Multifamily Sales Poised for Rebound
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THIS WEEK Delicious Deals Restaurants realize savory revival as executives and their clients return to the table. Page 17 ® Restaurants Spotlight $2.00 JUNE 21, 2010 www.njbiz.com Exporters’ expanding horizons N.J. companies look overseas to increase sales amid a tough domestic economy. Page 5 Bankers warn N.J. still on Multifamily pace for a ‘slow recovery’ Business owners cautious before new regulations, lopsided growth sales poised BY MARTIN C. DAKS “We’re projecting a slow recovery — A DIVERSIFIED ECONOMY and above- maybe 3 percent annual gross domestic average wealth concentration have cush- product growth, during the next two years,” for rebound Seeking a new direction ioned New Jersey from the worst of the said Keith P. Aleardi, director of investments But despite improving occupancy, critics Woodcliff Lakes tech company focuses economy’s fallout, but national issues — for the New Jersey market of PNC Bank’s on sales and marketing as it looks for like a battered construction market and wealth management division, at an econom- say, true upswing won’t happen this year new growth opportunities. Page 5 the still-shaky financial services segment ic update hosted by the Livingston CPA firm BY EVELYN LEE Changing landscape — are keeping a Garden State recovery at Sobel & Co. earlier this month. AFTER SOFTENING FROM recessionary pressures last The development community provides bay, bankers said at recent conference. “Three percent GDP growth sounds year, the New Jersey multifamily market is starting to feedback on how it’s adjusting to the Meanwhile, uncertainties over the financial impressive, but you have to consider that his- regain strength, bolstered by increasing occupancy and state’s site-remediation program. Page 5 services reform coming out of the White torically, the nation averages 4 [percent] to rental rates. Improving market conditions will help rein- House could continue to make it difficult 6 percent annual growth as it emerges vigorate trading activity and lead to more deals in the Benefits of a recession for businesses to access credit, at least in from a recession,” he added. “So this coming year, industry experts said. Bank learns that lending when others the short term. ➤➤ See CAUTIOUS on page 4 ➤➤ See MULTIFAMILY on page 6 won’t can lead to growth. Page 10 Corner Office Thomas B. Consi- dine explains how the federal health Inspired by trip to stars, he mines energy from sun care act penalizes New Jersey resi- High-tech tastes of Princeton dents. Page 13 angel fueling investments in hybrid vehicles, fiber optics Christina Mazza BY JOÃO-PIERRE S. RUTH SEEKING ENERGY from the sun is an easier task for one who’s already been to the stars. That’s the book on Gregory H. Olsen, whose aspirations put him in space a few years ago, but who retains a down-to-earth practicality about the companies in which he invests. The Inside this week’s NJBIZ, read about how president of GHO Ventures, an angel state incentive programs are driving city investment firm in Princeton, is keen development projects forward. on solar power, but his interests run the gamut, from power transmission, to exploding manhole covers, to a satisfy- To subscribe to NJBIZ, call 866-288-7699 ing glass of red wine. “My latest investment is United Silicon Carbide,” he said. Dolce Tech- nologies LLC, in Princeton, whose founding partners include Olsen and .com Chris Dries, last October acquired NJBIZ delivers daily news and analysis of United Silicon Carbide, in Monmouth New Jersey’s important economic issues Junction, which develops transistors online at www.njbiz.com. Sign up for our daily e-mail alerts, read our blogs, for power electronics like hybrid vehi- write a letter to the editor and more. ➤➤ See OLSEN on page 6 Gregory H. Olsen, president of GHO Ventures, in his electric Tesla Roadster. Energy enterprises have long been a focus of the angel investor. For address or name corrections, fax label to (732) 846-0421 Lists Breweries Page 21 Wineries Page 22 Leads Executive Moves Page 23 Upcoming Events Page 24 New Businesses Page 25 Bankruptcies Page 25 M&As Page 25 Insider Trading Page 25 Real Estate Transactions Page 25 with Gateway Coffee Shop Inc., man, which went on a buying spree which will do business as the pizza last year while its competitors were no-carbon generation, including new nuclear, solar, NRG Energy buys Texas wind farm and Italian food restaurant Sbarro, struggling in the recession. And the offshore wind, biomass and carbon sequestration,” ac- includes some 910 square feet of Hackensack firm plans to continue Princeton-based power company NRG Energy Inc. cording to a company announcement. - Martin C. Daks retail space on the main concourse expanding, Zakheim said, “especial- said it completed the purchase of a 101-megawatt of Secaucus Junction. The tenant — ly [in] clean tech.” – Joe