Replies to post #88261 on JP 3E Holdings Inc (JPTE)

[Kool Aid Man]

Park announced he had acquired the $34 million apartment complex he lives. A couple weeks ago others here were touting that his approval long delayed plan to build an even taller (5 story) complex down the road had been approved as being some sort of endorsement by the city or guarantee the project will happen. His plan is to bulldoze and develop the little strip mall about 7/10th of a mile SW of 510 Hamilton Street making it even farther away from the satellite campus of Rutger's University in New Brunswick.

Park has tried for years to make this happen. It was denied by the planning board so he appealed on June 22, 2022
https://www.franklintwpnj.org/home/showpublisheddocument/26331/638048134476570000

When that failed he sued the town on 12/5/2022
https://trellis.law/case/34035/soml001390-22/hamilton-street-hold-ings-llc-vs-franklin-twp
The dust up was reported by the local newspaper: https://www.mycentraljersey.com/story/news/local/somerset-county/2022/12/13/franklin-township-nj-hamilton-street-development/69720572007/

PROPERTY RECORDS:
Owner Information
Name: Hamilton Street Holdings, Llc (Not Hamllton Street Associates LLC)
Street: 510 Hamilton St- Apt 415
City&State: Somerset, NJ
Zip: 08873

Property Information
Last Updated: 10/11/2023
Municipality: Franklin Township
Block: 154
Lot: 8
Qualifier:
Property Location: 752 Hamilton St
Property Class Code: 4A
Building Description: 1S RETAIL
Year Built: 0
Building SqFt: 9,384
Land Description: 247X215
Acreage: 1
Additional Lots 1:
Additional Lots 2:
Map Page: 8001
Zoning: HBD
Land Value: $1,098,000
Improvement Value: $702,000
Net Tax Value: $1,800,000

Sales Information
Date: 06/24/2023 (Acquired over a YEAR AFTER Park first sought approval.. and purchased with WHAT?)
Deed Book: 07526
Deed Page: 03691
Price: $4,195,000
Assessment: $1,800,000
Property Use Code: 999
SR1A NU Code: 28
Exempt Property Information
Assessment History
2024
4A
$1,098,000
$702,000
$1,800,000

2023
4A
$1,098,000
$702,000
$1,800,000

2022
4A
$1,098,000
$702,000
$1,800,000

2021
4A
$1,098,000
$702,000
$1,800,000
Sales History
07/26/2001
$705,000

https://www.taxdatahub.com/62322899fa390ea73997514b/Somerset
More: https://njpropertyrecords.com/property/1808_154_8

The deed says the buyer was:
HAMILTON STREET HOLDINGS, LLC
510 HAMILTON ST APT 415
SOMERSET, NJ
Incorporated by JOHN PARK on 11/8/2021
AMENDED 4/11/2022 to add YOHAN PARK as a “member” at the same address.
FYI: In the June 22, 2022 filing above Yohan signed a sworn affidavit as being an attorney whose address was also 510 Hamilton Apt 415.

Seems Yohan got himself appointed to the “Hamilton Street Advisory Board.”
Yohan Park 1st Term
Jan 03, 2023 to Dec 31, 2025
Appointing Authority: Township Council
Position: SID Property Owner
https://www.franklintwpnj.org/committees-commissions/hamilton-street-advisory-board )

Interestingly—this ‘’affidavit of service’’ of a subpoena (case filed 12/19/2022) on now 36 y/o Yohan identifies him as “Owner” of Hamilton Street ASSOCIATES (incorporated by Pavicic and served at his home/ corporate address). It also says the “owner/partner Perry Pavicic” and “Moved office to alternate address.” The subpoena was notice of a lawsuit by a landlord against Yohan identified as “OWNER KBG EXPRESS NB LLC and KBG GLOBAL LLC” (both incorporated Sept 2018).
https://trellis.law/doc/175425627/affidavit-service-submitted-by-lack-harlynne-a-rainone-coughlin-minchello-llc-on-behalf-new-brunswick-parking-authority-against-yohan-park






Site Plan Application --filed JANUARY 30, 2024
https://www.franklintwpnj.org/home/showpublisheddocument/29374/638525816475730000

"How long has the present owner had title to this property? 2023

Hamilton Street Holdings, LLC (PLN-24-00006) Preliminary Major Site Plan w/C Variance Block(s): 154 Lot: 8
https://www.franklintwpnj.org/committees-commissions/planning-board/application-material/hamilton-street-holdings-llc-pln-24-00006

All the above notwithstanding, nothing happens without massive amounts of money from someone.

[irishintelligence]

The lack of attention to detail here is mind numbing.

The "on track" is referring to MORE income. See below from the media release.

--"The 510 Hamilton property is cash flow positive and currently generates approximately $200,000 in monthly income"

--"on track to generate $2,430,000 annual rental income for 2024."


It is currently cash flow positive. These issues you raise are simply not real.

https://www.otcmarkets.com/stock/SPZI/news/SPZI-JP-3E-Holdings-Inc-Acquires-37460000-Appraised-Value-510-Hamilton-Real-Estate?id=447186