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Port Authority of NY & NJ Adds 407-acre site in South Kearny to Foreign Trade Zone 49
A 407-acre industrial site in South Kearny is granted Foreign Trade Zone status, providing its tenants with significant financial benefits.
The new status will provide companies located in the Port Authority-administered Foreign Trade Zone 49 with lower insurance costs, the ability to shorten transit time for their deliveries by removing delays from U.S. Customs clearances, and the ability to either defer duty rates or eliminate them entirely if the goods are reshipped out of the country.
Port Commerce Director Richard M. Larrabee said, "Our foreign trade zone has consistently been ranked No. 1 in the country, supporting billions of dollars in economic activity and more than 6,800 jobs. The 2,911-acre zone helps to stimulate economic growth and development in the region, while creating a stronger system to support international trade."
The South Kearny site consists of buildings totaling 5.5 million square feet, with a potential expansion that would include additional buildings totaling 500,000 square feet. It includes businesses that manufacture, warehouse and distribute various kinds of merchandise. Tenants include distributors for garment companies, department and specialty stores, and handlers of perishable foods.
In addition to South Kearny, the zone includes the Port Newark/Elizabeth-Port Authority Marine Terminal complex; an industrial park in Elizabeth; the Port Authority Auto Marine Terminal; Global Marine Terminal and the Greenville Industrial Park, both in Jersey City; a site at Route 169 and Pulaski Street in Bayonne; and a 40-acre tank farm and fuel distribution system at Newark Liberty International Airport.
Foreign Trade Zone 49 also sponsors seven active subzones in New Jersey: Bristol-Myers Squibb Company in New Brunswick; Chevron Products Company in Perth Amboy; AZ Electronic Materials USA Corp. in Somerville; ConocoPhillips in Linden; Firmenich, Inc., in Newark and Plainsboro; Merck & Co. Inc. in Rahway; and Movado Group, Inc. in Moonachie.
More than $3.9 billion in foreign merchandise was received in Foreign Trade Zone 49's general-purpose zone in fiscal year 2004, according to the latest report of the U.S. Commerce Department's Foreign Trade Zone Board. Total merchandise received and forwarded in the general-purpose zone and subzones was $17.3 billion.
Port Authority of NY & NJ Adds 407-acre site in South Kearny to Foreign Trade Zone 49
A 407-acre industrial site in South Kearny is granted Foreign Trade Zone status, providing its tenants with significant financial benefits.
The new status will provide companies located in the Port Authority-administered Foreign Trade Zone 49 with lower insurance costs, the ability to shorten transit time for their deliveries by removing delays from U.S. Customs clearances, and the ability to either defer duty rates or eliminate them entirely if the goods are reshipped out of the country.
Port Commerce Director Richard M. Larrabee said, "Our foreign trade zone has consistently been ranked No. 1 in the country, supporting billions of dollars in economic activity and more than 6,800 jobs. The 2,911-acre zone helps to stimulate economic growth and development in the region, while creating a stronger system to support international trade."
The South Kearny site consists of buildings totaling 5.5 million square feet, with a potential expansion that would include additional buildings totaling 500,000 square feet. It includes businesses that manufacture, warehouse and distribute various kinds of merchandise. Tenants include distributors for garment companies, department and specialty stores, and handlers of perishable foods.
In addition to South Kearny, the zone includes the Port Newark/Elizabeth-Port Authority Marine Terminal complex; an industrial park in Elizabeth; the Port Authority Auto Marine Terminal; Global Marine Terminal and the Greenville Industrial Park, both in Jersey City; a site at Route 169 and Pulaski Street in Bayonne; and a 40-acre tank farm and fuel distribution system at Newark Liberty International Airport.
Foreign Trade Zone 49 also sponsors seven active subzones in New Jersey: Bristol-Myers Squibb Company in New Brunswick; Chevron Products Company in Perth Amboy; AZ Electronic Materials USA Corp. in Somerville; ConocoPhillips in Linden; Firmenich, Inc., in Newark and Plainsboro; Merck & Co. Inc. in Rahway; and Movado Group, Inc. in Moonachie.
More than $3.9 billion in foreign merchandise was received in Foreign Trade Zone 49's general-purpose zone in fiscal year 2004, according to the latest report of the U.S. Commerce Department's Foreign Trade Zone Board. Total merchandise received and forwarded in the general-purpose zone and subzones was $17.3 billion.
posted by Jones Lang LaSalle NJ News Blog at 11:17 AM
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