Hackensack, NJ Community Message Boards

General Category => Hackensack Discussion => Topic started by: ericmartindale on October 20, 2005, 01:43:28 PM

Title: Hackensack Real Estate News Thread
Post by: ericmartindale on October 20, 2005, 01:43:28 PM
STOP & SHOP EXPANSION APPROVED --- On Wed, Oct 19, the Planning Board approved a $12 million dollar expansion and renovation of Stop & Shop. A 15,433 square foot expansion will be built on the west side of the building, facing Lodi. As part of the modernization, wood and slate flooring will be lain down throughout the store, 50 skylights added, and the produce, health, beauty care, and floral department expanded. This is all in an effort to win over customers from Shop Rite. It will be an upscale supermarket, “like a Whole Foods”, they said.

I challenged them to complete the widening of West Pleasantview Avenue from Summit Ave to the supermarket access road, known unofficially as Pathmark Drive. When Grand Union was built, Grand Union paid to add a westbound lane on West Pleasantview approaching Summit, but that extension stop short of the supermarket access road, causing a severe bottleneck. More than 50% of the westbound traffic on West Pleasantview makes a right turn at Summit or goes straight. When the LEFT TURN lane backs up to the bottleneck point, you reach a point between the apartment buildings where all traffic westbound is in only one lane. This means traffic which intends to go straight or right completely ceases to flow, causing an immediate logjam of cars. This logjam will not budge an inch until the LEFT TURN traffic moves so that the “end” of the logjam passes east of the bottleneck point. Then there is two lanes, and traffic going right or straight can flow again. The timing of the traffic light is also an issue that increases this problem. The applicant’s traffic expert refused, on the record, to acknowledge that this problem would be increased by the store expansion. However they did say that the store currently has very few customers, the parking lot is largely empty, and they want to change all that by modernizing the store. The board debated this problem. Board members Chiusullo and Hurwitz won the debate, saying that people can simply use other exits when the traffic gets problematic. The board denied my request for the board to hire a traffic expert to study this issue, and bill it  to the applicant (which can be done). The application was approved. Mayor Townes said that if it becomes a problem, the tenants in the stores will pressure their landlords. Townes says taxpayer money won’t be used to solve the problem. He envisions that all the stores in the area, including Pathmark and Stop & Shop, will someday pool money together to solve this problem. Whether or not this scenario is realistic or pie-in-the-sky is up for debate. Chiusullo said that widening the 50-70 foot stretch of roadway by one lane could cost upwards of $250,000, and he didn’t think that Stop & Shop should foot the bill.

OTHER APPROVALS --- The Dunkin Donuts on Hackensack Avenue will be torn down and replaced with a new drive-thru Dunkin Donuts. The long-abandoned house at 363 Essex Street (near Prospect Ave) will be torn down. The stores on the corner will expand into that space, and add a few parking spots. The city recently passed an ordinance banning street parking on the south side of that block.

94 STATE STREET UPDATE --- The hearing for the condos at 94 State Street will continue on Nov 8. As a result of the board's comments in October, they reduced lot coverage from 80% to 58%, increased the number of below grade parking spaces, and added one story to the building. It's still 90 units, but 8 stories instead of 7. This is a handsome and architecturally distinguished building, mostly brick, and unsurpassed by any multi-unit complex in the city, including Prospect Avenue.

COL AMERICA REALTY --- The hearing for the proposed new headquarters for Col America Realty (242 River Street) will begin on Nov 9.
Title: Re: Hackensack Real Estate News Thread
Post by: ericmartindale on November 09, 2005, 11:57:28 PM
CITYVIEW CONDOS APPROVED --- On Wed, 11/9/2005, the Hackensack Planning Board approved 90 units at 95 State Street. The project, to be known as Cityview, consists of 3 levels of parking (one is below grade, one at grade, and one above grade), upon which there are to be 6 levels of condos.  The peak of the building is at 97 feet. 5 people spoke during public comment, all in favor. The units will probably start in the $400,000’s, all are 2-bedroom luxury units with large floor plans. The lobby has room for a doorman, but it is up to the condo association if they want to hire one.

I spoke in favor of the application, and compared it to the approval of the Whitehall on Prospect Avenue, which was the first large building on Prospect Ave. The is an equally historic event, and State Street may become the next Prospect Avenue. This will bring prosperity to Main Street as investors seek to open upscale stores and restaurants to serve all the new “buyers” who will be living in the neighborhood. “Where there is a buyer, there will always be a seller.”

The building will replace a large vacant lot, 2 run-down houses built prior to 1875, a drive-thru Bank of NY facility, and an Aamco transmission business.  The property runs the east side of State Street from Warren to Bergen. One of the old houses has an unsightly storefront where Robin Reilly runs a thrift shop. Her operation unofficially doubles as the Faith Foundation, a homeless advocacy operation. Reilly was not present at the hearings, and it is unknown where she will move her operation. Anywhere she goes she will need multiple variances, both for a thrift store to provide homeless services. Executive with the adjacent Carpenter’s labor union (on Bergen Street) testified against people hanging out and causing trouble on the vacant lot.

NEW AFFORDABLE HOUSING DISCUSSIONS --- Hackensack and every other city and town in NJ is subject to Round 3 of affordable housing regulations, per the Coalition on Affordable Housing (COAH). The Planning Board discussed how the city would handle the requirements. City Planner Michael Pessolamo said that all housing units built after 1/1/04 generate a 10% affordable housing requirement, and there is no way for any city or town in NJ to circumvent this requirement.  Mayor Townes, however, said the city has lately been discussing the impact with various consultants, and this has not been determined.  The two options on how developers may contribute are (a) “Build as you go” - require each developer to allocate 10% of the new units as affordable housing in each building as it is built, or (b) “Developer’s Contribution” - require each developer to contribute to a pot of money that can be used to renovate existing deteriorated housing in the city. The latter is much more applicable to Hackensack, and might conceivably include some holdings of Nigito Realty and other deteriorated rental buildings that could be renovated into owner-occupied affordable housing. Cityview said they will contribute, one way or another, towards the city’s affordable housing obligation. They prefer not to have the affordable units onsite.

COL AMERICA --- Planning Board hearing is postponed again, the applicant wants to build a handsome two-story office building, with landscaping and lots of parking to the rear, at the NE corner of River Street and Salem Street. A building is under demolition at this time, formerly a mini-blind and window-treatment store.

FUJI PHOTO REDEVELOPMENT ??? --- The sprawling Fuji photo factory on South River Street will be closed down, and all 167 workers laid off. This property is at least 5 acres and could be redeveloped for retail or condo use. Some discussions for a condo redevelopment have already happened between city officials and Fuji Photo.
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on January 09, 2006, 09:31:45 AM
Latest news:  City to tell owners of abandoned buildings: Fix it or lose it (http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjcxN2Y3dnFlZUVFeXkzJmZnYmVsN2Y3dnFlZUVFeXk2ODUyMjI0)
Title: Re: Hackensack Real Estate News Thread
Post by: ericmartindale on January 25, 2006, 10:43:09 PM
Here's what's new and noteworthy in terms of local real estate:

144 FAIRMOUNT AVE --- “Not a snowball’s chance in hell.”  That’s the talk around city hall regarding an application very recently filed to demolish a house on an oversized lot at 144 Fairmount Avenue and construct a 3-family dwelling.  The zone is R50 (formerly known as R1A). The zone allows single-family houses on 50 x 100 lots or larger. The applicant is Colonelli, a prominent local builder, and their attorney is Michael Napolitan. Although Napolitan is notorious for appearing before the boards and asking for the moon, one would think that Colonelli would be a little more politically astute. The Zoning Board of Adjustment, which is seriously backlogged with cell tower applications and other cases, has to go through the motions of hearing the case.

SUNNYSIDE TERRACE, 184 BERDAN PLACE --- Another pending case that doesn’t have a prayer is Sunnyside Terrace. Developers have a proposal to make townhouses on an absurdly gerrymandered lot between Berdan Place and James Street in the Carver Park district. The zoning there is R2, two-family houses only. Most of the proposed units have no street frontage and are proposed to be constructed behind and between the existing houses. The neighbors are up in arms, and they have been attending every hearing, dozens strong with their own attorney to object. The case has been partly heard, and then postponed for at least 8 months due to the case backlog and other issues. The applicant is making the dubious case that the neighborhood itself is totally obsolete and needs to be rebuilt with multi-unit dwellings. This has even further antagonized the community.

