With the real estate market in the New York area becoming more expensive with less convenience and less space, New Jersey property development is becoming more popular. According to a Real Estate Weekly report, this is particularly true in the Asbury Park area, where high quality affordable residential property development is beginning to boom.
Developers who are interested in New Jersey property development have promoted projects in Asbury Park as “Brooklyn on the Beach,” designed to create a desirable and affordable residential area. A prime example of this push to become the new hotspot in the tri-state area is the 1.25 mile stretch along the Asbury Park waterfront that includes 20 residential, infrastructure and hotel developments. According to an interview with Jay Sugarman, founder and CEO of iStar, for Real Estate Weekly, the goal of development projects in Asbury Park is to make it one of the most ambitious revival efforts in the nation.
“We believe in Asbury Park’s potential as a one-of-a-kind place to live, work, visit and invest,” Sugarman explained.
In fact, these recent projects have become significant enough to attract some of the biggest designers and architects in the world, including Gary Handel, Paul Taylor, Chad Oppenheim, Madison Cox and Melillo + Bauer Associates. With these names attached to design properties in the Asbury Park area, it has led to demand for further large-scale developments, which has the potential to strengthen the area’s tax revenue, employment market and economic base.
Central Jersey is gaining more interest
Aside for the development boom in Asbury Park, other parts of Central Jersey are also gaining interest. According to Chris Gaffney, Toll Brothers group president of the New Jersey and New York divisions, there is significant potential for both commercial and residential real estate opportunities.
“Monmouth County has some very great history and there are so many different towns throughout the county, so there’s a wide variety of real estate opportunities,” Gaffney stated. “Generally, Toll Brothers in the Monmouth County area, we have focused on the areas where you can build what we call our bread and butter – the typical single-family home or perhaps a high-end carriage home. The towns like Holmdel, and] Middletown, are all where we have active communities or communities that are soon to be brought online.”
There are several advantages that are bringing transplants to central and southern New Jersey, chief among them being affordability and quick access to Manhattan.
These developments are all part of recent tax break initiatives
The New Jersey Economic Development Authority has opened up new opportunities under the tax credits in Grow New Jersey Assistance Program. According to an Area Development report, while these tax breaks have been approved for manufacturing and industrial developments, the offshoot of these incentives are beginning to bring in residential property developers in droves. As more jobs come into the central and southern New Jersey regions, it makes the state that much more appealing to property developers.
When to Settle and When to Fight: A Litigator's Framework
Every lawsuit comes with a cost, and knowing when to settle a lawsuit is one of the most consequential decisions a business owner will face. Experienced litigators understand how to minimize cost and obtain certainty for their clients. For many business owners, the decision is viewed almost entirely through a financial lens: What will it cost […]
A Whistleblower Just Filed a Complaint Against Your Company: Here's What to Do Now
Few situations create more uncertainty than learning that an employee has filed a whistleblower complaint. Questions arise immediately: Is the allegation legitimate? Should the employee be placed on leave? Do we need to notify our insurance carrier? Are we now prevented from disciplining the employee if there are unrelated ongoing work related issues? There is […]
Assignment for the Benefit of Creditors: An Alternative to Bankruptcy for Distressed Businesses
When a business reaches the point where it can no longer service its debts or otherwise resolve its liabilities, management is often faced with a difficult question: is a bankruptcy filing necessary or is there another way to perform an orderly liquidation or sale of the business assets? While Chapters 7 and 11 of the […]
Breaking Down New Jersey’s “Mansion” Tax: What Buyers and Sellers Need to Know
For many years, the New Jersey Mansion Tax has been a significant consideration in high-value real estate transactions. Recent legislative changes, however, have substantially altered how the tax operates, including who is responsible for paying it and the amount owed in certain transactions. Whether you are purchasing, selling, or investing in New Jersey real estate, […]
Estate Planning for Digital Assets Under New Jersey Law
As our personal and financial lives increasingly move online, estate planning must evolve to address a new category of property: digital assets. From email accounts and social media profiles to cryptocurrency and cloud-stored business records, these assets often carry both financial and sentimental value. Yet, without proper planning, they can become inaccessible—or even lost—upon incapacity […]
The Role of Representation and Warranty Insurance in M&A Transactions
In today’s mergers and acquisitions market, representation and warranty (R&W) insurance has become a common feature of deal negotiations. Once used primarily in larger transactions, R&W insurance is now frequently incorporated into middle-market deals as buyers and sellers look for efficient ways to allocate risk and close deals. When structured properly, R&W insurance can help […]
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!
