Kushner Cos. has acquired the 24-room Bungalow Hotel in Long Branch’s Pier Village, a mixed-use community of retail shops and apartments located on the city’s shoreline.Kushner Cos. has acquired the 24-room Bungalow Hotel in Long Branch’s Pier Village, a mixed-use community of retail shops and apartments located on the city’s shoreline.
Former Kushner CEO Jared Kushner, son-in-law of President Trump, has an ownership stake in Pier Village, which recently underwent a $283 million expansion.
“Since it first opened its doors in 2009, Bungalow Hotel has attracted both tourists and local guests with a creative spirit,” Kushner Head of Hospitality Will Obeid said. “We were impressed by the hotel’s spacious room layouts and vibrant design, which attracts an upscale clientele for both long-term and short-term stays.”
The hotel is the latest addition to Kushner’s Long Branch portfolio, with investments including 250,000 square feet of retail and more than 760 residential homes.
Tag: Central Jersey
Duke Realty leases Perth Amboy warehouse
East Rutherford-based Duke Realty has leased ePort 1000, a 354,250-square-foot warehouse in Perth Amboy, to 4PX Express USA.East Rutherford-based Duke Realty has leased ePort 1000, a 354,250-square-foot warehouse in Perth Amboy, to 4PX Express USA.
Duke acquired the warehouse in 2017 as part of a 3.1 million-square-foot industrial portfolio that includes six completed buildings and two development sites located along the I-95 corridor.
NAI Hanson’s Ken Lundberg and ACJ International Realty’s Julie Huang represented 4PX Express. Duke was represented by Ben Rosen and Caitlin English.
McCarter English establishes blockchain practice
Law firm McCarter & English launched a new Blockchain, Smart Contract and Digital Currency Practice, which is being led by East Brunswick Managing Partner Dave Sorin.Law firm McCarter & English launched a new Blockchain, Smart Contract and Digital Currency Practice, which is being led by East Brunswick Managing Partner Dave Sorin.
The practice is comprised of 18 attorneys with various backgrounds, including the firm’s venture capital and startups practice, which Sorin co-chairs.
“In the 30 years that I’ve been practicing law, I’ve never witnessed a time when tech has more potentially disruptive power — regardless of if it’s a tech sector or not,” said Sorin.
The firm has been working with clients to address blockchain and digital currency issues since they started popping up about four years ago.
“We’ve been working with it starting with our venture capital practice with companies that have been developing blockchain technology. It is almost mind-boggling, people who have worked with technology for their entire career really have to use up a lot of brainpower to figure this stuff out,” said Sorin.
Blockchain technology refers to a digital ledger in which transactions with cryptocurrency are recorded chronologically. Over the last four years, McCarter & English has worked with investors, companies that were developing these technologies and those that were integrating these technologies into their business practices.
“Today you can see this impacting the hardware and software industry, the telecommunication and mobility industries, obviously in e-commerce [and also in areas of the] supply chain and financial services,” explained Sorin.
International trade also is emerging as an area of interest for businesses working with digital currency.
“As small- and medium-size companies deal with the friction of different currencies as they move products, goods and services internationally, blockchain and digital currency [can] ease that interaction,” he said.
Monmouth Park to offer sports betting May 28
The CEO of the company that operates Monmouth Park confirmed Tuesday the racetrack will begin taking bets on sporting events Memorial Day Weekend.The CEO of the company that operates Monmouth Park confirmed Tuesday the racetrack will begin taking bets on sporting events Memorial Day Weekend.
Dennis Drazin, CEO of Darby Development LLC, made the announcement one day after the U.S. Supreme Court ruled in favor of a bid by the state of New Jersey to legalize sports betting.
“We plan to offer sports wagering May 28, the Monday of the Memorial Day weekend, at the William Hill Sports Bar,” Drazin told NJBIZ.
According to Drazin, his company and its partner William Hill, the U.K. bookmaking giant, will split all betting revenue evenly. Last December, William Hill built out the William Hill Sports Bar with $500,000 of Monmouth Park money, Drazin said.
