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John E. McCormac

Business
$70.4M Sale Of NJ Mall Means $155.7M Loss For Investors, Report Says $70.4M Sale Of NJ Mall Means $155.7M Loss For Investors, Report Says
$70.4M Sale Of NJ Mall Means $155.7M Loss For Investors, Report Says Seventy million may seem like a lot. But context is everything. New Jersey's troubled Woodbridge Center sold to an unnamed buyer for $70.4 million in February, according to credit-rating firm Kroll. While the sale resolved a loan issue, investors suffered a $155.7 million loss, Kroll Bond Rating Agency (KBRA) said. In 2015, the 1.7 million-square-foot mall was acquired by Brookfield when it was appraised at $366 million, according to CoStar, a DC-based commercial real estate firm that analyzes market trends. The February 2024 sale was even lower than its most recent appraisal last Oct…

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by Cecilia Levine
Business
NJ Mayors Want Murphy To Reopen Indoor Malls, Shopping Centers NJ Mayors Want Murphy To Reopen Indoor Malls, Shopping Centers
NJ Mayors Want Murphy To Reopen Indoor Malls, Shopping Centers A group of New Jersey mayors have formed a coalition in hopes of persuading Gov. Phil Murphy to reopen indoor malls. Woodbridge Mayor John E. McCormac is helming the coalition of mayors, all of whom have large indoor mall and shopping centers in their municipalities.  All New Jersey malls and shopping centers closed on March 17 due to the coronavirus outbreak. On May 18, the state allowed non-essential retail stores to offer curbside pickup. As the state begins to enter stage two of the multi-phase reopening plan on June 15, Murphy has said stores in the mall with direct access …

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by Jon Craig
News
COVID-19: Woodbridge Nursing Home Faces Final Days COVID-19: Woodbridge Nursing Home Faces Final Days
Covid-19: Woodbridge Nursing Home Faces Final Days A Woodbridge nursing home is facing closure as a result of the coronavirus outbreak, officials said Tuesday. Residents at St. Joseph's Senior Home are being reassigned to another assisted living facility after several workers are home with influenza-like symptoms and several residents tested positive for coronavirus, state Health Commissioner Judy Persichilli said. Officials have been monitoring the facility since Friday, and working with Catholic sisters who run it for an orderly transition. The center "has cared for the our most vulnerable population in Woodbridge and surrounding ar…

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by Jon Craig