Frank Giantomasi, a named partner at CSG Law who has long been recognized as one of the top real estate attorneys in North Jersey, needed more clarification when asked the simple question: Which city is better for real estate development, Newark or Jersey City?
“It depends on the project,” he said. “For commercial, it’s Newark; for residential it’s Jersey City.”
Giantomasi’s split vote wasn’t unique during the BINJE unofficial poll at Monday’s Newark Real Estate Summit.
In fact, the two cities essentially tied, with each receiving approximately two dozen votes gathered from casual conversations on the exhibit floor at 550 Broad Street in Newark.
It was a different story during the panels.
Brian Murray, CEO and partner at SHIFT Capital, which is working with the Hanini Group on a redevelopment project at 10 Commerce Court in the heart of Newark’s Central Business District, gave Newark an incredible vote of support.
There was just one catch: Murray wasn’t comparing Newark to Jersey City – but to Philadelphia, where his firm also does work.
Speaking on a capital markets panel moderated by Frank Ferruggia of McCarter & English, Murray said plenty of good things about Philly — but said it was topped by Newark.
And it wasn’t close.
“It’s actually no contest,” he told an overflow crowd. “Newark, by far, is 1,000 times better to work than Philadelphia.”
Murray correctly noted that Philadelphia, with a population of 1.5 million, is approximately five times the size of Newark.
But it’s more than just being nimble, it’s about coming together to help business development, Murray said.
“If you look at this room, you have commitment from the state and city in a way that Philadelphia will never have because of the politics in Pennsylvania,” he said.
Murray gave credit beyond the mayor’s office, noting assistance from the Newark Alliance, Invest Newark, New Jersey Community Capital, the N.J. EDA, among others.
“I could go down the list,” he said.
Was he playing to his audience? Perhaps. But it’s an audience he knows well.
“I’m a Jersey kid,” he said. “That’s where I grew up. So, I take a lot of pride in being able to say that, but I’ll just say that there is a real sense of camaraderie and commitment.
“We work in New York state. We work in Maryland. I am so happy to be here, doing this work — and working with all the great people that are in this room.”
