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88-539: Originally known as the Prudential Building, it was constructed in 1955 for Prudential Insurance , which had selected Jacksonville as its Southeastern headquarters. Construction materials included Alabama limestone, North Carolina pink granite and Georgia marble. The 13-acre (53,000 m) property is situated on the south/east bank of the St. Johns River and includes 1,100 feet (340 m) of riverfrontage. A 2-ton piece of

176-500: A class action lawsuit by millions of its customers who had been sold unnecessary life insurance by Prudential agents over a 13-year period ending in 1995. The settlement called for Prudential to repay an estimated $ 2 billion to customers through direct refunds and enhancements to existing policies. The settlement had been the subject of extensive negotiations involving not only Prudential and its customers, but also insurance regulators in 30 states. Prudential had agreed in early 1997 to pay

264-564: A 100% rating on the Corporate Equality Index released by the Human Rights Campaign every year since 2003, the second year of the report. In addition, the company is in the "Hall of Fame" of Working Mothers magazine among other companies that have made their "100 Best Companies for Working Mothers" list for 15 or more years. It is still achieving that list, as of 2013. According to Business Week's The Best Places to Launch

352-519: A 1907 Massachusetts law to protect workers by allowing savings banks to sell life insurance at lower rates. Prudential has evolved from a mutual insurance company (owned by its policyholders) to a joint stock company (as it was prior to 1915 ). It is now traded on the New York Stock Exchange under the symbol PRU . The Prudential Stock was issued and started trading on the New York Stock Exchange on December 13, 2001. On August 1, 2004,

440-564: A Career 2008 , Prudential Insurance was ranked #59 out of 119 companies on the list. In 2007, The Prudential Foundation provided over $ 450,000 in Prudential CARES Volunteer Grants to 444 nonprofit organizations worldwide. The Prudential CARES Volunteer Grants Program recognizes individual and team volunteers based on a minimum of 40 hours of volunteer service per individual. Grants range from $ 250 to $ 5,000 for each award winner's charitable organization. Prudential ranked #69 on

528-459: A Piece of the Rock" and "Strength of Gibraltar" are also still quite widely associated with Prudential, though current advertising uses neither of these. Through the years, the symbol went through various versions, but in 1989, a simplified pictogram symbol of the Rock of Gibraltar was adopted and has been used ever since. The logotype was updated with a proprietary font in 1996. The font, Prudential Roman,

616-507: A compromise bill that would have extended the status for two years. In May 2018, Governor Phil Murphy signed a law that reinstated the program in these five cities and extended the expiration date in other zones. Newark is one of nine cities in New Jersey designated as eligible for Urban Transit Hub Tax Credits by the state's Economic Development Authority . Developers who invest a minimum of $ 50 million within 0.5 miles (0.8 km) of

704-467: A decline of nearly 40% as residents moved to surrounding suburbs. White flight from Newark to the suburbs started in the 1940s and accelerated in the 1960s, due in part to the construction of the Interstate Highway System . The 1967 riots resulted in a significant population loss of the city's middle class, many of them Jewish , which continued from the 1970s through to the 1990s. On net,

792-533: A developer of an aeroponic technology for farming moved its headquarters from Finger Lakes to Newark. By 2016, it had built the world's largest vertical farm in a Newark warehouse. The company was recognized in 2019 by Fast Company as one of the world's most innovative companies in data science . Broadridge Financial Solutions , a public FinTech company, announced a relocation of 1,000 jobs to Newark in 2017. In 2021, WebMD , an online publisher, announced that it will relocate and create up to 700 new jobs in

880-475: A fine of $ 35 million to settle state allegations of deceptive sales practices. Prudential acknowledged that for more than a decade its agents had improperly persuaded customers to cash in old policies and purchase new ones so that the agents could generate additional sales commissions. In 2010, various media outlets noted allegations that the Prudential Life Insurance Company was manipulating

968-400: A household in 2000 was $ 26,913, and the median income for a family was $ 30,781. Males had a median income of $ 29,748 versus $ 25,734 for females. The per capita income for the city was $ 13,009. 28.4% of the population and 25.5% of families were below the poverty line. 36.6% of those under the age of 18 and 24.1% of those 65 and older were living below the poverty line. The city's unemployment rate

