Author Topic: Hackensack Real Estate News Thread  (Read 64229 times)

Offline irons35

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Re: Hackensack Real Estate News Thread
« Reply #45 on: February 19, 2008, 10:23:32 PM »
yes it is.

Offline Editor

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Offline just watching

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Re: Hackensack Real Estate News Thread
« Reply #48 on: October 13, 2008, 09:59:50 AM »
Two adjacent mansions on Summit Avenue are for sale. The asking prices are 1.2 and 1.3 million dollars. 

The houses are owned by Hackensack activist and millionairre Joseph Pizza, who now splits his time between his homes in Franklin Lakes, Manhattan, and Florida.  The houses were joined together by Pizza in the early 1990's, but he recently disassembled the central atrium connecting the houses, so that they can be sold seperately.  The smaller of the two houses sits on 2/3 acre, and has an in-ground swimming pool that has been filled with dirt and rocks but could easily be restored. The northern house sits on a larger lot, and has an inground swimming pool and a large carriage house.  A house directly across Summit Ave recently sold for $1.25 million.

There was an open house yesterday, attended by well over 100 visitors.  The houses are amazing inside.  The southern house converted half the first floor into a combination kitchen/dining area with an attached bar and entertainment area.  Pizza says it was a $500,000 makover, which was completed around 2004.

Joseph Pizza was very active on Zoning issues in 1988-1989, and was instrumental in keeping multi-unit development off of the estate row on Summit Ave, or anywhere nearby. He also led the recall effort against Mayor Fred Cerbo in 1988 (June, July, August), which was denied in court because of a legal technicality - the petitioners didn't use scrolls. Scrolls !!!!  Nevertheless the administration was so discredited by the massive recall effort that 3 of the 5 sitting council members didn't even run for re-election in 1989. During the recall, Pizza simultaneously paid for one of the two legal teams representing residents organized in opposition to the planned condo development in Borg's Woods, which was heard by the Zoning Board from June through November of 1988.  Pizza's show of force was enough to persuade local real estate tycoon Robert Brower (no relation to Michael Brower) from proceeding with his plans to build a high-rise on Summit Ave, west side near Ross Ave. Brower's plans briefly made headlines in The Record around December 1988. What happened to the Brower estate?  The rear one-third of the Brower estate was added to the Borg's Woods Nature Preserve in 1995, and the two-thirds along Summit Avenue was expanded by a subsequent owner. That's the house with the circle driveway ringed with tulips. It's fair to say that without Joseph Pizza, Hackensack's estate row would have been broken up and redeveloped for multi-unit usage.

Pizza was also co-chairman of the Clean Sweep Campaign, which successfully put the administration of John F. "Jack" Zisa into power in 1989. He declined to accept a seat on the ticket, saying that he's busy running his business and has no desire for personal political gain.  Some would say that he'd rather be the king-maker than the king. Pizza proposed that the city create an Economic Development Commission, and served as one of it's Commissioners for many years.  His dream of establishing large areas of redevelopment were stymied by the other members of the board, who represented major interests in Hackensack and wanted to take a more low-key approach.  Nevertheless, Pizza's vision of redeveloping large industrial areas helped to forge a political consensus in Hackensack to move in this direction.  New developments include Target, the Price Club (Now Costco), and the Shop Rite complex.  The Economic Development Commission proved ineffective on improving Main Street and was replaced with the current BID (North Main Street Business Improvement District).

Offline Editor

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Re: Hackensack Real Estate News Thread
« Reply #49 on: November 17, 2010, 07:38:37 PM »
Approval sought for store on site of former gas station
Wednesday, November 17, 2010
BY MONSY ALVARADO
The Record
STAFF WRITER

HACKENSACK — An abandoned gasoline station on River Street could soon be home to new fuel pumps.

The Board of Adjustment has begun hearing an application to bring a gasoline station and convenience store to the intersection of River and East Kennedy streets.

The applicant wants to demolish existing structures on the 0.31-acre property and construct a convenience store, as well as five fuel pumps.

Satnam Singh, owner of S&G Oil Inc. of Palisades Park, the applicant, said Tuesday that he is revising plans for the board's Dec. 15 meeting. Singh said he is going to reduce the size and alter the aesthetics of the building after listening to the board's concerns last week. Initially, the convenience store was to be 1,225 square feet.

Singh said he doesn't know what brand of gasoline will be sold if he receives approval, but he said it will likely be Sunoco or Exxon. He is aiming to have the gasoline station operating by the summer.

