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Lennard Charles

Owner of Smart Realty

Experience & Success Matter

 

Bio

Lennard Schwartz Charles, is highly regarded as one of the brightest real estate professionals in New Jersey. From sales to rentals, residential to commercial, small transactions to large–few if any can match his 40-year career.

After graduating CCNY with a Masters Degree he became a mathematics teacher and moved from Sedgwick Housing projects in The Bronx to Fort Lee, NJ.  One day, at 23 years of age, while driving he noticed a For Sale sign on 256 12th Street in Palisades Park – price $21,500.   
After teaching he would renovate the house.  After it was finished he moved into the home, and then sold it less than 2 years later for $63,000. 

Immediately thereafter he purchased homes in Englewood and Teaneck and rented them to students from FDU.  These homes were purchased in the mid $80k range and later sold for $125-$145K. 

During this time he moved from place to place taking advantage of the coop conversion and condo conversion mania taking place in Bergen County. 

He also partnered with investors taking ownership of over 20 units in The Briarcliff, Med N, Med W and Central Court.

In 1984 Imperatore and Raimondo purchased and relocated residents located in a Trailer Park in Fort Lee (now Westgate) to Linwood Park. 

About 40 units became available.  He purchased, flipped or held them for a substantial profit.

Opportunities and hard work; taking calculated risks and using certain rules of investing started to generate enough profit and income to leave the teaching profession and open SMART Realty.

Below find some of the transactions performed.

 

Throughout his career he has continued to invest, but also developed high profile investor clients at home, in China, Saudi Arabia, Egypt, London and Dubai. 

When times are good or bad, the big boys Ask Mr. Smart.

Professional Accomplishments

 Brief Overview of Large Transactions:

 

Admirals Walk, Edgewater – Represented developer American Landmark; sold all commercial units and remaining condominium inventory 1990’s.

Atrium, Hackensack – Represented Bank of China and Minn Metals purchased building from lender after foreclosure 1990’s.

 

The Avenue Collection: Sold the first commercial units at 1200 Avenue to real estate developer and doctor 2017.

Avora- Negotiated a 2 for 1 combination masterpiece duplex $2.4 Million 2018.

Cliffside Park Towne Centre, Cliffside Park – Represented AriLex – Set up marketing, pricing, website- staffed Onsite rental office - Leased the 314 luxury rental units - 2018.

Cliffside Park Towne Centre Retail – Sold the 50,000sf retail component for $16,500,000 to Saudi investor.   Leased Sedona Taphouse, Anytime Fitness, ATT - 2018.

 

Edgewater Commons, Edgewater- Represented Starwood Heller and negotiated the transaction with Hartz Mountain regarding the 70 acre waterfront tract to bring the first and largest shopping Center on the New Jersey/Hudson River Waterfront.

Edgewater Medical Center, Edgewater, NJ - sold the free standing Medical Building to an investor- 2015.

Edgewater Towne Centre, Edgewater - Represented Starwood Heller and leased 70% of the community via the internet from website created by Smart in the 1990’s.

 

Fort Lee Plaza, Fort Lee – Represented Cardinale to Kim – Created the first all Korean Shopping Center in Fort Lee in the mid 1980’s.  Leased entire mall. Sold the entire Plaza on three separate occasions to different investors and managed the mall for over one decade.

 

Gateway, Weehawken – Eagle Rock developer –Built website, priced and marketed 10 story luxury rental building –set up and staffed Onsite rental office- leased out the 152 luxury units.

 

Grand Cove, Edgewater – Chemical Bank – Investor purchased remaining townhomes in early 1990’s for Chinese investor. Resold townhomes to owner occupants – 1990’s.

 

Half Moon Harbour, North Bergen – Barrett Organization- performed all marketing and pricing – set up and staffed Onsite leased entire building for developer – 2000’s.

 

Hudson Mews, North Bergen – AriLex – developed marketing plan, created logos and pricing – set up and staffed Onsite rental office - 2018.

Imperatore property, Fort Lee – Jenti – sold the 1.2 acre estate for $4.5 million to Korean family for subdivision.