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1056-399: A large scale and blithely ignored a 1986 SEC order to overhaul its internal enforcement of securities laws. In all, some 400,000 individual investors lost money on the deals. In 1993, Prudential Financial eventually settled with investors for $ 330 million. Prudential said it would repay customers across the U.S. who lost money on the company's limited partnerships in the 1980s. In addition,

1144-428: A major courthouse venue including federal, state, and county facilities, it is home to more than 1,000 law firms. The city also has a significant number of college students, with nearly 50,000 attending the city's universities and medical and law schools. Its airport, maritime port, rail facilities, and highway network make Newark the busiest transshipment hub on the U.S. East Coast in terms of volume. Though Newark

1232-511: A more recent designation for the area that was the subject of the 1968 novel Howard Street by Nathan Heard , is still in common usage. The Central Ward extends at one point as far north as 2nd Avenue. In the 19th century, the Central Ward was inhabited by Germans and other white Catholic and Protestant groups. The German inhabitants were later replaced by Jews , who were then replaced by African Americans. The increased academic footprint in

1320-488: A new CEO, John R. Strangfeld , to replace retiring Arthur F. Ryan . In 1981, the company acquired Bache & Co. , a stock brokerage service that operated as a wholly owned subsidiary until 2003, when Wachovia and Prudential combined their retail brokerage operations into Wachovia Securities , with Prudential a minority stake holder. In 1999, Prudential sold its healthcare division, Prudential HealthCare, to Aetna for $ 1 billion. On May 1, 2003, Prudential formalized

1408-669: A private business club that relocated to building now known as the Wells Fargo Center in 1976. The 12th floor is occupied by the Regus Aetna Center, which provides executive office suites to businesses needing temporary office space. Prudential Insurance Prudential Financial, Inc. is an American Fortune Global 500 and Fortune 500 company whose subsidiaries provide insurance , retirement planning , investment management , and other products and services to both retail and institutional customers throughout

1496-559: A reduced 3.3125% sales tax rate (half of the 6 + 5 ⁄ 8 % rate charged statewide) at eligible merchants. Established in January 1986, the city's Urban Enterprise Zone status expires in December 2023. The UEZ program in Newark and four other original UEZ cities had been allowed to lapse as of January 1, 2017, after Governor Chris Christie , who called the program an "abject failure", vetoed

1584-407: A strategic location for data transfer between Manhattan and the rest of the country during the dot-com boom . At the same time, the city encouraged those companies to install more than they needed. A vacant department store was converted into a telecommunication center called 165 Halsey Street . It became one of the world's largest carrier hotels . As a result, after the dot-com bust, there were

1672-526: A substantial portion of the middle class. Sunni , Shia and Ahmadiyya Muslims are the largest Islamic denominational demographic, though some Muslims in the area may be Quranists . Most Sunni mosques are members of the Islamic Society of North America . The Nation of Islam had a former mosque in Newark presided by Louis Farrakhan . A little over 1.2% practiced an eastern religion including Sikhism , Hinduism , and Buddhism . The remainder of Newark

1760-408: A train station are eligible for pro-rated tax credit . The technology industry in Newark has grown significantly after Audible , an online audiobook and podcast company, moved its headquarters to Newark in 2007. The company was later acquired by Amazon . Panasonic moved its North America headquarters to the city in 2013. Other technology-focus companies followed suit. In 2015, AeroFarms ,

1848-427: A whole remains ethnically diverse. The West Ward comprises the neighborhoods of Vailsburg , Ivy Hill , West Side , Fairmount and Lower Roseville . It is home to the historic Fairmount Cemetery . The West Ward, once a predominantly Irish-American, Polish, and Ukrainian neighborhood, is now home to neighborhoods composed primarily of Latinos, African Americans, and Caribbean Americans . Relative to other parts of

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1936-449: Is 31.5 inches (80 cm), though variations in weather patterns may bring sparse snowfall in some years and several major nor'easters in others, with the heaviest 24-hour fall of 25.9 inches (66 cm) occurring on December 26, 1947. Spring and autumn in the area are generally unstable yet mild. The July daily mean is 78.2 °F (25.7 °C), and highs exceed 90 °F (32 °C) on an average 28.3 days per year, not factoring in

2024-780: Is a destination for shopping, dining, and nightlife. A historically immigrant-dominated section of the city, the Ironbound in recent decades has been termed "Little Portugal" and "Little Brazil" due to its heavily Portuguese and Brazilian population, Newark being home to one of the largest Portuguese speaking communities in the United States. In addition, the East Ward has become home to various Latin Americans , especially Ecuadorians, Peruvians, and Colombians, alongside Puerto Ricans, African Americans, and commuters to Manhattan . Public education in

