Deadline approaches for assessing property values by ProQuest

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Valuations are down even in formerly strong markets, like the Interchange 8A market off the New Jersey Turnpike, "where some rents have dipped below $4 per square foot," said Matthew Krauser, a presenter...

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									STORM Overall shopping mood can change with the weather                                                 sales numbers.
                                                                                                              New Jersey Retail Merchants Association
                                                                                                                                                                                                                                                 IN BRIEF
➤➤ Continued from page 5                                                                                President John Holub said retailers generally
                                                                                                        suffer when storms occur, but it is difficult to                                                                           Deadline approaches for
largely couldn’t recover.
     Tom Budd, who operates the Barnsboro
                                                     sos, owner of Nick’s & Messaria Catering, of
                                                     Delran, and the 45th Street Pub, which has
                                                                                                        quantify exactly how much of sales fluctua-
                                                                                                        tions are attributable to the weather.
                                                                                                                                                                                                                                   assessing property values
Inn, in Mantua, said the weather’s effect has        locations in Pennsauken and Edgewater Park.              Holub said the December storm didn’t                                                                                 the OnGOinG decline in commercial
been terrible, essentially stopping all business          Manousos said the timing of the storms        hurt most retailers, since residents just shopped                                                                          property values has an upside in the
the Saturday before Christmas, as well as dur-       was particularly bad, with most of the worst       after the storm ended.                                                                                                     ability to file an assessment appeal,
ing two major storms in February.                    snow coming either on weekends or just before            “It probably had an impact, but right                                                                                said lawyers at last week’s real estate
     “You get a big plow bill and nobody             weekends. While the storm of Feb. 26 occurred      before a holiday, people still needed to com-                                                                              seminar, hosted by hackensack law
comes anyway,” Budd said, adding that he             on a Friday, maybe people stayed home the          plete their shopping,” he said.                                                                                            firm Cole, Schotz, Meisel, Forman &
closed his restaurant early during all three of      night before.                                            Even when there aren’t any major storms,                                                                             Leonard P.A.
the largest storms.                                       “It would not have been so bad if it hadn’t   the unseasonably cold weather can affect some                                                                                    But an April 1 appeal deadline
     Unlike retailers, whose customers stay          been publicized the way it was,” Manousos said.    retailers, such as clothing merchants.                                                                                     means property owners have to act soon.
away during storms, but return in larger num-             The overall effect of the February storms           “People aren’t in the mood to buy spring                                                                                   Valuations are down even in former-
bers once the weather clears, restaurants never      on New Jersey retailers will become clearer        clothes,” Holub said. u                                                                                                    ly strong markets, like the interchange
make up the lost business, said Nick Manou-          this week, when retailers report their monthly                                             E-mail to akitchenman@njbiz.com                                                    8A market off the new Jersey turnpike,
                                                                                                                                                                                                                                   “where some rents have dipped below
                                                                                                                                                                                                                                   $4 per square foot,” said Matthew
 Restaurants shaken from winter’s chill                                       weather has had a negative impact on business and sales tax
                                                                              revenues,” she said. False alarms of snow also can deter the public
                                                                                                                                                                                                                                   Krauser, a presenter from Integra Realty
                                                                                                                                                                                                                                   Resources Inc., a new York-based valua-
 As winter tries to chill the state into submission, fewer patrons            from visiting restaurants, she said.                                                                                                                 tion consulting firm. – Martin C. Daks
 venture out, leaving restaurants too strapped to pay their tabs.                  A recent study of her organization showed 94 percent of sur-
      Deborah Dowdell, president of the new
 Jersey restaurant Association, said members
                                                                              veyed members anticipate sending fewer sales taxes to the state
                                                                              because of lost business directly caused by the season's storms.
                                                                                                                                                                                                                                    Recycling company wants
 must battle the effects of the weather in ad-                                     restaurateurs also face snow removal costs and other                                                                                             old shoes, jeans, sneakers
 dition to the already challenging economy.                                   expenses to get back in business in the wake of the storms, and
 storms during the December holiday season                       
								
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