In crafting the design of the new Cap Diner, Nicolas Geeraerts said he wanted to “bring a little bit” of New York and Brooklyn, while also staying true to New Jersey. He also aims to create a younger, millennial vibe that is also going to attract families. The overall objective is to create a place “that is approachable, pricewise, for everybody (and) … where a community can get together without one person being better than the next,” said Geeraerts, who oversaw the development of a high-end food hall above New York Penn Station.
Slowly but surely, developers have begun to chip away at one of New Jersey’s most chronic issues when it comes to commercial real estate — the abundance of obsolete, aging office buildings that are no longer considered usable by modern standards.
Insiders say the prospect of legalized recreational marijuana could have substantial benefits for New Jersey’s commercial real estate market, even with a long list of risks and complexities.
By Joshua Burd For all the buzz and political rhetoric surrounding federal tax reform, Jeff Otteau points to a consequence of one key change that has largely flown under the radar. For decades, homeowners have been better equipped to reduce…
The tax reform package is widely seen as a boost to the already thriving apartment sector. At the very least, experts say the changes could delay an existing renter’s decision to transition to homeownership, although many stopped short of saying that it would have dire effects on the for-sale market.
When it comes to new construction, federal tax reform has left many developers with a choice to make: maximize their business interest deductions or take advantage of accelerated depreciation.
Experts believe the reforms will spur additional growth during an expansion that will soon be the second-longest in U.S. history, thanks in part to a sweeping cut to the corporate tax rate from 35 to 21 percent. That bodes well for New Jersey’s office and industrial landlords.
When it came to commercial real estate, many investors had likely felt that property values had peaked in 2016, that the bull run was ending and the economy was due for a pullback. Those are among the reasons that Jeff Otteau feels overall investment sales in New Jersey fell last year to $6.5 billion, from $8.3 billion in 2016, while activity also slowed in New York City. Yet that trend could be in store for a reversal as a result of the newly amended tax code, which has preserved and added to the benefits given to real estate investors.
With an in-house, full-service construction team — an asset that is increasingly rare among developers — SJP Properties is being both aggressive and creative in keeping its pipeline full in New Jersey. That means everything from third-party development work to joint ventures and acquisitions that could pave the way for new projects.
Commercial real estate firms in recent years have grappled with finding young talent to help fortify their ranks for years to come. But Steve Pozycki believes the long-term stability of SJP Properties has helped it attract the next generation of executives.