2112-494: Is divided into five political wards , which are often used by residents to identify their place of habitation. In recent years, residents have begun to identify with specific neighborhood names instead of the larger ward appellations. Nevertheless, the wards remain relatively distinct. Industrial uses, coupled with the airport and seaport lands, are concentrated in the East and South wards, while residential neighborhoods exist primarily in

2200-795: Is dominated by the Church of God in Christ and Assemblies of God USA . 0.9% of Christians in the city and nearby suburbs identify as Anglican or Episcopalian . Most are served by the Newark Diocese of the Episcopal Church in the United States . The remainder identified with Continuing Anglican or Evangelical Episcopal bodies including the Reformed Episcopal Church and Anglican Church in North America . ACNA and REC-affiliated churches form

2288-851: Is headquartered in the city. Its episcopal seat is the Cathedral Basilica of the Sacred Heart . Eastern Catholics in the area are served by the Syriac Catholic Eparchy of Our Lady of Deliverance of Newark , an eparchy of the Syriac Catholic Church , and by the Ukrainian Catholic Archeparchy of Philadelphia , Pennsylvania . Baptist churches in Newark are affiliated with the American Baptist Churches USA , Progressive National Baptist Convention ,

2376-505: Is in the South Ward, as are seventeen public schools, five daycare centers, three branch libraries, one police precinct, a mini-precinct, and three fire houses. The East Ward consists of much of Newark's Downtown commercial district, as well as the Ironbound neighborhood, where much of Newark's industry was in the 19th century. Today, the Ironbound (also known as "Down Neck" and "The Neck")

2464-465: Is not the industrial colossus of the past, the city does have a considerable amount of industry and light manufacturing. The southern portion of the Ironbound , also known as the Industrial Meadowlands, has seen many factories built since World War II , including a large Anheuser-Busch brewery that opened in 1951 and distributed 7.5 million barrels of beer in 2007. Grain comes into

2552-529: Is one of the oldest cities in the United States. Its location at the mouth of the Passaic River , where it flows into Newark Bay , has made the city's waterfront an integral part of the Port of New York and New Jersey . Port Newark–Elizabeth is the primary container shipping terminal of the busiest seaport on the U.S. East Coast . Newark Liberty International Airport was the first municipal commercial airport in

2640-486: Is the most populous city in the U.S. state of New Jersey , the county seat of Essex County , and a principal city of the New York metropolitan area . As of the 2020 census , the city's population was 311,549. The Population Estimates Program calculated a population of 304,960 for 2023, making it the 66th-most populous municipality in the nation. Settled in 1666 by Puritans from New Haven Colony , Newark

2728-546: Is the oldest county park in the United States and is home to the nation's largest collection of cherry blossom trees, numbering over 5,000. Newark is divided into five political wards (East, West, South, North and Central). The majority of Black residents reside in the South, Central, and West Wards of the city, while the North and East Wards are mostly populated by Latinos. Ras Baraka has served as mayor of Newark since 2014. Newark

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2816-656: The American Community Survey 's 2018 estimates, non-Hispanic whites made up 8.9% of the population. Black or African Americans were 47.0% of the population, Asian Americans were 2.1%, some other race 1.6%, and multiracial Americans 1.1%. Hispanics or Latinos of any race made up 39.2% of the city's population in 2018. In 2010, 35.74% of the population was white, 58.86% African American, 3.99% Native American or Alaska Native, 2.19% Asian, .01% Pacific Islander, 10.4% from other races, and 10.95% from two or more races. Hispanics or Latinos of any race made up 33.39% of

2904-792: The Diocese of the Northeast and Mid-Atlantic . 0.6% of Christians are members of the Latter Day Saint movement , followed by Lutherans (0.2%). 3.0% of the city's Christian populace were of other Christian denominations including the Eastern and Oriental Orthodox churches, Independent sacramental churches , the Jehovah's Witnesses , non-denominational Protestants , and the United Church of Christ . The largest Eastern Orthodox jurisdictions in Newark include

2992-477: The Dominican Republic . There is a significant Portuguese-speaking community concentrated in the Ironbound district. 2000 census data showed that Newark had 15,801 residents of Portuguese ancestry (5.8% of the population), while an additional 5,805 (2.1% of the total) were of Brazilian ancestry. In advance of the 2000 census , city officials made a push to encourage residents to respond and participate in

