Newark Mayor Seeks to Profit Amid Wall Street Woes

Newark Mayor Seeks to Profit Amid Wall Street Woes

When the market gives him lemons, Cory Booker makes economic development. City Hall’s marketing arm is looking to draw businesses out of Manhattan to boost tax revenue and stabilize the city budget. This Bloomberg piece provides an overview of Newark’s recent history — the construction of the Pru Center, Shaq’s recent investment — and shares Booker’s pitch.

Before last night’s massive savings-and-loan-type bailout was announced for the major financial institutions, one might have wondered what firms would have been left to move their operations over to the Brick City. Still, a timely message, and kudos to City Hall for catching Bloomberg’s attention.

(Hat tip: the Ledger)

“It’s about the logic of the location, about the ease of getting in and out of New York and the logic of the transportation nodes,’‘ Booker said. “But more importantly, I can save you tons of money. In times like these, Newark is seen as a place of opportunity.’‘

Author: Ken Walker

Husband, Father, Newarker, PCA Elder, Business Analyst. In a glass case of emotion since 1978.

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