436 SUMMIT AVE / SE CORNER OF HAMILTON PLACE--- There’s an application to expand a house so that it will have a 3’10” side yard; this will allow a garage and second floor addition to be built with a driveway accessing Summit Ave. This plan will be altered at the request of the Zoning Board. The applicant, a professional dancer on Broadway, has submitted new plans for the garage which will not impact on the required side yard setback. Her new driveway will be accessed from Hamilton Place. The case is to be completed on February 15th.

588 SUMMIT AVE /  BETWEEN EUCLID AVE & ROSS AVE --- The board approved an application for a new homeowner to build an art gallery over his existing rear garage, which is 40 feet setback from the lot line. The art gallery will have a kitchen and bathroom, so technically it's a dwelling unit, and the board had a huge issue with that. He had to concede to deed restrictions that prevent it from ever being occupied as a housing unit. Also approved are his plans to complete a fence along Summit and Euclid Avenue. The fancy brick columns have been up for a year, now he can put the fence between them. This homeowner loves the beauty of Summit Ave, and that’s why he bought the house. He and his wife take great pleasure in investing several hundred thousand dollars to completely upgrade the estate, which was formerly the long-time residence of a professional artist, Mary Ortlip Krieger, who died several years back. She would be pleased, no doubt, to know another artist owns her house now. The zone there is R100, which is the city’s newly created estate zone (20,000 square foot lots at least 100 feet in width).

375 FIRST STREET --- The Zoning Board of Adjustment denied variances requested by the Martin Luther King Jr. Seniors Center to demolish a single-family house and construct a large multi-use complex housing a social hall on the first floor, six low-income apartments for seniors on the second floor, and 12 parking spaces for the entire project. The zone is R2. The non-profit organization is likely to file a Mt. Laurel lawsuit against the city. This would be the first such lawsuit ever filed.

BEECH & FIRST STREET PARKING TOWER--- An application is before the Zoning Board to build a parking tower at the SE corner of First and Beech Street, which will occupy almost the entire lot and will encase the existing Giovanni’s restaurant. The Board of Education has sent an attorney, Richard Salkin (former city attorney for 16 years), to object. They don’t want a parking tower next to the high school. The city has determined that a use variance is required. There’s talk of appealing any possible approval to the city council.  In 1989, the city passed an ordinance allowing use variances to be appealed to the city council, but it has only been done once.

VACATE WATER STREET --- The Planning Board approved a resolution to vacate Water Street from River Street to the river because it is included in the siteplan of an approved townhouse complex.  Removal of soil contamination is ongoing on this property, and the PSE&G property to the north. PSE&G is the cause of the contamination, they used to have a coal-fired facility there. Remediation has to be completed before any groundbreaking. It might be a year until groundbreaking. Nappa, which owns land hundreds of feet to the south, is preparing litigation to try and block the project. It’s just a petty feud between Nappa and Trobiano, but it’s going to cost taxpayers big bucks.. Once remediation is complete, PSE&G will likely subdivide their property east of River Street and sell their empty land for retail redevelopment.

JOHN STREET & RAILROAD AVE --- In January, the Planning Board approved demolition of an unsightly hundred year-old warehouse to construct a 3-story office building with a bank and a drive through. It’s very near Essex Street. That’s at the NE corner of the intersection, across John Street from Courthouse Auto Body.  Previously, a 5-story self-storage tower was approved for the site, but never built.

310-312 ELM AVE --- Stephen Pace seeks approval from the Planning Board to subdivide a lot and build a house almost right on the bank of Coles Brook. There is an existing lawn area there now. This is in the flood zone, and will probably require a Stream Encroachment Permit from the NJDEP. The zoning was changed in June, 2005 to R75, which is 10,000 square foot lots at least 75 feet in width. This was done specifically for stream corridor preservation issues in the vicinity of Fairmount and Elm Avenues. The proposed lot along Coles Brook would be 58 feet wide. Board Chairman Fernando Garip knows the situation regarding the last lot on Fairmount Avenue (the Oliveri application). After an 18 year struggle, the NJDEP did not approve a house due to stream encroachment issues. Only two houses were built instead of three on the extension of Fairmount Ave. It will be interesting to see how this applicant on Elm Ave will make a case that his lot, only a block away and much CLOSER to the brook, would not have the same issue.

BP GAS STATION – SOUTH RIVER STREET --- After a contentious hearing that ended a year ago, BP has not broken ground on the triangular Puntasecca contractor’s yard just south of Costco.  Time is running out, and they might have to go back to the Planning Board for a re-application. The city had originally sought the land for inclusion in the plan to relocate the County Police and other county facilities to the vicinity. The Puntasecca’s and their friends fought hard to get an approval for the BP, and took their complaints to the County Board of Chosen Freeholders on multiple occasions, forcing the County to back off from the acquisition plan. Now it looks like we’ll be stuck with the contractor yard there.
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on February 06, 2006, 09:55:05 AM
Related story:  Industrial real-estate market expected to tighten further (http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjcxN2Y3dnFlZUVFeXkyJmZnYmVsN2Y3dnFlZUVFeXk2ODcyNTk4)
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on February 07, 2006, 09:44:09 AM
Mixed-use projects won't combine business, pleasure (http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjczN2Y3dnFlZUVFeXkyOSZmZ2JlbDdmN3ZxZWVFRXl5Njg3MjMwNSZ5cmlyeTdmNzE3Zjd2cWVlRUV5eTI=)
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on February 17, 2006, 09:46:31 AM
This article is not Hackensack specific but still worth a look:

Build it, (housing) and they will come
(http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjcxN2Y3dnFlZUVFeXkyJmZnYmVsN2Y3dnFlZUVFeXk2ODgxMzEy)
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on April 05, 2006, 10:11:25 AM
Record Article: Housing goals unmet (http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjcxN2Y3dnFlZUVFeXkyJmZnYmVsN2Y3dnFlZUVFeXk2OTExNDEz)
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on May 11, 2006, 12:07:14 AM
Post and pictures from Eric Martindale:

Depiction of a 97-unit luxury townhouse project approved by the Planning Board on May 10, 2006 for the Mazda property on River Street across from Giant Market and the Oritani Field Club.  Units prices will vary from $600,000 along the street to $800,000 along the riverwalk.  The project's pool and clubhouse will approximately occupy the site where 5 firemen died in the 1988 Ford fire, thus ensuring that no units are themselves built on hallowed ground. This project is equivalent to expanding the border of Hackensack outwards to include 97 high-end single family houses. That can't be done, but we can build them within the city's borders. This ratable will be worth $65-$70 million, and will contribute SEVERAL MILLIONS dollars annually in tax revenues.  The developer has deep pockets and is already looking at other properties in Hackensack to build more units. Mazda intends to move to the site currently occupied by the defunct Fuji Photo factory.

(http://www.hackensacknow.com/images/Hohtanz1.jpg)

(http://www.hackensacknow.com/images/Hohtanz2.jpg)
Title: Re: Hackensack Real Estate News Thread
Post by: ericmartindale on May 11, 2006, 11:07:13 AM
NEW TOWNHOUSES AND THE MAY 8th FIRE WILL IMPROVE TEST SCORES AT THE FAIRMOUNT SCHOOL

A surge of luxury townhouse development within the boundaries of the Fairmount Elementary School is expected to have a positive impact on student test scores. In today’s society, there is a very strong correlation between student test scores and socioeconomic factors, specifically the PARENTS highest level of education, household income, and marital status. This is even more true now than it was in the 1930’s or 1950's. Although there are always exceptions, the long term statistical average is undeniable.

147 units of townhouses, all upscale in nature, have either been approved for construction, are under construction, or will break ground soon.  These include 24 units at Prospect Ave and Anderson Street (completed and for sale), 9 units at Union and Berry Streets (under construction), 17 units at the Alan Party Rental property on Second, Berry & James Streets (approved in April), and 97 units at the Mazda dealership at River & Berry Streets (approved May 10th).

It is logical to assume that the students generated by these units will be of diverse national and ethnic backgrounds, but all from families on the mid to high level of the socioeconomic ladder. On average, they will perform well in class. The bottom line is that good housing stock and good neighborhood conditions in the long run means good schools.

The May 8th fire which destroyed the notorious crime-ridden 28-room boarding house at 211 Passaic Street will have a long-term positive positive impact on the whole neighborhood from James Street to the eastern two blocks of Hamilton Place. For decades, potential home buyers have been deterred from moving into the surrounding neighborhood because of the “frightening” conditions at 211 Passaic Street. Literally overnight, property values have soared in that neighborhood. The whole socio-economic profile of the area changed in the blink of an eye, as the lowest 28 units were destroyed. Although those units were not contributing to school enrollment, in the long run a better neighborhood ultimately means a better school.