3080-582: The Greek Orthodox Archdiocese of America ( Ecumenical Patriarchate ) and the Diocese of New York and New Jersey ( Orthodox Church in America ). The largest Oriental Orthodox bodies include the Coptic Orthodox Church of Alexandria and Ethiopian Orthodox Tewahedo Church . Judaism and Islam were tied as the second-largest religious community (3.0%). Up to 1967, Jewish Americans formed

3168-652: The National Baptist Convention of America , and National Baptist Convention, USA, Inc . Following, 2.4% identified with Methodism and the United Methodist Church and African Methodist Episcopal and AME Zion churches. 1.6% of Christian Newarkers are Presbyterian and 1.3% identified as Pentecostal . The Presbyterian community is dominated by the Presbyterian Church (USA) and Presbyterian Church in America . The Pentecostal community

3256-764: The New Jersey Institute of Technology ; and Seton Hall University's law school . Newark is a home to numerous governmental offices, largely concentrated at Government Center and the Essex County Government Complex . Cultural venues include the New Jersey Performing Arts Center , Newark Symphony Hall , the Prudential Center , The Newark Museum of Art , and the New Jersey Historical Society . Branch Brook Park

3344-538: The Prudential HealthCare business for $ 1 billion, and the signage was changed to "Aetna". The building is officially known as Prudential Plaza I . Another major renovation was completed in 2002 after 153,000 sq ft (14,200 m) was vacated by Aetna. The makeover also included construction of a 1,100-space parking garage by Elkins Constructors . On February 21, 2002 the Prudential Plaza I building

3432-686: The Rock of Gibraltar , once in the lobby, is now found in the courtyard on the riverfront. The building was used as background in scenes from the film Creature From the Black Lagoon . A sister building, Two Prudential Plaza , was constructed next door in 1985. The Prudential Building underwent a major renovation in 1988. Ocwen Financial Corp. completed the $ 36 million purchase of the Prudential Plaza One building in August, 1998. In 1999, Aetna acquired

3520-556: The U.S. Department of Homeland Security announced the discovery of terrorist threats against the Prudential Headquarters in Newark, New Jersey, prompting large-scale security measures that included concrete barriers outside the premises and internal X-ray machines. In the same year, a joint venture was formed between Prudential and China Everbright Limited . On November 28, 2007, the Prudential board of directors elected

3608-535: The United States and in over 40 other countries. In 2019, Prudential was the largest insurance provider in the United States with $ 815.1 billion in total assets. The company uses the Rock of Gibraltar as its logo . The use of Prudential's symbol, the Rock of Gibraltar, began after an advertising agent passed Laurel Hill , a volcanic neck, in Secaucus, New Jersey , on a train in the 1890s. The related slogans "Get

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3696-469: The United States Census Bureau , the city had a total area of 25.89 square miles (67.1 km ), including 24.14 square miles (62.5 km ) of land and 1.74 square miles (4.5 km ) of water (6.72%). It has the third-smallest land area among the 100 most populous cities in the U.S., behind neighboring Jersey City and Hialeah, Florida . The city's altitude ranges from 0 (sea level) in

3784-474: The city's neighborhoods . Poverty remains a consistent problem in Newark. As of 2010, roughly one-third of the city's population was impoverished. Portions of Newark are part of an Urban Enterprise Zone . The city was selected in 1983 as one of the initial group of 10 zones chosen to participate in the program. In addition to other benefits to encourage employment within the Zone, shoppers can take advantage of

3872-577: The "Gateway City". The city borders the municipalities of Belleville , Bloomfield , East Orange , Irvington , Maplewood and South Orange in Essex County; Bayonne , East Newark , Harrison , Jersey City and Kearny in Hudson County ; and Elizabeth and Hillside in Union County . Newark is the second-most racially diverse municipality in the state, behind neighboring Jersey City . It

3960-454: The 19th century and early 20th century, and experienced racial tension and urban decline in the second half of the 20th century, culminating in the 1967 Newark riots , which led to an increase in white flight , with 100,000 white residents leaving the city in the 1960s, though the exodus of white residents from the city had started after World War II as housing availability was limited in the city, while white residents were able to buy homes in

