The … Sack?

What the serious f? From NJ Monthly:

Hackensack is Back on the Real-Estate Radar for Renters and Buyers

Forgive Hackensack for feeling overlooked. Torched by the British during the Revolution, the Bergen County seat never flexed the industrial muscle of Paterson, boasted the cultural richness of Newark, or enjoyed the cachet of Montclair. Instead, the city on its namesake river became known as a shopping destination. Its Main Street was the place to buy a dress or a suit. You could also catch a matinee at the Fox or the Oritani.

But the advent of malls—specifically, those in Paramus—spawned a decades-long decline of Hackenack’s urban core. The Franklin Simon and Arnold Constable department stores? Gone. The downtown movie theaters? Gone. The beloved Prozy’s Army-Navy store? A memory. Billy Joel didn’t help by singing, “Who needs a house out in Hackensack? Is that all you get for your money?”—lyrics that dissed a city gone dowdy.

Nowadays, Hackensack is feeling better about itself. A downtown revitalization in recent years has spawned a construction boom hitched to an eyebrow-raising nickname: the Sack.

Enticed by financial incentives from the city, developers are replacing underused or vacant commercial properties, even a parking lot, with luxury rental buildings replete with the amenities young professionals covet: gyms, swimming pools, grilling stations, pet spas, and rooftop decks with Manhattan views. The new buildings—some occupied, others under construction or yet to break ground—comprise more than 3,500 studio, one- and two-bedroom apartments, which could push the city’s population to 50,000 by 2024. (Currently at 43,856, Hackensack is New Jersey’s 20th most populous municipality.)

“For years, downtown Hackensack sat here, and nothing was happening,” says Bryan Hekemian, chairman of the Main Street Business Alliance, the public-private partnership that is central to the city’s redevelopment. “Well, now it’s Hackensack’s turn. Not just turn, but time.”

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46 Responses to The … Sack?

  1. grim says:

    1 week progress.

    Covid Deaths per 100k
    #1 – Mississippi
    #3 – Louisiana
    #4 – Alabama (+4)
    #6 – Arizona
    #9 – Arkansas
    #10 – Florida (+2)
    #11 – Georgia (+2)
    #14 – South Carolina (+1)
    #15 – Nevada (+3)
    #18 – New Mexico
    #20 – Oklahoma
    #21 – Texas (+2)
    #22 – Tennessee (+2)

  2. grim says:

    Not likely NJ will regain the top spot, the current death rate in Mississippi and Louisiana are 5x higher than NJ on a population adjusted basis. NJ currently needs almost a thousand additional covid deaths just get the tie back. Alabama currently running 10x NJ on a population adjusted basis, which is why it saw a HUGE 4 position jump.

  3. grim says:

    All that said, sure feels like masks completely disappeared in NJ this week.

  4. Ex says:

    This just in…..Trump loses AZ…..again!!

  5. leftwing says:

    Masks must depend on specific location…last month I would say maybe a quarter to a third of people around me were masked…these days feels like 75%, unmasked I am in the definitive nd noticeable minority. My green grocer and ShopRite both ‘recommend’ masks and they run about 90% it seems….

    Bunch of us on here got second jabs in Feb/Mar, myself included. Intentions re: booster?

  6. Fast Eddie says:

    I drove through Hackensack a few weeks ago, primarily main street and it looks pretty nice. I can see why it’s becoming a hot spot. It certainly doesn’t have the blight that Paterson and Newark possesses. Good for Hackensack, gotta raise it a few notches and keep the riff raff out.

  7. The Great Pumpkin says:

    I like being married. Had I told my wife basically f’k u and did what I wanted, I wouldn’t be married for long. Have to sometimes suck it up and listen to your partner.

    I was approved for a cheap home equity rate. I’m not buying stocks on margin. If the sh’t hits the fan, and they call in your margin call, you are beyond f’ed. Buying on margin is for short term traders and I was playing it long (had no idea the rebound would be so quick). I was simply trying to take advantage of the large amount of money I have sitting there in equity at a time the market fell so much. So all I had to do was buy and wait for the eventual recovery.

    As for why not tapping the sources for ark today…are you insane? Im bullish, but i would never ever buy with equity unless there was a severe drop in the overall market like in 2020.

    Also, im in all the ark funds, I don’t simply buy arkk. I love arkg over this decade the most.

