realestate

Real Estate Update: Local Projects Face Financial Hurdles and Awards

American Dream ordered to make pilot payment; National Ramp relocates, Adler wins award, Rockland villages at risk

B
ergen County Court Rules Against American Dream Owners On PILOT Payments

    A Bergen County court has ruled against the owners of the American Dream Mall in East Rutherford, NJ, ordering them to pay unpaid PILOT (payments in lieu of taxes) fees. The mall had been withholding payments since its opening in 2019, citing a technicality that required full occupancy before payments began. However, the court rejected this interpretation, stating that the agreement was unambiguous and payments should have started once the mall opened to the public.

    The unpaid PILOT fees total $13 million, with surrounding communities including Carlstadt, Little Ferry, Lyndhurst, Rutherford, South Hackensack, Moonachie, North Bergen, and Secaucus owed money. The court's decision is a significant blow to the mall's owners, who had been attempting to avoid making payments.

    National Ramp Signs Lease at Lincoln Equities Warehouse

    National Ramp, a modular ramping provider, has signed a 109,450 square-foot lease at the Rockland Distribution Center in Valley Cottage. The company will relocate its facility from Executive Boulevard and establish its corporate headquarters at the new location. The warehouse features state-of-the-art design and prime connectivity, making it an attractive option for businesses looking to streamline operations.

    The property was built on spec without a tenant secured, but Lincoln Equities' Chief Executive Officer Lance Bergstein believes that the lease is indicative of the strong demand for modern distribution spaces. The remaining 110,550 square feet of the warehouse are available for lease.

    Paul Adler Receives Volunteer New York!'s Social Advocacy Award

    Paul Adler, Esq., a lifelong Rockland County resident and community advocate, has been named the recipient of Volunteer New York!'s 2025 Social Advocacy Award. Adler has dedicated nearly 50 years to leadership and volunteerism with the NAACP Nyack Branch, fighting for fair education and policy reform.

    Adler will be honored alongside seven others at the 45th annual Volunteer Spirit Awards breakfast benefit sponsored by Regeneron. The awards recognize individuals who have made a significant impact in their communities through volunteer work.

    NYS Comptroller Cites Financial Risks to Rockland Villages

    A recent report from the New York State Comptroller's Office warns that several Rockland County villages may face financial difficulties due to the expiration of federal ARPA funds. The villages, including New Hempstead, New Square, Airmont, Chestnut Ridge, and Wesley Hills, relied heavily on these non-recurring funds to balance their budgets.

    The report notes that local governments were given significant latitude in how to use federal stimulus funds, but warns that the temporary nature of these funds, combined with declining state aid and flat property tax revenue growth, can put local governments at risk of a "fiscal cliff."

Real estate developments in local cities face financial challenges and receive awards.