From Bloomberg:
A $1 Billion Real Estate Boost for Battered Newark
SJP Properties and Aetna Realty are planning to spend as much as $1 billion on a project beside a Newark, New Jersey, commuter-rail hub, the latest in a spree of upscale developments that have brought new optimism to the long-suffering city.
SJP and Aetna, both based in New York, envision offices, stores, a hotel, homes and a large public plaza next to the Broad Street hub. The station is one of two in New Jersey’s largest city, the other being Newark Penn Station, about a mile to the southeast.
Steven J. Pozycki, founder and chief executive officer of SJP, said it will be critical to find a company to move in and anchor the development. The location, which is accessible by mass transit and car and minutes from Newark Liberty International Airport, should act as a magnet, he said. The 2 million-square-foot (185,000-square-meter) project will run along University Avenue and Orange Street, at the site of a former Westinghouse Electric Co. factory.
Riots back in the 1960s scared developers away from Newark. With a reputation for crime and poverty, the city, just 10 miles (16 kilometers) west of Manhattan, has largely missed out on the urban revival other U.S. cities have enjoyed. The new project, on which the developers plan to spend $700 million to $1 billion, is the most recent sign that Newark’s fortunes are improving.
Other projects include the construction of a new Prudential Financial office tower, the development of an abandoned department store into a mixed-use property that includes a Whole Foods supermarket, and the conversion of the old New Jersey Bell skyscraper into apartments. SJP helped build the Prudential tower and a headquarters for Panasonic Corp. Newark is among 20 cities shortlisted by Amazon.com Inc. for its second North American headquarters.
Happy Workers Day!
https://www.youtube.com/watch?v=v85NWc0RIKc
@EddyElfenbein
With the year one third done,
the S&P 500 is -0.96% YTD.
With dividends, it’s -0.38%.
DOW is up 25% since Trump got elected.
The S&P 500 is up 20% since Trump got elected. If you invested in a Dividend ETF such as DVY over the same time period, you are up 14.6% and that doesn’t include the reinvestment of dividends.
Speaking of politics in school
At my daughter’s prep school, the rainbow coalition types are the attack dogs, ferreting out politically incorrect thoughts. They tell people that because of their white race, they are incapable of understanding reality. On the other hand, the school also has a Republican club led by a black male.
The funniest stories are that the PC clan go right to the administration to report if they hear a peep from someone they don’t like, and demand merciless punishment, but sometimes the PC crowd gets caught saying a no-no, and then they start begging for mercy.
My daughter is quite apolitical but she really doesn’t like it when she’s surrounded by the PC kids that try to interpret and criticize her every word for race/sex violations, and is more sympathetic to self-actualizers than the grievance police.
I notice that the leftists are sending out the hounds to hunt down Kanye now that he’s starting to wander off the welfare-state democratic plantation. While denying that’s what they are doing. Kanye re-tweeting Thomas Sowell quotes is the smartest thing I’ve seen him do.
Kanye is getting ready to release an album. The cover art? The face of the Dr who mishandled his mom. Draw your own conclusions.
I have never heard anyone ever use the term my kid hangs around Republican kids or for that matter my kid hangs around Democratic kids. Is that what’s it coming to? Sad and chilling in many respects.
I have one of Thomas Sowell’s books. It’s just difficult to take that position if you have empathy for human beings and realize it’s a competition based on not enough jobs. Kind of hard to just say fu!k them, if they can’t get a job, it’s their own problem. I’m a believer in hard work and competition, but also have a heart for people that have almost no shot in this competition. It’s tough to just say fu!k them, let them figure it out on their own when you know they can’t.
Who knows what the right answer is. I just wish there were enough decent jobs for everyone, but guess that’s not how life works
I was at one of my son’s hockey games recently and there was a black gentleman with a jacket on in the distance. On the back of it read, “The difference is reparations,” with one word on each line. I thought to myself two things. First, that’s an awfully brazen thing to wear, but I respectfully checked my privilege. Second, what’s a black dude doing at a hockey game?
