urban redevelopment

CAPRE's Newark CRE Summit Preview: Murphy Partners' Chris Murphy Says Newark is Turning a Corner

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Chris J. Murphy, Esq. will be a featured speaker at CAPRE’s Fifth Annual Newark CRE Summit at the Robert Treat Hotel in Newark on July 18th. Recently, Chris say down with CAPRE to discuss commercial real estate development in Newark. The full interview can be read here:

https://www.capremedia.com/capres-newark-cre-summit-preview-murphy-partners-chris-murphy-says-newark-is-turning-a-corner

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Chris J. Murphy, Esq. leads the economic incentive advisory and land use practices at Murphy Partners LLP, a boutique law firm specializing in commercial real estate and development matters. Please feel free to contact him directly at (973) 723-7036 or cmurphy@murphyllp.com.

MURPHY PARTNERS

Murphy Partners is a boutique law firm specializing in commercial real estate and development matters. With offices in Newark, New Jersey and New York City, the firm was founded to provide effective, efficient, and creative legal services to meet the distinctive needs of our clients. Through the development of comprehensive legal strategies, our team works tirelessly to create a blueprint for success and advance our clients’ interests in every matter. 

Murphy Partners Land Use Team Secures Development Approvals in Newark for Food Manufacturing Company

Murphy Partners LLP recently secured land use approvals for a Brooklyn-based food manufacturing company seeking approvals before the Newark Central Planning Board.

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On Monday, July 1, the Newark Central Planning Board approved the company’s application, granting preliminary and final site plan approval, along with multiple variances and waivers. 

The company’s application involved the repurposing of existing buildings for warehousing and light manufacturing use, including food production, in the MX-2 zoning district. 

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Chris J. Murphy, Esq. led the firm’s successful efforts on behalf of the development team. Please feel free to contact him directly at (973) 723-7036 or cmurphy@murphyllp.com with any questions related to commercial real estate and development matters. 

MURPHY PARTNERS LLP

Murphy Partners is a boutique law firm specializing in commercial real estate and development matters. With offices in Newark, New Jersey and New York City, the firm was founded to provide effective, efficient, and creative legal services to meet the distinctive needs of our clients. Through the development of comprehensive legal strategies, our team works tirelessly to create a blueprint for success and advance our clients’ interests in every matter. 



Incentive Overview: New York’s Excelsior Jobs Program Drives Investment and Job Growth

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The Excelsior Jobs Program is a powerful economic development incentive created to provide competitive financial incentives for businesses in New York. Designed to encourage businesses to expand in or relocate to New York, the Program applies to businesses that will create or retain jobs and make significant capital investments.

Generally, the be eligible under the Program, a business must create a specified number of net new jobs, defined as being new to the State, full-time or equivalent to full-time (requiring at least 35 hours per week), and filled for more than six months.

The following strategic businesses located in or planning to locate in New York are eligible under the Program:

  • Scientific Research and Development businesses creating at least 5 net new jobs

  • Software Development businesses creating at least 5 net new jobs

  • Financial services (customer service) back office operations creating at least 25 net new jobs

  • Agriculture businesses creating at least 5 net new jobs

  • Manufacturing businesses creating at least 5 net new jobs

  • Back office businesses creating at least 25 net new jobs

  • Distribution businesses creating at least 50 net new jobs

  • Music Production businesses creating at least 5 net new jobs

  • Entertainment Companies creating at least 100 net new jobs

  • Life Sciences Companies creating at least 5 net new jobs

  • Other businesses creating at least 150 net new jobs and investing at least $3 million

  • Businesses in strategic industries that make significant capital investment that have at least 25 employees; manufacturing firms who retain at least 5 employees are also eligible to apply for participation in the program.

Businesses deemed eligible under the Program may qualify for four fully refundable tax credits:

  1. Excelsior Jobs Tax Credit:  A credit of 6.85% of wages per net new job.

  2. Excelsior Investment Tax Credit:  Valued at 2% of qualified investments.

  3. Excelsior Research and Development Tax Credit:  A credit of 50% of the Federal Research and Development credit up to six percent of research expenditures in New York State.

  4. Excelsior Real Property Tax Credit: Available to firms locating in certain distressed areas and to firms in targeted industries that meet higher employment and investment thresholds (Regionally Significant Project).

The Excelsior Jobs Program has been wildly popular and incredibly successful. Since its implementation, over 1,870 applications have been submitted, with 548 projects receiving approval, totaling over $954 million in tax credits being committed. Eligible businesses under the Program have committed to capital investments of over $5.38 billion, research and development expenditures of another $2.84 billion and the creation of 56,826 jobs.  

If interested in learning more about the Excelsior Jobs Program or other economic development incentive programs, please do not hesitate to contact Chris Murphy, Esq. at (973) 723-7036 or cmurphy@murphyllp.com.  

