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Mortgage Fraud: NJ Developer, Attorney Admit Swindling Lenders Out Of $3.5M
A New Jersey real estate developer and a lawyer admitted running a multi-layered mortgage fraud that cost banks more than $3.5 million in losses, federal authorities said.
Developer Victor Santos, 63, of Watchung, paid stand-in "straw" buyers $5,000 each to first purchase a dozen properties in Newark and then secure tenants to lease them, U.S. Attorney Philip R. Sellinger said.
A group of conspirators including him and attorney Fausto Simoes, 69, of Millington, covered the costs -- including fees and mortgage payments, the U.S. attorney said.
"Santos, Simoes, and others also caused the sub…
7-Eleven Selling These 18 New Jersey Locations
7-Eleven Inc. is looking to sell or lease 73 of its stores, 18 of which are in New Jersey.
NRC Realty & Capital Advisors LLC is helping with the process, having posted a list of all of the sites along with a bid deadline of Tuesday, Nov. 1.
Some of the stores are some of the 3,800 Speedway stores that 7-Eleven purchased in May 2021.
The New Jersey stores touting for sale signs are:
Colonia, Saint Georges Avenue
Scotch Plains, Park Avenue
Newark, Broad Street
Newark, Market Street
Newark, Ferry Street
Butler, Route 23
Elmwood Park, Broadway
Holmdel, Route 35
Hackettstown, Main Street…
NJ City Is America's Most Expensive Place For Renters, Website Says
How much would you pay to wake up to views of the New York City skyline every day?
Hopefully your answer is around $5,500, because that's how much you'd need just to rent in Jersey City. According to Rent.com, Jersey City is the most expensive city for renters in America. That's about $500 more than the average Manhattan rental.
"Jersey City, just across the Hudson from Manhattan, logged the highest rent in the U.S for this survey period," the website said.
The average monthly rent in Jersey City shot up from $3,308 in 2021 to $5,500 this year — that's a 66.25 percent increase, …