As we were walking to the car after the game, I looked again and noticed that there was a “P” in front of “reparations” that I couldn’t see earlier.
The moral of the story? Sometimes a P can make all the difference.
3b,
I just assume all kids are blue in these parts. I could only imagine how they would be ostracized if they weren’t. I really mean that too. I imagine, bullying would be acceptable in that case around here. Better to let your kids decide what they want to believe than influence them. Sadly, very few could ever let that happen. Heck, my kids don’t even have a religion for I believe so strongly in not indoctrinating them.
There will never be so many jobs or such high wage inflation that a distracted nincompoop bookkeeper will be in very high demand. So that’s your cross to bear, as they say. Maybe if you had connections in some government union. And I’m pretty sure that the Sowell book you have but didn’t read didn’t say “just fu!k them”
Libturd
Was the fifth line a capital H?
Very good HMB. That was a true story by the way. I’ll save it for when I’m leading the anti-pussification party. The APP.
The foul conditions in liberal-run San Fransisco have gotten so bad, they can’t take it anymore.
From an article in SFgate.com:
“Tolerant San Francisco fed up with dirty, smelly streets.”
“Tolerant San Francisco fed up with dirty, smelly streets.”
But it’s a Sanctuary City and that’s what really matters.
Very sad Lib. I have friends/family who are on the left and the right and the ones identifying as left are incredibly angry and mean spirited and loud. I and others like me try to avoid politics as much as possible but they won’t let it go.
For what it’s worth 3b, it was the complete opposite in my circle back when O was in office, though not quite as pronounced. We tried really hard not to talk politics at Gator’s folks house as they were completely absorbed into the Fox News/conspiracy crap. I mean, all that mattered was the birth certificate. On the Trump Income Tax returns, he got a pass. You know what I’m talking about.
I saw that too Lib but agree definitely not as pronounced. I know people who have stopped talking to family members and friends because they voted for Trump. I have never seen that before. I am suspect because I did not vote for either one. First time I sat out a presidential election.
I think it’s the mocking (baiting) Trump performs with regularity that is driving the division. It’s all fine and dandy and admittedly entertaining at times. But it will backfire dramatically if and when the facade wears off. We’ll see.
What’s your plan for generational poverty and the problems associated with it?
Don’t tell me poor people are lazy either. A bum collecting garbage to survive is working.
No One says:
May 1, 2018 at 10:30 am
There will never be so many jobs or such high wage inflation that a distracted nincompoop bookkeeper will be in very high demand. So that’s your cross to bear, as they say. Maybe if you had connections in some government union. And I’m pretty sure that the Sowell book you have but didn’t read didn’t say “just fu!k them”
These people have given up hope that they could ever get rich. They know the system is against them. So don’t question why they have no ambitions and don’t get up off their a$$ to do something about it.
Pumps were you not saying just recently that these are the very people you don’t want to live with? And that you have worked hard to better yourself and live in your dream house and why should you be forced to live with them?
Lib to a point I agree. But I also think that the so called sophisticated rich liberals are enraged that the blue collar working class white trash morons had the audacity to vote for Trump. It’s definitely a class thing as well in my mind.
The problem is magnet for what?
“Steven J. Pozycki, founder and chief executive officer of SJP, said it will be critical to find a company to move in and anchor the development. The location, which is accessible by mass transit and car and minutes from Newark Liberty International Airport, should act as a magnet”
FROM A RECORD LOW YIELD -When the yield on the 10-year Treasury note bottomed on 7/08/16 at 1.36%, the average interest rate nationwide on a 30-year fixed rate mortgage was 3.41%. The average interest rate on a 30-year fixed rate mortgage is 4.58% today (source: Freddie Mac).
NICE PLACE -In the years 2010-16 following the global real estate crisis, 46% of the new homes built in the United States had at least 4 bedrooms (source: Federal Reserve Bank of St. Louis).
