The transformation of a sprawling suburban office park in Parsippany is now on full display, as a development team continues its teardown of several aging buildings while marking the start of construction for 275 new apartments at the site.
Murphy Schiller & Wilkes LLP
MSW represents a wide range of clients, including major national and international developers, national and local lending institutions, institutional investors, family offices, landlord and tenants and other owners and developers of real property. Our boutique nature and multidisciplinary model has allowed the firm to represent a diverse array of clientele, from the largest real estate development and private equity firms in the country to smaller family offices based in New Jersey.
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.
Expect the unexpected: Addressing supply chain leasing concerns in 2022
As we say goodbye to 2021, New Jersey’s robust commercial real estate industry has a lot to look forward to in 2022. Whether it be the ever-increasing demand for new industrial space or the development of new and/or expanded tenant spaces as employees continue their return to the workplace, construction activity will likely continue to surge in 2022. Notwithstanding such, however, landlords and tenants must remain mindful that COVID-19 will continue to impact the commercial real estate industry next year and beyond.