MURPHY PARTNERS LLP

Murphy Partners LLP is a boutique law firm specializing in real estate, development, and economic incentive advisory. With offices in Newark, New Jersey and New York City, the firm was founded to provide effective, efficient, and creative legal services to meet the distinctive needs of our clients. Through the development of comprehensive legal strategies, our team works tirelessly to create a blueprint for success and advance our clients’ interests in every matter.


New Jersey Incentive Update - June 2019

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On Tuesday, June 11th, the New Jersey Economic Development Authority (NJEDA) will hold its monthly board meeting in Trenton. Among the actions to be taken, the Board will consider four (4) applications under the Grow New Jersey Assistance Program (Grow NJ). If approved, the four applicants could receive over $39,000,000 in tax credits (over 10 years). The Board will also consider four (4) applications under the Film and Digital Media Tax Credit Program, totaling over $6,000,000 in tax credits under the newly-created incentive program geared towards attracting film and television production to New Jersey.

Created under the Economic Opportunity Act of 2013, the Grow New Jersey Assistance Program (Grow NJ) is the State’s main job creation and retention incentive program. Under the Grow NJ program, businesses creating or retaining jobs in the State may be eligible for tax credits ranging from $500 to $5,000 per job, per year; with bonus credits ranging from $250 to $3,000 per job, per year (awards vary based on applicable criteria).

The Grow NJ program has been wildly popular and incredibly successful. Since its implementation, over 250 projects have received awards, totaling over $4.7 billion in tax credits. Approved applicants generally have three years to certify, or complete, a project. A project is deemed complete when the applicant has hired or retained the number of employees listed in its application, and satisfied the program’s capital investment requirements. Once certified, the 250 projects will drive over $4.5 billion in private capital investment, create over 32,000 new jobs, and retain over 35,000 jobs at risk of leaving the State.

Created by legislation passed earlier this year, the Film & Digital Media Tax Credit Program will allow for taxpayers (in most cases, production companies) to seek a tax credit for qualified film production and digital media content production expenses. Applications will be approved by the New Jersey Economic Development Authority (NJEDA) and the Director of the Division of Taxation in the Department of the Treasury. Approved applicants are entitled to claim a credit against CBT or GIT liability in an amount equal to 30 percent (35 percent in limited cases) of the qualified film production expenses or 20 percent (25 percent in limited cases) of the qualified digital media content production expenses.

If interested in learning more about these or other economic development incentive programs, please do not hesitate to contact Chris Murphy at (973) 723-7036 or cmurphy@murphyllp.com.  

MURPHY PARTNERS LLP

Murphy Partners LLP is a boutique law firm specializing in real estate, development, and economic incentive advisory. With offices in Newark, New Jersey and New York City, the firm was founded to provide effective, efficient, and creative legal services to meet the distinctive needs of our clients. Through the development of comprehensive legal strategies, our team works tirelessly to create a blueprint for success and advance our clients’ interests in every matter.


Chris Murphy to Present at NJSBA Annual Meeting in Atlantic City

CHRIS MURPHY TO DISCUSS HOT TOPICS IN COMMERCIAL REAL ESTATE AT NJSBA ANNUAL MEETING IN ATLANTIC CITY

Murphy Partners LLP attorney, Chris Murphy, will be a featured speaker at this year’s New Jersey State Bar Association Annual Meeting in Atlantic City. The panel discussion, titled “Hot Topics in Commercial Real Estate” will focus on various challenges and issues confronting commercial real estate transactions in 2019.

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New Jersey Incentive Update - February 2019

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On Tuesday, February 12, 2019, the New Jersey Economic Development Authority (NJEDA) will hold its monthly board meeting in Trenton. Among the actions to be taken, the Board will consider three applications under the Grow New Jersey Assistance Program (Grow NJ). If approved, the three applicants could receive over $45,866,400 in tax credits (over 10 years).

Created under the Economic Opportunity Act of 2013, the Grow New Jersey Assistance Program (Grow NJ) is the State’s main job creation and retention incentive program. Under the Grow NJ program, businesses creating or retaining jobs in the State may be eligible for tax credits ranging from $500 to $5,000 per job, per year; with bonus credits ranging from $250 to $3,000 per job, per year (awards vary based on applicable criteria).

While the Grow NJ program has been wildly popular and incredibly successful, it has been the topic of significant debate, and will likely be modified upon its expiration in July of 2019. Governor Phil Murphy recently outlined his vision for new incentive programs, which would include the creation of the NJ Forward Tax Credit Program (which would take the place of Grow NJ as the State’s main job attraction incentive program) and the NJ Aspire Tax Credit Program (which would take the place of ERG as the State’s main incentive for developers). Below is a more detailed overview of the Governor’s plan.

