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Saturday, apr 27
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Saturday, apr 27
Tag:
Commercial Real Estate
Business
$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…
News
Sale
Pending
: Toby's Cup In Phillipsburg Will Soon Have New Owners
Sales are pending for Toby’s Cup, a small and beloved hot dog stand in Phillipsburg. The family-run shack that opened back in the 1940s on Route 22 will soon be under new ownership, LehighValleyLive reports. The buyer is 37-year-old Livingston (Essex County) native Daniel Risis, who reports say owns a successful pawnshop business in the Garden State and is the “driving force” behind an up-and-coming flea market outlet in Phillipsburg. The sale of Toby’s Cup includes the stand itself along with the surrounding area on Route 22 in Lopatcong Township, reports say. The sale price has not been…
News
'Secret Double Life' Clifton Dad Calls Boozy NYC Sex-Party Story Smear Campaign
It seems more than coincidence to Avraham Adler of Clifton that in the week between the Jewish new year and Day of Atonement, a news report was published claiming he led a secret double life. The New York Post story describes noisy, booze-filled orgies at a townhouse that Adler owns in the East Village. It also paints two entirely different pictures of Adler: One is as a devout Jewish father of three -- with a fourth on the way -- and the other a sex-crazed bachelor. Adler says the story is "just a shmear[sic] campaign [by the New York Post] to gain attention" and "gossip to draw attentio…
Real Estate
End Of An Era: Industrial Clifton Condominium Sold To Food Distributer
The final industrial condominium in a 70,000-square-foot Clifton property redeveloped by Tulfra Real Estate has been sold to a food distributor. The 13,108-square-foot condominium located at 700 Route 46 was sold for an undisclosed amount to Agri Exotic Trading Inc. -- which distributes food to hotels, restaurants, and caterers throughout the tri-state area. The sale was facilitated by Larry Lerman of Lerman Sanders Realty. The 5.3-acre property was purchased by Tulfra Real Estate with a vision to modernize a once-productive property that had since fallen into an idle state. …
Business
Paramus Toys 'R' Us Landlord Wants Lease Blocked From Raymour & Flanigan
Not so fast, Raymour & Flanigan. Less than two weeks after the furniture store bid $1.3 to take over the lease of the Route 4 east Toys R Us store in Paramus, the building's landlord has asked Bankruptcy Court to block the sale, NorthJersey.com reports. Property owner N.T. Hegeman Co., Ltd., cites a provision in the 46-year-old building lease prohibiting assigning the lease to furniture stores, the article says. Prior to the request, the Paramus store was among the 20 on the auction block in the U.S. that received winning bids from someone other than their own landlords, according to a…
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