“We also renovated the grandstand for an additional $1 million,” Drazin said. “We have more television screens, odds boards and more windows for ticket writers as opposed to betting tellers.”
Now that sports betting is legal, William Hill has a contractual obligation to spend $5 million to build out a Las Vegas-style sports bar on the footprint of the Lady’s Secret Café by the racetrack’s clubhouse, he said.
Estimates say New Jersey could net as much as $10 billion a year in revenue from sports betting. In anticipation of Monday’s ruling, six legislators in New Jersey’s General Assembly drafted a bill to legalize sports betting and set the Division of Gaming Enforcement as the state’s regulator of the newly legalized industry.
Meanwhile, a trio of state senators have advanced a proposal for an 8 percent gross revenue tax on in-person wagering, along with a 12.5 percent levy on sports bets.
The funds generated would go toward programs for senior citizens and the disabled, while an additional 1.25 percent tax on racetrack gaming revenue would be handed out to the host municipalities and counties.
Gov. Phil Murphy has expressed his support of legalized sports wagering and is awaiting legislation to come out of the statehouse.
“In the interim, Monmouth Park is not subject to an injunction,” Drazin said. “And until there is new legislation, we believe we are free to open up in a privately regulated environment. If the governor and/or the Legislature ask us to slow down, we will defer to their wishes.”
Monmouth Park plans to invite Murphy, former Gov. Chris Christie and former state Sen. Ray Lesniak prior to the May 28 launch to make celebratory wagers. Christie and Lesniak were among the most highly visible proponents of legalizing sports betting in the state.
Hours for sports betting at the racetrack have tentatively been set for 8 a.m.-2 a.m. weekdays and until 4 a.m. on weekends, Drazin said. Mobile betting is being planned as well.
Monmouth Park now has an upscale dining venue, miniature golf and sports betting on site, but Drazin, a horse owner himself, says racing still rules.
“Racing is still our prime business,” he said. “We hope to expand our racing days with sports betting revenue and increase purses.”
NAI Hanson brokers lease for Elizabeth industrial space
NAI James E. Hanson commercial real estate firm recently brokered a lease for 28,900 square feet of industrial space with NJ Rubber LLC at 475 Division St. in Elizabeth.
NAI James E. Hanson commercial real estate firm recently brokered a lease for 28,900 square feet of industrial space with NJ Rubber LLC at 475 Division St. in Elizabeth.
The 175,000-square-foot industrial facility is located near the Port Newark-Elizabeth Marine Terminal.
NAI Hanson’s Barry Cohorsky, LJ Koch and John Schilp represented the landlord, Tree Realty LLC.
“The building’s unique accessibility to Port Newark/Elizabeth and several major highways is a perfect fit for NJ Rubber as they travel to and from the Ports on a daily basis,” Cohorsky said.
Plainfield to host bike event
The city of Plainfield has been chosen to host the New Jersey State Bicycle Championships, sponsored by Liberty Cycle.The city of Plainfield has been chosen to host the New Jersey State Bicycle Championships, sponsored by Liberty Cycle.
The championship competition will also include the Taste of Plainfield, featuring more than a dozen local restaurants and vendors.
Plainfield Mayor Adrian Mapp will host a press conference Tuesday with New Jersey State Cycling Champion and Plainfield resident Juan Pablo Jimenez and others.
Turtle Hughes names Shanahan co-CEO
Kathleen Shanahan has been selected co-CEO of the board of directors of Linden-based electrical and industrial distribution company Turtle & Hughes.Kathleen Shanahan has been selected co-CEO of the board of directors of Linden-based electrical and industrial distribution company Turtle & Hughes.
She joins Jayne Millard, who has served as CEO since 2010 and chairman since 2016.
Shanahan has been a member of the company’s board of directors for more than three years. In 2017 she was named executive vice president of national accounts.
