The Real Deal New York

New Jersey neighborhood news

  • From left, HUD Secretary Sean Donovan, damage done to the Jersey Shore by Hurricane Sandy

    From left, HUD Secretary Shaun Donovan, damage done to the Jersey Shore by Hurricane Sandy

    In its competition to help rebuild areas hit hardest by Superstorm Sandy and to protect them from future storms, the U.S. Department of Housing and Urban Development has narrowed the finalists down to 10 architectural teams, Crain’s reported. [more]

  • Buying a memorable staycation

    July 28, 2013 12:00PM
    South Down Lakes Region, N.H.

    South Down Lakes Region, N.H.

    From Luxury Listings NYC: If you ask Dan Dicarlo where to find value, the 42-year-old retired Wall Street trader will tell you the Sandy-ravaged Jersey Shore. That’s where he found his second home. [more]

  • Christy Romero

    Christy Romero

    A report released by the Treasury Department’s Troubled Asset Relief Program reveals that its mortgage modification program appears to have been helping servicers more than homeowners, the New York Times reported.

    The report, by Christy Romero, the special inspector for TARP, reveals that although more than a third of homeowners who received loan modifications under TARP’s mortgage modification program have since stopped paying, banks and other mortgage servicers kept the money they received for modifying those loans. [more]

  • Riverfront Park in Newark

    Riverfront Park in Newark

    In an effort to revamp and clean up the Passaic River, Plans for the construction of a waterfront park in Newark, New Jersey along the polluted river are continuing, the New York Times reported. [more]

  • Guy Geier

    Guy Geier

    The largest construction and architecture firms are seeing healthy growth in their employment figures, suggesting a rebound in building activity, Crain’s reported.

    Full-time employment at the top construction companies was up 1.6 percent in 2012, while the number of architects at the largest firms was up 8 percent from a year earlier. Though the job gains at many architecture firms were less than those seen in the first years of the millennium, there are those who insist that ultimately, that is a good thing. [more]

  • Urszula Zoltek

    Urszula Zoltek

    Winick Realty Group, which opened its first New Jersey office in 2012, announced the launch of a new investment sales division in the Garden State. The new division, to be based out of the company’s Cranford, N.J., office, will focus on a variety of areas — net-leased investment-grade properties and shopping centers among them.

    The firm has hired Urszula Zoltek, who formerly worked in Marcus & Millichap’s New Jersey office, to head the new department. [more]

  • From left: the Long Branch cottage and Bruce Springsteen

    A two-bedroom cottage where rock star Bruce Springsteen wrote his “Born to Run” album has hit the market for $350,000, the Asbury Park Press reported. The Boss, though, never owned the home, in Long Branch, N.J. He was a mere renter in 1974 and 1975, when he crafted his string of hits, including “Tenth Avenue Freeze Out.” [more]

  • Jackson Twenty-One renderings

    Real estate developer Mitch Leigh hopes to break ground on Jackson Twenty-One — a Jackson Township, N.J. residential complex that’s been more than two decades in the making — this spring or summer, the New York Times reported. And Leigh, the Tony Award-winning composer of “Man of La Mancha,” has a friendly pitch for would-be buyers: “If you’re not a nice person, please don’t call.” [more]

  • From left: Daniel Spector and Tyler Bennett

    In an effort to expand its Northern New Jersey presence, the Midtown, Manhattan-based Winick Realty today announced the opening of a new office located in Cranford, N.J. The new location, situated in suite 205 at 11 Commerce Drive, will be run by Daniel Spector and Tyler Bennett, both senior vice presidents.

    “New York and Northern New Jersey have always been fragmented markets,” Bennett said in the release. “With this launch, we are creating one cohesive platform that provides all of our clients with one point of contact and one point of accountability that is uniform throughout the entire region.” [more]

  • Bank of America is finally unloading a 12-building office complex in Hopewell Township, N.J. in what could be a record deal for the state, Bloomberg News reported.

    BofA acquired the 1.8 million- square-foot property from Merrill Lynch during its 2009 merger. And while neither the buyer nor the price have been officially announced, Fortress Investment Group has been named as a possible buyer and a potential price of $375 million to $400 million is being floated by the trade newsletter, Real Estate Alert, which was cited by Bloomberg. [more]

  • Avison Young opens New Jersey office

    September 18, 2012 12:30PM

    Avison CEO Mark Rose

    Toronto-based commercial real estate brokerage Avison Young has opened its first New Jersey office, further increasing its presence in the Tri-State area, the company announced today. The opening of the new location follows closely the establishment earlier this year of Avison’s New York City office.

    The new office will be headed by new recruit Jeffrey Heller, a former executive vice president at CBRE in New Jersey. Heller completed more than 200 transactions in his last five years at CBRE, with a net value in excess of $750 million, according to the announcement. Before joining CBRE, he served as an executive director in the New Jersey office of Cushman & Wakefield for 15 years. [more]

  • A rendering of the Sixth Street Embankment

    The branding power of rail-line parks in New York has exceeded expectations —  with the High Line attracting millions of visitors every year and the nascent Low Line receiving a bevy of community funds. Not so in Jersey City.

    A deal to transform a stretch of derelict Pennsylvania Railroad tracks into a copycat High Line has been stalled by concerns that so-called “clouded titles” may invalidate developments along the line — concerns that preservation groups are calling obstructionist delay tactics. [more]

  • From left: Revel CEO Kevin DeSanctis and the Revel casino

    Since opening to much fanfare in April, Atlantic City’s $2.4 billion Revel casino has been a bust, according to the Philadelphia Inquirer, and may be on the verge of bankruptcy. The casino had an operating loss of $35 million in the second quarter, according to the Division of Gaming Enforcement, although $17 million of it came from “one-time preopening charges.”

    Meanwhile, conditions are improving for other boardwalk properties as non-gaming revenue increased 13.3 percent annually in Atlantic City. [more]

  • Gowanus Canal

    The federal Superfund program is preparing to take on its biggest challenges in its three decades of existence: cleaning urban waterways. Most of these sites are in New York and New Jersey, the states with the most Superfund-eligible sites, and include the Passaic River in New Jersey, the Gowanus Canal in Brooklyn, Newton Creek on the Brooklyn-Queens border and the final section of the Hudson River. [more]

  • Pier Shops At Caesars

    Its not just gamblers taking big losses at Atlantic City. The Pier Shops at Ceasars, once valued at $210 million and backed by a top-rated commercial-mortgage bond, has been deemed essentially worthless. According to Bloomberg News, no bidders in an auction were willing to pay more than $25 million for the $80 million mortgage on the property, held by loan servicer C-III Capital Partners. [more]

  • From left: Gov. Chris Christie, Newmark Chairman Jeffrey Gural and the Revel resort

    Just as New York appears closer to legalizing gambling, New Jersey Governor Chris Christie is blocking attempts to expand his state’s gambling options beyond Atlantic City, according to Bloomberg News.

    After Pennsylvania legalized slots in 2006 and table games in 2010, it began usurping gambling revenue from Atlantic City. In fact, revenue for boardwalk casinos has fallen 37 percent since 2006, to $3.3 billion last year. And with more competition likely to arrive from New York, lawmakers want to amend the state constitution to allow casinos near the Meadowlands, closer to Manhattan. [more]

  • 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]

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