"The property doesn't look good now, and we are going to clean it up and make it nice,'' Singh said.

The parcel, which is bound by commercial properties, has been non-operational for several years, city officials said. The city placed the property on its abandoned properties list in 2006, because officials determined that it had not been occupied for a period of at least six months, and no rehabilitation work had been done on the property.

S&G Oil bought the land in September 2009 for $543,000, according to property records. Singh said he began to put plans together for the new gasoline station after he bought the property.

"That's why I bought the property,'' he said. "People use that road to commute to the highways, and there aren't that many gas stations along the way. I thought it would be a good location."

E-mail: alvarado@northjersey.com

Offline just watching

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Re: Hackensack Real Estate News Thread
« Reply #50 on: November 17, 2010, 08:44:37 PM »
Smart man.  That's an excellent location and there aren't competitors along the street.  Whatever happened to the BP that was supposed to be built on the old Puntasecca property, next to Costco

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Re: Hackensack Real Estate News Thread
« Reply #51 on: December 03, 2010, 09:08:06 AM »
Developer to give Hackensack $1M for affordable-housing fund
Friday, December 3, 2010
BY MONSY ALVARADO
The Record
STAFF WRITER

The state Council on Affordable Housing is responsible for establishing and monitoring municipal affordable housing obligations.

HACKENSACK — The city will receive $1 million to rehabilitate housing under an agreement with a developer that has gotten approval to build 216 apartments on Hackensack Avenue.

The developer's agreement calls for AvalonBay Communities to make the contribution to an affordable housing trust fund, which the city is in the process of setting up, City Attorney Joseph Zisa said Thursday.

"We will be able to help a lot of people," he said.

The goal is to distribute the money to residents who cannot afford to upgrade their homes, such as getting a new roof or repairing a heating system, said Joseph Augustyn, a planner hired by the city to develop its affordable housing plan.

Augustyn, who works for other municipalities, said typically when an affordable housing trust fund is established the city's housing authority administers the money.

Zisa said the procedures on how homeowners can apply for the money and who will be approving applications is still being finalized.

AvalonBay received approval from the city Planning Board in September to build two mid-rise residential buildings on the site of the Best Western Oritani Hotel. The developer plans to demolish the hotel and a Japanese restaurant on the site to make room for the project.

Although the project received approval, AvalonBay had to ask the City Council to waive its obligation to include affordable housing apartments as part of the development. The Planning Board did not have jurisdiction to decide on that matter. The council approved the developer's agreement last week.

The 4.2-acre parcel where the project is planned is zoned for housing, but requires that at least 15 percent of the units built be affordable housing, according to testimony at the Planning Board hearing. AvalonBay Communities Inc. wants to build luxury rentals.

Ronald Ladell, vice president of development for AvalonBay Communities Inc. in Woodbridge, did not immediately return a call for comment.

The state Council on Affordable Housing is responsible for establishing and monitoring municipal affordable housing obligations. Hackensack is required to have 567 units of such housing, but Augustyn said that the city already has 427 boarding houses, 243 supportive and special-needs housing, and 504 public housing units that should be counted as part of the city's obligation.

"We far exceed what COAH has assigned," he said.

Augustyn said the city plans to submit an application to COAH and ask it to include those existing units toward the city's obligation.

E-mail: alvarado@northjersey.com

Offline just watching

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Re: Hackensack Real Estate News Thread
« Reply #52 on: December 04, 2010, 07:22:29 PM »

I am not sure that the proposed methold of distributing the $1.0 million is the best use of the money.  It's not a bad use, just not meeting the greatest need.

There are existing privately-owned SUBSTANDARD housing units that are already occupied entirely by families that qualify as "affordable".  These apartment buildings need renovation.  For instance, the two 5-story buildings at the SW corner of Beech and Second Streets; the conditions inside are appalling. Those buildings were built in the 1920's.

These entire buildings (and others) could be upgraded and then sold off as "affordable housing" condominiums. The socio-economic status of the buildings would actually be a higher level than what is there, we'd go from low-income rental to low-moderate income owner occupied, that's a step up.  And the city would be rid of deteriorated housing stock.  Existing deterioration includes lead paint issues, substandard electrical, old black pipe prone to bursts, other leaking plumbing, hideous bathrooms and kitchens, wood floors damaged by leaking plumbing associated with heating system, really old elevators.  Need I go on ????  The entire buildings are structurally sound, but should be gutted and rehabilitated. It will certainly cost more than $1.0 million.  But other developers have pledged money to the city's affordable housing fund, so there should be a pot of money

How to acquire them.  That's the easy part, it's called eminent domain, and in case anyone is wondering, it absolutely CAN be used for affordable housing purposes. I have no sympathies for the owner (Nigito Realty), they are a notorious operation with many substandard buildings and no desire to sell off or rehab any other them.  I think the city should make this a priority. If it is possible to acquire monies from other municipalities looking to sell off their affordable housing obligations, let's do that too.  This is how affordable housing should be done in Hackensack.