Other multi-unit developments are planned for the Fairmount School District. The current border between the Fairmount and Nellie K. Parker districts in central Hackensack is Clay Street. This border may eventually need to shift northwards a few blocks due to enrollment issues at the Fairmount School.

YES, this counts as real estate news. Nothing affects property values more than school performance.
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on May 12, 2006, 10:03:07 AM
Responses to the latest posts by Eric Martindale can be found here (http://www.hackensacknow.org/index.php?topic=666.msg1848#msg1848).
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on June 11, 2006, 11:09:12 AM
Latest story:  Hackensack OKs town houses (http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjcxN2Y3dnFlZUVFeXkzJmZnYmVsN2Y3dnFlZUVFeXk2OTQ3MTYz) (Hackensack Ford/Foschini Park)
Title: Re: Hackensack Real Estate News Thread
Post by: ericmartindale on July 15, 2006, 08:21:30 AM
Here’s some late-breaking news on the real estate front:

(1)   CANCER CENTER -- Despite conventional wisdom to the contrary, it looks to be certain that the Hackensack Zoning Board of Adjustment will DENY a major application by Hackensack University Center.  They have reached a major impasse with HUMC over the controversial cancer center and 1000 +/- space parking garage, slated for the north side of Atlantic Street from First Street to the top of the hill.  The board wants the Atlantic Street widened to improve traffic flow, and HUMC does not.  At the July 13th meeting, the board went out of it’s way to solicit testimony from Fire Chief Joel Thornton. His testimony on traffic flow matters was a devastating blow to the application. HUMC’s lawyers and consultants have lost their typical coc ksure swagger. They pace around with glum looks on their faces, heads slightly turned down.  If the street is widened, the project will have to be totally re-engineered, because HUMC is building so close to the streets to begin with.  It’s a safe bet that HUMC will either deny the application before the August hearing, or it will sue Hackensack for denying the application on the grounds that it is an inherently beneficial use.

(2)   The “Tucci hearings” continue for the block bounded by South River Street, Hudson Street, Moonachie Ave, and the Little Ferry border.  Tucci and a company he owns hold over 70% of the acreage there, which the city is in the process of declaring an area in need of redevelopment.  Tucci is adamantly opposed, even though he would likely be declared the developer and would then have access to the properties he has been unable to secure via the open market.  But there’s a chance that someone else will be declared the developer, and he would then lose control of the lands.  Exempted from the lots to be declared in need of a “taking” are all the one and two family houses, a tropical fish store, and Tucci’s two office buildings. The 3rd and final hearing will be July 31st, and it’s a guaranteed that the Planning Board will vote in favor of the declaration.  In fact, it’s possible that a unanimous vote is in the wings. Tucci wants to build a "Suite-style" hotel of over 100 units, but is also open to condominiums on the property.  He and his attorney battled with the board and the board's special redevelopment attorney for hours on July 13th at the Civic Center.

(3)   The city is working on it’s next major redevelopment project.  The two blocks bounded by Main Street, Atlantic Street, Moore Street, and the historic Green.  This includes one extremely significant historic structure at the corner of Moore and Washington Street.  A report will be compilated documenting the need to redevelop these blocks, and hearings similar to the Tucci hearings will be conducted.  Good place for a major mixed use development. If the front setback is increased, there could be some REALLY nice storefront café’s in immediate proximity to the Courthouse and Court Plaza.

(4)   The city’s BID (Business Improvement District) will be expanded along Main Street south of Mercer Street.

(5)   Groundbreaking has occurred on a bank at the corner of First and Essex.  Another bank will soon break ground diagonally across the street, a long vacant abandoned Shell station owned by Peter Tucci

(6)   A proposal for a 13-story, 151 unit development by Daibes Corp, to be located at the old county complex at 29 Linden Street has been downscaled.  The new proposal is for 6 stories, 61 units, with a concierge.  Daibes has been the leading player in the renaissance of Edgewater, having constructed over 2000 units of upscale housing just in that community. With development opportunities in Edgewater winding down, the company’s new focus is Hackensack.  This is their first major project.  Daibes has hired a new architect to redesign the building in a “Colonial” look as requested by the board.  The board is also concerned about air conditioning grids, but Daibes even uses these on projects in Edgewater MORE LUXURIOUS than the Excelsior (Yes, there is such a thing somewhere in New Jersey, I visited their newest building on Gorge Road in Edgewater and saw it with my own eyes).  My guess is that the Linden Street project will be approved at the July 19th hearing, despite the air conditioner issue

(7)   The Planning Board approved a 17 unit luxury condo on Myer Street directly across from Union Street Park, and adjacent to a garden apartment. Two really “ghetto” houses containing multiple apartments will be torn down.  This is the best thing to ever happen on Myer Street, a gritty mixed use street that used to be a quiet Jewish neighborhood 50 years ago.  The Salvation Army at Union and Myer Street is out of money, and their rehab project is seriously in peril.  Adjacent to the Salvation Army, on State Street, is another condo plan to replace a glass store.

(8 )   A proposal for a parking garage on the SE corner of Beech and First Street, to be built OVER Giovanni’s restaurant, has been withdrawn.

(9)   40 units are proposed for the vacant site at 29 First Street, where a concrete foundation has been sitting there for about 20 years.  That’s near Essex Street.

(10)   The city is coming closer to fixing all the problems with the new Zoning Ordinance that was passed in June 2005.  They are also looking at revamping the DEFINITION of the two-family zone, to better preserve street parking and reduce the number of older single-family houses that get converted into 2-unit apartment buildings owned by out-of-town investors.

(11)   The Martin Luther King Jr. Senior Center, which was denied at 375 First Street (near Stanley Place) will be litigating against the city. They sought to knock down a house in a 2-family zone and build 6 units with a community center.  The variances sought were extensive, and parking was the biggest issue.
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on August 02, 2006, 09:33:25 AM
Latest story:  Landowner, city at odds over future of 8 acres (http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjcxN2Y3dnFlZUVFeXkzJmZnYmVsN2Y3dnFlZUVFeXk2OTY5OTAz)
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on October 22, 2006, 10:52:00 AM
In today's Record, (North Jersey Briefs).

HACKENSACK -- Several sections of the city will be studied to see if they should be declared areas "in need of redevelopment."

Last week, the City Council unanimously passed five resolutions that ask the Planning Board to conduct the studies.

"We are making a statement here to see significant change in Hackensack," said Mayor Karen Sasso.

Sections of Newman, Sussex, Essex, Atlantic, First and Beech streets will be examined, as well as portions of Main, Passaic, Park, Anderson, Green, Lodi and South Newman.

The board will have to determine whether the areas meet at least three of seven state criteria to be designated in need of redevelopment. Once an area receives that designation, the municipality has the authority to revitalize specific properties.
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on November 19, 2006, 10:21:05 AM
Latest story:  'Melting pot' with a variety of homes (http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjcxN2Y3dnFlZUVFeXkyMSZmZ2JlbDdmN3ZxZWVFRXl5NzAyMTY5OQ==)
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on January 08, 2007, 12:33:43 PM
Latest story: More densely developed housing can address state's ills (http://www.app.com/apps/pbcs.dll/article?AID=2007701070330)

New Jersey has the nation's highest population density, which at 1,134 people per square mile is 14 times the national average. New Jersey's population density is higher than that of India (869 people per square mile) or Japan (876 people per square mile.)

Thus it is an irony that the solution to many of the problems plaguing our state — long commutes, inadequate mass transit, lack of affordable housing and the nation's highest property taxes — is more density. How is this possible?

Title: Re: Hackensack Real Estate News Thread
Post by: ericmartindale on January 11, 2007, 12:13:56 AM
Here's what's new:

(1) Developers are proposing a Staples on the SW corner of South River Street and Moonachie Road.  This will replace severely blighted truck yards, auto body shops, and other ugly and disfunctional buildings. Sounds great, right ? Not so fast.  It's part of a larger area declared blighted and in need of redevelopment by the City of Hackensack.  If this development goes through, it makes redevelopment of other blighted lots less likely. 

(2) Alan Party Rental (Second and James Streets) was recently torn down and the property regraded.  17 townhouses will be built very soon by Mercury Rising. Basically they broke ground. Mercury Rising just completed 8 or 9 townhouses at Berry and Union Street.  The driveways are a lot closer together than envisioned, there's not enough landscaping.

(3) There was a fire today at the abandoned Salvation Army, started by a homeless man who wound up severely burned.  Looks like the building will be torn down, and redeveloped.  Probably about 25-30 condos will fit there.

(4) Ground has NOT been broken yet on several major luxury developments.  Specifically the 90 unit 8-story luxury building at 94 State Street is still in limbo. Tenants have moved out and the space is vacant, that's all that is happening.  As for the 97 townhouse units at River and Berry Streets, no news is bad news.  Not sure when ground is breaking for the Linden Street project either, but Daibes definately intends to build.

