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As the COVID-19 pandemic swept through New Jersey in 2020, it spurred growth in online purchases as people were forced to isolate at home. That, in turn, spiked demand for warehouse space. And warehouses started popping up all over — generating anger and opposition among many New Jersey residents. But it turns out that warehouse developers overestimated demand. Throughout New Jersey, developers are hitting the brakes on construction of new warehouses, which are also called “logistics hubs,” “distribution centers” and “fulfillment centers.” Warehouse construction is at half the level seen during the pandemic, said Brian Golden, a senior logistics executive at CBRE, a company that negotiates leases between the owners of commercial space and the companies that occupy them. Story continues below photo gallery. Tim Evans, research director of New Jersey Future, a policy advocacy group, said that “demand for storage space spiked during COVID for several reasons, and then the commercial construction industry might have slightly overshot in their response, building a bit more than was actually necessary for supply to catch up to demand.” Total warehouse space in North Jersey has grown 12% since 2016, from 203 million square feet to nearly 227 million square feet, reported CoStar,
Four states have lined up bigger property tax breaks for older homeowners, and each one works differently. New Jersey’s Stay NJ program pays up to $6,500 beginning in February 2027 to people who applied by Nov. 2. Florida voters approved a homestead exemption of $150,000 on non-school taxes that starts Jan. 1, 2027, Massachusetts’s draft... The post Senior homeowners in New Jersey, Florida, Massachusetts and Louisiana are in line for bigger property tax breaks, from Stay NJ payments of up to $6,500 starting February 2027 to Louisiana exemptions of up to $30,000 where local voters approve them appeared first on The Financial Wire .
Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of 190 St. Catherine Blvd., a Social Security Administration building in Toms River, for $2.35 million. The property totals 7,440 square feet on a 1.24-acre lot. Built in...
BRIDGEWATER – After questions were raised about the future use of the properties, the Township Council tabled ordinances to buy three lots in the historic Hobbstown community . The council was scheduled Nov. 5 to adopt an ordinance to buy a vacant half-acre lot on Richard Street for $65,000 from Eric Murdock, a former NBA player, and Darrow Murdock, the township's former tax collector. The council also tabled the introduction of an ordinance to purchase two other lots in Hobbstown for $165,000. The Sussex Avenue properties are owned by Nancy Jean Field, Glenn Field and William Robinson. Confusion about the acquisitions arose because the Richard Street ordinance stated that money for the purchase would come from the township's Affordable Housing Trust Fund. Money for the other acquisition would come from the township's Open Space Trust Fund. Hobbstown residents question Bridgewater land purchases The use of Affordable Housing Trust Fund money prompted concerns from Hobbstown residents that the township may be eyeing the Richard Street property and surrounding township-owned lots for affordable housing. But township officials were adamant that Bridgewater has no plans for affordable housing or any other development on the site. They emphasized that the township's affordable housing plan,
The following is a listing of all residential property transfers in Ocean County reported during the week of Oct. 26. There were 228 transactions posted during this time. During this period, the median sale for the area was a 1,364-square-foot property on Yellowbank Road in Toms River that sold for $525,000.
An often maligned Atlantic County facility has wildly overachieved at a public auction that was held to sell the operation located at 235 Dolphin Avenue in Northfield, New Jersey.
A single-family home in Monroe Township that sold for $825,000 tops the list of the most expensive residential real estate sales in Monroe in Middlesex County during the past week. In the past week, a total of seven residential real estate sales were registered in the county, with an average...
NEW JERSEY — New Jersey has adopted updated building codes that introduce new safety requirements, strengthen fire protections and improve energy efficiency, with a six-month grace period allowing certain construction permit applications to be reviewed under the previous standards. The New Jersey Department of Community Affairs outlined the changes...
For prospective homebuyers eyeing the real estate market in the area of Middlesex County, here's what sold for $350,000 or under during the week of Oct. 26 to Nov. 1. Here, we provide a breakdown of the top five properties in each area, selected based on their proximity to the desired price range and the most spacious living areas available.
SOMERS POINT — “It’s a leadership position and I am a leader,” city resident Lisa Bender said of her victory over incumbent county clerk Joe Giralo on Nov. 3. The small-business owner and sustainability consultant said she feels the two most important aspects of the role are communication and accessibility.
Tenants of 438 and 440 West 45th Street gathered outside their Hell's Kitchen buildings, demanding that state and city lawmakers give renters like them the power to buy their own homes before landlords can sell to the highest bidder. The rally centered on two bills that would reshape how buildings change hands in New York: the Tenant Opportunity to Purchase Act and the Community Opportunity to Purchase Act.
A New York appeals court has cleared the way for NYC Mayor Zohran Mamdani to advance a controversial tax targeting expensive second homes, overturning a lower court ruling that had challenged how the measure was introduced. The proposed pied-à-terre tax, backed by Gov. Kathy Hochul and Mamdani, would apply to...
Scianablo, Vider win as Five Towns voters decide races. Joe Scianablo unseated Hempstead Supervisor John Ferretti, Lisa Vider defeated state Sen. Patricia Canzoneri-Fitzpatrick, and Laura Gillen won re-election as Five Towns-area voters weighed in on key local, county and congressional races. According to unofficial results, U.S. Rep. Laura Gillen won...
Election Day could have major implications for New York real estate. Beyond the governor’s race, far-left and progressive candidates are making bids for the State Legislature — and one City Council seat — with platforms that seek to reshape housing development, rent regulation and tenant protections across the state.
Incumbent Democratic Gov. Kathy Hochul unofficially declared, victory over Republican challenger Nassau County Executive Bruce Blakeman on Nov. 3. Hochul campaigned on affordability, child care, tax relief, school safety and gun laws. “To you, the people of New York,” Hochul said, “thank you for once again putting your trust in...
New York affordable housing investments totaling $872 million will support 12 developments across New York City, the Mid-Hudson Valley, Central New York, the Capital Region and the Finger Lakes, part of the New York affordable housing awards announced by Gov. Kathy Hochul on October 30. The package includes $460 million...
If groceries, utilities, and insurance already stretch your budget, a smaller property tax bill would help. That’s possible for many older New Yorkers, through state and local programs. But the programs differ. These are the New York property tax breaks some homeowners over 65 never apply for. Note: This...
By Hank Russell It seems everything keeps going up - the rate of inflation, mortgage rates and home prices on Long Island, the latter showing no signs of slowing down. According to the recent data
Hello, let’s get into today’s news at the intersection of real estate and policy:. The City Council today will vote to expand two rent-freeze programs for certain tenants that landlords actually support. Infrastructure gaps loomed large during a Council oversight hearing on City Planning’s efforts to target several...