    The fact that you don’t like ark funds, makes me like it more. I don’t like investing in something everyone loves. Never have, never will.

    crushednjmillenial says:
    September 24, 2021 at 6:34 pm
    Pumpkin . . .

    Why didn’t you take a HELOC out on your rental property rather than your primary residence? If you bought your rental when you were like 20 y.o, I would imagine it is solely in your name, and thus solely your choice about its capitalization.

    Why didn’t you use margin to buy more equities in March 2020? If you had a portfolio that was worth, say, $1m at the bottom of the crash, then you had $500k of margin-fire-power at that time.

    Why don’t you tap either of these sources of finance today to buy more ARKK?

    I wouldn’t go long ARKK, personally (and others have laid out better than I could why, but an expense ratio of 0.75% is the first huge nope to me) . . .but, you’re bullish on it, so are you bullish enough to use leverage?

  8. BRT says:

    I been through Bergen, Mercer, Middlesex, Somerset, Morris, Union, Monmouth, and Ocean the past 2 weeks.

    In Monmouth and Ocean, masks have been nonexistent for months. Middlesex is hit or miss. Somerset, not really. Morris, never much masks. In Union, ever single person was masked. Bergen was 50/50.

    But seriously come to Mercer county. It’s been 95% masked the entire time. These people are crazy. They even shut down my son’s soccer game today out of fear. Outside in the hot sun….They’ve never given up on them. Moreover, unlike other places in NJ, I get death stares and dirty looks from everybody like I’m an awful person everywhere I go. Not ironically, it’s running through our schools because they just don’t work unless they are respirators.

  9. The Great Pumpkin says:

    Wow, wayne has more people?! Never realized it.

    “which could push the city’s population to 50,000 by 2024. (Currently at 43,856, Hackensack is New Jersey’s 20th most populous municipality.)”

  10. The Great Pumpkin says:

    HONG KONG—Zhao Wei spent the past two decades as China’s equivalent of Reese Witherspoon, a beloved actress turned business mogul.

    She directed award-winning films, sold millions of records as a pop singer and built a large following on social media, amassing 86 million fans on Weibo, China’s Twitter-like microblogging site. She also made a fortune as an investor in Chinese technology and entertainment companies.

    Today, the 45-year-old star has been erased from the Chinese internet. Searches for her name on the country’s biggest video-streaming sites come up blank. Her projects, including the wildly popular TV series “My Fair Princess,” have been removed. Anyone looking up her acclaimed film “So Young” on China’s equivalent of Wikipedia wouldn’t know she was the director; the field now reads “——.”

  11. 3b says:

    Jcer: From last night. I understand now, did not realize you were talking about Ops positions. When I worked at GS Ops people were well paid at the time. All employees with the exception of sales and trading got a firm bonus of usually 25 percent of their base salary every year, and 15 percent into the firms profit sharing plan, which we all got as well as a small pension. Additionally, whatever the salary was for a position in NYC that was the salary for the position in all the regional offices. So Sales Assistants and Receptionists in Dallas and Atlanta and Memphis made the same salary as a Sales Assistant in NYC. It was an amazing firm back in the day, and it was like a cult we were devoted to the firm.

  12. Fast Eddie says:

    I tossed this out there before but seriously considering moving to Nashville as I get closer to semi-retirement in a few years. Anyway want to weigh in on whether Nashville/Surrounding Suburbs is recommended?

  13. Out of the Ashes goes the Phoenix says:

    America and it’s insatiable need for Chinese goods. They can manufacture it faster than we can unload it. Falling farther behind each day. Employers too cheap to hire employees. Government in bed with the criminals. Haha.

  14. Out of the Ashes goes the Phoenix says:

    Just join Lib over in Costa Rica. No one is going to waste a nuke over there.

  15. JCer says:

    3b yes even vs. 15 years ago GS is a very different place today, totally different firm. 15 or 20 years ago they had much better technical capability and were operationally very good today they are just cheap. The original GS died years ago, it’s just another bank today.

  16. Libturd says:

    I’d have you in a minute. Politics down there are very different. Rather than attacking the opponent on elections. Everyone celebrates their own candidate and it’s festive (positive). Very churchy too.

  17. Out of the Ashes goes the Phoenix says:

    America is still the wild wild west, fun and exciting. Where else in the world can you go to a modern place and get shot while choosing which brand of peas you want to buy?