Lib,
The problem is people who found it entertaining in the first place. You have to be some kind of angry, bitter person to support a man who openly mocks Hispanics, the disabled and women. I guess some find it funny because they never matured past 4th grade. I am not supportive of PC police but a president has to rise above the fray. It is hard to believe that our president has so much time to tweet and give interviews on Fox friends. Literally they had to kick Trump off the air last week as they tried to end interview after he finally admitted that Cohen represented him on Daneils affair. “I’m sure you have a million things to do Mr President.” Apparently he did not. What a surreal situation. Here is how you treat the PC patrol with humor and a hand puppet. Hilarious..
https://youtu.be/j556MWGVVqI
So I have to become Mother Teresa and live amongst the poor to point out that the system is somewhat punishing against them?
Maybe I’m wrong, I just believe that working should lift someone out of poverty. Clearly not the case today.
3b says:
May 1, 2018 at 12:06 pm
Pumps were you not saying just recently that these are the very people you don’t want to live with? And that you have worked hard to better yourself and live in your dream house and why should you be forced to live with them?
We should merge the school systems of Wayne and Paterson. That way people like Pumkin with over 210k a year in household income can help out the people with only 36K a year.
We have Gary…he is always reserved, quiet and respectful when it comes to his political beliefs.
3b says:
May 1, 2018 at 11:16 am
Very sad Lib. I have friends/family who are on the left and the right and the ones identifying as left are incredibly angry and mean spirited and loud. I and others like me try to avoid politics as much as possible but they won’t let it go.
Turd, what you are missing is that trump is the response to identity politics and political correctness and not the cause of the division itself. It’s really the suppression of the national dialogue by the left that drives it deeper. Everuone is a hater and should stfu if they don’t subscribe to their worldview.
Defend observations in general as to what I am seeing in my circles. I never spoke in absolutes.
Pozycki has been the best office developer in New Jersey for decades. That means he built a lot of suburban office parks and that is a problem today because these buildings are losing value faster than a house in Salem, New Jersey. Pozycki controls plenty of the land in the suburbs, and the fact that he is concentrating his energy in Newark, not the suburbs, says a lot about the future of suburban NJ.
Chicagofinance – that bedroom stat excludes multifamily units that make up 30% to 40% of housing starts today, well above historic norms. I’d bet the number of bedrooms per new housing unit is in decline. Case in point, the number of multifamily units being built in Harrison is comparable to the number of single family houses built in Bergen County. The Federal Reserve data counts the new Bergen County McMansions but excludes the studios, 1-bedrooms, and 2-bedrooms in Harrison.
Pumps would not living among the poor help them? Wouldn’t you also be doing your part to help?
Essex,
https://www.yahoo.com/finance/news/legendary-u-guitar-maker-gibson-files-bankruptcy-151014923–sector.html
First, that’s an awfully brazen thing to wear, but I respectfully checked my privilege. Second, what’s a black dude doing at a hockey game?
Its those little moments where you catch your inside voice monologuing the inner you. Its your subconscious making those assumptions and jumping to conclusions that turn out to be false.
Was the kid wearing a Smith-Pelly shirt?
My tweet of the day
https://twitter.com/jules_su/status/991346829802508294
“I just assume all kids are blue in these parts. ”
I have the Red side of the problem. I don’t want to tell my kids who to play with or who they can be friends with. I just teach them how to be around people and how to have differing views with people and what to watch out for.
Its not ” blue collar working class white trash morons ” frinving round here in F150 Platinum. With “Lock Her Up” and a lot worse bumper sticker. Its not ” blue collar working class white trash morons ” with the Trump Pence Lawn sign still up in front of their $800K home.
Fab I don’t deny that wealty people voted for Trump but the narrative in my opinion is that only the blue collar white trash voted for him. The same people who tsk tsk on the Roseann show being bought back are the same people who think sex in the city is a classic up there with Jane Austen. Again I am speaking from what I see in my circles. These are observations on my part.
