Newark: Real Estate, Development, News, & Politics

[66nexus]

Still scaffolding atop the building Broad/Market



Misc photos

[66nexus]

30+ year difference. The 70's pic was taken from a post a handful of pages earlier in this thread (block). the 'after' pic was taken today (66nexus)

Hopefully you guys' browsers can allow you to click and enlarge the pics.

[stache]

That is such a beautiful block. Great stuff under all that crap.

[66nexus]

Agreed, hopefully one day they'll unlock it all.

[arcman210]

Its key for Newark to clean up its street apperance by removing all that terrible signage and exposing the great architectural details. Thankfully that ordinance has been passed for new construction and renovations.

[JCMAN320]

Thats not going to be enough!

[66nexus]

^Maybe not, but it's sure better than the tacky-canyons that are Broad/Market.

[newarkdevil1]

The continued investment and success of investments in the city of Newark. Eveyone can complain at what they see but if you did the CWOW walk the change in this city is quite amazing. Block, I feel your pain, it's incomprehensible how racist and classicist that many members of this city are. I just am disgusted at the poverty pimping that has no desire to uproot the people within the city to recapture the entrepreneurial spirit that made Newark a special city. It's the developer doing work right now (some of which are home grown) that inspire me, people like crawford st, Regan and Hanini making things happen despite a cruddy retail environment and week housing demand. These projects will eventually bring in larger players but in the interum Newark does not need ESPN zone or the corporates, it needs places like Port 44, The Spot, Scullys, BCBG and the two new bars being built on Edison to thrive. These places are unique and combined with a art scene that has hit a multiplier you have a unique scene that draws and retains new residents. I was really impressed with the way downtown Newark looked this past Saturday, it was truly a glimpse to the future. I am impressed to see Levy start moving and as a much more capitalized investor it's nice to see what an immediate impact he can have on the area around the arena.

[block944]

Ouch, layoff notices just went out with 2200 city jobs being cut. I knew this was coming and know a few people that live in 1180 and society hill that are screwed.

[66nexus]

Newark continues overspending despite massive layoffs, tax hikes

Published: Tuesday, September 28, 2010, 8:50 PM Updated: Tuesday, September 28, 2010, 8:50 PM

David Giambusso/The Star-Ledger





Zach Ornitz/The Star-LedgerA file photo of downtown Newark taken July 2010.


NEWARK — Newark continues to spend beyond its means and is not doing enough to relieve a chronic deficit, despite laying off a fifth of its work force and raising taxes by 15 percent, a team of economic advisers reported to the city council today.

The task force, commissioned by the council in August, recommended a series of scenarios that included 1,175 to 1,964 layoffs and a 17 to 40 percent property tax increase in the current budget year. Just a day after the city announced it would lay off nearly 850 employees, the report says if more drastic action is not taken now, Newark could face a $106 million deficit in 2011.

"The problems are very serious and require your immediate attention," wrote Columbia University economist Dan O’Flaherty, in the report’s introduction. "Nothing you do will make you popular here."

City leaders today said they were grateful for the thorough analysis the report provides, but added that possible consequences — increased crime, foreclosures, unemployment — could far outweigh the benefits.
"The potential increase of 39 percent in taxes is totally unrealistic and if implemented will destroy the city completely," said East Ward Councilman Augusto Amador, vowing to fight excessive tax hikes.

Councilman Darrin Sharif helped assemble the commission, saying the council needed an independent budget analysis. The group of roughly ten community and business leaders includes O’Flaherty — a former aide to Mayor Kenneth Gibson — business consultant Thomas Banker, and Robert Curvin, a senior policy fellow at the Edward J. Bloustein School of
Planning and Public Policy at Rutgers University. The team assessed city budgets from 1996 on and conducted numerous interviews with city officials.

According to the report, Newark spends almost twice as much per capita than the state average. Much of that goes to a police force that is 86 percent larger than the state average. The city’s tax rate is 10 percent below the state average, despite a tax base that has grown over the last decade. With a 2 percent tax cap on the horizon, the city is running out of time to head off a long-term budget meltdown, according to the task force.

Sharif said today that he and the council were still digesting the findings.
"I’m just hoping that we have a real discussion," Sharif said.
The report offers five key recommendations. The first says the city should raise the tax levy by 40 percent and lay off 1,175 workers. The last recommendation says it could raise taxes by only 17 percent if it gets rid of 1,964 workers.

The city should maximize layoffs in the police force, the highest paid city employees, according to the report. A 40 percent tax increase would mean the average homeowner sees their bill jump from $4,800 to $6,700.
The city is already losing over 20 percent of its current 3,952-member work force and residents will be paying 15 percent more in taxes this year than last. Both measures have amplified criticism of Booker and the council.

The trade-off between layoffs and tax hikes could also divide council members.
"My ward is the poorest of all the wards just in terms of income," Sharif said. "I’ve heard less from people in my ward about increases in property taxes and more about reductions in services."
North Ward Councilman Anibal Ramos represents more constituents who own their homes.
"Property taxes are a major issue in my ward for homeowners and residents as well," he said, adding that his residents "can’t really deal with addressing the structural debt issue in one year."


taken from nj.com

[block944]

Word! Newark is a dump and is doomed.

[66nexus]

If only I could get a quarter for every time I've heard that over the years...I'd be richer than a Facebook CEO

[newark will rise]

I saw the barns and nobel bld. in baltimore also, it is a very nice building. Newark has many old building in the downtown area which will turn out some beautifull projects as well.

[newarkdevil1]

This is actually better than you think, finally the council has gone "outside" to get their analysis done. People have been making these statements for forever, Newark has too many employees for the number of people it services. I just got out of a forum on NJ development and while our private sector has shrank and we have 10% unemployment the public sector has increased by 10% DURING A RECESSION! Newark and the state of NJ are at the crossroads, we can only hope politicians will be forced to slash the unreal amount of perks they take from the taxpayers.

On a side note, I saw the North Star Building moving along, pretty impressive structure.

[newarkdevil1]

You just read Sharif's comments and you can realized how short term Politicians think...sure make it up with a property tax increase quickly forgetting that most of Newark is comprised of non owner occupied properties (ie rental properties) which means the landlord would have to increase rent to offset the tax increase. Sharif and the rest o these politicians don't want to accept this is a spending issue not an income one.