Bergen County Real Estate News: September 2005

Bergen County News

Bergen county news with an emphasis on aspects affecting real estate, residency and community issues.

Rent control rules in Teaneck eased

Finally after much debate, the rent-control ordinance in Teaneck underwent many changes on Tuesday, September 20, 2005. The Township council made several changes, putting an end to the year-long debate among the council, landlords and tenants. A major change was the elimination of restrictions on the amount that can be raised as rent by landlords on vacant apartments. A raise has also been provided for in the yearly rental increase allowance. Changes also include the replacement of the volunteer rent board with an administrative officer like the Township manager for hearing landlord-tenant disputes. All changes will go into effect from November 1, 2005. The public hearing went on for over two and a half hours and over 125 people attended it. The council feels that after the heated debate that began in the beginning of October, fair compromise could be reached now.

New city manager for Hackensack

Hackensack now has a new city manager on the rolls. While the salary of Stephen Lo Iacono, the ex borough manager in Lodi, has not been fixed as yet, his roles and responsibilities are clear. He will be responsible for hiring and appointing most municipal workers while overseeing the city’s finances and infrastructure. Stephen was selected by interview conducted among six candidates. He was the most promising with prior experience as a councilman and city manager. He would be replacing city manager Peter Capone who announced his retirement in May 2005 after spending a year in the post.

Formation of the Bergenfield Property Owners Association

Over 800 homeowners in Bergenfield have come together under the aegis of the Bergenfield Property Owners Association that intends to petition state officials for help and hire a lawyer to pursue a lawsuit. While the immediate goal for the association is to reduce the fourth-quarter tax payments, the long term picture comprises of persuading politicians in Trenton to change the way revaluations are performed. This association came into being after residents at Bergenfield were frustrated with a revaluation that resulted in steep hikes of property tax and came together as a team to lobby for relief. This revaluation increased assessments of typical commercial properties by 50 percent, and typical residential properties by 98 percent. As a result, the tax burden was noted to tilt highly for the homeowners, many of whom received tax increases of 40 percent to 90 percent.

Trump plaza in New Jersey

The renowned Manhattan developer, Donald Trump, is soon to enter the neighborhood of downtown Jersey. In his first foray into the city’s booming real estate market, the developer has outlined plans for two towers of condominium units called the Trump Plaza. This $415 million complex is meant to bring in a new level of style and sophistication into the current housing scenario in the city. The towers will be of 50 and 55 storeys and will be the tallest residential structures in New Jersey. They are expected to have 417 and 445 units respectively of one, two and three bedrooms, and will range from 750 to 2,224 square feet. The apartments will be plush and luxurious complete with a 24 hour concierge, fitness center, outdoor heated swimming pool, elegant hardwood floors and marble bathrooms and may range from $525,000 up.

Affordable housing in Edgewater

As Edgewater entered the month of September 2005, the Borough Council approved a plan for affordable housing. The state’s Mount Laurel rulings make it necessary for communities to accommodate low and moderate income housing. Also those who file acceptable plans for affordable housing are protected from potential litigation from developers. This plan, put forth by Joseph Burgis, the borough’s planner, received approval in the late hours of Wednesday, 31st August, 2005. It is now being forwarded to the state’s Council on Affordable Housing for certification. The plan comprises of 234 units of affordable housing that will come up over the next decade in response to the development that will occur over the period. These units will have a combination of rehabilitated units, senior citizen’s housing and new units.

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