St. Arney South Trent wind farm near Sweetwater, Texas. One which will pay an annual base rent customer, AEP Energy Partners Inc., has a 20-year of $62,400, as well as a percentage power purchase agreement for all the power gener- of gross sales — will also spend 28 charged in federal ated at the site. $350,000 in upgrades to build a The company did not disclose pricing details. mortgage fraud sweep Sbarro-branded restaurant, the The South Trent transaction includes 44 Siemens agency said. – Evelyn Lee Twenty-eight people were ar- 2.3-megawatt wind turbines capable of powering up rested and charged with mortgage to about 80,000 homes. NRG previously owned or had fraud, according to U.S. Attorney interests in a total of three wind sites, all in Texas. The Deal helps PR firm expand Paul J. Fishman. company’s retail business, Reliant Energy, has more Another defendant, who alleg- than 1.6 million residential, business, commercial and clean-energy expertise edly fabricated documents used in industrial customers in the Lone Star State. Beckerman, one of the largest inde- several of the alleged scams, previ- NRG also is developing “a diverse mix of low- and NRG Energy Inc.’s South Trent deal includes 44 wind turbines. pendent public relations firms in the ously was charged with conspiracy United States, announced last week to commit wire fraud, and has been Bill would eliminate 41 nounced last week. DEP Commissioner Bob Martin its acquisition of Antenna Group in custody since March, Fishman The second phase of Metro- announced June 15 that the new rules Inc., a communications firm spe- said. Last week’s statewide sweep inactive panels top Plaza, located at 115 Wood Ave. would be reasonable, with the goal of cializing in serving clean-technolo- netted real estate agents, investors, South, is the state’s newest office improving access while eliminating gy companies. mortgage consultants, accountants The Legislature is weighing whether building constructed on a specula- burdensome and costly rules. Beckerman said the deal cre- and others ranging from 27 to 77 to eliminate 41 inactive boards, com- tive basis, according to JLL, the fa- “Cities and towns know best ates the largest clean-technology years old. missions and committees. cility’s leasing agent. The property how to plan for their own needs,” specialty public relations practice in The defendants used fake W-2 A bill to eliminate the panels Courtesy Jones Lang LaSalle Martin said. the country, at a time when increas- forms, pay stubs and other docu- was advanced June 10 by the Assem- The department will work with ing attention is being paid to clean- ments to pump up the reported in- bly Regulatory Oversight and Gam- municipalities to write access plans energy companies. come of would-be borrowers who in ing Committee. to meet local needs, which must be “The BP disaster reinforces fact were not qualified to get mort- Assemblyman John J. Bur- approved by the state. what everyone has known for years gages, Fishman said. zichelli (D-West Deptford) said elimi- Martin announced three im- — a fossil fuel-based economy is The properties purchased by nating the groups is part of his effort to mediate changes where access will unsustainable for environmen- these so-called straw borrowers increase government efficiency and not be required: waterfront dredging tal, economic and national secu- often are secretly owned by the improve the state’s business climate. activities, developments at existing rity reasons,” Beckerman Presi- people behind the fraud, who use “These boards and panels lit- port facilities and sites prohibited by dent Keith Zakheim said. “The $3 artificially high property apprais- ter state government, but no longer The property broke ground in 2002. federal law due to homeland secu- billion that BP is going to spend als to inflate the purchase price. serve any purpose,” Burzichelli said. rity concerns. These changes mostly to clean up this mess could have The pumped-up mortgages are broke ground in 2002, but was put The panels that would be affect inner harbors of urban areas. been better spent investing in used to pay off existing encum- on hold as a result of market condi- eliminated include the Christopher In 2007, the state required all clean technology R&D efforts, and brances, and the fraudsters skim tions, and had its second ground- Columbus property owners to provide on-site the untold billions more that the off the excess. breaking in 2007. Metrotop Plaza, Quincenten- public access or pay for off-site pub- U.S. government will have to spend These schemes were aimed at owned by Atlantic Development nial Observance lic access. Some provisions of these … could have been used to fund scamming banks out of more than Realty Corp., is the first speculative Commission, regulations have faced legal chal- startup clean tech companies that $5.5 million and involved more than office project in Metropark since the Governor’s lenges.