After a year like no other, New Jersey’s commercial real estate industry is eager to turn the page. But many believe the pandemic’s impact will be felt for months if not years to come.
Mr. Paolino commented:
"The perspective from the northern New Jersey market is bracing. Early in the COVID crisis, the financial markets that in the past fueled real estate development found themselves in difficult straits. Bond-financed deals were essentially frozen. Lenders were lost in a sea of uncertainty. At the same time, northern New Jersey suburban home sales skyrocketed. Developers, predominantly residential, have resumed their avid interest in places like Jersey City, even stretching south to Bayonne and to Kearny and Newark. As the COVID crisis is now numbered in months and that the national economy, including employment numbers, will gradually improve, projects will start going into the ground and begin in earnest. It is not only the ill effects of COVID which may still persist. Will interest rates remain low? Can a seriously damaged economy make a quick recovery? Will real estate values hold? Will real estate tax revenues meet local needs? Forecasting is a dangerous business."
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About Eugene T. Paolino
Mr. Paolino is a Partner in the firm's Jersey City, NJ office and a member of the Land Use & Approvals, Commercial Real Estate & Redevelopment, Corporate Law & Business Transactions, and Complex Commercial Litigation Practice Groups as well as the Land Development, Education and Real Estate Industry Groups. A Jersey City native, Mr. Paolino has practiced law in New Jersey for more than four decades. He brings deep knowledge, experience and practical skills to his clients' real estate development, tax abatement, commercial, zoning, land use and redevelopment law matters. In addition, he has significant experience with municipal, county and state developer incentives as well as education and corporate law, with litigation experience in all these areas.
During his career, Mr. Paolino has worked on numerous projects, large and small, in Jersey City and throughout the State of New Jersey. He brings a broad spectrum of experience and expertise to the representation of each of his clients. Mr. Paolino has played a critical role in obtaining governmental approvals and financing for some of the most iconic and significant real estate projects along New Jersey’s Hudson River "Gold Coast" and in Jersey City.