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Home Listings Post Biggest Monthly Drop Since 2023 As Sellers Retreat, Data Shows Home Listings Post Biggest Monthly Drop Since 2023 As Sellers Retreat, Data Shows
Home Listings Post Biggest Monthly Drop Since 2023 As Sellers Retreat, Data Shows Homeowners are stepping back from the real estate market as demand shrinks and homes take longer to sell, according to new data. Active listings fell 1.4% from October to November, Redfin said on Monday, Dec. 22. That's the biggest monthly drop since June 2023 on a seasonally adjusted basis, according to the real estate website. New listings dropped 2.2% over the same period, falling to their lowest level since April 2024. Pending home sales fell 2.5% month over month in November, the largest decline since December 2024. The typical home that sold in November went for 1.6% less than i…

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by Chris Spiker
Real Estate
$47.5M Refinancing Deal Announced For NJ Luxury Apartments $47.5M Refinancing Deal Announced For NJ Luxury Apartments
$47.5M Refinancing Deal Announced For NJ Luxury Apartments A newly built luxury apartment complex in Central Jersey just landed a $47.5 million refinancing deal, underscoring continued demand for high-end rentals. JLL Capital Markets announced it secured the financing for Camelot West at Townelake in Sayreville, a newly delivered 176-unit luxury multifamily community located at 5105 Brown Road, according to the firm. JLL worked on behalf of the borrower, Kaplan Companies, to arrange the five-year, fixed-rate loan through a regional bank, officials said. The community offers access to public transportation and major highways, including the Gard…

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by Cecilia Levine
Real Estate
Anheuser-Busch To Sell Newark Brewery, Remove Iconic Sign After 75 Years Anheuser-Busch To Sell Newark Brewery, Remove Iconic Sign After 75 Years
Anheuser-Busch To Sell Newark Brewery, Remove Iconic Sign After 75 Years After standing over Newark for 75 years, the iconic Anheuser-Busch sign will come down as the company sells its Newark brewery as part of a nationwide restructuring, officials said. Anheuser-Busch announced it will sell its Newark manufacturing facility to the Goodman Group and shift production to other U.S. facilities, a move that also marks the end of the longtime sign that has been a fixture along the city’s skyline for generations, the company said. An Anheuser-Busch spokesperson said the company has invested nearly $2 billion over the past five years to modernize its U.S. manufacturing…

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by Cecilia Levine
Real Estate
Surprise Proposal For Part Of Becton Dickinson Site Shakes Up Franklin Lakes Housing Talks Surprise Proposal For Part Of Becton Dickinson Site Shakes Up Franklin Lakes Housing Talks
Surprise Proposal For Part Of Becton Dickinson Site Shakes Up Franklin Lakes Housing Talks A surprise proposal involving part of the former Becton Dickinson property off Route 208 has been introduced as the borough works toward a critical affordable housing deadline, officials in Franklin Lakes said. According to a borough email and Facebook update, officials received a letter on Dec. 8 from The Hekemian Group stating that it had reached a preliminary agreement to acquire approximately 60 acres of the former Becton Dickinson (BD) property in Franklin Lakes. The proposed transaction for the former corporate property off Route 208 would not include most of the campus on the southwe…

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by Cecilia Levine
Real Estate
60-Unit Development Breaks Ground At Historic NJ Site 60-Unit Development Breaks Ground At Historic NJ Site
60-Unit Development Breaks Ground At Historic NJ Site Construction has officially begun on The Vantage, a four-story mixed-use development rising at a historic site in Westfield. The project at 112 Ferris Pl. will bring 60 rental residences, including nine affordable housing units, above an underground parking garage with ground-floor retail space, the developer announced. The first residents are expected to move in during early 2027. The start of construction was marked by a ceremonial groundbreaking attended by Westfield Mayor Shelley Brindle, members of the Town Council, former municipal officials, and other stakeholders, Vango Development …

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by Cecilia Levine
Real Estate
$27.9M Lowe’s-Anchored Retail Center In North Jersey Changes Hands $27.9M Lowe’s-Anchored Retail Center In North Jersey Changes Hands
$27.9M Lowe’s-Anchored Retail Center In North Jersey Changes Hands A fully leased retail portfolio anchored by Lowe’s in a North Jersey town has been sold for $27.9 million, JLL Capital Markets announced.  The sale involved The Gardens Portfolio, a major Mount Olive shopping center off four state highways that ranks among the most-visited retail destinations in New Jersey. JLL represented the seller, RIVANI. The Gardens Portfolio includes eight properties across seven pad sites totaling 32,493 square feet, along with a single-tenant Lowe’s on 135,039 square feet, JLL said.  The mix features five ground leases and four net leases with n…

