Saxum Real Estate has welcomed a new director of investments for its industrial platform, tapping a veteran executive to spearhead its growth in the asset class.
Reverse appeals can lead to unexpected property tax liabilities for commercial property owners
As the real estate market remains strong, and property values continue to rise across many asset classes, commercial property owners need to be aware of the growing trend with municipalities aggressively seeking to substantially increase tax assessments for commercial properties by filing their own tax appeals.
Applications underway for Aspire, a program poised to spur large-scale urban development
The New Jersey Economic Development Authority is now accepting applications for Aspire, an aggressive tax credit program that was designed to encourage redevelopment projects using incentive awards to reimburse developers for certain project financing gap costs. With high costs of construction and mandates at the municipal level related to affordable housing requirements as part of market-rate development projects, the need for a gap financing tool is critical and welcomed by those trying to operate in a tight market.
Preparing for your next DCA inspection — and new emergency contact info requirements
On Nov. 8, 2021, New Jersey enacted N.J.S.A. 55:13A-7.19, setting forth new requirements for landlords of multifamily dwellings. The law was designed to supplement the existing Hotel and Multiple Dwelling Law (N.J.S.A. 55:13A-1 et seq.), which is enforced by the Department of Community Affairs’ (“DCA”) Bureau of Housing Inspection. Under the new law, landlords of multifamily dwellings must provide tenants and prospective tenants with specific information regarding emergency contact instructions and how to contact social services for assistance.
Redevelopment trends: New York tristate’s redevelopment in turmoil
Redevelopment activity in the New York Tristate Region is searching for direction. Post-pandemic, there is pressure to redefine business, retail and residential redevelopment programs. The revised target forces everyone to take a longer look and a broader view of the various impacts this redefinition may bring.