 

Manahawken- Leased and sold Day Plaza.

 

OrthoRem, Cliffside Park, NJ - sold 8,100sf building, plus house and large garage to Child Care facility  2017.

Park Regency, Cliffside Park – Bank of China/ Charles Xue- Sold entire building after foreclosure and resold all remaining condominiums – late 1990’s.

 

Portside/Hudson Plaza, Edgewater – Rehabiltiated old garage into a retail plaza in the heart of Edgewater at the intersection of Route 5 and River Road.

 

Prasker Family, WNY, Union City- sold several of their commercial and Industrial properties including warehouses which were then converted to a residential use 1990.

River Road, Edgewater Properties Sold- 890 River Road/ Restaurant, 986 River Rd./ Medial Center, 2 Dempsey/vacant land, 986 River Rd/Hudson Plaza 1020 River Rd./ China King, 1026 River Rd. Laundromat, 1030 River Rd., 1033 River Road/ Admirals Walk commercial, 1086 River Rd., 1257 River Rd./ Les Jardin, & 70 River Rd. acres/ Edgewater Commons.

 

Roc Harbour, North Bergen – Bank of China/ Minn Metals/Xue In the 90’s after the developer defaulted on his maintenance at Roc Harbour investor purchased three bank loans and foreclosed on the developer.  

Smart resold remaining townhomes and set up an onsite sales office on premises.

After 2 years of litigation, settled the lawsuit between Roc Harbour & Half Moon Harbour getting a new gatehouse, use of amenities & about $100k in cash.

Saddle River Estate- Simmons - Sold a $13,500,000 Saddle River mansion–the highest residential sale ever recorded in the New Jersey MLS up to 2001 to music celebrity couple. 

 

Tenafly – Shairco Saudi Arabia - Recently assembled approximately one acre of property in Tenafly for Shairco a billion dollar Saudi company at the intersection of County Road and Highwood for development of mixed use retail and residential use 2016.

 

The Duchess, North Bergen- Arranged marketing and Broker open house to stimulated rental activity for Post Brothers.

 

The Promenade, Edgewater – Starwood Heller -Staffed the Promenade, Edgewater sales office and sold out the project- 2000’s.

 

The Oyster/Views at Edgewater Harbour – represented the developer and leased the remaining inventory 2016.

Restaurants Sales and Leases: Opened the Dragon (night club) Club in Paramus with local developers and former owner of Studio 54, sold LeJardin, Barge Inn, Edgewater Bar and Grill, Café Terano, Snow Pea, several Korean and Indian restaurants.

 

Internet Marketing: Perfected lead generation, harvesting e-mails and connecting with potential purchasers and tenants.

 

Built 28 Websites, Own 574 Domain Names

 

Marketing: from Logos, Promotional materials, pricing, design to:

Drip campaigns, e-mail and Text blasts, CRM, Merge & Forward, Statistics, Reports and Analysis.

Lead Generation: Trulia, Zillow Apartments.com, ApartmentGuide.com Rent.com, Agent Bizzup, Abodo, Zumper, Lovely Hot Pads, Street Easy, …

Familiar with Management systems: Appfolio & Yardi.

 

CORPORATE CLIENTS:

 

Admirals Walk, Edgewater –American Landmark/Olympia York 

 

Atrium, Hackensack – Bank of China and Minn Metals, 

 

Cliffside Park Towne Centre, Cliffside Park – AriLex 

Cliffside Park Towne Centre Retail – Shairco, Saudi Arabia 

 

Edgewater Commons, Edgewater- Starwood / Heller / Hartz Mountain

Edgewater Towne Centre, Edgewater - Starwood / Heller 

 

Fort Lee Plaza, Fort Lee – Cardinale to SunLae Corp.

