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News and notes on North Jersey business

How unique is the word ‘unique?’

Not as unique as it should be, according to Unique Photo Inc., the Fairfield photography retailer, which has filed a lawsuit in U.S. District Court in Newark accusing an online photographic equipment supplier of violating the store’s “Unique” trademark.

The suit accuses South Orange-based Unique Photo Deals, which operated a website called UniquePhotoDealsUSA.com and a store on Amazon.com, of being “engaged in counterfeiting and infringing” the Fairfield’s store’s “Unique” trademarks, three of which have been registered since 1997.

The suit says the alleged counterfeiter agreed to cease using the name in February, stopped operating the Amazon site and relinquished the UniquePhotoDealsUSA.com Web address to Unique Photo. But the South Orange company then continued to use the Unique Photo Deals USA name selling elsewhere.

The trademark used by the South Orange company is “substantially indistinguishable” from the Fairfield company’s trademark, and that is “likely to cause confusion” and deceive customers, the suit says.

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Record signs long-term lease renewal for Woodland Park

Unlike several North Jersey newspapers that are on the move, The Record is staying put.

North Jersey Media Group, publisher of The Record and The Herald News, has signed a long-term lease renewal for its corporate headquarters at 1 Garret Mountain Plaza in Woodland Park, the company’s publisher said Thursday.

That’s in contrast to the plans of The Star-Ledger and The Jersey Journal. In July, The Ledger announced that it was putting its Newark headquarters on the block and looking to lease space at a new location. Then in August, The Jersey Journal said it was moving from Journal Square in Jersey City this fall to One Harmon Plaza, Secaucus.

In an announcement to staff, NJMG Publisher Stephen Borg said the company had researched the office-space market in Bergen and Passaic counties before deciding to stay at Garret Mountain Plaza in Woodland Park.

The new lease expires at the end of October 2026, said Michael Seeve, president of Mountain Development Corp., owner of 1 Garret Mountain Plaza.

As part of the new deal, Woodland Park-based Mountain Development will be making renovations to NJMG’s space, including new bathrooms and new carpeting, Borg said. The work is due to begin in mid-October and last about six months.

NJMG also will be consolidating, keeping office space on three floors instead of the current four, Borg said. NJMG has 67,000 square feet at 1 Garret Mountain Plaza now, which will be reduced to 52,000, Seeve said. NJMG was advised in the transaction by Cushman & Wakefield Inc.

NJMG has a deal pending to sell its original corporate office at 150 River St., Hackensack. The company announced it was leaving River Street in 2008 because the facility was outdated. NJMG closed the site three years later.

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The importance of being PRU

Regulators determined on Thursday that Prudential Financial is a very, very important institution, even though PRU itself has said, oh, no, no, no, it is not that important, systemically speaking.
The Newark-based insurer said in a news release that the Financial Stability Oversight Council has, despite the insurer’s protests, determined in a final vote that the insurer is a Systemically Important Financial Institution, or “SIFI,” which rhymes with jiffy, and means, essentially, that Prudential, with more than $700 billion in assets, may be too big to fail.
In other words, the Council, headed by Treasury Secretary  Jacob J. Lew, believes that if the company fell dying, it would probably require a taxpayer bailout to prevent financial contagion, and therefore should be regularly stress-tested and required to hold more capital, like JPMorgan Chase, Wells Fargo and the other mega- financials, including fellow insurance giant, AIG.
In the past, Prudential, the only one to request a hearing to challenge the FISI tag assigned in June, has said it should not be treated like a, a, a bank.
Now the company has 30 days to consider whether to accept the final ruling or sue.