The NJ Forward Tax Credit Program (NJ Forward) will likely take the place of Grow NJ as the State’s main job attraction incentive program. As proposed, NJ Forward will focus primarily on high-wage, high-growth sectors, including life sciences, information and high tech, clean energy, advanced manufacturing, advanced transportation and logistics, finance and insurance, and food and beverage. While the report does not outline specific programmatic details, it states that the proposed program will:

  • Increase focus on global/U.S. headquarters, R&D activities, and foreign direct investments

  • Prioritize new job creation rather than retained jobs

  • Encourage job creation in urban centers and other distressed communities, particularly those with public transit assets

  • Include an annual award cap and review to ensure fiscal sustainability and transparency

  • Feature lower base per-job credit amounts more in line with neighboring states, as well as more focused bonuses that ensure the administration’s policy goals

  • Limit transfers of credits to ensure that job-creating companies reap the primary benefits of taxpayer investment

  • Reward companies that invest in employee skill development and training

The NJ Aspire Tax Credit Program (NJ Aspire) will likely take the place of ERG as the State’s main incentive for developers. The administration is proposing the creation of a new place-based gap financing tool to help catalyze investments in commercial residential, and mixed-use (including parking) projects, with a particular focus on cities, downtowns, and suburban neighborhoods served by mass transit. As proposed, the program will facilitate the conversion of surface parking lots, vacant and/or abandoned lots, and other underutilized properties into job and tax-generating development opportunities. The program will also assist in the development of market-rate housing in distressed communities and, where appropriate, mixed-income and affordable housing near transit in suburban communities. NJ Aspire will be structured as a competitive tax credit grant, giving the NJEDA discretion in awarding grants to the most impactful and development-ready project.

In addition to NJ Forward and NJ Aspire, the Governor has also called for the creation of a new remediation and development tax credit program and a dedicated NJEDA loan fund to support brownfield redevelopment, the creation of a state historic preservation tax credit program, and multiple programs aimed at encouraging venture capital investment in high-growth, high-wage sectors.

If interested in learning more about Grow NJ or other economic development incentive programs, please do not hesitate to contact Chris Murphy at (973) 877-6984 or cmurphy@murphyllp.com.  

MURPHY PARTNERS LLP

Murphy Partners LLP is a boutique law firm specializing in real estate, development, and economic incentive advisory. With offices in Newark, New Jersey and New York City, the firm was founded to provide effective, efficient, and creative legal services to meet the distinctive needs of our clients. Through the development of comprehensive legal strategies, our team works tirelessly to create a blueprint for success and advance our clients’ interests in every matter.


Leadership Newark Admits Roosevelt J. Donat to its Public Policy Fellowship Program, Class of 2020

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Murphy Partners LLP is proud to announce that Roosevelt J. Donat has been admitted to the Leadership Newark Public Policy Fellowship Program, class of 2020.  

Established in 1998, Leadership Newark, Inc. was born out of a desire to strengthen the City of Newark’s civic infrastructure through public policy enrichment and leadership training & development.  Why the focus on public policy issues – because government policy affects the entire community. Why the focus on leadership training & development – to enable those armed with a deeper understanding of community issues to develop the skills necessary to make change and have lasting impact. As a result, the founders determined it would be wise to tap Newark & New Jersey’s greatest asset – it’s people to make a difference. Leadership Newark invests in the intellectual capital of the community to improve the state of affairs for the greater good.

Key stakeholders in a variety of sectors, including government, business, corporate, nonprofit,  and education were brought together to assess the type of support such a program would garner. It was determined not only would such a program be supported, but it was needed to help the City of Newark undergo a Renaissance.  As a result the organization designed a leadership development program. Today, Leadership Newark is known for administering a 2-year public policy fellowship program attracting diverse, active and committed professionals to participate in a program that expand their knowledge and pushes one to delve deeper into the public discourse to improve community.

In addition to the flagship public policy fellowship program, Leadership Newark has expanded to offer additional programs reaching youth, teens and adult populations.  The programs include board service training, public policy summits, board match/placement and special initiatives to support local nonprofits. The network is 600+ strong. The personal achievements and collective impact can be felt throughout the City, County, and State.

In 2014, Senator Cory Booker during his tenure as mayor for the City of Newark stated, “My Administration has been a great beneficiary of the tremendous work of Leadership Newark….And, we are partnering with dozens of organizations throughout the City that are being led by Leadership Newark alumnae. The impact of Leadership Newark is being felt throughout our great City.”

In April 2016, Mayor Ras Baraka notes, “Leadership Newark has played a major role in our City’s transformation, by working tirelessly to build the future we want for the City we love. I am proud of the vital role Leadership Newark is playing as a partner in our work. Truly, Leadership Newark is a winner.”

“I have no doubt that Roosevelt’s deep commitment to the City of Newark and the State of New Jersey and his understanding of the intersection of law, business, policy, nonprofit and government will make him a great addition to Leadership Newark. As a firm, we are proud of his continued dedication to serving the Newark community.” says Kellen F. Murphy, managing partner at Murphy Partners LLP.


For more information on Leadership Newark, please visit https://www.leadershipnewark.org/.