Tory Burch approved for 10.7M in incentives for Jersey City project

New York-based clothing and accessory brand Tory Burch received approval last week from the state Economic Development Authority for a 10-year, $10.7 million Grow New Jersey award to relocate office space currently in Manhattan to a 92,750-square-foot facility on Washington Boulevard in Jersey City.The company is said to also be considering a 93,417-square-foot space in Brooklyn.

The project would bring 102 relocated full-time jobs to Jersey City and create another 37 positions.

According to the EDA, the project would yield a net benefit of $30.1 million back to the state over a 20-year period.

Also receiving approval for a sizeable award was Brooklyn-based flexible hose and electrical conduit manufacturer Superflex, which was approved for a 10-year, $10 million Grow New Jersey award to lease a 75,000-square-foot facility on South First Street in Elizabeth.

Superflex, which would bring 100 full-time jobs with it to New Jersey, is also considering a location of comparable size in Islandia, New York.

The EDA estimates that the project would yield a net benefit of $16.3 million back to the state over 20 years.

Other awards approved Thursday include:

Company: LBU Inc.
Service: Sewn product manufacturer and designer
Location: Paterson
Award: 10-year, $8.4 Grow NJ
Benefit: $7.4 million to the state over 30 years
Notable: Would create 30 full-time jobs, retain 30 full-time jobs

Company: Pepco Manufacturing Co.
Service: Sheet metal fabrication manufacturer
Location: Somerdale
Award: 10-year, $1.75 million Grow NJ
Benefit: $17.9 million to the state over 20 years
Notable: Would create 11 full-time jobs, retain 70 full-time jobs