2015 is a big year for celebrities who made big names in real estate. In New Jersey, several celebrities such as Queen Latifah, Ex-Jets coach Rex Ryan, Geraldo Rivera, Alicia Keys and several others have bought and sold properties while others' have foreclosed, a report from NJ said.
In January, American singer Queen Latifah sold her luxurious mansion located in Colts Neck for $2.088 million. Latifa's estate sits in a 9-acre lot and boasts six bedrooms, spacious kitchen, sun room, two-story great room, and master bedroom that is equipped with a 9-head steam shower. "The walk-out lower level includes an exercise room, wet bar and home theater, plus a heated infinity pool and two decks," the report said.
Next on the list is former Jets coach Rex Ryan, who sold his Summit mansion for $2.65 million. It can be recalled that Ryan has been hired as a full time coach for the Buffalo Bills after he was axed by Woody Johnson. It was said that Ryan was paid $2.25 million back in 2009.
Geraldo Rivera also sold his palatial property located in the Hudson Riverfront Edgewater compound for $2.95 million. The house features an "open-plan living room, dining room and kitchen were custom-built to resemble a ship's interior, and the master bedroom and living room are lined with windows and sliding glass doors to allow unobstructed views of the Hudson."
American record producer Alicia Keys and husband Swizz Beatz, meanwhile, bought the luxurious estate owned by Eddie Murphy for $10.4 million. Back in August last year, it was said that the couple had listed the mansion for $14.9 million.
"On the New Jersey office market front, challenges will remain. Time and the siphoning of tenants by new and rehabbed projects have caused many former Class A buildings to drop to Class B or lower. Repurposing of obsolete office stock to multifamily and other uses will continue. Value-add players have slim pickings in traditional asset classes, so converting old office to new residential will gain traction. This may be fueled in part by investors battling for the dwindling number of deals that promise opportunity fund-type returns. Creativity, perseverance and the ability to pivot as needed will all be essential to achieve office market success in 2016," NBIJ said, predicting New Jersey's real estate condition this year.