 

Gateway, Weehawken – Eagle Rock  

 

Grand Cove, Edgewater – Chemical Bank 

 

Half Moon Harbour, North Bergen – Barrett Organization 

Imperatore Properties, Fort Lee - Jenti 

 

Infiniti, Edgewater - Waterton

 

Henley on Hudson, 1200 Avenue - Lennar 

Park Regency, Cliffside Park – Bank of China

 

WNY, Union City properties - Prasker family 

Roc Harbour, North Bergen – Bank of China/ Minn Metals

 

Riello, Edgewater - Waterton

 

Saddle River - Def Jam Records 

 

Tenafly Properties– Shairco Saudi Arabia 

 

The Duchess, North Bergen- Post Brothers

 

The Promenade, Edgewater – Heller

 

The Oyster, Edgewater– Pembroke Management

 

The Views at Edgewater Harbor - Pembroke Management 

 
 
 
 

President of Hudson Terrace (225 units) Board of Directors (8 years); Renovated interior and exterior of 3 buildings; added canopies, stairs as well as redecorating hallways; largest shareholder.

Director/ Treasurer of Linwood Park (1,170 units); member of Board of Directors; Currently largest shareholder and owner.

Director/ Treasurer of Linwood Park (1,170 units); member of Board of Directors; Currently largest shareholder and owner.

Condo & Co-op Board Affiliations:

A Board member is responsible for creating and preserving shareholder value as well as maintaining the financial integrity and common areas of the Association.

President of Kensington Park (110 Townhouses) President Master Board (4 years); as President built the new gatehouse and established new security protocols.

Affiliations: 

New Jersey Association of Realtors President - Commercial Investment Division;

Member of the Board of Directors of the New Jersey Association of Realtors, member of Board of Directors of National Association of Realtors; President, Commercial Investment Committee of the Eastern Bergen Board of Realtors.

Realtor 40 years; - member New Jersey MLS, Hudson County MLS Garden State MLS;

Mr. Smart's Tips for Tenants

Location- Quick easy and affordable transportation to your job; close to grocery stores, restaurants and parks. It is about your quality of life!

Security- The Neighborhood should be safe and secure; 24 hour security, gatehouse, alarm system, low crime statistics.

Good Schools- If you have school-age children then the school system should be a top priority.

Parking- If you have a car, make sure it is safe, convenient and affordable.

Condition and Amenities- New is better, less chance to break and easier to maintain; more space and storage creates a better living experience; terraces, patios or large recreational areas and amenities are the topping on the cake. 

 

Mr. Smart's Tips for Buyers

Low Taxes- If you want your investment protected look at the tax rate; low taxes, especially with the new tax law is critical. Check for any recent or projected increases.

 

Great Schools - It is tough to find the combination of low taxes and great schools, but if you find it, then you are golden and your investment is probably safe with your children the beneficiaries.

Location & Commute- Quick, easy and affordable transportation to your job, school, daily living experience, recreational activities and parks are all great bonus.

If you can get the combination of these, your investment is as safe as can be expected regardless of the market conditions.

 

Mr. Smart's Tips For Investors

1% - 1/2 of Rule Out Calculation for Investing used as a General Guideline

Monthly Income Must Be

At least 1% of Purchase Price

 

Expenses Must be Less than 1/2 of Income.

Included in Expenses

Taxes, Insurance, HOA Fee ( If Applicable), Management, Maintenance/Repairs.

Use as Quick Rule or Rule Out Calculation for investing in Real Estate.

 

Financing and Market Conditions are not Part of the Calculation.

 

Simplicity works if it keeps you from making a costly mistake. Better Safe than Sorry.

If the Monthly Income is 0.75% then Expenses cannot exceed 25% of the income.

 

Bottom Line:

Keep the Net Monthly Income at 0.5% of Sale Price.

The Charles Rule

of Investing

A.  Determine the Fair Market Rental Value.

 

B.  Calculate 100% of Price Financed at Prevailing Interest Rates Plus All Other Costs.

"A" Must be Greater than or Equal to "B".

Summary:

Your Gross Rent Must Exceed or be Equal to all of Your Expenses Including 100% Financing of Property.

If Interested in Buying, Selling, or Renting:

Get Pre-Qualified Online!

 

Contact Mr. Smart

Lennard Charles

Office: (201)-886-0800

Email:

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