Page 4 - NJ Cooperator Winter 2020

4 THE NEW JERSEY COOPERATOR —WINTER 2020 NJCOOPERATOR.COM Industry Pulse Events The New Jersey Cooperator Introduces FREE Webinars—a New Resource for Boards and Managers at njcooperator.com/events The New Jersey Cooperator, a Yale Robbins publication, has been a resource for the boards, managers, and residents of condos, HOAs, and co-ops for nearly two decades, both in print and online—and we are pleased to announce a new addition to our toolkit. Yale Robbins Productions has launched Cooperator Events, a new series of FREE educational ‘town-hall’ style webinars, sponsored by leaders in the multifamily industry and focusing on issues and challenges facing today’s boards. We have assembled expert panels on everything from legal questions around the COVID-19 pandemic to optimizing your insurance cov- erage to disinfecting your community’s pool. Registration and attendance are FREE to all— just visit njcooperator.com/events, choose the webinar you’d like to attend, and sign up. It’s that simple. You’ll get an email link and reminders for the event, and will have the opportunity to submit questions for the panel- ists before AND during the webinar itself. Past events are archived and available on-demand on njcooperator.com/events. Serving on your board is a big job, and a big responsibility, but sound, timely advice from industry veterans can help lighten the load and make your building or association run more smoothly. We’re committed to helping you achieve that, and look forward to ‘seeing’ you at an upcoming webinar! Applicants Requested for Affordable Senior Condo in Montville The Township of Montville, New Jersey is requesting moderate income Senior Citizen applicants (62 years of age or older) interested in purchasing a second-floor one- or two-bed- room unit within the Township, according to the Township’s press release. The press release reports that the unit income eligibility requirements are as follows: One Person: $36,928 to $59,085 Two people: $42,204 to $67,526 Contact housing@montvillenj.org or go to montvillenj.org for details and an application. Development New Jersey’s Tallest Tower Welcomes Residents On the Jersey City waterfront, 99 Hudson is the state’s tallest building, according to a report on real estate website 6sqft.com. Rising 79 stories—nearly 900 feet—it is also the tallest residential tower in the United States outside of New York and Chicago, notes the outlet. The Perkins Eastman-designed condomin- ium building was completed last year. With 70 closings under its belt, reports 6sqft, residents have begun to move in and enjoy the incred- ible views and luxury amenities that the build- ing offers. “There’s a new energy and strong sense of community permeating the building now that so many residents have moved in,” says Jacqueline Urgo, president of The Marketing Directors, the building’s sales and marketing agent. “The robust activity is also resonating with new buyers from both sides of the river who are ready to upgrade their lifestyle and feel confident in doing so at 99 Hudson.” Directly across from Manhattan’s One World Trade Center, the condo building con- tains a range of studio to two-bedroom resi- dences, along with a handful of penthouses, with oversized windows to enjoy views of New York Harbor, the Manhattan skyline, and the Statue of Liberty. The 780 units are priced between $548,000 and over $4 million, reports 6sqft.com. Developed by China Overseas America (COA), the building’s units feature wide oak flooring, chef’s kitchens with Italian-made cus- tom white lacquer cabinets and stainless steel fixtures, custom millwork, energy-efficient heating and cooling systems, and Bosch wash- ers and dryers. Sixty-five-thousand square feet of indoor and outdoor luxury amenities include a triple-height, chandeliered lobby and off-street porte-cochere; a 3,800-square-foot fitness center with a dedicated yoga and Pilates studio, hot tub, steam room, and more spa- like amenities; a game room, golf simulator, screening room, children’s playroom, demo kitchen, and business center; and an outdoor amenity deck on the eighth floor with an 80-by-50-foot swimming pool, cabanas, grills, and places to lounge and dine outdoors. Another 80 closings are expected by the end of the year, reports 6sqft.com. Condo Conversion of Former Police Station Hinges on Council Vote According to a report on local real estate website Jersey Digs, the Orange Municipal Council is scheduled to vote on a resolution during its virtual meeting on December 1 that calls for revoking a contract of sale and a key designation regarding the 595 Lincoln Avenue property near the Seven Oaks neighborhood in Essex County. The proposed resolution states that devel- oper 595 Lincoln Avenue Urban Renewal Entity, LLC had been planning to tear down the existing building on the property—for- merly the Orange Police Station—in order to construct “approximately 60 market rate owner-occupied condominium units along with amenities and parking spaces,” according to the outlet. The Orange Municipal Council unani- mously passed a resolution back in August 2019 that formally designated the LLC as the developer of 595 Lincoln Avenue, reports Jersey Digs. The resolution said in part that the company “is an experienced and success- ful developer of housing and commercial development throughout New Jersey and has the necessary expertise, skill and ability and financial resources to carry out or oversee and guarantee completion of the development of this project.” Then