The Star-Ledger reports: Arbitrators awarded property owner Steve Adler $24 million for 10 acres of property near the PATH station and the Red Bull Arena soccer stadium. The developer, Richard Miller of the Hoboken-based Pegasus Group, was helped by the Harrison Redevelopment Agency, which used its power of eminent domain, condemning the property, which would ostensibly allow the developer to acquire the land for less than its actual value. » Read More
On Wednesday of last week, St. Patrick’s Day, the luck of the Irish was with a commercial tenant who happened to be a defendant in a condemnation action in which the owner’s interest in the property was not being condemned. In Town of Kearny v. Discount City, the New Jersey Supreme Court dismissed a condemnation action filed by the Town of Kearny, because its designated developer, who was also the landlord, failed to engage in bona fide negotiations with the only remaining holdout tenant, even though the lease between the landlord and tenant contained a standard condemnation clause in which it bargained away its right to receive compensation in a taking.» Read More
George Carlin famously remarked how a house is just a pile of stuff with a cover on it. The same can be said for commercial rental units – they are simply places for businesses to keep their stuff. What happens to a business’s “stuff” after it leaves, or is evicted from, the premises can become a bone of contention and, dare I say it, lead to lawsuits. » Read More
One obvious reason for filing a real estate tax appeal is to obtain a lower assessment on your real property and thereby save significant tax dollars. An equally important reason to keep taxes low is to help maintain the value of the property making it more saleable in the event that the tax appeal is successful.
It would be wise to review the assessment on the property each and every year to see whether a tax appeal is warranted. » Read More
The Tax Court of New Jersey recently issued an unpublished opinion confirming that the exemption from the Realty Transfer Fee (“RTF”) allowed by New Jersey statute where the consideration is less than $100 is applicable to conveyances between related entities.
In this particular case, Mack-Cali Realty LP conveyed certain property in Woodcliff Lake Borough and partly in Montvale Borough to 530 Chestnut Realty, LLC. » Read More