(5) The lawsuit against Anchorage Cove was DROPPED on 1/10, says Mayor Sasso.  There's still a little fuss over the vacation of Water Street, but those 80 +/- units will be built.  Environmental remediation contiinues, and the new owner strongly intends to build. Trobiano got the permits, then flipped the property.

(6) There was strong opposition from merchants and property owners over the city's redevelopment plan for lower Main Street (Atlantic Street to The Green, and Main to Moore).  Hearings to continue.

(7) Not sure when the Cancer Center will break ground

(8 ) Yesterday's Record had a story about how the office market in NYC is red hot and increasing at unprecedented rates.  This means the office market will heat up in Bergen County in a few years.  We're always a few years behind Manhattan. In the mid-90's, residential rents and condo prices were skyrocketing there, and that trend soon followed to Bergen County.

(9) Nearing completion is the luxury building on Polifly Road called The Ambiance.  Now I realize there is one down-side to luxury development, it makes everything else look like crap, including the Nursing home next store that is less than 20 years old.

(10) Another issue gone quiet is the relocation of the County Police from Zabriskie Street to East Broadway. The County broke ground on the 100-bed homeless shelter, but the police project is coming along slower. 

(11) The City finished it's Pathway in Johnson Park, but the County hasn't broke ground yet on the Hackensack River Pathway from Hackensack River County Park South through the FDU campus.  They keep promising to do it, and never break ground. They had even put it out to bid and supposedly selected a contractor.  Meanwhile, volunteers have re-opened a rough pathway under Route 4, for the first time in 12 years.  It's rough, but passable for pedestrians. Keeping it from growing over will be a task, let's see how long it stays open. The Pathway is envisioned to increase property values along the river, and spur redevelopment.
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on January 28, 2007, 10:03:23 AM
Latest story:  High demand, low vacancy push rents up (http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjcxN2Y3dnFlZUVFeXkyMSZmZ2JlbDdmN3ZxZWVFRXl5NzA2NTAzMA==)
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on February 13, 2007, 09:07:58 AM
Latest story:  North Jersey gains from tight N.Y. office market (http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjcxN2Y3dnFlZUVFeXkyMSZmZ2JlbDdmN3ZxZWVFRXl5NjM0NjUyMg==)
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on April 08, 2007, 10:02:04 AM
Nice house!

Redesigned home has Wright stuff (http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjcxN2Y3dnFlZUVFeXkyMSZmZ2JlbDdmN3ZxZWVFRXl5NzEwNjI3NA==)
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on April 28, 2007, 09:19:28 AM
Owner, Hackensack fight over properties (http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjcxN2Y3dnFlZUVFeXkzJmZnYmVsN2Y3dnFlZUVFeXk3MTIzOTY0)
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on May 10, 2007, 09:01:24 AM
Latest story:  Continental Plaza has a new plan (http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjcxN2Y3dnFlZUVFeXkyMiZmZ2JlbDdmN3ZxZWVFRXl5NzEzMTI3NQ==)
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on May 30, 2007, 08:30:26 AM
Latest story:  Continental Plaza aiming for occupancy of 95% (http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjcxN2Y3dnFlZUVFeXkyMiZmZ2JlbDdmN3ZxZWVFRXl5NzE0MzI3OA==)
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on June 07, 2007, 08:19:39 AM
Latest story:  Is riverfront a gold mine for housing? (http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjcxN2Y3dnFlZUVFeXkzJmZnYmVsN2Y3dnFlZUVFeXk3MTQ3NTQ4)

"Developers are very interested in the waterfront,'' said Joseph Mellone, the city's construction official. "It's not the Gold Coast, but maybe it's the silver coast. They love the waterfront property and they like Hackensack."
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on June 17, 2007, 07:39:04 PM
Latest story:  Real estate firms pour resources into hot sector (http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjcxN2Y3dnFlZUVFeXkyMiZmZ2JlbDdmN3ZxZWVFRXl5NzE1MTgwNA==)

With sales of office space sluggish, some commercial real estate firms are setting their sites on an area showing solid and stable growth in New Jersey: industrial real estate.

In the past 12 months, strong momentum in the New York City-northern New Jersey region has boosted the area five places in Marcus & Millichap's annual National Industrial Index to No. 5, making it one of the hottest regions in the nation.
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on June 21, 2007, 09:33:46 AM
Latest stories:

3 apartment buildings sell in a matter of days (http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjcxN2Y3dnFlZUVFeXkyMiZmZ2JlbDdmN3ZxZWVFRXl5NzE1NTAwMw==)
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on July 01, 2007, 09:09:18 AM
Latest stories:  Pair bids city prices goodbye (http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjcxN2Y3dnFlZUVFeXkyMSZmZ2JlbDdmN3ZxZWVFRXl5NzE1OTYxNQ==)

Help for those coping with spiraling housing costs (http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjcxN2Y3dnFlZUVFeXk5JmZnYmVsN2Y3dnFlZUVFeXk3MTYwMjM3)
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on July 12, 2007, 08:04:04 AM
Latest story:  State's engine of industrial space (http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjcxN2Y3dnFlZUVFeXkyMiZmZ2JlbDdmN3ZxZWVFRXl5NzE2NjY5MA==)
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on July 15, 2007, 11:28:08 AM
Latest story: Zoning didn't justify high price (http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjcxN2Y3dnFlZUVFeXkyMSZmZ2JlbDdmN3ZxZWVFRXl5NzE2NjgwNw==)
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on July 31, 2007, 09:09:28 AM
Latest story:  Opportunity knocks (http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjcxN2Y3dnFlZUVFeXkzJmZnYmVsN2Y3dnFlZUVFeXk3MTc2MDEz)
Title: Re: Hackensack Real Estate News Thread
Post by: just watching on August 19, 2007, 12:45:28 PM
Now that it is public knowledge that the real estate market is FIRMLY down, I wonder how many of the approved projects will get built ???

Looking at the previous posts, I see that includes Linden Street near Anderson (cleared, but no new construction), Second & Berry Street (cleared, but no new construction), and Jackson & Frederick (cleared, but no new construction), First Street near Essex (vacant foundation from the 1980's, recently approved for condos, but no construction), and several condo projects on River Street. Right now, nothing residential is getting built except the 17 units on Myer Street.

It looks like real estate runs in a 17 year cycle.  It was hottest in 2004, then previously in 1987, then 1971, and then 1954.  The mid-1950's brought us hundreds of suburban houses and hundreds of garden apartments, 1971 and 1972 brought us half of the high-rises on Prospect and Overlook Avenues, and who could forget the boom of the mid-80's, which culminated in 1987 and 1988.

let's see, what happened last time real estate tanked. Well, the boom peaked in 1987, and by late 1989 the boom was clearly over. There were condo projects planned for River Street, and they were never built. By 1994, real estate was deader than dead. Houses in Hackensack lost 40% of their 1987 value, and condo's averaged 60% down. If a single house was built, that was big news. it was so bad that people thought that multi-unit building would NEVER again be built in Hackensack. By 1997, it was warming slightly, and plots of land that were vacant for 10 years and previously approved for multi-unit were instead being built for one and two family houses (Ross & Linden, Passaic & Clarendon).  In 1998, someone decided to build two 4-unit condos not far from the Fairmount School, and it was a giant shock that anyone would build multi-unit in Hackensack.

Well, if the real estate cycle holds to form, real estate will again be deader than dead in 2011, and we'll again have the problem of vacant development sites. It may begin building up again by 2014, and be red-hot by 2021.  Now, if I can beg, borrow, plunder, embezzle, and steal enough money by 2011, I'll be in the right position to buy real estate !!!!

And what about that 300-unit Transit Village proposed for Zabriskie Street.  Well, at the rate the County is progressing with moving the County Police to South River Street, the Transit Village won't break ground for another 10 years. So they might as well proceed with the project. The market will be starting to heat up by then.
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on September 02, 2007, 09:33:28 AM
 'Grande dame' on the market (http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjcxN2Y3dnFlZUVFeXkyMSZmZ2JlbDdmN3ZxZWVFRXl5NzE4ODgzNw==)
Title: Re: Hackensack Real Estate News Thread
Post by: Skipx219 on September 03, 2007, 01:57:44 PM
I noticed today that Demo work started at the former Waterloo Sue's
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on September 03, 2007, 06:26:00 PM
Related story: Waterloo Sue's serving its final brunch (http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjcxN2Y3dnFlZUVFeXkzJmZnYmVsN2Y3dnFlZUVFeXk3MTc1NjA5)
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on November 20, 2007, 10:10:41 AM
Highlands' long-argued master plan released (http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjcxN2Y3dnFlZUVFeXkzJmZnYmVsN2Y3dnFlZUVFeXk3MjIzOTc4)

Among other things, the plan proposes lake-management zones to regulate development near private residential lakes, cluster housing on portions of farm fields and a transfer-of-development-rights program that would pay a landowner in Kinnelon, for instance, for not building while denser development would be allowed in an urban area, such as Hackensack.