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NJ tells on banks

New Jersey consumers nearly cracked the top 10 by volume of complaints filed with the federal government against their banks, according to a new study by the non-profit New Jersey Public Interest Group.
Whiny Vermont had the highest complaint ratio, and New York – the “ahh-fuhged-aboud-it” state – ranked 45th. New Jersey, the bad-luck-boardwalks state, posted a complaint-to-deposit ratio that ranked 11th.
Those garnering the greatest number of gripes in New Jersey were deposit slip heavyweights Wells Fargo, TD Bank and Bank of America, in that order.
Nationally, the most complained about were Wells, Bank of America and Chase, in that order.
TD Bank, which acquired Commerce Bank five years ago for $8.5 billion so it could be “America’s Most Convenient Bank,” had the seventh highest complaint ratio in the country with 4.8 complaints per billion dollars in deposits.
Not to be ignored, Valley National Bank, based in Wayne, had the fourth highest complaint ratio in the country in the category “making/receiving payments, sending money.”
The study released Tuesday included banks with more than $10 billion in assets and was based on data collected by the Consumer Financial Protection Bureau, which was created by Congress in 2010 to rein in financial services rip-offs and abuses.

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CORZINE’S STILL CATCHING FLAK

The euphoria among development executives at a forum this week on corporate tax breaks did not preclude the odd shot at some familiar political targets.

One jab focused on the administration of former Gov. Jon Corzine, which conceived one of the largest existing incentive programs – the Urban Transit Hub Tax Credit program – and included several alumni of Goldman Sachs.

Speaker Ted Zangari, a Newark development attorney, said industry insiders early on saw flaws in the program, which gave breaks worth tens of millions of dollars based on investment, while requiring little in the way of job creation or retention.

“It was sort of odd that the real estate community was giving a lecture to the Goldman Sachs folks who were running the prior administration,” he said. “But it never really seemed to make a lot of sense that you would reward a company for the amount of money it was spending.”

That said, few — if any — executives publicly complained over the years, as the program awarded tax breaks totaling more than $1 billion.

 

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Biz Leaders laugh-in: prevailing wage not so bad!

Few subjects upset business leaders more than state requirements that companies pay the prevailing (usually union-level) wage rate on state-funded construction projects. Yet a couple of real estate executives at a breakfast forum on a pending legislative overhaul of state incentive programs sounded downright conciliatory on the issue.

Ted Zangari, a development attorney who founded the Smart Growth Economic Development Coalition, a group of 22 business and industry organizations, said the state’s prevailing-wage requirements — which would be unchanged in the overhaul — aren’t so bad.

“The reality is, these incentives are generous enough, and the prevailing wage on balance is not so onerous a requirement” to keep developers from coming out OK, Zangari said at the forum Tuesday in New Brunswick. “Despite all the hysteria out there about prevailing wage, we have not found it to be a big impediment.”

Gil Medina, executive vice president of CBRE Group Inc., agreed with Zangari, sparking a ripple of laughter when he joked that it’s “kind of like what Mark Twain said about [classical composer Richard] Wagner’s music: It’s not as bad as it sounds.”

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NICE Americas shows off new Paramus HQ Sept. 26

Barak Eilam, the president of NICE Americas, took time during the Rosh Hashana holiday Thursday to discuss the formal debut of his company’s new U.S. headquarters in Paramus.

The global technology company, part of Israel-based NICE Systems, is holding an open house Sept. 26 at its new offices at 461 From Road.

NICE, which provides systems to manage and monitor customer-service interactions and guard against financial crime, has relocated to 40,000 square feet at Mack-Cali Centre 6 in Paramus.

It moved from its old 30,000-square-feet headquarters at Meadows Office Complex 1, 301 Route 17 North, Rutherford, which it had leased for 11 years.

“We wanted very much to stay in Bergen County,” Eilam said.

The area offers an educated workforce where NICE can easily recruit the engineers, sales people, lawyers and back-office staff it needs, he said.

NICE moved its 350 employees from Rutherford to Paramus in March, but wanted everything in order and to be settled in before it scheduled its “meet-and-greet.” It has invited clients and local and Bergen County officials to see its new digs.

