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Real Estate Development

Business
NJ Mall Is Getting Major Overhaul Complete With Luxury Apartments, Outdoor Entertainment Space NJ Mall Is Getting Major Overhaul Complete With Luxury Apartments, Outdoor Entertainment Space
NJ Mall Is Getting Major Overhaul Complete With Luxury Apartments, Outdoor Entertainment Space A major redevelopment of Monmouth Mall is about to begin, transforming the shopping center into luxury apartments, new retail options, and a town center. The developer, Kushner — with headquarters in Florham Park and New York City — is planning to convert the 64-year-old mall on Route 35 in Eatontown into a large attraction called Monmouth Square.  Kushner's chief development officer Michael Sommer said the redevelopment will turn the mall inside out by tearing down indoor halls to create an open-air concept, with demolition set to begin in March. The intent is to …

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by Chris Spiker & Cecilia Levine
News
$2.7B Project Will Turn Old Atlantic City Airport Into Formula 1 Racetrack $2.7B Project Will Turn Old Atlantic City Airport Into Formula 1 Racetrack
$2.7B Project Will Turn Old Atlantic City Airport Into Formula 1 Racetrack A $2.7 billion development project is set to turn an old Atlantic City airport into a Formula 1 racetrack with condos and stores, officials said. Atlantic City Council gave the go-ahead, by an 8-0 vote, to the project to redevelop Bader Field during a meeting on Wednesday, March 22. Mayor Marty Small Sr. held a ceremony to sign the Memorandum of Understanding with the project's developer, DEEM Enterprises LLC, at Bader Field on Thursday, March 23. "Not only is it a great day, it's a historic day," Small said. "This has been a long time coming." It will give taxpayers relief, and redu…

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by Jon Craig
News
Atlantic Club Casino To Be Developed Into Luxury Condominiums: Reports Atlantic Club Casino To Be Developed Into Luxury Condominiums: Reports
Atlantic Club Casino To Be Developed Into Luxury Condominiums: Reports A vacant property previously known as a popular boardwalk hotel will be developed into luxury condominiums, NJ Advance Media reports. Rocco Sebastiani, the president of Colosseo Atlantic City Inc. — the New York investment and construction firm that owns the Boardwalk property— told the outlet that plans to convert the former casino at 3400 Pacific Ave. into high-priced residences are in motion. Last known as the Atlantic Club Casino Hotel, the popular boardwalk destination shuttered more than eight years ago. The property has eight current tax liens against it, Atlantic City spokesperson …

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by Jon Craig
Police & Fire
NY Developer Agrees To Pay $670K In Liens, Taxes In Burlington County: Prosecutor NY Developer Agrees To Pay $670K In Liens, Taxes In Burlington County: Prosecutor
NY Developer Agrees To Pay $670K In Liens, Taxes In Burlington County: Prosecutor A NY developer's five-year prison sentence has been suspended in exchange for paying off $670,000 in liens and unpaid taxes in Burlington County. The payments came in conjunction with the sentencing on Wednesday, April 6 of Raphael S. Weiss, 61, of Brooklyn, on charges of forgery and computer-related activity in exchange for a suspended five-year prison sentence, according to Burlington County Prosecutor Scott Coffina. The developer purchased a historic Riverside Township commercial building to create luxury apartments. He has transferred ownership of the property under his sentencing agree…

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by Jon Craig
Business
South Jersey Realtor, Ex-NFL Player Files Federal Discrimination Lawsuit Against Town Officials South Jersey Realtor, Ex-NFL Player Files Federal Discrimination Lawsuit Against Town Officials
South Jersey Realtor, Ex-nfl Player Files Federal Discrimination Lawsuit Against Town Officials A black real estate developer in Burlington County has filed a lawsuit alleging former township officials discriminated against him and often called him by racist and other derogatory terms. Kevin Johnson, a former NFL player, filed the federal legal action last week against Bordentown Township, according to NJ Advance Media. Defendants include ex-Police Chief Frank Nucera, who also served as township administrator from 2010 to 2017 and was involved in development decisions. Johnson’s lawsuit claims that other developers were given smoother approvals and much more lenient building decision…

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by Jon Craig
Police & Fire
Longtime Hudson County Political Fixer Tied To JC Mayor Indicted By Federal Grand Jury Longtime Hudson County Political Fixer Tied To JC Mayor Indicted By Federal Grand Jury
Longtime Hudson County Political Fixer Tied To JC Mayor Indicted By Federal Grand Jury A federal grand jury returned an indictment Tuesday against a former political operative from Hudson County who’s accused of evading taxes on payments from builders and developers to expedite their projects, among other crimes. Thomas “Tommy” Bertoli, 62, a North Bergen native now living in Matawan, has worked political campaigns throughout the state for more than 40 years -- among them, Jersey City Mayor Steve Fulop’s successful 2005 council run and victorious 2013 mayoral campaign. Federal authorities zeroed in on the Bertoli’s dealings with builders and developers through several of…

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by Jerry DeMarco
Police & Fire
Feds Charge Longtime Hudson County Political Fixer Tied To JC Mayor With Tax Evasion Feds Charge Longtime Hudson County Political Fixer Tied To JC Mayor With Tax Evasion
Feds Charge Longtime Hudson County Political Fixer Tied To JC Mayor With Tax Evasion A former rough-and-tumble political operative from Hudson County who helped run campaigns for Jersey City Mayor Steve Fulop, among others, was arrested Wednesday by federal agents who charged him with evading taxes on payments from builders and developers to expedite their projects. Thomas “Tommy” Bertoli, 62, a North Bergen native now living in Matawan, has worked political campaigns throughout the state for more than 40 years – among them, Fulop’s successful 2005 council run and victorious 2013 mayoral campaign – after starting out as a street organizer. Bertoli, who earned the nickname “…

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by Jerry DeMarco
Real Estate
Jersey City Moves Forward With Largest Mixed-Income Development Site In Tri-State Area Jersey City Moves Forward With Largest Mixed-Income Development Site In Tri-State Area
Jersey City Moves Forward With Largest Mixed-Income Development Site In Tri-State Area The first phase of the redevelopment plan for Jersey City's Bayfront property -- the largest mixed-income development site in the region -- was announced Tuesday amid the coronavirus pandemic. The Bayfront Redevelopment Plan will transform the once contaminated site along the Hackensack Riverfront into the centerpiece of the West Side revitalization, Innovate JC said in a release.  Jersey City expects to break ground on Bayfront's infrastructure work in the fall. Phase one consists of the development of four parcels within the area upon which a total of 1,092 units will be built in mu…

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by Cecilia Levine