Hartz touts New Jersey office deals (http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjcxN2Y3dnFlZUVFeXkyMiZmZ2JlbDdmN3ZxZWVFRXl5NzIyMzg1Mw==)
Title: Re: Hackensack Real Estate News Thread
Post by: just watching on November 23, 2007, 12:33:46 PM
Rehab is complete, and the restaurant that is replacing Waterloo Sue's looks great.  Not sure if they are open yet. Instead of the whole building, trim and all, painted one color (pink), we now have a building with a decidedly upscale feel to it.  It's off-gold with black trim.  Still slightly funky, but the black trim has raised panel sections and contains so much architectural detail that "it works". Plus the new stonework on the 2nd floor corner facing the 5-corner intersection adds greatly to the appeal of the building, and ties in architecturally with the slate roof, as well as the stonework on the "Pesto" restaurant across the street to the south.

A block away, at Elm and Grand, Hackensack is going to lose one it's most classic pre-1880 houses, along with all it's landscaping.  An office building will be built. Oh, well.

But generally speaking, the visual appearance of the entire business strip of Main Street north of Sears to the old Waterloo Sue's has vastly improved over the past 15 years.   

Note all the changes: the new 7-11 at Hackensack Ave, Demolition of Packards to construct Target, rehab of B&W Bakery, establishment of the new Irish pub south of B&W (relocated from Essex & Prospect), a new sports clinic at Linden & Main replaces a hideous industrial-type building, the new houses on the lower block of Ross Ave built 10 years ago to replace a long-standing vacant lot, rehab of the Fairmount Diner, and especially the demolition of Hackensack Jack Auto sales for a new retail strip including a Quick Chek. Other relatively minor improvements have also occurred.
Title: Re: Hackensack Real Estate News Thread
Post by: just watching on December 04, 2007, 12:37:06 AM
I noticed the bar and restaurant replacing Waterloo Sue's (corner of Main St, Grand Ave, Spring Valley Ave, & Voorhees) painted a large Toucan with a rainbow-colored bill on the corner of the building.  I guess that's the owner's way of saying that the bar will be "fabulous".  Oh well, I guess everyone has the right to have their place somewhere.
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on December 04, 2007, 02:07:43 PM
The Toucan was a Guinness character that first appeared in 1935. Click here for more info (http://213.198.124.192/Toucan/guinness/Guinness_Menu.htm). As an Irish establishment, I'm sure that's what it means.

"Four native Irishmen will run the new establishment, to be called The Potcheen Still. Potcheen means "moonshine" in Irish." From: Waterloo Sue's serving its final brunch (http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjcxN2Y3dnFlZUVFeXkzJmZnYmVsN2Y3dnFlZUVFeXk3MTc1NjA5)

(http://imagecache2.allposters.com/images/pic/REIN/13547~Guinness-toucan-Posters.jpg)
Title: Re: Hackensack Real Estate News Thread
Post by: Skipx219 on December 04, 2007, 03:36:04 PM
In the early 1960's and before it was Corki's Corner - it 2 Joe's Tavern and
Hodde's Ice Cream Parlor was where Presto's is now
Title: Re: Hackensack Real Estate News Thread
Post by: just watching on December 04, 2007, 08:57:54 PM
Hahahaha.  This makes my day ---- this is utterly hilarious. Thanks for the research, Mr. Editor.

I guess the new establishment is "safe" to visit after all.
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on December 16, 2007, 07:45:51 PM
Top meat manufacturer finds cure for its tight N.Y.C. quarters (http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjcxN2Y3dnFlZUVFeXkxNSZmZ2JlbDdmN3ZxZWVFRXl5NzIzMzYxMg==)

Now, they're very pleased with their find in Hackensack, 3,500 square feet of leased space in the same building as an electrical wholesaler. They'll add more space in the next few months, and eventually they plan to buy the whole building. They say the move will allow them to stop turning down business offers, particularly from retail stores.
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on January 29, 2008, 10:33:52 AM
Eric Martindale asked me to post this:

Groundbreaking has occured for 361 unit high-rise apartment complex along the Hackensack River directly east of Berry Street and the Giant Market supermarket. Developers are currently clearing away 7 acres of asphalt and concrete onsite from the former Hackensack Ford-Mazda dealership. It includes a major segment of the Hackensack Waterfront Walkway, with a spur connection to River Street along the south wall of Kirk's Goodyear. Prior approval had been granted for townhouses, but the market changed and this new development was very recently approved by the City.  It is likely that this will add over 750 residents to the population of Hackensack. These will be high-rent apartments with security guards and swimming pools in each of two buildings.  This is expected to increase pedestrian traffic on Main Street, which is only one block away, helping to improve the business climate.  In other real estate news, the Planning Board gave a 6-month extension for the 90-unit, 8-story luxury building planned for State and Warren Street, only 1/2 block from Main Street.

Title: Re: Hackensack Real Estate News Thread
Post by: Editor on January 29, 2008, 11:57:45 AM
Record article: Hackensack has high hopes for riverfront housing project (http://www.northjersey.com/news/High_hopes_on_the_waterfront.html)

Title: Re: Hackensack Real Estate News Thread
Post by: Skipx219 on February 19, 2008, 12:31:17 PM
458 Passaic St. I saw an application for a 54 unit single family building on the Zoning Board Agenda - Is that the old Spreen's property?
Title: Re: Hackensack Real Estate News Thread
Post by: irons35 on February 19, 2008, 10:23:32 PM
yes it is.
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on May 26, 2008, 09:32:27 AM
City OKs apartments for north of Route 4 (http://www.northjersey.com/business/realestate/19201954.html)
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on August 09, 2008, 07:07:29 PM
Hackensack apartment building sells for $23.6 million (http://crefeed.com/news/214645-hackensack-apartment-building-sells-for-23.6-million)
Title: Re: Hackensack Real Estate News Thread
Post by: just watching 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).
Title: Re: Hackensack Real Estate News Thread
Post by: Editor 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
Title: Re: Hackensack Real Estate News Thread
Post by: just watching 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
Title: Re: Hackensack Real Estate News Thread
Post by: Editor 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
Title: Re: Hackensack Real Estate News Thread
Post by: just watching 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.
Title: Re: Hackensack Real Estate News Thread
Post by: Editor 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
Title: Re: Hackensack Real Estate News Thread
Post by: hankmc 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
Title: Re: Hackensack Real Estate News Thread
Post by: just watching 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
Title: Re: Hackensack Real Estate News Thread
Post by: just watching 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 (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.
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on July 30, 2012, 10:49:18 PM
Continental Plaza in Hackensack sold in foreclosure auction (http://www.northjersey.com/news/164242106_Continental_Plaza_in_Hackensack_sold_in_foreclosure_auction_a_sign_of_market_woes.html?page=all)
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.

(http://media.northjersey.com/images/300*231/072512HackPlaza_1.jpg)
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
Title: Re: Hackensack Real Estate News Thread
Post by: just watching 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.
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on January 31, 2013, 11:10:36 PM
Simple Simon's to expand into former Hackensack bank branch (http://www.northjersey.com/news/189253001_Simple_Simon_s_to_expand_into_former_Hackensack_bank_branch.html)
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
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on April 17, 2013, 08:20:17 PM
Revived Continental Plaza finds new tenants (http://www.northjersey.com/news/203140551_Revived_Continental_Plaza_finds_new_tenants.html?page=all)
Tuesday, April 16, 2013    Last updated: Tuesday April 16, 2013, 8:50 AM
BY  LINDA MOSS
STAFF WRITER
The Record

Nine months after changing hands in a foreclosure auction, Continental Plaza is seeing its lineup of tenants grow.

(http://media.northjersey.com/images/300*239/0416B_CONTINENTAL_BD_50P.jpg)
The three buildings that make up Continental Plaza, across from the Shops at Riverside in Hackensack. Its vacancy percentage rate is down to the mid-20s.

Continental Plaza in Hackensack is rebounding from foreclosure last year, recently closing leases totaling nearly 100,000 square feet, the leasing agent for the three-building office complex said Monday.