NICE’s Rutherford offices were located on two floors, but in Paramus the business has all its space on one floor. That encourages employees to cooperate on projects together and collaborate more, Eilam said. The company has also been able to expand the space it has for training customers and employees.

NICE, a $1 billion company, has about 1,400 U.S. employees. More than 60 percent of its business is in North America.

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The Uniqlo invasion

The Uniqlo CQ  invasion of U.S. malls, which began in Paramus, is continuing on schedule.

By the time the holiday shopping season kicks off on Black Friday, the Japanese clothing retailer will have more than doubled its U.S. store count, with 10 new stores, including two in New Jersey, scheduled to open in October and November.

Uniqlo announced this week that its second New Jersey store, at Bridgewater Commons Mall in Bridgewater, will open Oct. 4. The third N.J. store will open November 1 at Menlo Park Mall.

The Uniqlo invasion is also being digitized. The company has created a free Uniqlo USA app for iPhones that includes such features as lists of job opportunities, and photos of new fashions. Pretty standard stuff for a retailer app, except for one feature we have yet to check out – something described as “behind-the-scenes” videos users can access by pointing their phones at Uniqlo logos inside the stores. The app will be available for Android devices later this year.

Uniqlo, which has been described as “the Gap of Japan” has a goal of $10 billion in U.S. sales by 2020. Gap, Forever 21, H&M and other mall competitors: Consider yourself warned.

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Man-O-Manischewitz, do we have an app for you

Manischewitz has turned out to be a new-media marketing maven.

Just in time for Rosh Hashanah and Yom Kippur, Newark-based Manischewitz Co. has released its free Manischewitz Recipe & Holiday Guide app.

The app, which can be downloaded to all Apple and Android devices, includes: all-kosher recipes incorporating Manischewitz ingredients; recipes for Hanukkah, Thanksgiving, Passover, Shabbat, Shavuot, July Fourth, Purim and more; holiday-fun facts; Shabbat times for each week; and recipe-sharing on Facebook, Twitter, Instagram and Pinterest.

Chefs, cookbook authors, and everyday home cooks submitted hundreds of recipes for the app, which is in its beta phase. Some of these recipes have been passed down in families for generations.

In addition to the offerings supplied by home cooks and chefs, all recipes from finalists and winners from all past Man-O-Manischewitz Cook-Off Contests have been included as well.

Jamie Geller, cookbook author and founder of “The Joy of Kosher” magazine and website, contributed numerous recipes across all categories.

The app allows kosher-food provider Manischewitz to promote its products, including all-natural broths, noodles, matzo, matzo meal and honey.

“As a leader in kosher foods, it is important that Manischewitz utilizes all available tools to reach out to our consumers and this new app is a critical part of that process,” the company’s assistant brand manager, Avital Pessar, said in a statement.

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Roche commits to 5-year stay in Little Falls

Parma giant Roche plans to maintain an outpost in North Jersey for quite awhile.

It turns out that Roche has taken a five-year lease for its new satellite office at Overlook at Great Notch in Little Falls. The drug maker has leased roughly 18,000 square feet at the office building, which is on a hill above Route 46 right before its junction with Route 3.

Earlier this week I reported that Roche had taken the space, where it plans to relocate some employees from its soon-to-be-shuttered research facility, which straddles Nutley and Clifton. But when I filed that story, I hadn’t heard from Roche yet the lengh of the lease.

Since then Roche spokesperson Darien Wilson provided the lease length. She also said that the drug maker had looked at several other towns for its satellite office, including Clifton, Lyndhurst and Short Hills.

By year-end Roche will cease operations at its 119-acre campus on Route 3 east. By the end of the year, about 50 workers who were doing corporate functions will be relocating to Overlook at Great Notch.

Those include folks in the areas of law, corporate environmental & safety affairs, funds management, benefits, IT, corporate relations along with a few others.

Another 200 of the 1,000 employees who had been working at Roche will be going to the company’s new state-of-art research facility in Manhattan.

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