Offline Editor

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Re: Hackensack Real Estate News Thread
« Reply #53 on: June 27, 2011, 11:45:22 AM »
Hackensack clears way for 7-Eleven near Routes 17, 80
Saturday, June 25, 2011
The Record

HACKENSACK — A 7-Eleven convenience store will be built on Polifly Road, near Routes 17 and 80.

The city’s Board of Adjustment approved construction of the 3,010-square-foot convenience store earlier this month after hearing testimony from various experts, including those specializing in traffic. The applicant will return next month with updated plans that will include changes that the board requested to the proposed building’s façade, Al Borelli, the city’s zoning officer, said this week.

The 0.55-acre property was last occupied by an Exxon service station that has since been demolished. The vacant parcel, consisting of several lots, is located in a residential and office zone, which does not permit convenience stores. The applicant had requested a use variance and site-plan approval, according to documents submitted to the city.

The property has been vacant for several years, and in 2006 it landed on the city’s list of abandoned properties.

— Monsy Alvarado

Offline hankmc

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Re: Hackensack Real Estate News Thread
« Reply #54 on: June 27, 2011, 06:40:14 PM »
There is always room for one more 7-11 especially if it's near the Stony Hill Inn.

The politicos can pick up that quart of milk the little women asked them to bring home after a power lunch on the taxpayers. ;D

Offline just watching

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Re: Hackensack Real Estate News Thread
« Reply #55 on: February 09, 2012, 10:53:46 AM »

Check out this quote from the Record on the redevelopment of 16 acres of land in Fort Lee:

"The two projects would be a major financial boon for the borough, officials said. The Center at Fort Lee would add more than 900 rental units to the housing market and generate about $3.1 million in surplus taxes annually for the borough and $3.6 million in surplus for the school district, according to a fiscal report commissioned by the developer. Once the western half is built, the mayor said that he anticipates the total annual tax revenue for the borough to exceed $10 million."

Hackensack has the vacant campus of The Record. That's about 30 acres.  Imagine how much excess tax revenues would be generated if that was redeveloped in the right way.  There's also a sign on South River Street advertising the old Fuji Photo property for sale, I can't remember the size, but it's over 10 acres. The old Ford-Mazda property is 7 acres. 

Hackensack needs to get serious about attracting in developers, and building in parts of the city where development is not going to be a neighborhood concern.  This would help to stabilize the city's tax base, and reduce taxes for homeowners

Offline just watching

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Re: Hackensack Real Estate News Thread
« Reply #56 on: February 26, 2012, 05:03:54 PM »
I feel it is most appropriate to post this here. Evidently a deal is in the works to redevelop The Record property, for a Walmart.

http://eyeontherecord.blogspot.com/2011/06/is-walmart-coming-to-hackensack.html

I would like to see the city's Planning Board, in conjunction with the city council, designate a Planned Use Development (PUD) for the old Record campus.  This is possibly the largest property that will ever be redeveloped in the City of Hackensack, and some control needs to be exercized.  There are environmental issues (waterfront walkway), and historic issues (USS Ling), and proximity to mass transit.  All of this calls for planned development.

IF there was ever a need for planned development, this would be it. Something on the scale of what exists along the Edgewater or even JC waterfront is needed here.  Something big, mixed use, with housing, retail, and office.

Not just another big-box store, and especially not a Walmart.  This is the "gold coast" of downtown Hackensack. Are we going to sit by and have this property wasted on a Walmart ????

Editor's Note: Due to a database error, I had to restart this thread.  This topic was "viewed" 4300 times.  Now, the count will start over.  Sorry for any inconvenience.
« Last Edit: May 14, 2012, 07:55:23 PM by Editor »

Offline Editor

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Re: Hackensack Real Estate News Thread
« Reply #57 on: July 30, 2012, 10:49:18 PM »
Continental Plaza in Hackensack sold in foreclosure auction
Monday, July 30, 2012    Last updated: Monday July 30, 2012, 3:50 PM
BY KATHLEEN LYNN
STAFF WRITER
The Record

Continental Plaza, the 40-year-old, three-building office complex in Hackensack, has been repossessed by its lender at a foreclosure auction to satisfy a $102 million mortgage.


