brooklyn Borough President Marty Markowitz issued a statement:
“I am disappointed that Panasonic passed on a chance to bring its big screens to the ‘big stage’ of Brooklyn, U.S.A. Brooklyn is the Creative Capital of America, and there would have been no better place to develop Panasonic’s next ‘ideas for life.’ This doesn’t change Brooklyn’s status as the hottest place to do business in New York City, and I will continue to work to bring companies of all sizes to Brooklyn. And when the Nets move from Newark to Barclays Center in 2012, it’s going to be a heck of a commute for those Panasonic employees!”
Brooklyn may be good at luring food and drink establishments, or small creative companies, but it sure is not the "hottest place" to do business when it comes to office space.
Posted by eric at April 19, 2011 11:13 PM