New Jersey

A multimillion-dollar capital improvement program getting underway includes significant street level renovations and improvements to the building's interior concourse walkway.

“Buyers are attracted to new construction and gut-renovated properties when there is a PILOT program in place, and this property had a 30-year PILOT program in place already,” says Kislak's Joni Sweetwood.

A roundup of the latest leases, sales and other transactions in the Northeast middle markets.

“Our joint venture viewed this as an opportunity to acquire a vacant high-quality asset in 185 Tabor Road at an attractive basis well below replacement cost,” says Ryan Dodge, vice president with PCCP.

“We have the capability of having a very prosperous economy, if we use resources smartly,” former New Jersey Gov. Jim Florio says.

“This is a once-in-a-lifetime opportunity to purchase portside land with unparalleled maritime access in one of the world's most land constrained port markets,” says Cushman & Wakefield's David Bernhaut.

With asking rents for this apartment submarket expected to advance upward of 6% over the next couple of years, the timing looks good for selling the highest concentration of for-sale stabilized assets in Hudson County ever to come to market, says Gebroe-Hammer's Nicholas Nicolaou.

Wyndham Destinations, which did not announce a specific location for its corporate headquarters, says it will be making a $7.5-million capital investment in establishing its headquarters in Orlando.