New York City has allowed the West Side to become underused, while Jersey has been dangling tax incentives and providing large parcels of land. Chase Manhattan will reportedly directly benefit from this generosity, enjoying corporate income tax credits, grants for employee training and relief from sales tax on equipment and building materials. All that, and Springsteen, too. David Schenkel, managing director at the CB Richard Ellis real estate brokerage in New Jersey, says there's no denying that a significant shift has taken place. It's an evolution that's nowhere near the end.
New Jersey has a great future.
No word yet on whether Chase Manhattan plans a name change. Diane Seo is the senior business editor at Salon. Suzy Hansen is on the staff at Salon.