Newmark Grubb Knight Frank negotiated leases with several new tenants, as well as landing lease extensions and expansions from current occupants, said Managing Director Blake Goodman, who is based in Rutherford. Those leases represent 97,770 square feet out of the 650,000 square feet in the newly renovated Class A buildings along Route 4 west.

Continental Plaza’s new tenants include flexible-workspace provider Regus, which signed for 16,406 square feet, a full floor. It was represented by Jones Lang LaSalle. Real Estate Mortgage Networks took 16,290 square feet, nearly a full floor, in a relocation and expansion move for the company, which was represented by Studley. And the investment adviser Stifel Nicolaus & Co. relocated from Fort Lee, taking about 8,000 square feet, Goodman said.

U.S. Bank, which recently acquired tenant AIS Fund Administration, extended its lease long term and took an additional 10,895 square feet, for a total of 33,535, Goodman said.

In addition, the national chain restaurant TGI Friday’s extended its 9,430-square-foot lease 10 years, Goodman said. A number of other leases totaling 22,109 square feet were signed as well, he added.

"We’ve really stabilized the buildings," Goodman said. "We’ve gotten a lot of new tenants. Most of the existing tenants, we’ve been successful at extending out longer terms.

"We still have a few potential tenants on the hook right now. We’ve got some tenants that are expanding within the building."

Continental Plaza was repossessed by its lender, a JPMorgan Chase investment unit, at a foreclosure auction last July to satisfy a $102 million mortgage. At the time, 30 percent of the complex was vacant. With the recent flurry of lease activity, the vacancy rate has dropped to the mid-20s, Goodman said.

CoStar, the commercial real estate data provider, pegged the occupancy rate at Continental Plaza I, located at 401 Hackensack Ave., at 70.4 percent. The occupancy rate at Continental Plaza II, at 411 Hackensack Ave., and Continental Plaza III, at 433 Hackensack Ave., is about 78 percent, CoStar said.

The complex, located across from the upscale Shops at Riverside mall, has already undergone several renovations under its new ownership, including revamped landscaping and new elevator systems with touch-screen technology. The complex’s parking deck is being overhauled now.

There are plans to rehab 13 upper-floor lobby landings in the three buildings this year, Goodman said. The 4,000-square-foot fitness center at the complex also is being overhauled, with new equipment, locker rooms and showers, new ceilings and other improvements.

"We have a great location, and now that we’ve gotten an ownership that’s stable and we’re able to put capital back into the assets, I think people are getting more confident now that they’re seeing the work getting done," Goodman said. "When people come to the building, there’s probably four or five projects going on, so you can see the people physically swinging hammers and doing the work."

Another lure at Continental Plaza III is a generator for tenants’ use, in addition to the emergency life-safety generator.

"That’s been very appealing, especially in light of what happened with Sandy," Goodman said.

Email: moss@northjersey.com
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on July 13, 2013, 11:17:06 PM
Housing Authority buys senior center in Hackensack, with hopes for October opening (http://www.northjersey.com/news/215345881_Housing_Authority_buys_senior_center_in_Hackensack__with_hopes_for_October_opening_new_senior_center_one_step_closer.html?page=all)
Saturday, July 13, 2013
BY  HANNAN ADELY
STAFF WRITER
The Montclair Times

HACKENSACK – The Housing Authority of Bergen County has acquired the Martin Luther King Jr. Senior Center in a deal that will help bring the building to completion after years of delays.

The center, which had stalled amid a long approval process and cost overruns, will be located on the first floor of the First Street building as planned, said Domingo Senande, executive director of the housing authority. The building could be ready to open in October, he said.

"In collaboration with the county executive's office, the housing authority stepped in and acquired the building earlier this year and started up construction again," Senande said. "We are hoping for a certificate of occupancy around Oct. 1."

The housing authority will manage the building and four affordable-housing units on the second floor, Senande said. The non-profit Martin Luther King Jr. Senior Center Inc. will lease the first floor, paying for maintenance and utilities only, he said.

The center has been a longtime dream for senior citizens who started fundraising about 15 years ago for a new home.

The non-profit bought property at 375 First St. in 2004 to build the center. But the Zoning Board of Adjustment rejected an application for it in 2006 because of concerns about traffic, lot size and a lack of parking spaces.

The non-profit sued the board in state Superior Court over the denial, and the judge ruled in the center's favor.

With an appeal pending, a judge directed the board to consider a modified application. That application — with variances for non-conforming use, parking spaces and setbacks – was approved in October 2008.

The "long and laborious" process took a chunk out of the center's construction budget, which was funded by donations and grants, said Aaron Freeman, treasurer on the non-profit group's board of directors.

"For a while, the situation was pretty dire," Freeman said. "The cost overruns started to mount and it became an issue as far as us being able to take it to our final goals."

Construction stopped when money ran out about two years ago, Freeman said. There were $200,000 in cost overruns in a project that totaled $1.3 million to $1.4 million, he said.

The housing authority acquired the building in April at no cost, but still has to pay for $400,000 in outstanding work at the site. Senande said about 15 percent of construction work remained. The building still needs electrical work, landscaping, asphalt and plumbing connections, he said.

The four apartments will be rented to low-income residents over 62 years old, said Jeanne Baratta, chief of staff for Bergen County Executive Kathleen Donovan. The building, she said, will pay for itself with income from the rentals.

"The county executive believes that the community deserves this center," Baratta said. "We wanted to see this project be completed."

The Martin Luther King Jr. Center opened in 1984 and had been operating in rented space at the Varick Memorial AME Zion Church on Atlantic Street until October 2011, when financial problems led the center to close its doors.

Some patrons visited other senior facilities while others stayed home as they waited for the new building to open, said 68-year-old Edward Merritt. He used to visit the center – which serves many black residents of Hackensack, Englewood and Teaneck — once or twice a week.

Merritt, who lives around the corner from the new building, said it was a promising sign that landscapers recently planted shrubs and laid brick pavers out front.

"This has been going on for years and years and years," Merritt said. "They get money and do a piece of work, then do another piece of work. It's infinity, but at least it's finally coming to light."

When it opens, the senior center will offer exercise programs, trips, health and wellness events and lunch programs. The center also operates a program in which seniors mentor some 25 fifth- and sixth-graders and help them with homework.

When it was located at the church, 30 to 35 senior citizens visited the center daily. Freeman said he hopes that number will double when the new place opens.

Email: adely@northjersey.com
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on July 20, 2013, 03:33:49 PM
Hackensack and South Hackensack officials respond to latest COAH ruling
Friday, July 19, 2013
BY  JENNIFER VAZQUEZ
NEWS EDITOR
Hackensack Chronicle

The New Jersey Supreme Court ruled that Governor Christie's intent to abolish the state's independent affordable housing agency is not permitted.

The July 10 ruling determined, in a 5-2 vote, that the governor exceeded authority in his attempts to close the Council on Affordable Housing and transfer its duties to an appointed official at the Department of Community Affairs.

Chief Justice Stuart Rabner wrote the majority opinion, while Justices Anne M. Patterson and Helen Hoens dissented.

Christie referenced the Executive Reorganization Act of 1996 — which allots the governor the power to reshape state government — in his effort to disband COAH and transfer its power to a state-run department.

The majority's reasoning for impeding Christie's attempts to disband and reorganize, is the fact that COAH is an independent entity within an executive branch department.

"The Legislature created COAH to ensure that municipalities fulfill their constitutional obligation to provide affordable housing," the majority's opinion stated. "Because COAH is an executive agency, the Constitution required the Legislature to place COAH 'within' an Executive Branch Department. At the same time, the Legislature took steps to make COAH independent and insulate it from complete Executive control. To achieve that aim, the Legislature included a term of art in COAH's enabling legislation when it placed COAH 'in, but not of,' the Department of Community Affairs."

According to the majority's ruling, the terminology "in, but not of" is important because it signifies the agency's independence and has long been understood as such.

The governor has lobbied to rid COAH for months. In June, the governor's plan to take unused money from municipal housing trust funds before the fiscal year ended was blocked in appellate court.

South Hackensack Township Committee Member Gary Brugger said the initial attempt by Christie to dissolve COAH by transferring its power, funds, and duties to the DCA, "confused everyone."

However, Brugger contends that, even when litigation was taking place, the township did not halt its affordable housing work.

"Even with everything that was going on, we've been moving ahead and doing everything that was required [by COAH] regardless of what was being fought in the courts," he said.

Hackensack City Manager Stephen Lo Iacono also contends that the city was moving along with its COAH responsibilities despite the upheaval in Trenton. Lo Iacono hopes the New Jersey Supreme Court's decision can be the catalyst for the city's plans to move along.

"Hopefully, the action taken can help us move things along," he said.