the council passed a separate reso- lution in December 2019 that authorized a contract of sale between the City of Orange Township and the developer, noting that the tract was expected to be sold to the LLC for $1.2 million by the end of 2019. The newly proposed resolution would revoke both of the previously passed resolu- tions if it passes; it does not indicate why the City of Orange Township is seeking these revocations. However, Jersey Digs indicates, an eco- nomic development guide on Orange’s munic- ipal government website refers to this project as “Lincoln Avenue Heights” and identifies Chadwick Capital as the developer. The docu- ment also says that development costs have been estimated at $17 million and that the project was expected to be completed in the summer of 2021. The City of Orange Township also released an “application for designa- tion as redeveloper” in June 2019 that listed George Robb as the managing member of the Lower Manhattan-based LLC. According to Chadwick Capital’s website, Robb is the com- pany’s founder and CEO. Trends 10 New Jersey Areas See COVID Boom New Jersey Monthly reports that as many households flee crowded urban areas in search of home offices, backyards, and more space to ride out stay-at-home protocols, 10 New Jersey towns are experiencing a residential influx. Jeffrey Otteau of the Otteau Group, a real estate valuation company based in Matawan that tracks home sales statewide, compiled the list, telling New Jersey Monthly, “We have an exodus that I have not seen since the 1970s.” According to the Otteau Group’s analysis, statewide sales contracts were 37% higher in July 2020 than in July 2019. All New Jersey counties saw gains, but the five with the larg- est increases in July were Hunterdon, Sussex, Morris, Monmouth, and Cape May—all exur- ban areas outside the formerly favored ‘inner- ring’ counties with the easiest commutes to New York City. 1. Avalon/Stone Harbor in Cape May County: The combination of coronavirus fears and social unrest in Philadelphia this summer increased demand for both sales and rentals, says Ron Giordano, real estate agent with Long & Foster Real Estate in Stone Harbor. “This is the hottest market that I can remember. The demand has gone through the roof,” he tells New Jersey Monthly. 2. Colts Neck in Monmouth County: The pandemic spurred an uptick in the sale of sec- ond homes and a shift by some city dwellers to spend more time in those homes, real estate agents say. 3. Edison in Middlesex County: The medi- an home price is about $400,000; the most active price point recently is in the $500,000– $700,000 range, says Sanjeev Aneja, owner of On Track Realty. 4. Mount Laurel in Burlington County: Demand has been high in this suburb of Camden and Philadelphia, says John Moore of Re/Max One Realty in the township, with home-sale contracts up 69% in July 2020 over last year, rising from 74 to 125. 5. Raritan Township in Hunterdon County: “Everything is selling within a week, and we’re getting multiple offers; I’m talking six or eight offers,” says Carol Ann Suddeath, a Re/Max broker in Bedminster and a resident of Raritan Township. 6. Ringwood in Passaic County: Home contracts were up 76% this July over last, rising from 21 to 37, according to Otteau. “We’re see- ing a migration out of the city—from Brooklyn and Manhattan—to areas that are close to nature,” says Orly Steinberg of Coldwell Banker in Ringwood, noting that the borough has more than 100 miles of hiking trails. 7. Roxbury in Morris County: Bernard Goodman, a Re/Max broker in the Succasunna section of the township, says that about 25% of current buyers are people moving from urban areas because of COVID-19. Sale contracts more than doubled in July compared to a year earlier, with 58 contracts signed. 8. South Orange in Essex County: Victoria Carter, a Weichert agent in Short Hills, esti- mates that prices have risen 10% since COVID- 19 hit and that demand has halved the supply of homes on the market. According to Otteau, 39 homes went into contract in July, up from 17 in July 2019. 9. Sparta in Sussex County: Since COVID- 19 hit, demand for homes has been “through- the-roof crazy,” says Christine Tremain, a Weichert agent in the township, with buy- ers from New York City, Jersey City, and Hoboken. There were 68 home contracts in July—up from 36 in July 2019. 10. Upper Saddle River in Bergen County: There were 42 home-sale contracts in July, compared with 12 in July 2019. Some of the additional activity is the result of a new town- house development on the site of the former Pearson Education publishing company, notes New Jersey Monthly. All of this activity reflects the expectation that working from home will become a more permanent arrangement even after the pan- demic, making commuting distance a less important factor in residential real estate. “Working remotely has made all the differ- ence,” says Paula Anastasio, a Weichert agent in Hunterdon County, where some eager buy- ers have made offers after seeing homes only by video chat, not in person, reports New Jersey Monthly. The outlet gives the example of Pearce DeLisle and Amy Hatton, marketing profes- sionals living in Jersey City, who recently bought a second home on Lake Hopatcong in Jefferson Township. “Remote work allowed us to think outside of proximity to New York,” DeLisle says. “We have options outside of a 1,000-square-foot condo. We could get space to entertain and space for ourselves.” n PULSE Please submit Pulse items to Darcey Gerstein at darcey@cooperator.com