It’s basically a disaster for tri-state real estate. Financial companies drive this region. Clearly of all the markets in New Jersey, Jersey City is the most dependent on New York City and the financial arena.

—Andy Merin, vice chairman at Cushman & Wakefield in East Rutherford, New Jersey.

Clearly all of the signals are disconcerting, but it’s going to take time to play out.

—Rosemarie McFadden, deputy mayor for economic development, Jersey City.

• Square Feet: Jersey City’s Hudson River waterfront has 17 million square feet (5.2 million square meters), more than in downtown Atlanta or Pittsburgh, according to the city’s economic development agency.

• Vacancy: 18% four years ago, 7% today

• Price Per Square Foot: $33 a square foot

• Current Revenue: $522mm, given occupancy and average $ per square foot

• Median Household Income – Jersey City: up 19% percent in 2007 from 2006, compared to 4% increase in the state average income

• Exposure: Merrill has 1,600 workers; Lehman has 1,500; AIG has about 200.

  • @ 50 square feet per a person, that equals 165k square feet, which is 1% of the total available square feet