4048-584: The 2017 Forbes World’s Biggest Public Companies list, calling out their $ 45.6 billion market value. Prudential ranked No. 52 in the 2018 Fortune 500 list of the largest United States corporations by total revenue. As of 2019, Prudential is the largest insurance provider in the United States with $ 815.1 billion in total assets. See also the article on the Prudential Spirit of Community Award . Newark, New Jersey Newark ( / ˈ nj uː ər k / NEW -ərk , locally: [nʊɹk] )

4136-649: The Aetna Building. The project will use a design similar to that used by South Beach marinas. Landscape and lighting improvements will be made to the existing Jacksonville Riverwalk . Permits from the Florida Department of Environmental Protection and the United States Army Corps of Engineers had already been obtained. The building was the original home of what is now the River Club of Jacksonville ,

4224-644: The East Ward consists of East Side High School and six elementary schools. The ward is densely packed, with well-maintained housing and streets, primarily large apartment buildings and rowhouses . Newark lies in the transition between a humid subtropical and humid continental climate ( Köppen Cfa/Dfa ), with cold winters and hot humid summers. The January daily mean is 32.8 °F (0.4 °C), and although temperatures below 10 °F (−12 °C) are to be expected in most years, sub-0 °F (−18 °C) readings are rare; conversely, some days may warm up to 50 °F (10 °C). The average seasonal snowfall

4312-629: The East and Central wards. The boundaries of the wards are altered for various political and demographic reasons and sometimes gerrymandered . Newark's Central Ward, formerly known as the old Third Ward, contains much of the city's history including the original squares Lincoln Park , Military Park and Harriet Tubman Square . The ward contains the University Heights , The Coast , historic Grace Episcopal Church , Government Center , Springfield/Belmont and Seventh Avenue neighborhoods. Of these neighborhood designations only University Heights,

4400-454: The Forest Hill neighborhood. The North Ward has lost geographic area in recent times; its southern boundary is now significantly further north than the traditional boundary near Interstate 280 . The North Ward had its own Little Italy, centered on heavily Italian Seventh Avenue and the area of St. Lucy's Church ; demographics have transitioned to Latino in recent decades, though the ward as

4488-454: The NJ Turnpike. Newark had a population of 311,549 in 2020. The Population Estimates Program calculated a population of 305,344 for 2022, making Newark the 66th-most populous municipality in the nation. The city was ranked 67th in population in 2010 and 63rd in 2000. From 2000 to 2010, the increase of 3,594 inhabitants (+1.3%) from the 273,546 counted in the 2000 U.S. census marked

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4576-515: The North, Central, and West Wards. State law requires that wards be compact and contiguous and that the largest ward may not exceed the population of the smallest by more than 10% of the average ward size. Ward boundaries are redrawn, as needed, by a board of ward commissioners consisting of two Democrats and two Republicans appointed at the county level and the municipal clerk. Redrawing of ward lines in previous decades have shifted traditional boundaries, so that downtown currently occupies portions of

4664-508: The United States and has become one of the busiest. Several companies are headquartered in Newark, including Prudential , PSEG , Panasonic Corporation of North America , Audible.com , IDT Corporation , Manischewitz , and AeroFarms . Higher education institutions in the city include the Newark campus of Rutgers University , which includes law and medical schools and the Rutgers Institute of Jazz Studies ; University Hospital ;

4752-462: The University Heights neighborhood has produced gentrification , with landmark buildings undergoing renovation. Located in the Central Ward is the nation's largest health sciences university, UMDNJ-New Jersey Medical School . It is also home to three other universities – New Jersey Institute of Technology (NJIT), Rutgers University – Newark , and Essex County College . The Central Ward forms

4840-487: The acquisition of American Skandia , the largest distributor of variable annuities through independent financial professionals in the United States. The CEO of American Skandia, Wade Dokken , partnered with Goldman Sachs and sold the division to Prudential for $ 1.2 billion. The combination of American Skandia variable annuities and Prudential fixed annuities was part of Prudential's strategy to acquire complementary businesses that help meet retirement goals. In April 2004,

4928-608: The acquisition. During the 1980s and 1990s, Prudential Securities Incorporated (PSI), formerly a division of Prudential Financial, was investigated by the Securities and Exchange Commission (SEC) for suspected fraud. During the investigation, it was found that PSI had defrauded investors of close to $ 8 billion, the largest fraud found by the SEC in US history to that point. The SEC charged that Prudential allowed rogue executives to cheat customers on

