Veris Residential Inc. has completed its sale of the Hyatt Regency Jersey City, as the real estate investment trust continues to shed properties outside the luxury apartment sector.
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New Jersey has an unmatched location and a population that developers dream about. It’s no wonder the commercial real estate industry is flourishing and evolving across all segments of the market.
Cheaper by the dozens: N.J. Legislature considers bill proposing unlimited restricted liquor licenses for annual fee
The New Jersey Legislature is considering a bipartisan bill (S355/A3710) that establishes a restricted beer, wine and cider license that would allow restaurants, for a small annual fee, to sell certain alcoholic beverages to their patrons. In an effort to counteract the diminution in value of already-owned liquor licenses, the proposed bill provides tax credit under corporate business tax and gross income tax for loss in value to certain alcoholic beverage licenses. Despite this tax credit, there is sure to be a significant decrease in the value of already-owned liquor licenses. This loss in value is likely to in turn diminish the value of the properties underlying those licenses.
