Monthly Archives: March 2009
There’s funding in them thar hills!!
Who said credit has dried up for commercial real estate? Sure, not a day goes by that there isn’t an article or report published discussing the trouble looming in commercial real estate from maturing debt that can’t be refinanced to … Continue reading
Filed under Finance
Micro Lending becomes a competitive alternative for small business
In today’s WSJ there is an article about the role micro lending is playing in urban environments. A considerable part of the article focuses on the Greater Newark Business Development Consortium. GNBDC essentially focuses on aiding entrepreneurs in attaining loans … Continue reading
Filed under Uncategorized
Newark Updates Zoning Code
About a week or so the Planning Department of the City of Newark released amendments to the zoning ordinance. I have spent some time reviewing the changes and have to say it is a step in the right direction. Newark’s … Continue reading
Filed under Development, Government
Court to Iron Mountian, “You’re Out!”
While perusing the New Jersey Eminent Domain Law Blog early on this rainy Sunday morning, while my pregnant wife slept, I came across this interesting post. Eminent Domain, as many in NJ are all to familiar with, is the … Continue reading
Filed under Current Events, Development
Fitch give the NY-NJ Ports a AA-
From the Business Wire ”Fitch Ratings assigns an ‘AA-’ underlying rating to the Port Authority of New York and New Jersey’s (the authority) $85.7 million of consolidated bonds, series 155.” “The authority’s ratings reflect the demand for New York/New Jersey-based travel, … Continue reading
Filed under Uncategorized
Oy Vey! Is Newark the Jerusalem of NJ?
Well maybe not the Jerusalem of NJ but there are some similarities apparently. Mayor Booker, on his seemingly endless efforts to bring the attention of the world, was in St. Petersburg(Florida not Russia) sharing the stage with Mayor Nir Barkat, Mayor … Continue reading
Filed under Corey Booker
The real problems with Commercial Real Estate
To put the current commercial real estate market into perspective we need to distinguish the troubles of commercial real estate from those of residential real estate. Residential real estate bubbled like no other asset over the past 5-10 years. The … Continue reading
Filed under Uncategorized
NJ Credit Rating to remain unchanged
“Corzine’s $29.8 billion budget for the fiscal year that begins July 1 would cut property-tax rebates and raise levies on the wealthiest residents to help close a $7 billion deficit. The first-term Democrat, who faces re-election in November, also wants … Continue reading
Filed under Current Events, Government
Tree Top Development sees Newark’s Opportunity
““The resurgence of Newark as a residential destination is well underway,” says Adam Mermelstein, a TreeTop partner. “There’s a significant need for quality rental apartments that serve both the luxury market and the city’s local middle-class residents. As a result, … Continue reading
Filed under Multifamily
Latest Cause Celeb… Newark, NJ
So it started with Jon Bon Jovi playing a string of shows to open the Prudential Center. Next we have Forrest Whitaker announcing a documentary about Newark, Queen Latifah and Wyclef Jean on a foreclosure prevention bus tour, Shaquille O’Neill … Continue reading
Filed under Current Events
Wednesday March 25th Headlines
Blogging can be quite time consuming so I will be trying to do one big post with links to various stories that come over throughout the day. Here’s the first so I hope you like it. Multi housing news is … Continue reading
Filed under Current Events
Massey Knakal Opens NJ Office
Oh right I knew that already… OK… ok… earlier this week we had Amanda Marsh from Bisnow visit us and this is the result. That’s me on the left…
Filed under Uncategorized
NY-NJ Port activity down
“Business leaders at the Port of New York and New Jersey say the global economic crisis is slowing activity at the East Coast’s largest port complex.” I read this article with a bit of a “duh” response. Port activity is … Continue reading
Filed under Uncategorized
Wild Turkey in the Northward… Birds not whiskey…
The picture is worth a thousand words. See the article
Filed under Uncategorized
Community Bankers Have Funds to Lend
Portfolio lenders are lending. Community bankers that did not get caught up in securitizations and shoddy originations can still lend. They can be far more selective as they have little competition and can make wonderful spreads. It is a great … Continue reading
Filed under Finance
Newark moving forward with redevelopment plans around Newark Liberty Airport
“Newark officials have taken the first steps in redeveloping some of the most troubled sections of the city’s air and sea ports, which when expanded and improved may lead to the creation of new businesses and jobs for residents.” I … Continue reading
Filed under Current Events, Development, Government, Real Estate Market
Environ nearly doubles size of Newark office
“Environ is looking to hire more people in its Newark office because of the city’s proximity to New York, as well as the city’s rail access, which facilitates travel to the company’s other U.S. locations, such as Arlington, Va., and … Continue reading
Filed under Real Estate Market
A Hole Grows in Brooklyn
Some excerpts from an article in Fridays WSJ. Essentially taking the example of the Atlantic Yards Development as a warning to the dangers of governments subsidized large redevelopment. I post this here for two reasons. One – Newark is tied … Continue reading
Filed under Uncategorized
Russo Moving Forward in Kearny
See Full Article Looks like NJ Biz is catching up to report on the development Schulyers Crossing Development that I posted about here.
Filed under Development
I just really like this guy
In an article I read this weekend Mayor Corey Booker talks about how he has matured from a political street fighter to a builder of alliances. The greatest sign of this is that he now can call Steve Adubato an … Continue reading
Filed under Uncategorized
Izod Center and Prudential Center battle to be the area’s top venue
“More than a year after the Prudential Center opened, the aging state-operated Meadowlands arena it was expected to supplant is still there, and the two are locked in a steel cage death match, battling almost daily for the same lucrative … Continue reading
Filed under Current Events, Government
Gov Corzine Shows Support for Pro Development Bills
See Full Article “Gov. Corzine further stated that he is “totally committed” to the urban hub concept . “It is how we rebuild Newark, Camden and our communities,” he said. The RAD bill, “without too much modification, is something I … Continue reading
Filed under Current Events, Development, Finance, Government
Can someone teach the City of Irvington how to use Quick Books?
This article from NJ.com is the most absurdly ridiculous story I have seen in a while. See Full Article “Irvington’s finances are in such a mess that bills are chronically paid late, checkbooks haven’t been balanced, and $36,000 in cell-phone … Continue reading
Filed under Uncategorized
Nets will play preseason games in Newark, Queens
USA Today reports that the Nets will be playing preseason games this fall in Newark and Queens. See Full Article And the Star Ledger isn’t far behind See Full Article The Nets have an agreement to play at the IZOD … Continue reading
Filed under Current Events
The FED releases TALF Details & Timelines
Available today on the Federal Reserve Website is a press release detailing the Term Asset-Backed Securities Loan Facility (TALF). See Fed Release The aim of TALF is to increase the availability of credit to US consumers and business by facilitating … Continue reading
Filed under Finance, Government
Newark’s Baxter Terrace is set to get a new life
“It is one of the city’s oldest housing complexes and one of its most visible, and therefore seen as critical to redevelopment efforts. “It’s the gateway to the central business district,” said Toni Griffin, Newark’s Director of Community Development.” See … Continue reading
Filed under Development
NJ Developer Acquires Industrial Site for Redevelopment Russo
Development LLC has acquired a vacant 190,000-square-foot warehouse site in Kearny, NJ, which is planned for a planned mixed-use redevelopment. The project is Russo’s second redevelopment in the city. The existing warehouse at the 7.5-acre site at Schuyler and Bergen … Continue reading
Filed under Development
