New Jersey, the No. 1 state in the country when it comes to population density, is a more muddled equation when it comes to real estate.
Its “Gold Coast” along the Hudson River will soon house some of the tallest buildings — and yet, the three most visible cities across from Manhattan are still testing the limits of their transportation and infrastructure systems. Many local developers and policymakers want to establish something greater than the “next Brooklyn.”
For our annual New Jersey Market Report, The Real Deal explored the inner workings of the five most active counties in the Garden State for people in the property business: Bergen, Hudson, Essex, Morris and Passaic.
We sat down with the executive team as Parsippany-based SJP, one of the biggest developers in Jersey, to talk about their latest developments. We also spoke with another huge developer, Ironstate’s president David Barry, to hear about his vision for Jersey City in the upcoming years.
TRD took a close look at the biggest commercial lease deals and sales in the five counties and how the area’s largest development projects are being financed.
But while New Jersey is catching up to New York on the commercial real estate development and luxury condo sides of the equation, it also held the highest single-family home foreclosure rate of any state in the country in the past two years.
Meanwhile, many of the state’s suburban office parks have become increasingly outdated, vacant and in need of a gut renovation.
And while the state’s top residential agents are brokering big luxury home sales, especially in the posh suburbs of Bergen County, they also have their share of challenges.
Enjoy the issue! — TRD