5016-510: The city is thought to derive from Newark-on-Trent , England, because of the influence of the original pastor, Abraham Pierson , who came from Yorkshire but may have ministered in Newark, Nottinghamshire . But Pierson is also supposed to have said that the community reflecting the new task at hand should be named "New Ark" for "New Ark of the Covenant" and some of the colonists saw it as "New-Work",

5104-655: The city lost about 130,000 residents between 1960 and 1990. At the 2010 census, there were 91,414 households, and 62,239 families in Newark. There were 108,907 housing units at an average density of 4,552.5 per square mile (1,757.7/km ). In 2000, there were 273,546 people, 91,382 households, and 61,956 families residing in the city. The population density was 11,495.0 inhabitants per square mile (4,438.2/km ). There were 100,141 housing units at an average density of 4,208.1 per square mile (1,624.6//km ). The U.S. Census Bureau's 2006–2010 American Community Survey showed that (in 2010 inflation-adjusted dollars) median household income

5192-556: The city, the West Ward has for many decades struggled with elevated rates of crime, particularly violent crime. The South Ward comprises the Weequahic , Clinton Hill , Dayton , and South Broad Valley neighborhoods. The South Ward, once home to residents of predominantly Jewish descent, now has ethnic neighborhoods made up primarily of African Americans and Hispanics . The city's second-largest hospital, Newark Beth Israel Medical Center ,

5280-558: The city, while Prudential still has its home office in Newark. Many other companies are headquartered in the city, including IDT Corporation , NJ Transit , Public Service Enterprise Group (PSEG), Manischewitz , Horizon Blue Cross and Blue Shield of New Jersey , and Edison Properties . After the election of Cory Booker as mayor, millions of dollars of public-private partnership investment were made in Downtown development, but persistent underemployment continue to characterize many of

5368-456: The city. In 2018, Newark was selected as one of 20 finalists for the location of Amazon HQ2 , a new headquarters of Amazon. The advantages of Newark included proximity to New York City , lower land costs, tech labor force and higher education institutions, a major airport, and fiber optic networks. The extensive fiber optic networks in Newark started in the 1990s when telecommunication companies installed fiber optic network to put Newark as

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5456-696: The company acquired the retirement business of CIGNA Corporation . In late 2009, Prudential sold its minority stake in Wachovia Securities Financial Holdings LLC to Wells Fargo & Co. In 2011, Prudential sold Prudential Bache Commodities, LLC to Jefferies. In February 2011, the company acquired AIG Edison and AIG Star both in Japan from American International Group , Inc (AIG) for a total of $ 4.8 billion. This acquisition bolstered Prudential's operations in Asia while giving cash to AIG to pay back

5544-410: The company to the payee (in many cases a fallen service members' family). While Prudential was making profits of up to 4.2% in its general account in early 2010, they paid out 0.5% interest in these non-FDIC insured "Alliance" accounts. In some cases, when families requested to be sent a full payout in the form of a check, the family was sent a checkbook, rather than the amount due. It is not clear if

5632-418: The east to approximately 230 feet (70 m) above sea level in the western section of the city for an average elevation of 115 feet (35 m). Newark is essentially a large basin sloping towards the Passaic River , with a few valleys formed by meandering streams. Historically, Newark's high places have been its wealthier neighborhoods. In the 19th century and early 20th century, the wealthy congregated on

5720-542: The enumeration, citing calculations by city officials that as many as 30,000 people were not reflected in estimates by the Census Bureau , which resulted in the loss of government aid and political representation. It is believed that heavily immigrant areas of Newark were significantly undercounted in the 2010 census, especially in the East Ward. Many households refused to participate in the census, with immigrants often reluctant to submit census forms because they believed that

5808-511: The facility by rail. The service industry is also growing rapidly, replacing those in the manufacturing industry, which was once Newark's primary economy. In addition, transportation has become a large business in Newark, accounting for more than 17,000 jobs in 2011. Newark is the third-largest insurance center in the United States, behind New York City and Hartford, Connecticut . Prudential Financial , Mutual Benefit Life , Fireman's Insurance , and American Insurance Company all originated in

5896-582: The federal government from its bailout in 2008. In January 2013, the company acquired the individual life insurance business from The Hartford for $ 615 million in cash. The acquisition includes 700,000 in force life insurance policies with a face amount of approximately $ 135 billion. This move by Prudential brought over additional life insurance revenue. In September 2019, the company agreed to acquire online startup Assurance IQ Inc. for $ 2.35 billion. Assurance has underperformed financial expectations, and industry commentators believe Prudential paid too much for

