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Designated Difference SPOTLIGHT Samsung’s new focus Women in business Tech giant’s inroads in senior care and pain management. Page 4 A look at women thriving in the food and restaurant sector. Page 19 Latino food Boulevard Trade show of dreams focuses on Rowan, Nexus open growing largest phase of sector. Glassboro project. ® Page 8 Page 6 njbiz.com AUGUST 28, 2017 $2.00 Neither rain, nor snow … nor e-commerce With all pieces in place for megamall, developer Triple Five is ready to move full steam ahead on American Dream BY MARIO MARROQUIN that is over 55 percent entertainment and cause all of these attractions are there to unique attractions to the Meadowlands. 45 percent retail. push retail. That was our whole mindset: The president of Triple Five is so bull- For Don Ghermezian, president of Triple “There are a lot of things in this project What can we give that serves multiple pur- ish on the project, he has even set a definite Five, the American Dream, and building that were delayed that were self-inflicted,” poses?” — definite — opening date of March 2019. the third-largest mall in North America, is he said. “I wanted to add certain elements With a second round of construction “March 2019 is it,” he said. “We’re far less about creating a product for today (and) those deals took time. We will have financing completed at the end of June, north of 70 percent fully executed leases in than one that meets the needs of tomor- what will be the largest combination of bringing the financing total to $2.77 billion, the center. And we have another 10 percent row’s shopping experience. indoor theme park and waterpark in the Ghermezian and his team are now moving of the center in full LOIs (letters of intent). Ghermezian and Triple Five’s vision world. Open 365 days a year, and the only full steam ahead on the project, which will Our conversion rates on LOIs has been for American Dream is a shopping center way to get to it is to go through retail, be- deliver almost 3 million square feet and 14 See MEGAMALL on page 10 DESIGNATED DIFFERENCE Being named a Public Research University is helping Montclair State with its ambitious growth plans PAGE 12 For address or name corrections, fax label to (732) 846-0421 INDEX Business Around the State....2 Lists .......................................29 Opinion..................................17 Guest List..............................30 Spotlight...............................19 Guest List..............................31 Subscribe to NJBIZ: call (866) 288-7699 NJBIZ delivers daily news and analysis of New Jersey’s important economic issues online at njbiz.com. Sign up for our daily e-mail alerts, read our blogs, write a letter to the editor and more. Energizing New Jersey HOW TO REACH US BUSINESS AROUND THE STATE MAILING ADDRESS NJBIZ, 220 DAVIDSON AVE., SUITE 302 BRIEFS SOMERSET, NJ 08873 PHONE (732) 246-7677 Hudson Lights apartments Wyndham announces FAX: EDITORIAL (732) 846-0421 hotel spinoff’s leaders FAX: ADVERTISING (732) 249-8952 FAX: OPERATIONS (732) 846-0421 reach 75 percent leasing mark Parsippany-based Wynd- SUBSCRIPTIONS (866) 288-7699 ham Worldwide announced re- evelopers and cent leadership appointments for REPRINTS For licensing, reprints, e-prints Tucker Development Corp. recently announced its new pure-play hotel company. and plaques, email reprints@bridgetowermedia. Kushner Real Estate their joint venture Hudson Lights in Fort As previously announced, com. Authorization to photocopy articles for D internal corporate or instructional use may be Lee has reached 75 percent occupancy after 10 Geoff Ballotti, current CEO of obtained from the Copyright months since the company began leasing. Wyndham Hotel Group, will con- Clearance Center at (978) 750-8400. Of the mixed-use complex’s 276 luxury apart- tinue to lead the hotel company ments, 207 are now leased. as CEO and president. David For photos, please see njbiz.com/photos “We are thrilled with the impressive demand Wyshner has joined the company BUSINESS MANAGER we are seeing in the summer months for the apart- as chief financial officer and will AnnMarie Karczmit [email protected] ments at Hudson Lights,” Richard Tucker, CEO become CFO of the new hotel of Tucker Development, said. “It has been a joy to company when it spins off from ADVERTISING watch this community become a centerpiece for Wyndham Worldwide in 2018. SENIOR ACCOUNT EXECUTIVE downtown Fort Lee’s transformation into a 24-hour, The new appointments are: A rendering of Hudson Lights. COURTESY TUCKER Penelope Spencer [email protected] livable and walkable community.” • Tom Barber to chief DEVELOPMENT CORP. ACCOUNT EXECUTIVES Tucker and Kushner said the demand and ab- strategy and develop- Susan Alexander [email protected] sorption of the residences is a testament to the re- son Lights, said. “We are seeing an unparalleled de- ment officer; Liz Dwyer [email