The city, Lo Iacono explained, is a third round municipality, meaning it has "more than enough affordable housing." Like many communities, Hackensack set up a trust fund where COAH monies can be safeguarded and then go towards "rehabilitating existing house stock in the city," however, because of the uncertainty with COAH, the city has yet to have that trust fund certified by the agency. Lo Iacono hopes that with the newly minted decision, this certification can be done in a timely manner now.

In response to the higher court's ruling, Christie issued a statement.

"Both elected branches of government approved the plan to eliminate COAH," his statement said. "Not surprisingly, this liberal Supreme Court once again ignores that and continues to blindly perpetuate its failed social experiment in housing. The Chief Justice's activist opinion arrogantly bolsters another of the failures he and his colleagues have foisted on New Jersey taxpayers. This only steels my determination to continue to fight to bring common sense back to New Jersey's judiciary."

COAH is comprised of a 12-member Board appointed by the governor, with the consent of the Senate. No more than six of the members can belong to the same political party affiliation, according to a syllabus from the Office of the Clerk of the New Jersey Supreme Court.

Email: vazquez@northjersey.com

- See more at:
http://www.northjersey.com/news/216109951_Hackensack_and_South_Hackensack_officials_respond_to_latest_COAH_ruling.html?page=all#sthash.Ce6LzLRF.dpuf
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on October 13, 2013, 11:23:20 PM
Hackensack restaurant deal sours (http://www.northjersey.com/hackensack/227556651_A_restaurant_deal_sours.html?page=all)
Sunday, October 13, 2013    Last updated: Sunday October 13, 2013, 5:01 PM
BY  HUGH R. MORLEY
STAFF WRITER
The Record

Five years ago, the restaurateur Robert Dinallo seemed to be on a career-defining high.

(http://media.northjersey.com/images/300*232/1013B_StonyHill_kc65.jpg)

(http://media.northjersey.com/images/300*232/1013B_Dinallo_kc65.jpg)
Restaurant owner Robert Dinallo agreed to a 50-50 partnership with contractor Joseph Sanzari to develop a hotel near the
Stony Hill Inn in Hackensack, but the deal fell apart amid legal battles that effectively stripped Dinallo of his stake. Dinallo in the restaurant that bears his name in River Edge.

CARMINE GALASSO/STAFF PHOTOGRAPHER

Dinallo in the restaurant that bears his name in River Edge. The owner of one of Bergen County's landmark restaurants, the Stony Hill Inn in Hackensack, Dinallo had partnered with one of the state's biggest construction magnates, Joseph Sanzari, granting him half-ownership of the inn as they pursued a plan to build a 224-room upmarket hotel beside the nearly 200-year-old restaurant building.

Yet on Sept. 30, Dinallo, 70, having lost ownership of the Stony Hill Inn to Sanzari, put a company that owns his other restaurant, Dinallo's Restaurant in River Edge, into Chapter 11 bankruptcy in an effort to keep it, and himself, in business.

His descent stemmed from a bitter dispute between the partners, detailed in a lawsuit filed by Sanzari accusing Dinallo of mismanagement of Stony Hill — concealing losses, failing to pay taxes and using company money to pay personal expenses — and a countersuit by Dinallo accusing Sanzari of slander, among other things.

Sanzari largely won the legal battle. The decision by Dinallo to put his company, 259 Johnson Ave. Inc., into bankruptcy, was triggered by a court ruling in March that awarded Sanzari a judgment of $262,000. That followed an arbitrator's opinion that Dinallo should be removed from J&B Restaurant Associates, the company formed by Sanzari and Dinallo in 2007 to own and operate the Stony Hill Inn.

The court ruling made Sanzari the sole owner of the restaurant famous for power lunches, political gatherings and non-profit galas.

Dinallo's company filed for bankruptcy to halt an Oct. 2 asset auction scheduled by the Bergen County Sheriff's Department to collect on the debt to Sanzari, said Dinallo's attorney, Jeffrey R. Pocaro of Fanwood. Dinallo claimed assets of $120,000 and liabilities of $4.1 million, mostly from loans connected with the operation of Stony Hill.

Dinallo feared the auction would shut down his River Edge restaurant, the attorney said. Everything in the River Edge restaurant would have been up for sale, Pocaro said, noting that Dinallo owned only the business, not the property. He added that Dinallo's South Hackensack house is in foreclosure.

"In the long run, if we can't get the bankruptcy plan approved, he will more than likely lose the restaurant and walk away with nothing," he said.

Dinallo declined to comment for this story, though he allowed himself to be photographed at his restaurant.

Sanzari issued a statement recounting the legal case and saying he anticipates that "the name of the well-known hotel [chain], which will complement the Stony Hill Inn site, will be made known in 2014."

The seeds of the doomed Dinallo-Sanzari partnership were sewn when Dinallo, a 40-year veteran of the restaurant business, bought the Stony Hill Inn with a partner in 2005, after running the Cameo in Garfield and his own Dinallo's Restaurant, Pocaro said.

The veteran restaurateur conceived a plan to build a hotel next to the inn and tap into the overnight hospitality needs of the many guests who came there for weddings, parties and other events, Pocaro said. In preparation, Dinallo bought three properties behind the inn that would be needed to create an entrance to a hotel.

High-profile contractor

Dinallo, believing that he would have difficulty financing the project, partnered with Sanzari, a prominent public works contractor, political contributor, longtime member of the board of Hackensack University Medical Center — to which he has donated millions of dollars — and a former chairman of the Bergen County Economic Development Corp.

The men became acquainted through Sanzari's visits to Dinallo's River Edge restaurant, and the construction company owner was attracted by Dinallo's offer to co-own such a prominent, prestigious and historical property, a source familiar with the deal said.

Two years after buying the property, Dinallo sold half the Stony Hill Inn to Sanzari, a Ho-Ho-Kus resident who is also principal owner of the New Bridge Inn in New Milford. It's unclear what became of the former co-owner.

Under the partnership deal, Dinallo and Sanzari each agreed to put $1 million into the company, giving both a half-share, and it designated Dinallo as the restaurant's manager, according to Sanzari's suit.

The pair submitted plans to Hackensack for the hotel building, which they hoped would be run under the Marriott or Hilton brand, and by December 2008 had partial approval. But the plan foundered in the recession, as revenue fell dramatically and the company directed its financial resources to maintaining the inn, Pocaro said.

According to court papers and people familiar with the case, it took a while for the partnership to sour.

A lawsuit Sanzari filed in August 2011 argued that as a result of Dinallo's mismanagement, Sanzari had to put another $2.2 million into the inn from 2007 to 2011. The suit accused Dinallo of "gross negligence and willful misconduct," including concealing the inn's losses, failing to pay state sales tax and using company money for personal expenses that an arbitrator later totaled at more than $700,000.

It also alleged that Dinallo had Stony Hill Inn employees do work on his own businesses and took "manager's fees" for which he wouldn't have been eligible if he revealed that the company was losing money, rather than making a profit.

By June 2011, Dinallo had "abandoned his duties as manager," Sanzari's suit said, and Sanzari had to step in as interim manager.

Dinallo, who denied the claims, countersued in December 2011, accusing Sanzari of making "willfully and maliciously false and defamatory" statements in a "campaign to expel Dinallo" from the business, and hurt his reputation. Sanzari began the "slander" campaign, Dinallo's suit argued, "in light of reduced revenue in the restaurant due to a poor economy" and the failure of Sanzari to agree to "consummate" the hotel project. A judge in the case later restrained Sanzari from "disparaging the defendant."

Sent to arbitration

"It was not a marriage made in heaven," said Pocaro, Dinallo's attorney.

The court referred Sanzari's suit to an arbitrator, former Chief Justice of New Jersey James R. Zazzali, who, after four hearings, found that Dinallo effectively "withdrew" as the manager of J&B Restaurant Associates, and the partnership agreement in that scenario gave Sanzari the right to buy Dinallo's half of the business.

The arbitrator valued Dinallo's half-share at $1.74 million, but found that he owed the company $1.7 million, including $725,000 he "wrongfully used" to pay for personal expenses.

With the debts removed, Sanzari owed Dinallo just $40,000, Zazzali said. And the court later ordered Dinallo to pay Sanzari's legal expenses, too. That left Dinallo owing Sanzari about $262,000.

The arbitrator said Dinallo also may owe Stony Hill Inn another $2.1 million for cash transactions that are unaccounted for during his tenure as manager, pending an accounting of the inn's books.