5984-488: The firm was required to pay another $ 41 million in fines. The settlement also resolved investigations of the firm by the National Association of Securities Dealers and 49 states, including California, where 52,000 investors lost money in Prudential limited partnerships. Further investigation was conducted by the SEC into the executives of the company to determine the extent of the fraud. In 1997, Prudential settled

6072-536: The growth of the port lands. Newark is surrounded by residential suburbs to the west (on the slope of the Watchung Mountains ), the Passaic River and Newark Bay to the east, dense urban areas to the south and southwest, and middle-class residential suburbs and industrial areas to the north. The city is the largest in New Jersey's Gateway Region , which is said to have received its name from Newark's nickname as

6160-515: The information could be used to justify their deportation. At one time, there was an Italian American community in the Seventh Avenue neighborhood. Roughly 60% of Newarkers identified with a religion as of 2020. The largest Christian group in Newark is the Catholic Church (34.3%), followed by Baptists (5.2%). The city's Catholic population are divided into Latin and Eastern Catholics . The Latin Church-based Archdiocese of Newark , serving Bergen , Essex , Hudson and Union counties,

6248-524: The often higher heat index . Precipitation is evenly distributed throughout the year with the summer months being the wettest and fall months being the driest. The city receives precipitation ranging from 2.9 to 4.6 inches (74 to 117 mm) per month, usually falling on 8 to 12 days per month. Extreme temperatures have ranged from −14 °F (−26 °C) on February 9, 1934, to 108 °F (42 °C) on July 22, 2011. The January freezing isotherm that separates Newark into Dfa and Cfa zones approximates

6336-447: The payout of life insurance benefits due to the families of American soldiers in order to gain extra profits. The company provided life insurance to people in the armed forces under a government contract. Rather than paying the full amount due to the families at once, the company would instead deposit the funds into a Prudential corporate account. These accounts are referred to as 'retained asset accounts' and are essentially an I.O.U. from

6424-538: The population at the 2010 U.S. census. The racial makeup of the city in 2000 was 53.46% (146,250) black or African American, 26.52% (72,537) white, 1.19% (3,263) Asian, 0.37% (1,005) Native American, 0.05% (135) Pacific Islander, 14.05% (38,430) from other races, and 4.36% (11,926) from two or more races. 29.47% (80,622) of the population were Hispanic or Latino of any race. 49.2% of the city's 80,622 residents who identified themselves as Hispanic or Latino were from Puerto Rico , while 9.4% were from Ecuador and 7.8% from

6512-505: The practice was in violation of law or the contract. In August 2010, the company was sued by a number of the bereaved families. The company's response included an open letter to the military community in which it addressed what it characterized as "misinformation" about the nature of the accounts. Military Times noted that prior lawsuits against insurance companies pertaining to the use of retained asset accounts have been dismissed in federal courts without action. Prudential has received

6600-663: The present-day heart of Newark, and includes 26 public schools, two police precincts, including headquarters, four firehouses, and one branch library. The North Ward is surrounded by Branch Brook Park . Its neighborhoods include Broadway , Mount Pleasant , Upper Roseville and the affluent Forest Hill section. Forest Hill contains the Forest Hill Historic District, which is registered on state and national historic registers, and contains many older mansions and colonial homes . A row of residential towers with security guards and secure parking line Mt. Prospect Avenue in

6688-511: The ridges of Forest Hill, High Street, and Weequahic. Until the 20th century, the marshes on Newark Bay were difficult to develop, as the marshes were essentially wilderness, with a few dumps, warehouses, and cemeteries on their edges. During the 20th century, the Port Authority of New York and New Jersey was able to reclaim 68 acres (28 ha) of the marshland for the further expansion of Newark Liberty International Airport , as well as

6776-422: The second census in 70 years in which the city's population had grown from the previous enumeration. This trend continued in 2020, where Newark had an increase of 34,409 (12.4%) from the 277,140 counted in the 2010 census , the largest percentage increase in 100 years. After reaching a peak of 442,337 residents counted in the 1930 census , and a post-war population of 438,776 in 1950, the city's population saw

