JERSEY CITY, NJ—Developer Eric Margules is optimistic about the overall economy's impact on commercial real estate development in Jersey City, but he also warns that the high cost of liquor licenses is stunting the broader development of a range of smaller pubs and taverns that could attract more Millennial renters to the Hudson County city.
“Real estate developers have to be optimistic,” Margules told GlobeSt.com in a wide-ranging interview. “We are under market on most of our properties so we have a lot of room for growth. As far as the economy is concerned, I still see it as strong. All the growth is on the West Side and that's right next to New Jersey.”
Margules Properties currently has 14 buildings in Jersey City, near Journal Square, and the proximity of those buildings to the Journal Square PATH station makes them attractive to young renters, he says.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
