Riverfront complex opens in Hackensack; North Jersey braces for market decline

Welcome to the Building North Jersey newsletter. I'm Mary Chao, reporter and columnist at NorthJersey.com and The Record. This newsletter is aimed at informing our readers of what's happening in the real estate, retail and development world in North Jersey.

There's a lot happening in our region. Beginning with a huge development in Hackensack.

Riverfront is on the way in Hackensack

The first building of a planned 653-unit riverfront apartment complex has opened at the site of The Record’s former headquarters on River Street, the latest project in a building boom that is transforming the city’s downtown.

Leasing has begun for the building’s 271 apartments, and two retail tenants — Blue Foundry Bank and Hackensack Meridian Health — have signed on as part of the first phase of the development.

When construction on the Print House is complete, the sprawling 20-acre property that was once home to a bustling newsroom and print hub will be the site of a luxury mixed-use residential community with 40,000 square feet of retail space spread across five buildings.  

This Bergen community saw prices fall

As I studied the Bergen County home sales data for the first half of the year, something stuck a nerve. Fort Lee was the only borough to see a decline in price.

Even with mortgage rates on the rise, real estate prices in Bergen County have mostly kept climbing in 2022, much to the chagrin of would-be homebuyers.

But there's one notable exception: Fort Lee, the land of gleaming high-rise apartment complexes at the foot of the George Washington Bridge, has seen sales prices plummet for much of the year, dropping almost 10% according to an analysis of real estate data.

What gives? Realtors say prices in the gateway to North Jersey have been dragged down by a glut of older condos and co-ops that have lost allure in the face of newer luxury options and the desire for bigger single-family homes.

It's yet another way COVID has reshaped the local real estate market.

"There are just a lot of small, inexpensive co-ops on the market," said Ilja Bitkov, an agent with Coldwell Banker in Fort Lee. "Those are losing value at a time when everything else is coming up.”

New luxury at Montvale complex

The District in Montvale just opened. It's a luxury apartment complex developed by The S. Hekemian Group at 200 Market St. The complpex includes a sundeck, an outdoor pool, a fitness center, gardens, a reflection terrace, a grilling area, a dog park, EV charging stations and a lounge with coffee bar.

Wow.

These 8 NJ counties are most at risk for real estate decline

Speaking of pricy real estate, North Jersey is home to some the most expensive.

If U.S. real estate prices turn south, the suburbs around New York and Philadelphia are likely to be leading the retreat, according to a new report. 

Eight New Jersey counties are among the most at-risk in the nation for a housing market decline, real estate firm ATTOM Data Solutions said in an analysis released Wednesday. The firm cited soaring housing costs in North Jersey and rising foreclosures in the Philadelphia area. 

“While the housing market has been exceptionally strong over the past few years, that doesn’t mean there aren’t areas of potential vulnerability if economic conditions continue to weaken,” Rick Sharga, executive vice president of market intelligence at the Irvine, California-based company, said in a statement.

"Housing markets with poor affordability and relatively high rates of unemployment, underwater loans, and foreclosure activity could be at risk if we enter a recession or even face a more modest downturn.”

New businesses open across North Jersey

From a vegan bakery to a cooking studio, here's a check on some of the new businesses that recently opened in North Jersey.

Razor Edge Barbershop, Randolph

WHERE: 389 Dover Chester Road

WHEN: It opened on June 21

WHAT YOU’LL FIND THERE: Services include hair cuts for young children that run about $18 to adults. that range depending on style. Head shaves are $27. They offer straight razor cuts, hot towel face and head shaves and beard care. The shop is experienced with disabled, autistic, special needs children and even "every day fussy kids."

MORE: Shop is closed on Mondays. Hours: Tuesday 9 a.m. to 6 p.m., Wednesday to Friday 10 a.m. to 6 p.m., and Sunday closed. (973) 668-5251, razoredgerandolph22@gmail.com

Jeremiah's Catering and Cooking Studio, Lake Hiawatha

WHERE: 44 North Beverwyck Road

WHEN: It opened spring 2022

WHAT YOU’LL FIND THERE: Here you'll find cooking classes for kids, teens and adults. Chef T has a new pizza oven for pizza-making parties to celebrate birthday parties or other events. Jeremiah's Catering also offers catering services and a private chef for hire. You

can gift one of Chef T's meals to a person in need or give a gift certificate to their services or classes for a special occasion. There are more than 50 food choices on the menu.

MORE: Their grand opening and the studio are in honor of Chef Theresa's late brother Jeremiah. It's open from Monday to Sunday and can be reached at (973) 221-8617 or contact@jeremiahscatering.com. Their program, "Gift a Meal" helps those in need around the community that are food insecure.

All Roads Vegan Bakery, Lake Hopatcong 

WHERE: South Plaza, 694 Route 15 south

WHEN: It opened on June 18

WHAT YOU’LL FIND THERE: This plant-based coffee shop and bakery offers vegan treats, cakes, cookies, and brownies. Decorated in muted colors and lots of green plants, the bakery has a counter and tables for those who want to enjoy their treats and drinks immediately. Check out their menu at: allroadsveganbakery.com/shop or on instagram.

MORE: Monday and Tuesday closed, Wednesday to Friday 7 a.m. to 2 p.m., Saturday to Sunday 8 a.m. to 2 p.m., (973) 885-4391.

Thank you for joining us

Thanks for reading our North Jersey newsletter. We welcome ideas, feedback and tips. Drop a line at mchao@northjersey.com.