New Jersey & Company Magazine

POWERPLAY | MARCH 2010

Convenient commuting, infrastructure, and quality of life are bringing the Depository Trust & Clearing Corporation from Manhattan to Jersey City.

The Hudson River’s western bank has gained popularity in recent years among financial services companies that want a presence in Manhattan but find it too expensive to house their entire workforce there. This is especially true of Downtown-based operations, with the Fulton Street transit hub still a good five years from completion.

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GREENING THE GARDEN STATE | MARCH 2010

New Jersey green roof professionals and developers want to make green roofs mainstream commercial features.

Predicted to be completely built out within the next 50 years, New Jersey, despite efforts to promote smart growth, is becoming less of a Garden State and more of a concrete jungle. But as urban sprawl increases, a few New Jersey-based landscape professionals and developers are hoping to bring the greenery back atop the unlikeliest of places: the rooftops of commercial and industrial buildings.

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ENERGY ALTERNATIVE | 2010

New Jersey developers vie to create the nation’s first offshore wind farm.

New Jersey’s leadership role in the development of offshore wind energy was established five years ago, with the creation of the Jersey Atlantic Wind Farm, the first coastal wind farm in the United States.

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LAW+ | MARCH 2010

Cyber liability will be shaped this spring by cases before the U.S. Supreme Court and the New Jersey Supreme Court.

The U.S. Supreme Court’s decision to hear the case of a California police officer who sent sexually explicit text messages on a department-issued pager underscores the rising prominence of cyber liability and demonstrates the importance of a clear company policy regarding the use of the internet and social media sites.

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FOCUS | MARCH 2010

Main Street NJ helps heal damaged downtowns.

Urban revitalization has long been one of New Jersey’s—and America’s—most problematic tasks. For positive results, the implementation of a special improvement district (SID) is crucial.

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IN DIALOGUE | MARCH 2010

Power attorney Alan R. Hammer has seen companies, trends, and markets come and go. So what’s his idea of the perfect future? “Just keep doing what I’m doing.”

Alan R. Hammer is a renowned New Jersey real estate attorney and powerful real estate player in his own right. Hammer has steered his firm, Brach Eichler L.L.C. (formerly WolfBlock), through multiple incarnations, and even served as interim director of Kushner Companies when that firm passed through some very troubled waters in 2005.

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PRO FORMA | MARCH 2010

Deals are possible in downtimes, but the Great Recession is proving problematic for debt financing.

Even in hard times, high-quality commercial real estate deals should still be possible. The question during this particular down cycle—a leftover question from 2009 and very likely one that will continue to be asked well into 2011—is whether investors and owners can get the debt financing they need to do deals, even those as straightforward as refinancing performing mortgages.

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FOCUS | MARCH 2010

U.S. businesses—including New Jersey landlords and tenants—will soon be obliged to switch accounting methods, which will have a real-life impact.

Despite the Great Recession, the shift away from Generally Accepted Accounting Principles (GAAP) among U.S. companies and toward International Financial Reporting Standards (IFRS) remains something much more likely to happen than not.

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FOCUS | MARCH 2010

Has the recession brought New Jersey new opportunities? Two experts think so.

With a new administration in place in Trenton, several new economic development initiatives in the works, and an apparent consensus that something needs to be done about New Jersey’s anti-business reputation, real or imagined, some members of the business community believe that, from the depths of the recession, New Jersey may be poised to regain its economic prowess.

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NEXT? | MARCH 2010

Crossroads Companies, LLC leads supermarket development—even with challenges in stock.

Even in a tough economy, people still have to buy groceries, so perhaps it’s not surprising that supermarkets continue to be among the most successful community centers in commercial development. Rooted in traditional local general stores and corner grocers, today’s supermarkets provide the same necessity for any given neighborhood.

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CONCEPT | MARCH 2010

Lee & Associates brings an inventive business model to Little Falls.

With its name long familiar west of the Mississippi River, commercial brokerage firm Lee & Associates is expanding into a new frontier: the East Coast. With its first eastern branch opened in June 2009 in Little Falls, Lee & Associates introduces its comprehensive approach and innovative business solutions to New Jersey in hopes of growing its already well-established brand.

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POWERPLAY | JANUARY/FEBRUARY 2010

The Smart Growth Economic Development Coalition is dedicated to distinguishing New Jersey from its competitor states.

In September 2007, a prescient New Jersey lawyer decided it was time to unify the voices of various real estate and trade group interests into an organization called the Smart Growth Economic Development Coalition.His timing couldn’t have been more serendipitous.

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ECONOMIC DEVELOPMENT FORUM | JANUARY/FEBRUARY 2010

TODs pump lifeblood back into New Jersey’s downtowns.

Urban redevelopers need all the tools they can get, especially in the current economy, so it’s good fortune that New Jersey is leading the way in what is fast becoming the age of transit oriented development, or TOD by designating transit hubs—stations and terminals around which to build residential and commercial spaces.

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ENERGY ALTERNATIVE | JANUARY/FEBRUARY 2010

Nuclear energy now fills half the state’s energy needs, but its pros and cons are still being debated.

Nuclear energy suppliers are riding a wave of success in New Jersey with the relicensing last spring of Oyster Creek, the oldest nuclear power plant in the United States. Oyster Creek, owned by Exelon, along with the three reactors operated at the southern end of the state by PSE&G, account for 50 percent of New Jersey’s energy supply.

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BUCKING THE TREND | JANUARY/FEBRUARY 2010

For Alfred Sanzari Enterprises, reinvesting during a down market ensures payoffs in
the upswing.

Property owners hate to spend money in a down market. But for David Sanzari, president and CEO of Alfred Sanzari Enterprises in Hackensack, even though spending money when you aren’t making any seems counterintuitive, reinvesting is the name of the game in a bear commercial real estate market.

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PRO FORMA | JANUARY/FEBRUARY 2010

LSRP legislation’s impact on lending has yet to be seen—and that’s all the more reason for bankers to understand it.

New Jersey enacted landmark legislation concerning environmental investigations and cleanups in May 2009 with the Site Remediation Reform Act (SRRA), including its new Licensed Site Remediation Professional (LSRP) program.

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FOCUS | JANUARY/FEBRUARY 2010

A former mall retailer embraces e-commerce and succeeds beyond his bricks-and-mortar dreams.

Early in 2009, an anonymous blogger lamented a recent shopping experience at Wayne Towne Center, a mini-mall in Wayne. “It was creepy,” the blogger wrote on a community discussion board. “No one was there.”

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TEAMWORK | JANUARY/FEBRUARY 2010

A Parsippany office retrofit proves collaboration is key to achieving LEED certification.

It goes without saying that the LEED rating system has helped transform the way we build and design. Since its inception in 1998, the U.S. Green Building Council’s devotion to LEED has certainly provided building and design professionals with a comprehensive standard for choosing the greenest techniques and materials.

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FOCUS | JANUARY/FEBRUARY 2010

When it comes to attracting investors to the state, New Jersey has a few aces in the hole—but not quite a royal flush.

Economic development officials all trot out the same show ponies when pitching their locality. Seventy percent of the U.S. population lives within 500 miles of us (or was that 50 percent within 700 miles?); we have more college graduates than you can shake a stick at, if that’s your idea of a good time; and the quality of life here is amazing. Just ask anyone, anywhere.

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FOCUS | JANUARY/FEBRUARY 2010

Medical real estate is better off than other sectors, but economic, healthcare, and zoning issues make deals tricky.

While the economic downturn has created vacancies in the office market, it has also opened supplies of potential medical space. However, uncertainty about healthcare has caused many doctors to exercise caution.

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