Page 7 - RENJ June 2021
P. 7

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          EDITOR’S NOTE
      A MATTER
We’ve heard it since the earliest days of the pandemic: Don’t bet against New York City. Even with empty
skyscrapers and a purported mass exodus to the suburbs, seasoned
real estate executives say they’ve seen enough
to know that the city would bounce back as the economic engine for the region and for much of New Jersey’s commercial real estate market.
That comeback is still taking shape, but industry experts say they’re already seeing a bump in the
...developers and a
market for luxury, transit-oriented apartments in places such as Jersey City, Hoboken and Weehawken. As you’ll read in this month’s cover story, that’s due in part to the prospect of Manhattan office workers returning to the workplace in some form in the months ahead. That bodes well for commuter hubs in Hudson County and elsewhere, which took a hit last year as renters fled to the suburbs. Already, developers and landlords are seeing an uptick in leasing activity, as we learned in a recent NAIOP New Jersey program, and they now hope to roll back concessions to would-be renters as we head into the second half of the year.
Our June issue also highlights a long-awaited redevelopment project in the Passaic County borough of Hawthorne. The Bedrin Organization,
working alongside March Associates Construction, recently broke ground at a former industrial site just north of the Passaic River, following a 13- year saga that saw other proposals for the property come and go. It’s now on track to deliver 118 luxury apartments, a self-storage facility and a new Planet Fitness, helping to transform the community’s largest undeveloped parcel.
Elsewhere in this edition, we bring
you an interview with JLL’s Tom Didio and Tom Didio Jr., who make up a rare father-son combination in the commercial real estate brokerage field. They’ve worked together since last June, when the younger Didio joined the firm’s New Jersey capital markets team, both focusing on institutional debt, structured finance and joint venture equity transactions. If the thrill of working together weren’t enough, they’re part of a
JLL capital markets team that is a leader in New Jersey and has only continued that momentum during the pandemic.
Speaking of which, we are getting ever closer to our pre-pandemic way
of life. That has become increasingly clear over the past few weeks as I’ve been fortunate enough to see some of you in person. It’s also clear that COVID-19 will weigh on the market for some time still, but I couldn’t
be more excited to reconnect with everyone else in the months ahead. Until then, we’ll continue to bring you all the latest industry news online at and in these pages.
Thanks for reading, enjoy the issue and enjoy the summer!
Joshua Burd
                       From sitting there. To sitting pretty.
For a decade, Park 11 in Belleville was nothing more than contaminated land. As redevelopers for the Township of Belleville, Tulfra Real Estate and The Hampshire Companies saw so much more potential. We transformed Park 11 into a vibrant mixed-use site that generates revenue and is now a thriving part of the community.
  For more information please contact Sonny Jumani 201.587.9797 x327 | |
A Tulfra / Hamphire Joint Redevelopment Project
                                                          􏰀􏰁􏰂􏰂􏰂􏰁􏰂􏰂􏰂 􏰄􏰅 􏰆􏰇􏰈􏰉􏰊􏰋􏰌􏰍􏰉 􏰎 􏰆􏰉􏰊􏰇􏰏􏰐􏰑􏰒􏰓􏰔􏰐􏰕􏰖􏰐􏰏􏰗 􏰎 􏰘􏰉􏰙􏰐􏰇􏰑􏰒􏰚􏰄􏰘 􏰎 􏰛􏰜􏰙􏰉􏰑 􏰎 􏰝􏰐􏰞􏰐 􏰄􏰙􏰜􏰕􏰉 􏰎 􏰟􏰈􏰙􏰕􏰐 􏰄􏰠􏰐􏰏􏰉 􏰄􏰙􏰜􏰕􏰐􏰡􏰉
ndlords are seeing
 an uptick in leasing
 activity, as we learned
 in a recent NAIOP New Jersey program...

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