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Saturday, feb 1
Tag:
Real Estate Development
Real Estate
Inside Ora: Brand-New Hackensack Mixed-Use Building Nearly Ready To Start Leasing
Hackensack’s downtown renaissance continues with the grand opening of Ora. The stunning 270-unit mixed-use community at 321 Main St. will soon offer luxury studio, one, and two-bedroom units. Executives from The Hampshire Companies, along with project partners Russo Development and Riverbank Management LLC, were joined by Hackensack Mayor John Labrosse and Deputy Mayor Kathleen Canestrino for the ribbon-cutting ceremony last month. Ora stands seven stories tall at the intersection of Main and Berry streets, the former site of Oritani Bank, and is managed by Russo Property Management.…
Politics
Meet Andy Kim, Curtis Bashaw: NJ Politicians Vying For Menendez's Former Seat
Rep. Andy Kim, D-NJ and Curtis Bashaw, a business owner, are running for Sen. Bob Menendez's old senate seat after the disgraced senator resigned following his conviction on felony corruption charges. Here's a little bit about the two candidates: Kim has represented New Jersey's 3rd congressional district since 2019. He jumped into the race upon Menendez's indictment and fended off a challenge from First Lady Tammy Murphy, whose campaign struggled, forcing her to drop out before the primary. Kim's lasting impact in the race may be upending New Jersey's controversial "line" system. A j…
News
NJ Real Estate Developer Fred Daibes Pleads Guilty To Bank Fraud
Fred Daibes, a 67-year-old real estate developer previously convicted of bribing disgraced New Jersey Sen. Bob Menendez, pleaded guilty to bank fraud on Thursday, Sept, 5, authorities said. The former CEO and chairman of the board of directors at Mariner's Bank pleaded guilty in Newark federal court to making false entries in connection with a $1.8 million loan from his bank in 2008, US Attorney Phillip Sellinger said. Daibes said the line of credit was for someone else, when it was actually for his benefit, Sellinger said. The loan said the source of repayment would be from the p…
Real Estate
Luxury Hotel Replacing 3 Motels In Jersey Shore Borough Long-Reputed As Party Town
A Jersey Shore town that gained a reputation for being one of the best places to party while down the shore is getting a rebrand. And it's in part due to a luxury hotel set to replace three of the motels in Seaside Heights that haven't exactly been helping the family-friendly atmosphere. In a 6-0 vote last month, Seaside Heights council members approved the designation of a Boston-based redeveloper for the hotel, to be built on the Lincoln Avenue and Ocean Terrace lots where Dry Dock, Glendale, and Surfside motels currently stand. The firm, 6M Development, shared a brief description of the…
News
Ex-Deputy Mayor Of Newark Admits Taking $25K Bribe In Restaurant Bathroom: Feds
Carmelo Garcia, who previously served as deputy mayor of Newark and one term in the state General Assembly, admitted to taking $25,000 in bribes, federal authorities said. Garcia, 49, pleaded guilty to conspiring with two Newark business owners to obtain corrupt payments intended to influence and reward him for assisting them with the acquisition and redevelopment of various city-owned properties while serving on the Newark Department Economic and Housing Development, U.S. Attorney Philip Sellinger said. Between 2017 and 2019, Garcia sought and received significant mone…
News
Long-Vacant North Jersey Movie Theater Finally Getting Its Happily Ever-After
After several years of vacancy, a Montclair movie theater will soon be brought back to life. The Tudor-style Bellevue Theater in Upper Montclair has sat vacant since the prior operator's lease ended 2017, but at a meeting on Monday, June 10, redevelopment plans were unanimously approved. Bellevue Theater in Montclair. Google Maps The plans call for transitioning one of the four theaters into retail, there by connecting Upper Montclair Plaza to the retail of Bellevue, "a great win for all," said a spokesperson for RHG Architects + Design, who are working on the project. The…
Business
Popeyes, Arby's Replace Former NJ Supermarket, 'Huge Crowd' Expected
