Greater New York

Fair Market Value Challenged by Faith

Faith Ministries Church

Faith Ministries Church

Recently, my mom came home to tell me of a big real estate deal her pastor discussed one Sunday at church, involving millions of dollars in real estate. Obviously, I had to find out more.

Its an issue around the site that the Sayreville government obtained by eminent domain from Faith Ministries, NL (National Lead) Industries, New Jersey Highway Authority, The City of Perth Amboy and a few other parties, and underwent almost a decade in litigation over market price and fair compensation. The land has also been subject to massive contamination and environmental clean up efforts since at least 1998, and received millions of dollars from the Sandy Fund.

Here’s a photo I snapped of one of the empty lots: Parcel B

The Plan

In 2006 Sayreville Economic Redevelopment Authority (SERA) passed an official ordinance that designated much of its waterfront land as a “Redevelopment Area”. The development of over 900 Acres includes every type of attraction, retail, hotel, residential, waterfront marina, office, you name it–see for yourself in the video posted on Luxury Point’s YouTube channel at the end of this post.

SERA and the various property owners were quietly negotiating the acquisition of the land in the early 2000’s, when eventually one or both parties became disenchanted with the process, prompting a series of lawsuits alleging that SERA was low-balling the fair market value of the parcel to discount the cost of the cleanup. Meanwhile, the current owners, who had already begun the cleanup, refused to stop and turn the process over to SERA for fear of being coerced to accept an unfair offer. And so, Sayreville flexed their government muscle and condemned the land to acquire it by Eminent Domain. Read More Here

Holding Out On Faith

Today, it appears as though most of this has been settled, Sandy Fund provided millions to contribute towards the cleanup effort and the developer, O’Neill Properties, is moving forward with plans for at least part of the development. However, from the whisperings amongst the Faith Fellowship congregation, some of the land surrounding the church is still  under negotiation,  as Faith Fellowship holds out to collect on a larger sum. If you look carefully below, Faith Fellowship church and its surrounding property is on the north east portion of Parcel C, containing a bulk of the anticipated income stream of this site. And so, holding out on faith, looks like a good call.

Luxury Point_Sayreville

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ROI on Fashion

So these past weeks, it’s become increasingly difficult for me to focus on highlighting properties for the blog, because 100% of my spare time is being dedicated to the two real estate valuation classes I am completing at Baruch this semester. However, I had an opportunity to snap some photos today (a much less time consuming endeavor), and the weather is finally cool enough to debut my favorite tapestry print coat.

While I’m no professional fashion blogger, I do find the task of tracking down pieces that inspire me and putting them together in a creative way, is a challenge that really helps me maintain my sense of individuality as a woman in the corporate world. Sharing it on this particular platform further pushes me to excel at it.

All about print Tapestry Print hp 12c

 

 

 

In fact, every minute and every dollar I invest in this endeavor yields benefits in my quality of life; some immeasurable aspects like the high I get when I find something I’ve been searching for months, or the pride I feel when others appreciate the personal collection that reflects my inner artistic expression.  But more importantly your consistent and passionate investment in an appealing look can yield real $$ back in your pocket in the following ways:

1. You appear interesting and confident, and this makes you more approachable. At work, at a conference or in a networking event, people want to connect with you, allowing you to grow your business or your brand.

2. If you are active in  your network, the increased reach will equal = access to information. And THIS is where your world can open up.

This is what inspired me today, and this idea drives my passion for fashion.

On another note, the valuation class is focused on appraisal methods, and I spent the past days learning to master the functions of the HP 12C financial calculator required for the course. The HP 12C has not changed much since 1972, and according to my industry colleagues, its the one true timeless vintage piece that belongs on the desk of any serious real estate professional. Glad its mine now.

Top Real Estate Websites and Blogs

Industry publications help any professional stay on top of what is happening in their field, so its important to me that I’m not only getting frequent industry news, but that my sources are diverse and represent more than just what is happening in my city.  I like to see my surroundings in a global context, and I hope this list helps you find the knowledge you need to pursue your real estate goals:

The Atlantic’s City Lab- Housing

This is probably one of my favorite new finds for housing, property, policy, community and infrastructure news. Their point of view is interesting and fresh, its logical and they often contrast with what is happening in other parts of the world.

New York (Jersey City/Newark) Yimby

This blog is great because it covers 2 areas that are grossly overlooked by some nyc real estate snobs–Jersey City, Newark and our northern borough The Bronx.  While its mostly development watch, its a great resource if you are a local investor looking for neighborhood trends or you are simply a renter or buyer looking for a decent neighborhood with good real estate promise.

The Real Deal

The Real Deal is a very popular site and they certainly don’t need my endorsement, but I must say they have a deep reach within the industry and often report some of the juiciest real estate drama unfolding in the NY area.

Real Estate Weekly
Includes reporting specific to property managers, something that you can’t find for free unless you join an industry association like IREM (Institute of Real Estate Managers).

Crain’s New York Business

Complete economic coverage including news about local politics as well as trends in food & beverage industry, technology, finance and how it all relates to Real Estate. They also have a Chicago, Detroit and Cleveland version of the publication.

New York Observer, Real Estate

I like their quirky articles that focus on interesting owners, culture, and neighborhood highlights.

World Property Channel

Whenever I travel internationally, I always have my eyes peeled for the real estate trends of that region. This site is a great place for real estate news on Europe, Latin America, Middle East and Asia.

Hospitality Net

Hotel acquisitions, development and re-flagging deals are a big part of the real estate pie, especially in popular international destinations. This site compiles hospitality news from all over the net and looks at the people, the suppliers and hotel performance metrics from all over the world.