Prior to joining Turtle & Hughes, Shanahan was CEO and chairman of Ground Works Solutions, formerly Uretek Holdings, Inc., a Florida-based corporation focused on soil stabilization and densification using a patented polymer application process. She was also previously CEO and chairman of WRSCompass, a Florida-based national footprint environment engineering and construction company.
Shanahan has also been chief of staff for Florida Gov. Jeb Bush; chief of staff for then-Vice President-elect Dick Cheney; deputy secretary of the California Trade and Commerce Agency; special assistant to Vice President George Bush; and staff assistant on President Ronald Reagan’s National Security Council.
CBRE wraps up 53M sale of Edison commercial space
Real estate firm CBRE has completed the $53 million sale of Festival Plaza in Edison.Real estate firm CBRE has completed the $53 million sale of Festival Plaza in Edison.
Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s National Retail Partners represented owner Edison I LLC and was responsible for procuring the buyer, a local private investor.
The approximately 151,763-square-foot center is located on Route 27 and is fully leased.
NJII, HealRWorld partner to help grow sustainable companies
The New Jersey Innovation Institute, a corporation of the New Jersey Institute of Technology, has formed a partnership with Somerville-based HealRWorld, a company specializing in helping the growth of sustainable businesses, to form a new accelerator program and investment fund.The New Jersey Innovation Institute, a corporation of the New Jersey Institute of Technology, has formed a partnership with Somerville-based HealRWorld, a company specializing in helping the growth of sustainable businesses, to form a new accelerator program and investment fund.
Advising HealRWorld in the creation of the new fund are R. Paul Herman, investment advisor and founder of HIP Investor Ratings; Rev. Emmanuel Lemelson, founder of The Lantern Foundation and Lemelson Capital; and John Pyrovolakis, an NJII board member, entrepreneur and founder of the Innovation Accelerator Foundation.
The fund will leverage deal flow that NJII and HRW will generate through the accelerator, as well as investments sourced from HealRWorld’s global database of over 1 million businesses. HRW specializes in gathering data on small- and medium-sized global companies to produce a sustainability rating for each of them.
Home’s where heart is for Habitat Monmouth volunteers
Nancy Doran has been volunteering at Habitat for Humanity for almost two decades, and she has no intention of stopping anytime soon.Nancy Doran has been volunteering at Habitat for Humanity for almost two decades, and she has no intention of stopping anytime soon.
“My husband retired and he was good with his hands, so we signed up and here we are,” Doran recalled on an early Saturday morning in Long Branch. “I have met the best people in the world because they want to be here. It’s great to see that we make a difference.”
Doran, a former Habitat for Humanity in Monmouth County board president, is one of approximately 100 local volunteers who signed on for National Women Build Week, a nationwide partnership between nonprofit housing organization Habitat for Humanity and Lowe’s home improvement store that brings women together for a week of building and goodwill.
More than 18,000 women nationwide have taken part in the initiative since its inception in 2008.
“It’s just a real high-impact program,” HFHMC Executive Director Diane Kinnane told NJBIZ. “There’s a lot of momentum. It’s about empowering women, advocating for affordable housing and learning construction skills. We want to engage women of all skill levels to join their friends, families and neighbors to build up their communities and volunteer.”
Since the launch of its national partnership with HFH in 2003, Lowe’s has committed more than $63 million and assisted nearly 6,500 families.
“Lowe’s is proud to sponsor National Women Build Week to educate, inspire and empower women to volunteer alongside other women in their community to address the critical issue of affordable housing,” Lowe’s Vice President of Corporate Social Responsibility Colleen Penhall told NJBIZ. “We know women working together are an unstoppable force for creating meaningful change in our communities. Together with Habitat, our Lowe’s Heroes volunteers and women nationwide, National Women Build Week will provide valuable support to advance accessible housing in the communities where we all live and work.”
Long Branch Mayor Adam Schneider lauded the volunteers at the launch ceremony for the build initiative.
“The impact that Habitat has made in this city is wonderful,” he said.