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by Cecilia Levine
Real Estate
Long-Awaited Redevelopment Near Bergen County Train Station Moves Forward Long-Awaited Redevelopment Near Bergen County Train Station Moves Forward
Long-Awaited Redevelopment Near Bergen County Train Station Moves Forward A long-awaited redevelopment next to a Bergen County train station is finally on the move.  Construction is expected to begin soon on a massive project bringing new housing, retail and a Sprouts Farmers Market to 22-01 Fair Lawn Avenue at Plaza Road in Fair Lawn's Radburn section. The project, called Plaza Greene, received full site plan approval earlier this year, according to planning documents filed with the Borough of Fair Lawn.  Radburn Train Station Redevelopment Rendering Minno & Wasko Architects and Planners The plan calls for 145 age-restricted residential un…

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by Cecilia Levine
Real Estate
$40.8M Luxury Apartment Deal Closes In NJ, With New Loan To Match: JLL $40.8M Luxury Apartment Deal Closes In NJ, With New Loan To Match: JLL
$40.8M Luxury Apartment Deal Closes In NJ, With New Loan To Match: JLL A luxury multifamily community in North Jersey has changed hands in a $40.8 million sale, along with $27.5 million in acquisition financing, JLL Capital Markets said Wednesday, Dec. 3. JLL said it arranged both sides of the deal for The West, a 70-unit property at 555 Northfield Ave., in West Orange. The firm represented the seller, a joint venture between Varma Real Estate and Garas Development, and also represented the buyer, a joint venture between Invel Capital and Pearlmark Real Estate. JLL said the loan was secured through a life insurance company. Built in 2023, The West features one…

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by Cecilia Levine
Real Estate
100-Year-Old Bergen County Retail Center Sells For $7.35M 100-Year-Old Bergen County Retail Center Sells For $7.35M
100-Year-Old Bergen County Retail Center Sells For $7.35M A 100-year-old retail center in Bergen County has been sold for $7.35 million, a commercial real estate firm announced. The 22,000-square-foot center, Union Avenue Retail Center, located at 308–314 Union Ave., spans 21,897 square feet and includes seven single-story units, according to a Nov. 21 release from Marcus & Millichap. The property was built in 1925 and renovated in 2019 on a 1.9-acre parcel, according to the firm. “Stabilized retail centers in Bergen County consistently achieve significant investor demand,” said Alan Cafiero, senior managing director investment at Marcus …

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by Cecilia Levine
Real Estate
$200M Deal Backs 34-Story High-Rise Bringing Affordable Housing To Jersey City $200M Deal Backs 34-Story High-Rise Bringing Affordable Housing To Jersey City
$200M Deal Backs 34-Story High-Rise Bringing Affordable Housing To Jersey City A major financing package has been secured for a mixed-income residential tower planned for Jersey City’s Journal Square. The roughly $200 million structured capitalization supports Homestead Gateway, a 34-story high-rise that will bring new affordable units to the neighborhood, according to a JLL news release. The project, led by Lions Group, includes a forward commitment from Freddie Mac and a capital solution provided by the Urban Investment Group at Goldman Sachs Alternatives. JLL said the financing combines a construction loan, bridge facility, LIHTC equity and Aspire tax credit purcha…

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by Cecilia Levine
Real Estate
$62M Financing Secured For Bergen County Apartment Portfolio, JLL Says $62M Financing Secured For Bergen County Apartment Portfolio, JLL Says
$62M Financing Secured For Bergen County Apartment Portfolio, JLL Says A large residential portfolio spanning North Jersey has secured $62 million in financing. The funding was arranged for Tower Management Service and will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo lender, the firm said. The portfolio includes five garden-style apartment complexes with 541 units. Those include Omni Apartments in Bergenfield, Arcadia Court Apartments in Hackensack, Park Engle Apartments in Englewood, and is anchored by Spring Gardens Apartments in Summit.  The Summit property, built in 1968, consistently maintains a 97%+ occupancy rate, a…

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by Cecilia Levine
Real Estate
Sellers Taking Homes Off Market At Highest Rate In Years: Here's Why Sellers Taking Homes Off Market At Highest Rate In Years: Here's Why
Sellers Taking Homes Off Market At Highest Rate In Years: Here's Why Homeowners are pulling their properties off the market at the fastest pace in almost a decade, according to new data. Nearly 85,000 sellers delisted their homes in September, according to data from real estate website Redfin released on Tuesday, Nov. 25. That's a 28% jump from September 2024 and the highest level for that month in eight years. Redfin said delistings have been trending upward for the last 18 months, with the sharpest rise in June 2025, when year-over-year gains reached 39%. The trend looks similar to 2022, when mortgage rates climbed and demand dropped. The increa…

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by Chris Spiker