11:14 SF just designated their leather festish district EddieVille
“Turd, what you are missing is that trump is the response to identity politics and political correctness and not the cause of the division itself. ”
So what you are saying is that if we all become thick-skinned, we would have seen a Rubio, Cruz or Bush? I’m not really buying it. I think if any of the three I just listed took a more outside the party stance, they would have won the election as well.
Deep down inside, 95% of all Americans know that overturning Roe V. Wade would be a disaster and that we’ve gone way too far with this gender appreciation crap. It’s the politicians creating the divisions, not the other way around IMO. Then again, if their corporate masters requested they sacrifice their first born for say, a seat on the board. They’d probably accept the offer.
Trump won overwhelmingly in places like Far Hills and Essex Fells where voters are exclusively rich and white.
The election was a whitlash against the elites more than any other factor.
Turd, possibly if another candidate would have felt liberated enough to say we don’t have to be The world’s dumpster they would have had a shot. They were all too scared to say it and watch the garbage continue to flood in.
Perhaps nwnj. It certainly seems to be the same case in Western Europe.
Yes Libturd, the push back can already be seen. This already happened, the parallels between the financial crisis and the 1930’s worldwide recession are strange. the presence of elastic money supply made the pain less severe but Trump’s ascendancy most closely looks like Mussolini. The leftist push brings in the the strong man. most people are traditional and when the leftist freak show and communism come in the big bad SOB takes power.
The people in most European countries are turning against the migrants, it could get ugly.
It’s gotten so crazy if you believe in biology you are labeled a hater.
1:34. Over-reach in a biiiiig way. It’ll be OK once they figure out how to make “guitars” again. Trouble is they canned all their senior people in Memphis. I think musical instrument sales is a terrible business anyway. I would hate to try to manage it, but swear I could probably do a better job than this fella. I have one of the instruments from the early days of his tenure when the shops were humming and the quality was darn good. You could see a decline in quality as the prices it took to get any quality continued to rise….”custom shop” and “reissues” were $5k. It should not take that kind of coin to get a really nice guitar. Also the best Gibby I owned I recently sold it was 11 lbs. Too damn old for that boat anchor. PRS is cleaning Gibson’s clock.
One quick ‘Car’ Comment:
Holy Crap the ‘M’ is a monster. I am in awe of that little Jewell.
You must be fun at parties
3b says:
May 1, 2018 at 1:18 pm
Defend observations in general as to what I am seeing in my circles. I never spoke in absolutes.
Washington DC
Only redeeming thing is the Air Space Museum near Dulles
Cal – https://www.ronaldocustomguitars.com
I grew up within walking distance to Pastore’s Music Shop.
Grim, several world class small manufacturers in that guitar guy’s neighborhood. Here’s one: themendous.com.
Dfens actually I am! A lot of fun!! You have absolutely no idea!! Always was. Business first then fun!! Last I checked this was not a party. I might add since you are being presumptive that you strike me as one who would be boring at parties with a good measure of condescension.
3:39 that is quite beautiful.
3:48 There was a music shop two doors down from my family’s place on a Main St in flyover country So. IN/Western KY . The guy who owned it used to play on the “circuit” and could do all of the Chet Atkins type runs which I found impressive at 15, but I was far more interested in Van Halen. But yeah, I spent many hours in there….
I’ve had some really neat guitars over the years. I can still play pretty well, but arthritis has had a way with my fingers and let me tell you nothing hurts like that. I refuse to do any pain meds, but now that I have been out in CA I’ve had access to some amazing balms and ointments that have made my condition tolerable. My “collection” is down to about 8 guitars. Each one I really like a lot and each one gives a very particular sound. A really well made instrument is about my favorite thing in the world. They are a treat to aesthetically and to play. The work that goes into making a really nice instrument would amaze most people.
So Fast Eddie,
Union Hill or Emerson?
Jersey City :)
Zach Aston reese just got crushed…. hope he’s ok. Local player, nice family.
I have the best hockey photo ever. Not sure how to post it
Left. Google Photos. Share.
Custom guitar makers and sound pedal engineers in the US has become a nice niche career for many given the crap coming from Gibson and Fender.