HFHMC Board President Kate Nelson joined the affiliate as a volunteer coordinator in the aftermath of Hurricane Sandy.
“It was so rewarding,” Nelson said. “I saw so much tragedy and hope in the aftermath. We believe that everyone in the world should have a decent place to live and that’s what inspires us.”
Since then, HFHMC has built 12 houses and renovated 125.
HFHMC board secretary Lia Papamarkou is involved in both local and international Habitat initiatives.
“I love Habitat for what we do locally and internationally,” she said. “I think it’s important to let women know they are capable. It breaks down barriers and some of that stigma. People get on the site and meet the homeowners and that ties it all together. It’s that overall feeling and we are giving that opportunity to everyone. It allows women to feel more connected to that type of work.”
For longtime volunteer Barb Anderson, it all comes down to a return to normalcy.
“I just fell in love with the whole idea of getting people back in their houses,” Anderson said. “We go from having a house built to having people in it. It’s such a great feeling to get people back in their house and back on their feet again. The people are wonderful and you’re giving back and getting so much in return.”
Gopal helping small businesses cut through red tape
When Ritesh Shah tried to open his pharmacy in Red Bank, construction was stalled several times by layers of red tape in the form of repetitive inspections he felt were unnecessary and time consuming.
“I have [an] elevator in the building [and] for you to get the elevator inspected, you have to have the town inspector come and check your elevator. [The state] will come check, too,” Shah said. “My question is, what do they both need to check? It makes no sense.
“I also had an issue with the sidewalk. When [the] mayor and council came for the grand opening, we had an issue with the handicap ramp. We did everything according to the compliance of the town engineers, but then they came back and said it was noncompliant [with] the [Americans with Disabilities Act]. Why hadn’t they said before?”
Responding to such concerns, state Sen. Vin Gopal, D-11th District, recently launched ReportRedTape.com, an online intake system for small business owners to air their grievances and get advice for how to cut through some of the red tape they encounter.
“When we get a complaint, our staff talks to the business owner,” Gopal said. “Sometimes these laws are very old that hurt business owners: where they can put signs, when they can open. If the business is having trouble with the town, we’ll call the town. If they’re having an issue with the state, we’ll call the state. Something that happens a lot is a new business will start constriction and the inspector will come by in 30 days and find a few minor problems, and instead of coming back a day or a week later, they’ll come back in another 30 days.”
Ritesh Shah, pharmacy owner
Gopal came up with the idea based on his experience on the board of the Monmouth County Chamber of Commerce and as president of Hazlet Business Owners Association, a local trade association representing approximately 100 businesses in Hazlet Township. Since launching May 1, the website has fielded about a dozen complaints from business owners like Shah.
“I’m a community pharmacist – I love community,” Gopal said. “The lady at the store down the street knows exactly how I take my bagel and coffee. When mom-and-pop stores come into town to revitalize where business is needed, we’re not getting encouraged [by the regulations]. And oh, the fees! The agencies say you have to do this, this, this. Why didn’t you tell me this before? It’s just such a process,” said Shah.
Gopal hopes to streamline that process for small business owners.
“This website is an outlet for business owners to open up about issues that they’re facing so that we can try to get them some solutions. We want to give them a voice, so they feel like their frustrations will be heard,” said Gopal.
Gopal also launched a series of small business roundtables for business owners to come ask questions of prominent politicians and industry personnel. At the first roundtable May 4, about 75 showed up to talk with Senate President Stephen Sweeney, D-3rd District.
The next roundtable discussion will be May 30 at Freehold Borough Hall, with NJBIA President Michele Siekerka lined up as guest speaker.
Bell Works complex named NJ’s most iconic building
The Bell Works complex in Holmdel was named New Jersey’s most iconic building by Architectural Digest magazine.The Bell Works complex in Holmdel was named New Jersey’s most iconic building by Architectural Digest magazine.
The 2 million-square-foot building, formerly the Bell Labs Holmdel Complex, sits on 472 acres and was designed by Eero Saarinen.