All three are in “strong affluent market areas,” said James Hughes, a professor of urban planning and policy development at Rutgers University in New Brunswick.
“So all locations have high market potential for repurposing — demonstrated strong consumer purchasing power,” Hughes wrote in an email.
“This is a property tax appeal,” said Marc Pfeiffer, a municipal finance expert and assistant director at the Bloustein Local Government Research Center at Rutgers University. It boils down to “what is the calculation for square footage.”
“Economic conditions change. Your expectations have to change,” said Marc Pfeiffer, associate director of the Bloustein Local Government Research Center at Rutgers University in New Brunswick. “They wouldn’t be able to cut that same type of deal today.”
“What their revenue flow is going to be, what their cash flow is going to be, all of those things have been severely compromised by changes in the economy of the last five years,” said Marc Pfeiffer.
The lawsuits and failure to pay debts “has the effect of buying them time, which gives them the opportunity to renegotiate things” more in the mall owners’ favor.” said Marc Pfeiffer.
The lawsuits and failure to pay debts “has the effect of buying them time, which gives them the opportunity to renegotiate things” more in the mall owners’ favor, said Marc Pfeiffer, assistant director at Rutgers University’s Bloustein local government research center.