Newsletter Category: Real Estate Weekly

Real Estate Weekly

The 60-unit midrise’s neighborhood is undergoing a residential renewal of its early-to-mid-20th Century housing landscape and stands out as the most in-demand, Harrison-linked center near mass transit links, parks and waterfront walkways.

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T&M Associates strengthens executive team, elevates three

Environmental, engineering and construction management company T&M Associates of Middletown, said Monday three of its leaders were elevated to represent the evolution of the company and set the stage for the successful execution of the strategic plan going forward.

John Cimino was named chief strategy officer, Lynn Spence chief people officer and Violet Koehler to the board of directors.

“These promotions are reflective of the valuable contributions that John, Lynn and Violet have provided to the company and will round out the executive leadership team,” said Gary Dahms, T&M’s president and chief executive officer. “This team of dedicated, highly skilled, and forward-thinking professionals position T&M for the next generation of company growth and success.”

As the company’s first chief strategy officer, Cimino will be focused on delivering company growth objectives for core practices and identifying potential emerging practices to drive future growth and expansion. He will work closely with Dahms to set a long-term strategy aligned with the company’s strategic vision.

Cimino most recently served as director of sales and marketing for T&M where he demonstrated skills to effectively implement strategy and sustain a team-oriented culture. His resume includes decades of experience in business development and client management roles with several engineering firms. He will continue to expand the firm’s core practices to the public and private sectors company-wide.

Being promoted from director of human resources to chief people officer, Spence is responsible for developing and executing the firm’s human resources and marketing strategy in support of organizational goals. With 23 years of business experience she is T&M’s first executive focused solely on the company’s most important strength, its employees. Providing a people-centered leadership approach focused on talent optimization, corporate culture and branding, she will play a critical role in solidifying T&M’s position as an employer of choice and contributing to the sustainable, profitable, growth of the company.

As the first female to be appointed to T&M’s board of directors in 2016, Spence also leads T&M’s Diversity and Inclusion committee and is dedicated to fostering a culture of acceptance and equality.

Koehler joined T&M in early 2019 as chief financial officer. She is a 20-plus year veteran of the professional services industry within the accounting, finance, administration and management realm.

Koehler is responsible for overall leadership and management of the Finance and Information Technology departments. Since joining, the company said she made an immediate and positive impact on T&M’s financial position and established critical procedures and standards to manage business effectively. She is a strategic addition to the board of directors, leading the planning and management of the firm’s financial performance.

Tulfra Real Estate closes Clifton self-storage building sale for $24M (updated)

Rochelle Park-based Tulfra Real Estate on Friday said it sold 10 Kingsland Road in Clifton/Nutley to Columbia Storage Group for $24.25 million.

The 6.5-acre site includes a state-of-the-art, climate-controlled 122,400-square-foot self storage building. The facility contains 925 units that Columbia Storage Group will own and self manage.

The location at 10 Kingsland Road is 1,000 feet from the Route 3 corridor, well located amid dense residential and commercial uses.

10 Kingsland Road, Clifton. – TULFRA REAL ESTATE

Tulfra recently sold a 108,000-square-foot self-storage facility at 670 Passaic Ave. in West Caldwell to Columbia Storage Group, making this the second self-storage property that the company has acquired from Tulfra.

The brokers on both transactions were Kevin Welsh, Brian Schulz and Jason Emrani of Newmark Knight Frank.

“Clifton is home to over 84,000 residents. The property is just minutes from the Lincoln Tunnel and many crucial New York metro and North Jersey highways, making it an ideal, accessible location for the region’s many self-storage customers,” said Tulfra Real Estate President and Partner Sonny Jumani.

Tulfra Real Estate acquired 10 Kingsland Road from an out-of-state corporation in August 2017. The land was vacant for over a decade prior to the company’s purchase and it remediated the property of environmental issues and obtained complicated approvals and building permits from two separate municipalities.

Construction financing for the project was provided by ConnectOne Bank – Bob Cusick, Leo Faresich and Mark Zurlini represented the bank.

“Our mission at Tulfra Real Estate is to transform underutilized sites into properties that produce jobs and income for residents and tax revenue for municipalities,” Jumani said. “In this regard, our construction and repositioning of 10 Kingsland Road is a sound success.”

Editor’s note: This article was updated on Aug. 14, 2020 at 5:25 p.m. EST to correct the name of the city in the title from Clinton to Clifton.

NJ receives $18.5M from HUD to keep residents housed

On Thursday, U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson announced $472 million in Coronavirus Aid, Relief, and Economic Security (CARES) Act funding to help low-income families during the ongoing pandemic.

New Jersey will receive an allocation of $18,544,475.