Fast food fans in Warren County have waited long enough. A Popeyes and an Arby's are opening at 680 Memorial Pkwy. in Phillipsburg, at the site of a former Ahart supermarket. The Popeyes will be hosting a ribbon cutting ceremony on Friday, Jan. 12 at 4 p.m. while the Arby's will be opening on Tuesday, Jan. 16. Zach Liptak, owner of Phillipsburg-based ZRL Real Estate and Construction oversaw the project, which began in June 2022 when the original supermarket was torn down. Construction began last August and Liptak said they got the okay to open at 10 a.m. Friday morning. "I cannot tell you …
Business
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 …
Business
North Jersey Sheraton Hotel Closes After Nearly 40 Years
The last guests have checked out. The Sheraton Hotel in Mahwah, which opened in 1986, officially shut its doors on Thursday, Dec.14, to be replaced by two warehouses at the 1 International Blvd. site. The 22-story hotel was the tallest structure in the township. "It's been a big part of our town for 37 years," Mayor Jim Wysocki said. "I was here when it was built. It was part of our family." The Sheraton employed many residents while also being the go-to spot for parties and weddings, Wysocki said. "It was a major part of our township," Wysocki said. "It's going to be tough."…
News
$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…
Real Estate
Historic Jersey City Matzo, Tea Factories Redeveloped In $121.5 Million Deal (
Photos
)
A luxury home developer is partnering with a New York City company to develop a Jersey City condominium community located in an area formerly home to the historic Manischewitz matzo factory and Great Atlantic and Pacific Tea Company warehouse. Toll Brothers and Sculptor Capital Management will be developing the 34-story 259-unit building at 151 Bay St., in Jersey City. Located within the Powerhouse Arts District in Jersey City, 151 Bay St. is being financed through a $121.5 million construction loan from Wells Fargo. The development will consist of 259 studio- to three-b…
Police & Fire
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…
Real Estate
Overhaul Of Newark's Iconic Hahne & Co. Complete
A historic upscale department store that had been shuttered for years in Newark has been fully redeveloped. The Hahne & Co. building at 50 Halsey St., was recently transformed into a mixed-use complex complete with restaurants, retail and residential units. The building recently signed KBG Korean BBQ & Grill as its last tenant. The entire development includes 160 units (including 65 affordable housing), a Barnes & Noble, Whole Foods, eateries including Ani Ramen, an Urgent Care and more. It's operated by Rutgers University-Newark, and was transformed…
Police & Fire
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 “…
Real Estate
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…
Real Estate
More Luxury Apartments, Retail Space Coming To Downtown Hackensack
Construction is underway in Hackensack for a highly-anticipated 14-story residential and retail building. The Brick on Main Street, developed by Enburg Group, is just one part of the ongoing revitalization of the downtown area. The Brick features 379 luxury apartments with garage parking and an estimated 8,000 square feet in retail space, located between 150 and 170 Main St. Most recently, progress has been made on the structure’s 14th floor. “The 14th-floor structure is almost complete and interior rough framing is ongoing throughout,” Contract and Document Controller Emily Schmitt …
Real Estate
Iconic Hoboken Diner May Be Demolished, Rebuilt As Part Of Development: Report
For generations the Malibu Diner on 14th Street in Hoboken served as its unofficial gateway, especially to those who streamed in from throughout New Jersey to sample the square-mile-city's famed nightlife. Now, big changes may be afoot for the iconic eatery, which has been in business under various names since the early 1940s. The owners of the small plot where the diner and a 25-space parking lot now sit have submitted plans to demolish it and replace it with a mixed-use development, Jersey Digs reported Wednesday. The diner would be "reinstalled" on the ground floor of …
News
Controversial Montclair Megamansion Plan Withdrawn: Reports