MICHAEL KARAS/STAFF PHOTOGRAPHER
Continental Plaza, the 40-year-old, three-building office complex in Hackensack, has been repossessed by its lender at a foreclosure auction to satisfy a $102 million mortgage.

The foreclosure on the high-profile complex overlooking Route 4 reflects the challenges facing the office market in recent years as employers cut their staffs, pushing the state's unemployment rate to 9.6 percent and emptying out cubicle farms. North Jersey's offices have an overall vacancy rate of around 20 percent, according to commercial real estate brokerages.

Continental Plaza's lender, a JPMorgan Chase investment unit that bundled commercial mortgages, took possession of the property at a Bergen County sheriff's auction last month when no other bidders stepped forward.

Continental Plaza, which was built in the early 1970s, was purchased by a joint venture of Morgan Stanley and Normandy Real Estate Partners of Morristown in 2004 for $108.5 million. Normandy, which managed the property, spent $4 million in 2007 and 2008 to upgrade it with renovated lobbies, new landscaping and new pedestrian bridges connecting the buildings to the parking decks.

But Continental Plaza's owners were apparently unable to refinance the mortgage when it matured in 2009 — a time of much tighter credit.

"You're going to continue to see assets like this fall into default, because too much debt was put on them at the top of the market," said Dan Fasulo, managing director of Real Capital Analytics, a New York real estate research firm. Although the 2004 purchase was financed with a mortgage equal to 77 percent of the property's value, by 2009, commercial lenders were willing to lend only up to 60 percent of value, Fasulo said.

Normandy Partners said its policy is not to comment on transactions.

The 650,000-square-foot complex is about 30 percent empty, according to Blake Goodman of Newmark Knight Frank, the property's leasing agent. Asking rents are $26 per square foot, he said.

The three buildings, two of them 10 stories and one 12 stories, include tenants such as TGI Friday's, the federal Social Security Administration and Shubert Ticketing, the parent company of Telecharge.

Goodman said the new owner of the property, which is represented by LNR Property of Miami Beach, plans to hold it, at least for the short term. The new owner is improving the complex by replacing the elevators, repaving the parking deck and renovating upper lobbies. The property is on 12 acres overlooking Route 4 and Hackensack Avenue, across from the Shops at Riverside retail mall.

The office market has faced difficulties beyond the slow economy.

The need for office space has declined as more employees work from home. In addition, employers are cutting back the amount of office space they allot per worker.

Email: lynn@northjersey.com

Offline just watching

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Re: Hackensack Real Estate News Thread
« Reply #58 on: October 13, 2012, 08:16:28 AM »
Let's see what happens with all the plans to improve Main Street.  One thing for sure:  the population of office workers that the retailers and restaurants rely on is way down.  The big bank building at Main & Mercer is sitting empty, and IDT and The Record are gone.  The County moved its offices from Court Plaza to Hudson Street, and most of Court Plaza is still empty.  The neighborhood immediately to the west has improved dramatically and there is new multi-unit development, but this has not been enough to counter the losses regarding the office workers. We have the Upper Main Street Alliance promoting growth and prosperity, which makes a big difference.  Let's hope that the opening of the new Arts Center and our city officials' big plans for Main Street come to fruition. 

I would like to see some focus on the big bank building. If it cannot be restored to office use, perhaps it can be converted into high-end residential like the Eleven80 building in Newark. (1180 Raymond Blvd).

And let's make sure that The Record campus becomes something that will draw people into the downtown area. Some kind of big mixed use development, with some office, retail, and high-end residential.  Another strip center would be the worst thing, and the worst of the worst would be a WalMart that will compete with Main Street.

Offline Editor

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Re: Hackensack Real Estate News Thread
« Reply #59 on: January 31, 2013, 11:10:36 PM »
Simple Simon's to expand into former Hackensack bank branch
Thursday January 31, 2013, 3:48 PM
The Record

HACKENSACK - TD Bank has sold its 4,000-square-foot former branch and retail store at 341 Essex St. so an adjacent deli can expand, broker NAI James E. Hanson said Thursday.

The buyer, BP Holdings, bought the property in order to facilitate the expansion of Simple Simon's Market, a deli and liquor store that occupies an adjacent building.

NAI Hanson Vice President Anthony Cassano represented TD Bank and BP Holdings in the transaction.

Linda Moss