    Where else in the world can you be walking home with your groceries, be totally innocent, and get stopped by the po po who then convince a muppet EMT to overdose you to death on Ketamine? Could you have expected that to be the way you would die on that day?

    America is exciting and unpredictable. Now go out and get some of that sun as you have no idea what is in store for you today. A crazy ex girlfriend or wife? Your own kid? Some guy running from the po po due to an overdue registration? Granny 100 years old no one willing to pull her license cause she has “rights” and flattens you in front of a CVS?

    Or just plain old cancer. How boring. A tumor in the noggin.

    Enjoy your weekend. If you are lucky the old ticker won’t quit till you reach the balmy shores of Costa Rica. Cause there is no heaven.

  18. Hold my beer says:

    I drove past a 4 car accident today. Nice chain reaction fender bender of 4 pickups rear ending the one in front of it. None were flying a flag though.

  19. 3b says:

    Jcer: The original GS died when they went public. Part of my responsibilities was to invest partners/ and limited partners money in fixed income securities. They were very candid in their discussions and I can tell you for a fact that many fought bitterly against going public. As a few said we don’t need any more money, it’s not about the money. This is something we built and are proud of. There are many private investors who would put millions into the firm no questions asked. And when I was there there were two that put big stakes in the firm, with no seat on the board , and no say in how the firm would be run. Their mindset was keep doing what you are doing. In this case it was the young partners who pushed for the firm going public, and eventually they won. GS new building on West Street was something the partners never would have wasted their money on; it was simply too extravagant. GS old building at 85 Broad St, is the most non- desscript, in fact ugly building that you could find. All the offices were pretty much the same, even the partners offices, very understated. They took wonderful cars of their employees from the lowest all the way up.

  20. 3b says:

    Fast: I don’t see a Jersey boy like you in Nashville.

  21. Ex says:

    I’m a little concerned with an American city on a river.
    As these 100 year storms keep occurring with more frequency a river view now says FLOODING to me. Anyone else avoiding low lands especially after this last weather e event?

  22. Ex says:

    NashVegas like most places is filled with people from
    somewhere else. Big fun! Eddie’ d be right at home.

    That river there is another matter.

  23. Out of the Ashes goes the Phoenix says:

    Something that is more appropriate now than it was when it was created.

  24. Out of the Ashes goes the Phoenix says:

    No such thing as global warming. Those rising sea predictions, they are not real. Covid is a farce-so much that it still shows up red on this screen when you type it. The Chinese are stupid and only capable of copying things.

    Don’t worry about a little water, it won’t affect your property values.

    “I’m a little concerned with an American city on a river.
    As these 100 year storms keep occurring with more frequency a river view now says FLOODING to me. Anyone else avoiding low lands especially after this last weather e event?”

  25. Bystander says:

    Paterson up, Hackensack up, Hoboken up, NYC up, all NY/NJ/CT suburbs up…the whole country 25 % up. Stocks, bond, RE, crypto all through roof yet no repercussions, no worries. Wages up big? No, inflation eating it away. Mehh…who needs wages anyway. Amazing times..why did we have big recessions in 70s, early 90s and 2001 if Fed could have printed all problems away? What makes 2008 and 2020 so different?

  26. Out of the Ashes goes the Phoenix says:

    Another gift Boomer is giving themselves at the expense of the youth. It’s not going to end well.

  27. grim says:

    Lots of soft landing talk…

  28. Out of the Ashes goes the Phoenix says:

    Should be more like pegging talk.

  29. 3b says:

    Grim I seem to remember talk of soft landings in the past, and they were anything but. It must be different this time!

  30. Hold my beer says:


    Believe all cops. And women. And men. and nonbinaries. And voices in your head,

  31. Out of the Ashes goes the Phoenix says:

    Karen of the day, attacking people, then splattering her blood on innocent people.

  32. Ex says:

    Who is up for some Chipotle?

  33. The Great Pumpkin says:

    Someone I graduated with that must have made a fortune on the airbnb ipo just bought a 6 bedroom home in Montclair. Was living in SF. He previously worked at apple. People still value this location.

