Page 23 - CooperatorNews New Jersey Spring 2021

NJ.COOPERATORNEWS.COM COOPERATORNEWS NEW JERSEY — SPRING 2021 23 Advertise In CooperatorNews New Jersey Marketplace —Call 212-683-5700— Target Key Decision Makers In The Condominium, Co-op, and HOA Community By Placing Your Ad Here MARKETPLACE For schedule and ad rates, contact Fred Marks at (786) 404-1701. LAUNDRY EXPERT TESTIMONY PROPERTY MANAGEMENT PROPERTY MANAGEMENT REACH FOR THE STARS WE MANAGE OUR CUSTOMERS ABOVE & BEYOND At Executive Property Management, we are light years ahead in our profession. For more than thirty years, we have successfully focused on providing our customers with unrivaled value in areas of financial consulting and reporting, customer service, cost control, technology and integrity. Let us guide you to a brighter tomorrow. www.epmweb.net of Newark’s residents—who are 86% Black and Latinx—live. This has led to a concerted effort to redevelop these areas without gentrify- ing them—specifically by investing in new affordable housing and more homeowner- ship opportunities for the existing popula- tion that is 78% renters. Developer Siree Morris grew up on the street where he plans to build an affordable housing complex named for his slain broth- er, Michael, says the Times . He has already converted one of Newark’s estimated 2,000 vacant lots into six 3-bedroom apartments and will be developing condos made from shipping containers nearby. “You take it one property at a time, one parcel at a time,” says Morris, who still lives in Newark. “That’s the only way to rebuild a community.” Many of the area’s redevelopment proj- ects have been undertaken by members of the community who have participated in education and mentorship opportunities that Mayor Ras J. Baraka instituted in a push for “equitable development,” which he defines as building wealth among residents and creating opportunity for minority- owned businesses. But others are skeptical that the mayor’s tactics will have the desired effect. Marjorie Perry, a longtime developer who lived in Newark public housing until she was 10, is working on several major construction proj- ects in the city. She says that the economic devastation brought about by the coronavi- rus pandemic will make it even harder for locals to secure loans or even afford slight increases in rent. More than a quarter of Newark’s 282,000 residents live in poverty, notes the Times . Unemployment in the city has more than doubled since the start of the pandemic, reaching 17% in November. One in 340 Newarkers have died from coronavi- rus complications. There are potential silver linings, how- ever. According to the Times , Newark city records show that more than 3,500 units of affordable housing have been built or are underway in New Jersey’s largest city, much of it outside downtown. Allison Ladd, a former top housing offi- cial in Washington, D.C. who was hired as Newark’s redevelopment guru about 18 months ago, sees the pandemic as an opportunity for transit hubs like Newark to be a relocation target for both residents and corporations in higher-density cities. (Manhattan is 15 minutes away.) “We have to take the opportunity and figure out what the future can be,” says Ladd. “You’ve got to do it all. You can’t just do one thing.” PropertY ManaGement FirstService Residential Adds the Pearl to Its Portfolio FirstService Residential announces in a press release that it has contracted to pro- vide full-service property management services to the Pearl—a six-story high-rise in Edgewater. FirstService Residential cur- rently manages more than 60 high-rise communities along New Jersey’s Gold Coast, notes the release. “We’re thrilled to announce our partner- ship with the Pearl,” says Michael Mendillo, president, FirstService Residential. “Our team’s experience and knowledge of the local market will ensure a successful part- nership for years to come.” The 120-unit building features a state- of-the-art fitness center, a heated outdoor pool, a rooftop deck with BBQ, a pier for sunbathing, a garden, club rooms, and a dog run, along with 24/7 security and con- cierge services for its residents. The Pearl’s Edgewater location offers proximity to din- ing and shopping, as well as quick access to Manhattan and views of its skyline and the Hudson River. n Please submit Pulse items to Darcey Gerstein at darcey@cooperatornews.com