Email: morley@northjersey.com
Title: RiverWest on Kansas St.
Post by: Editor on December 05, 2013, 02:07:24 PM
RiverWest…the first newly constructed residences in Hackensack’s
exciting new Downtown, starting at $209,000

RiverWest will be the first newly constructed residences within Hackensack’s exciting new Downtown. ​The River West Condominium is an 3 story, 9 unit, contemporary elevator building with a alluring stone facade. This converted office building is the first of its kind in Hackensack’s upcoming downtown. The unique location in downtown Hackensack will allow for easy access to Manhattan. The Expansive Condominiums will offer a lifestyle unlike any other in Downtown Hackensack.

Click here for more information. (http://www.alexander-anderson.com/condos-for-sale/nj-hackensack-kansas-61/)

Click image below to expand.
Title: Re: Hackensack Real Estate News Thread
Post by: just watching on December 05, 2013, 05:40:30 PM
The map with orange points of interest is missing some of the other "amenities" in the neighborhood, such as the Bergen County Jail, the Bergen County Homeless Shelter, and the retail on Hudson street.
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on December 05, 2013, 06:06:40 PM
This isn't noticeably close to the jail or shelter.  It's in a decent residential neighborhood with a fair amount of street parking and close walking distance to mass transit, bus or train. The showcase unit on the third floor is gorgeous with engineered hardwood floors, marble countertops, decorative tile, etc.  All ADA compliant.  The price was right too.

Definitely worth a look if you're in the market.
Title: Re: Hackensack Real Estate News Thread
Post by: Homer Jones on December 05, 2013, 07:46:10 PM
Let me tell you something . If this developer can cash out  in let's say four to six months, you will see a lot of activity in this area because most of the 100 +/- year old wood frame homes are no longer owner occupied  and it will not be that difficult to assemble a few properties to put together a package for development.  It won't matter whether the properties are adjacent to the homeless shelter, the jail or even Mount Vesuvius  which actually has nice views looking toward Naples.
It is incumbent upon the  Planning Board to maintain adherence to the City's land use ordinances to obtain what the City wants and needs.

Title: Re: Hackensack Real Estate News Thread
Post by: Editor on December 06, 2013, 09:24:26 AM
http://finance.yahoo.com/news/companies-goodbye-burbs-004800326.html
(Not related to the last three posts above.)

After decades of big businesses leaving the city for the suburbs, U.S. firms have begun a new era of corporate urbanism. Nearly 200 Fortune 500 companies are currently headquartered in the top 50 cities. Many others are staying put in the suburbs but opening high-profile satellite offices in nearby cities, sometimes aided by tax breaks and a recession that tempered downtown rents. And upstart companies are following suit, according to urban planners. The bottom line: companies are under pressure to establish an urban presence that projects an image of dynamism and innovation.

"The showcase headquarters of the past, the beautiful suburban campuses—that's a very obsolete model now," said Patrick Phillips, CEO of the Urban Land Institute, a land-use think tank.

Nationwide, commercial vacancy rates in central business districts have gone down faster than those in suburbs since the real-estate market began to recover in 2011, with 13.9% of urban space empty in the third quarter of 2013 versus 18.5% in the suburbs, according to research firm Reis Inc. At the end of 2010, the figures were 14.8% and 19.1%, respectively.

"There's increasing evidence that this represents a broad trend among large and middle-size companies," said Enrico Moretti, an economist at the University of California, Berkeley, and author of "The New Geography of Jobs."

Cheap real estate, tax incentives, and easy automobile access once lured companies to the suburbs, but companies now want urban amenities, proximity to public transit and sense of community—the same qualities young workers prize when deciding where to live and work, said Robert Lang, an urban planning expert and director of Brookings Mountain West.
Title: Re: Hackensack Real Estate News Thread
Post by: just watching on December 08, 2013, 07:04:09 AM
If the city REALLY wants to revitalize the northern First Ward in the manner suggested by Homer, I'll support that.

They can start by leveling the tenaments on the northern block of Fair Street, which are on the east side of the street, and there's more of them packed on the back half of each lot. It's all about 100 years old, and it's been deplorable for at least 50 years. According to the Sanborn directory, it was built very quickly between 1908 and 1920

http://gisserver.princeton.edu:81/navigatorMapViewer.htm?map=9104 (http://gisserver.princeton.edu:81/navigatorMapViewer.htm?map=9104)

http://gisserver.princeton.edu:81/navigatorMapViewer.htm?map=9277 (http://gisserver.princeton.edu:81/navigatorMapViewer.htm?map=9277)

 Over the years, various administrations of the city have designated areas as "in need of redevelopment", but they never seem to nail down on the very blocks that are most in need of redevelopment.
Title: Re: Hackensack Real Estate News Thread
Post by: just watching on December 08, 2013, 07:48:58 AM
Here's a 1912 map of Hackensack, to narrow it down a little further when the Fair Street tenaments were built.  They weren't there in 1912.

http://www.historicmapworks.com/Map/US/173102/Plate+016+++Hackensack+Right/Bergen+County+1912+Vol+2/New+Jersey/ (http://www.historicmapworks.com/Map/US/173102/Plate+016+++Hackensack+Right/Bergen+County+1912+Vol+2/New+Jersey/)
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on October 14, 2014, 03:06:50 PM
Hackensack apartment building sold for $14 million
October 14, 2014    Last updated: Tuesday, October 14, 2014, 2:25 PM
By LINDA MOSS
Staff Writer
The Record

The multifamily real estate market continues to be hot, with The Marquee, a luxury apartment building in Hackensack, selling for $14 million.

The eight-story, 40-unit building at 29 First St. was purchased by a company identified as 29 First Associates LLC in an all-cash transaction from Malas Builders Corp. of Rochelle Park, according to CoStar, which tracks commercial real estate data. The transaction translates to about $350,000 per apartment unit.

The broker for the buyer, George Eggers of KenKap Realty Corp. in Parsippany, couldn't be reached for comment Tuesday.

"This property sold to a private investor who was impressed by the quality of the building and its proximity to Hackensack Hospital and the nearby train station," broker Seth Pollack of Massey Knakal Realty Services, which represented the seller, said in statement. "This is an example of the strength of the northern New Jersey multifamily market."

Across the country investors are snapping up rental properties, driving their prices up. Buyers are looking to take advantage of several demographic trends: the desire of millennials to have mobility and for empty-nesters to downsize from homes that are now too large or too costly to maintain.

- See more at: http://www.northjersey.com/news/business/hackensack-apartment-building-sold-for-14-million-1.1108912#sthash.4ILc17QL.dpuf
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on April 26, 2016, 12:49:58 AM
http://www.njbiz.com/article/20160425/NJBIZ01/160429876/colliers-to-handle-sale-of-650k-sqft-hackensack-office-park
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on May 05, 2016, 10:02:09 AM
http://www.northjersey.com/news/business/continental-plaza-for-sale-1.1566969
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on August 01, 2016, 12:44:17 AM
http://www.northjersey.com/news/business/hackensack-warehouse-sells-for-6-4m-1.1637381
Title: Re: Hackensack Real Estate News Thread
Post by: Skipx219 on August 01, 2016, 12:45:04 PM
I understand that the Green Caboose was told that they have to vacate the property and that they're not sure where they'll go next.
________________________________________
I had no idea they were back there.

I just found this: http://www.paramuspost.com/article.php/2009061211483253
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on March 20, 2017, 03:42:28 PM
Continental Plaza Rehab has its own thread now: http://www.hackensacknow.org/index.php?topic=3527.msg11337#msg11337

Title: Re: Hackensack Real Estate News Thread
Post by: Editor on April 07, 2018, 02:29:50 PM
http://hackensack.dailyvoice.com/real-estate/kushner-companies-acquires-hackensack-building-that-once-collapsed/735182/
Title: Re: Hackensack Real Estate News Thread
Post by: Victor E Sasson on April 11, 2018, 07:43:17 PM
Demolition of The Record building at 150 River St. appears to be imminent:

https://thesassonreport.blogspot.com/2018/04/demolition-is-near-for-landmark.html (https://thesassonreport.blogspot.com/2018/04/demolition-is-near-for-landmark.html)
Title: Re: Hackensack Real Estate News Thread
Post by: Editor on January 29, 2019, 02:20:03 PM
https://njbiz.com/nai-hansons-cassano-negotiates-industrial-property-sale-hackensack/

"Hackensack continues to be a hot market for industrial assets even though constrained supply is pushing sales prices for quality industrial spaces to record highs," said Cassano. "Despite high pricing, we're still seeing strong demand from buyers who recognize the value in investing in the market over the long term, as rental rates in the area have also reached all-time highs and show no signs of slowing."
Title: Re: Hackensack Real Estate News Thread
Post by: ericmartindale on January 30, 2019, 04:19:54 PM
Nice, an article about a building sale, without reporting the price of the sale. Reporters these days are brainless.