    Bystander says:
    September 25, 2021 at 1:57 pm
    Paterson up, Hackensack up, Hoboken up, NYC up, all NY/NJ/CT suburbs up…the whole country 25 % up. Stocks, bond, RE, crypto all through roof yet no repercussions, no worries. Wages up big? No, inflation eating it away. Mehh…who needs wages anyway. Amazing times..why did we have big recessions in 70s, early 90s and 2001 if Fed could have printed all problems away? What makes 2008 and 2020 so different?

  34. The Great Pumpkin says:

    I honestly can see capitalism go to work and drive up the prices in NYC metro to the point that only the well off live here. It happened to many neighborhoods in LA.

  35. Out of the Ashes goes the Phoenix says:

    America. Stronger than ever.

  36. Out of the Ashes goes the Phoenix says:

    I would. But I don’t think you are near me.

  37. Juice Box says:

    Pumps buddy of mine for 20 years just had an IPO too.. Sadly I did not follow him there even though the offer was solid…We decided to raise our kids here in NY Metro with their cousins, not to say I would have stayed long enough but you never know.

    It used to be you had to have a $100 million in Silicon Valley to be a player now it seems to be north of $10 Billion Crazy how much these IPOs are valued now…..

  38. 3b says:

    Juice: A CBS article said that realtors are starting to see an exit from Manhattan to the Bronx because of cheaper real estate . You should have stayed on Kingsbridge Rd!!

  39. Fast Eddie says:

    I never thought I’d consider moving out of state but it’s evident to me that there are still parts of this country that still love the classical roots of our nation. I can’t stomach the collective utopia being pushed upon us more and more each day. So, a lot of people have said Nashville is a great place to live/retire. I’ve been reading that the healthcare system is top notch, a lot of walkable neighborhoods, plenty of suburbs to choose from, all genres of music of course, bars, coffee shops, etc. so I’ll be visiting next summer. To each his own so you don’t know until you check it out.

  40. chicagofinance says:

    Hold my beer says:
    September 25, 2021 at 3:20 pm

    Believe all cops. And women. And men. and nonbinaries. And voices in your head,

  41. Juice Box says:

    3B – Not far We were living it up just north on Gun Hill Road across from the golf course! My cousin graduated from the Bronx High School of Science around the block…We spent our days playing at Mosholu Parkway steeping over junkies and needles and of course the wonderful shopping on Jerome Ave.

    Easy access to the 4 train so hurry up ar a million dollars it won”t last long….

  42. Clown World says:

    Eddie – Stay out of Nashville proper. There are some obscene city taxes levied within the Nashville borders. Surrounding towns (sub-urbs) give you access to all the Nashville life with the same traditional roots, that it sounds like you desire.

    I would look at Franklin, TN and Brentwood, TN. Very reasonable property tax, obviously no income tax, 25 minute commute to downtown, and really solid public schools, though sounds like a non-issue to you given your life stage.

  43. 3b says:

    Juice: I had a lot of friends from that part of the Bronx, we used to hit all the bars in that area back in the day. I lived in the East Bronx, lots of junk yards a had mile away, good for beer parties. Sledding on suicide hill, before the Bruckner extension and they literally removed the hill. Did it on refrigerator boxes or other appliance boxes, if you over shot, you went right out into the service road. Thankfully none of us were killed.

  44. Out of the Ashes goes the Phoenix says:

    All of these ships unable to dock at the ports on both coasts. Excuse: shortage of workers- what a laugh. When there is a shortage you pay more- funny how when there is a shortage of something the corporations have no problem increasing prices, but when there is a shortage of workers there is a problem increasing wages.

    Have the military unload those ships. An economic disaster is still a disaster. They could get the job done.

    There is no reason that corporate America should be able or allowed to control this country like it does. Just the fact that we have to import this much should be a wake up call that this activity needs to be stopped.

    Thanks, Boomer, you have succeeded again. Not.

  45. Out of the Ashes goes the Phoenix says:

    “Actually credited.” That’s funny. You mean credit themselves.

    “So what’s really interesting when we talk about Boomers is that Boomers are actually credited with bucking this traditional retirement trend. And for the last decade or so, we’ve kind of seen Boomers use their retirement to pursue passion projects or even switch careers.

    And it got so popular that it even earned a name for itself called the encore career or the second act. Now, all that’s changed. The generation has changed its tune. And survey data reveals that the majority of Baby Boomers just aren’t interested.”

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