6864-511: The settlers' new work with God. Whatever the origins, the name was shortened to Newark, although references to the name "New Ark" are found in preserved letters written by historical figures such as David A. Ogden in his claim for compensation, and James McHenry , as late as 1787. During the American Revolutionary War , British troops made several raids into the town. The city saw tremendous industrial and population growth during

6952-409: The western suburbs of Essex County, where the population grew rapidly. The city has experienced revitalization since the 1990s, with major office, arts and sports projects representing $ 2 billion in investment. The city's population, which had dropped by more than a third from 1950 to its post-war low in 2000, has since rebounded, with 38,000 new residents added from 2000 to 2020. According to

7040-402: Was spiritual but not religious , agnostic , deistic , or atheist , though some Newarkers identified with neo-pagan religions including Wicca and other smaller new religious movements . More than 100,000 people commute to Newark each workday, making it the state's largest employment center with many white-collar jobs in insurance, finance, import-export, healthcare , and government. As

7128-436: Was $ 35,659 (with a margin of error of +/- $ 1,009) and the median family income was $ 41,684 (+/- $ 1,116). Males had a median income of $ 34,350 (+/- $ 1,015) versus $ 32,865 (+/- $ 973) for females. The per capita income for the township was $ 17,367 (+/- $ 364). About 22% of families and 25% of the population were below the poverty line , including 34.9% of those under age 18 and 22.4% of those age 65 or over. The median income for

7216-427: Was 8.5%. From the 1950s to 1967, Newark's non-Hispanic white population shrank from 363,000 to 158,000; its black population grew from 70,000 to 220,000. The percentage of non-Hispanic whites declined from 82.8% in 1950 to 11.6% by 2010. The percentage of Latinos and Hispanics in Newark grew between 1980 and 2010, from 18.6% to 33.8% while that of Blacks and African Americans decreased from 58.2% to 52.4%. At

7304-556: Was designed by Doyald Young and John March, based on the Century font family. Started in Newark, New Jersey , in 1875, Prudential was originally called The Widows and Orphans Friendly Society , then the Prudential Friendly Society . It was founded by John F. Dryden , who later became a U.S. Senator. In the beginning, the company sold only one product, burial insurance. Dryden was the president of Prudential until 1912. He

7392-564: Was incorporated on February 21, 1798, by the New Jersey Legislature 's Township Act of 1798 , as one of New Jersey's initial group of 104 townships. During its time as a township, portions were taken to form Springfield Township (April 14, 1794), Caldwell Township (February 16, 1798; now known as Fairfield Township ), Orange Township (November 27, 1806), Bloomfield Township (March 23, 1812) and Clinton Township (April 14, 1834, remainder reabsorbed by Newark on March 5, 1902). Newark

7480-403: Was reincorporated as a city on April 11, 1836, replacing Newark Township, based on the results of a referendum passed on March 18, 1836. The previously independent Vailsburg borough was annexed by Newark on January 1, 1905. In 1926, South Orange Township changed its name to Maplewood. As a result of this, a portion of Maplewood known as Ivy Hill was re-annexed to Newark's Vailsburg. The name of

7568-600: Was renamed 841 Prudential Drive . On January 23, 2004, Ocwen sold 841 Prudential Drive to South Shore Group for $ 39 million. The building's name reverted to Aetna Building. At the January 31, 2008 meeting of the Downtown Development Review Board (DDRB) of the Jacksonville Economic Development Commission (JEDC), plans were tentatively approved for a 128-slip dockage facility to be named The South Shore Marina & Riverwalk at

7656-547: Was settled in 1666 by Connecticut Puritans led by Robert Treat from the New Haven Colony . It was conceived as a theocratic assembly of the faithful, though this did not last for long as new settlers came with different ideas. On October 31, 1693, it was organized as a New Jersey township based on the Newark Tract, which was first purchased on July 11, 1667. Newark was granted a royal charter on April 27, 1713. It

7744-721: Was succeeded by his son Forrest F. Dryden , who was the president until 1922. A history of The Prudential Insurance Company of America up to about 1975 is the topic of the book Three Cents A Week , referring to the premium paid by early policyholders. At the turn of the 20th century, Prudential and other large insurers reaped the bulk of their profits from industrial life insurance, or insurance sold by solicitors house-to-house in poor urban areas. For their insurance, industrial workers paid double what others paid for ordinary life insurance, and due to high lapse rates, as few as 1 in 12 policies reached maturity. Prominent lawyer and future U.S. Supreme Court Justice Louis Brandeis helped pass

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