Newark Mayor Cory Booker and a rendering of the warehouse

Morris Cos. broke ground Tuesday on a $50 million 350,000-square-foot warehouse in the Ironbound section of Newark, N.J. The Rutherford, N.J.-based developer is building on the dormant brownfield site, the home of a former Sherwin Williams Co. paint facility at 60 Lister Avenue.

CBRE Group Inc., the exclusive broker, has begun marketing the on-spec facility to potential tenants, and officials say there is strong demand for warehouse space in such close proximity to the Port of Newark and New York City. “It could be a combination of port-related companies,” Thomas Monahan, senior vice president at CBRE, told The Real Deal. [more]

From left: Kushner Companies CEO Jared Kushner, the Skyline Apartments and the Boulevard Apartments

Kushner Companies acquired two New Jersey apartment buildings, marking its first deal in the state since 2007, when it sold a $2 billion portfolio to AIG. That transaction holds the record for the largest multi-family deal in New Jersey’s history.

This week’s deal covers 338 units in the Skyline Apartments and Boulevard Apartments complexes, built in the early 1950s by Hekemian & Co and Herbert Klein. The partnership retained ownership of the properties until the sale, which was worth $57.5 million, according to a source with knowledge of the deal. The off-market transaction was brokered by Ivan Dochter of Excel Realty Advisors. [more]

From left: DreamWorks CEo Jeffrey Katzenberg and the American Dream development

In the latest sign of renewed interest in the site, DreamWorks Animation, of “Shrek” and “Kung Fu Panda” fame, has reached a deal with developer Triple Five to open a 14.7-acre amusement park at the American Dream Meadowlands mall in New Jersey, the New York Times reported. This will be the studio’s first amusement park based on its movies following the falling out of plans to bring parks to China, Abu Dhabi and Dubai. [more]

From left: the exterior of American Dream and a rendering of the interior

The New York Giants and the New York Jets are trying to tackle a Meadowlands mall development just as it appears to be destined for the endzone. The two teams filed a lawsuit on Friday to block the American Dream Meadowlands mall in New Jersey, the Associated Press reported. The suit, which the teams previously threatened to file this spring if differences with developer Triple Five could not be resolved, focuses on an alleged violation of a prior agreement that the two teams, who play at the nearby MetLife Stadium, had secured the rights to approve any expansion plans for the shopping center. [more]

From left: Lloyd Goldman and a rendering of 110 First Street

The newest dispute surrounding development of Jersey City’s Powerhouse Arts District comes in the form of a Lloyd Goldman-backed 500-unit high-end development that, in its latest incarnation, would not be required to include affordable housing inside, the Wall Street Journal reported. However, some City Council members and locals say they think this development will prove to be the final blow to a district where officials had promised to create a safe haven for artists through the inclusion of cheap lofts.

Negotiations are still on the table to keep the affordable housing option within the district, but a decision is still weeks away. [more]

Tucker CEO Richard Tucker and a rendering of Hudson Lights

Tucker Development won approval for the second half of a planned $1 billion development in Fort Lee, on the Jersey side of the Hudson River underneath the George Washington Bridge. The Record reported that the Fort Lee Planning Board unanimously approved the plans for Hudson Lights, the western portion of the site that calls for 175,000 square feet of retail, 477 residential units and a 175-room hotel.

It gave approval to the eastern half, which is called The Center at Fort Lee and is highlighted by a pair of 47-story residential high-rise tower developed by Fort Lee Redevelopment Associates, in March. [more]

Gene Kaufman and 70-90 Columbus Streets

Gwathmey Siegel Kaufman & Associates has unveiled a new design for a planned 1.2 million-square-foot development project in downtown Jersey City (see rendering to the right). The firm was recently selected by Ironstate Development and partner Panepinto Properties to replace Costas Kondylis as the architect of two 50-story residential and hotel towers planned for 70 and 90 Columbus Street in Jersey City.

Ironstate chose GSKA after it successfully designed the firm’s development of a W hotel in Hoboken, according to James Ronga, vice president of development for Ironstate. Gene Kaufman, a principal at GSKA, told The Real Deal in a statement that his firm is working with the same footprint and square footage, but will make “qualitative modifications that result in a project with a distinct geometry and a plan that better integrates the site into the Jersey City community.” [more]

From left: Jon Bon Jovi, Bruce Springsteen and New Jersey farmland

New legislation approved by the State Senate raises the minimum income land owners must generate from farmland to qualify for highly discounted property taxes, the New York Times reported. Farmers now need to generate $1,000 annually selling products from the first five acres, and an extra $5 for each additional acre, to qualify for exemptions that sometimes reach as high as 98 percent. [more]

The pool at Revel, a new hotel on the Jersey Shore

The hospitality group behind Manhattan hot spots such as the Meatpacking District’s Catch and Tenjune clubs is expanding into Atlantic City, the New York Post reported. EMM Group will partner with Las Vegas-based Angel Management Group, who are behind venues like Caesar’s Palace’s nightclub Pure, to oversee the nightclubs and entertainment at Revel, the new 6.3 million-square-foot resort on the Jersey Shore. [more]

Amazon CEO Jeff Bezos

Online retailer Amazon will build two large distribution centers in New Jersey, the New York Times reported. Construction is slated to begin next year, but the locations of these buildings have not yet been determined.

Each warehouse will measure about one million square feet. These centers will create a projected 1,500 full-time jobs and would enable the state of New Jersey to collect roughly $30 to $40 million in tax revenue. [more]