A proposal before the Montclair Zoning Board for a 60,000-square-foot estate on land that would be cleared of existing homes was pulled, according to multiple published reports. During the board's meeting Wednesday, officials announced that plans for Lloyd Estate had been withdrawn but could be resubmitted later. Several residents were expected to comment on the controversial development, slated for a large parcel near Eagle Rock Reservation. The mansion would reportedly be built for tech billionaire Melih Abdulhayoglu, CEO and founder of cybersecurity company Comodo. The m…
News
Proposed Mega Mansion Causes Controversy In Montclair
A 60,000-square-foot mega mansion is causing controversy in Montclair -- and it hasn't even been fully approved yet. The owner of the proposed Lloyd Estate, rumored to be Melih Abdulhayoglu, CEO and founder of cybersecurity company Comodo, had two homes demolished at on 14 Undercliff Road and 172 Lloyd Road to make way for his dream home, NJ.com reports. But now, he's seeking approval from the Zoning Board of Adjustment to build the house toward the rear of the property and closer to Eagle Rock Reservation. Plans for the house recently filed with the Township include a billiard r…
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
$10.3M Loan Will Fund Massive Self-Storage Center Across From Garden State Plaza
A self-storage facility is going up at the former AT&T data center in Rochelle Park. Tulfra Real Estate -- a local real estate redevelopment company -- announced a $10.3 million construction loan for the Passaic Street facility, funded by First Bank in Hamilton. Proceeds from the loan will be used to construct a 100,000-square-foot, 823-unit self-storage facility on approximately two acres of a larger mixed-use site, which has been rebranded as Village Center of Rochelle Park. The 7.5-acre site is currently home to a two-story, 55,000-square-foot concrete building. The new self-stor…
Real Estate
Nearly 250 Housing Units Proposed For River Vale Golf Course
The Edgewood Country Club in River Vale could soon be redeveloped, paving the way for 249 housing units. If approved by the Joint Planning Board Thursday, the 27-hole golf course would be reduced to 18 holes -- 24 of which would fulfill River Vale's affordable-housing requirement by the state. The remaining 225 units would be 193, three-bedroom townhouses and 32, two- and three-bedroom quadplex units. Those homes have an anticipated market value of between $800,000 and $1 million, according to the applicant, The Fairways at Edgewood, c/o Woodmont Properties. Concerns from …
Real Estate
Pair Of Hackensack Apartments Sell For $11.5M
Two Hackensack apartments were sold to a real estate developer for $11.5 million, NorthJersey.com reports. Located at 265-275 Beech Street, the brick buildings were sold off-market by Prospect Avenue 1 LLC to Stonegate. Each building has 37 one-bedroom units and 2 two bedroom units with on-site parking. Renovations are expected, the article says.
Real Estate
Brand New Apartments Coming To Hackensack After $7.45M Sale Of Warehouse
Two adjoining Hackensack properties will soon be redeveloped into an apartment building as the result of the $7.45 million sale negotiation. The two 372,000-square-foot properties at 437-439 and 445-451 Main Street -- most recently an office and warehouse for Holman Moving Systems -- will become a a four-story apartment building with 235 units. Alexander Anderson Real Estate Group negotiated the sale and represented both the seller, Holman Realty Associates and the buyer, Waypoint Residential. The transaction represents Waypoint’s first mid-rise, multifamily, residential development in N…
News
Lawmaker: NJ Probes Pumping Into Stream From Mahwah/USR Construction Site
UPPER SADDLE RIVER, N.J. – State environmental authorities on Monday will investigate the pumping of muddy water into a stream from a luxury-housing construction site at the former Apple Ridge Country Club in northwest Bergen County, state Assemblywoman Holly Schepisi said. ****** UPDATE: Following the release of a video by a concerned citizen, pressure from a state assemblywoman and coverage from Daily Voice, Bergen County authorities have ordered builders to stop pumping muddy water into a nearby stream from a site slated for dozens of luxury homes in Upper Saddle River and Mahwah. https…
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