protected] vitalization of Fort Lee’s downtown and Bergen mand this summer for these distinctive residences • Paul Cash to general Kirsten Rasky [email protected] County as a whole. and the entertainment experience provided to those counsel, assuming the Hudson Lights is anchored by an eight screen lucky enough to call Hudson Lights home.” role at the end of 2017; Damon Riccio [email protected] iPic movie theater with an in-house City Perch Hudson Lights also provides its residents with • Mary Falvey to chief Frank Scancarella [email protected] Kitchen & Bar. Mamoun’s, Paris Baguette, Gaon- a courtesy shuttle service to the Manhattan subway administrative officer; Joanne White [email protected] nuri Restaurant, Anthony Francos Pizza, Capital less than 10 minutes away. • Barry Goldstein to chief Barry Young [email protected] One Bank and CycleBar are also part of the joint- Pricing starts at $2,375 per month. marketing officer; MARKETING MANAGER venture. The 16-acre lot, half of which is Hudson Lights • Bob Lowen to chief oper- Ali Brush [email protected] “Hudson Lights presents a highly unique life- and the other half is SJP Properties’ The Modern ating officer. style product, not usually found in the New Jersey luxury apartments, sat vacant for more than 40 “This proven and experi- EDITORIAL real estate market,” Jacqueline Urgo, president of years. enced leadership team of indus- MANAGING EDITOR The Marketing Directors, the exclusive market- Construction of the first phase of the project try veterans is perfectly suited to Eric Strauss [email protected] ing and leasing agent for the residences at Hud- began in October 2013. — Mario Marroquin move this business forward as a DEPUTY MANAGING EDITOR standalone leader in hospitality, with an incredible global portfo- Anjalee Khemlani [email protected] lio, a strong and resilient asset- Health Care N.J. city among most expensive places to rent an apartment light business model, strong cash WEB EDITOR/SOCIAL MEDIA COORDINATOR flow, and a growing pipeline,” Emily Bader [email protected] ersonal finance website GOBankingRates Ballotti said. — Emily Bader STAFF WRITERS recently published a study that ranked a New Meg Fry [email protected] PJersey city as one of the Top 5 most expensive Bus company names Food and Beverage/Women in Business/ cities to rent a one-bedroom apartment in the country. Manufacturing/Retail Jersey City is the fifth-most-expensive city when president of school unit Brett Johnson [email protected] compared to 50 major cities across the U.S., with a Wall-based Student Trans- Spotlight median rent of $2,200. According to the study, Jer- portation Inc., a safety and fleet sey City is one of the places where rents are increas- service for schools, announced Mario Marroquin [email protected] ing the most. it has created the School Trans- Real Estate Although the rents of the city on the Hudson are STOCK IMAGE portation Group, which focuses CHIEF PHOTOGRAPHER high, the study said its basic utilities cost are low, at on the company’s school con- Aaron Houston [email protected] $114 a month — the third lowest on the list. The city • New York; $2,395 tracted transportation opera- RESEARCHER has the second-best walkability score at 87. • Washington, D.C.; $2,271 tions. Jessica Perry [email protected] Some other facts about Jersey City’s rental market: • Jersey City; $2,200 The company announced • 44 percent have a dishwasher; The Top 5 least expensive cities for renting: that Patrick Vaughan, currently EVENTS • 39 percent have a washer-dryer; • El Paso, Texas; median rent for one-bed- chief operating officer of STI, will EVENTS DIRECTOR • 8 percent have a pool; room: $555 be president of the new group. Wendy Berg [email protected] • 16 percent have a fitness center; • Detroit; $600 “Pat’s almost 30 year expe- EVENTS COORDINATOR • 8 percent have a parking garage; and • Wichita, Kansas; $625 rience as a leader in the school Anna Acquaviva [email protected] • 3 percent allow pets. • Tucscon, Arizona; $628 transportation industry has been Here are the Top 5 most expensive cities for • Fresno, California; $650 evident and we look forward to renting: GOBankingRates surveyed apartment costs and his continued leadership in this • San Francisco; median rent for one-bed- features in 50 major U.S. cities. The study included new capacity,” Denis J. Gallagher, room: $3,395 factors such as median rent, cost of basic utilities, chairman and CEO of STI, said. • San Jose, California; $2,505 walkability score and more. — Mario Marroquin — Emily Bader NJBIZ (ISSN 1540-4161) is published weekly, except for year-end and one extra issue in December by BridgeTower Media, 1500 Paxton St., Harrisburg, PA 17104-2633. Subscriptions: $64.95 per year. Periodicals postage paid at Harrisburg, PA and at additional mailing oces. POSTMASTER: Send address changes to NJBIZ, 1500 Paxton St., Harrisburg, PA 17104-2633.
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