This funding can be used by Public Housing Authorities to help families assisted by housing choice vouchers (HCV) and mainstream vouchers prevent, prepare for and respond to COVID-19. The funding will be awarded to public housing authorities across the nation.

United States Secretary of Housing and Urban Development Ben Carson. — Carson.

“This funding will provide additional resources to public housing authorities to make sure people have a decent, safe, and affordable place to call home,” said Carson. “HUD continues to work with our public housing authorities to protect American families from this invisible enemy, including vulnerable residents in the Housing Choice Voucher Program.”

The eligible pandemic-related activities include, but are not limited to:

Procuring cleaning supplies and/or services to maintain safe and sanitary HCV units, including common areas of PHA-owned project based voucher (PBV) projects;
Relocation of participating families to health units or other designated units for testing, hospitalization, or quarantine, or transportation to these locations to limit the exposure that could be caused by using mass transportation;
Additional costs to supportive services vendors incurred due to COVID-19;
Costs to retain or increase owner participation in the HCV Program;
Costs for providing childcare for the children of PHA staff that would not have otherwise been incurred

New Jersey allocations are as follows:

Atlantic County

Housing Authority and Urban Redevelopment Age: $187,639
Pleasantville Housing Authority: $94,656

Bergen County

Housing Authority of the Borough of Lodi: $119,739
Englewood Housing Authority: $208,444
Bergen County Housing Authority: $967,987
Cliffside Park Housing Authority: $180,129
Fort Lee Housing Authority: $130,208
Edgewater Housing Authority: $174,866

Camden County

Housing Authority of the City of Camden: $358,343
Borough of Clementon Housing Authority: $11,416
Township of Pennsauken Housing: $13,832

Cumberland County

Bridgeton Housing Authority: $31,327
Millville Housing Authority: $38,359
Vineland Housing Authority: $152,134

Essex County

Newark Housing Authority: $1,334,993
Housing Authority of the City of Orange: $152,056
Irvington Housing Authority: $60,035
East Orange Housing Authority: $349,586
Montclair Housing Authority: $54,269
Bloomfield Township Housing Authority: $56,365
West Orange Housing Authority: $25,431

Gloucester County

Glassboro Housing Authority: $56,421
Gloucester County Housing Authority: $353,218

Hudson County

North Bergen Housing Authority: $74,516
Housing Authority City of Jersey City: $857,232
Bayonne Housing Authority: $56,167
Hoboken Housing Authority: $34,461
Union City Housing Authority: $143,868
West New York Housing Authority: $214,870
Guttenberg Housing Authority: $38,936
Weehawken Housing Authority: $76,530
Secaucus Housing Authority: $111,885

Hunterdon County

Hunterdon County Division of Housing: $113,026

Mercer County

Hamilton Township Housing Authority: $44,046
State of NJ Department of Community Affairs: $ 5,865,949

Middlesex County

Perth Amboy Housing Authority: $330,232
New Brunswick Housing Authority: $212,204
Woodbridge Housing Authority: $227,741
South Amboy Housing Authority: $27,652
Edison Housing Authority: $79,198
Highland Park Housing Authority: $62,287
Carteret Housing Authority: $159,740
Sayreville Housing Authority: $45,909
Old Bridge Housing Authority: $52,890
Middlesex County: $103,093

Monmouth County

Asbury Park Housing Authority: $73,065
Long Branch Housing Authority: $185,905
Red Bank Housing Authority: $52,302
Neptune Housing Authority: $59,925
Keansburg Housing Authority: $80,688
Housing Authority of the Township of Middletown: $90,411
Monmouth County PHA: $410,108

Morris County

Morristown Housing Authority: $36,178
Boonton Housing Authority: $41,161
Dover Housing Authority: $59,774
Morris County Housing Authority: $165,372
Madison Housing Authority: $124,004

Ocean County

Housing Authority of the Township of Lakewood: $269,305
Berkeley Housing Authority: $23,655
Brick Housing Authority: $101,187
Lakewood Township Residential Assistance Program: $267,098

Passaic County

Housing Authority of the City of Passaic: $450,768
Paterson Housing Authority: $652,994
Clifton Housing Authority: $59,063
Passaic County Public Housing Agency: $215,964

Salem County

Salem Housing Authority: $6,367
Penns Grove Housing Authority: $7,244

Somerset County

Franklin Housing Authority: $59,332
Somerville Housing Authority: $44,834
Manville Housing Authority: $20,942

Union County

Elizabeth Housing Authority: $273,505
Rahway Housing Authority: $52,433
Plainfield Housing Authority: $200,355
Housing Authority City of Linden: $80,485
Union Township Housing Authority: $27,003
Union County Housing Authority: $92,545