Replies to post #88267 on JP 3E Holdings Inc (JPTE)

[Wayne R]

All very interesting and exciting, but what I want to know is what the fuck is going on with the chicken paws..

🤣

[irishintelligence]

Layering LLCs is common practice and totally acceptable. But if course you post as if it’s some nefarious and dark business strategy. Lol. This place has become real bad and real desperate.

[irishintelligence]

John Park. Owner of many buildings and properties. Unless you think the newspaper is lying as well? L O L


“120-unit apartment building and affordable day care center targeted for a tract in the Hamilton Street Business District was approved June 19 by the Township Planning Board.”

“The first floor of the building will house a 7,300-square-foot affordable day car center, which will be owned by the project’s developer, John Park.

Park is also the owner of a building several blocks away on Hamilton Street, which houses another day care center, apartments and the KBG Korean Barbecue Grill.

Park also purchased the former RiteAid building on Hamilton Street, which he also plans to turn into a day care center.”


http://franklinreporter.com/five-story-mixed-use-building-approved-for-hamilton-street/

[I ll be back]

That's crazy!

in 2023 for a whopping $4,195,000

Do the math, all one has to do is look at the land values or what is called a price per unit. If you look at the county records and compare the recent purchase against the number of apartments posted in the PR, at the $24M value, take 20% for the commercial space, less the demo and site prep and you would have a good comp for the land value. Bottom line, there is no WAY anyone would pay $4.2M plus site costs.

While retail is currently behind office space in terms of demand, IF the strip center is occupied, this center has an existing value that would be hard to justify a tear down on. If you get time, check the square footage of the site with NJ county assessor.

Not saying it can't be done without seeing the plans for the new project but given the number of strip centers I torn down, this one doesn't look like it meets the unit values given its condition.