Submitted by munch524 t3_ypjvlg in jerseycity
[deleted] t1_ivkdv5c wrote
Dixon Advisory, the parent company, collapsed and ruined the lives of many Australian pensioners. They were recently fined 7.2m in Oz for recommending their own product, the real estate investment trust, to their client's whose pension funds they were managing. The collapse was blamed on Dixon here in JC. The trust allowed Dixon to provide in-house services for themselves at a mark-up of 20% which led to the creation of Dixon Projects, Dixon Security etc. People on this end were creaming off the money. Alan Dixon took a $17m payout and disappeared, as in his current location is unknown, just before the collapse. The Dixon properties were recently slated to be sold to another large landlord at something like an 11% discount on their value. The deal fell through and Dixon announced they'd be raising rents and cutting costs to survive.
Now imagine how the recent double whammy 3rd and 4th quarter tax increases scale, they have 100s of million dollar properties and have already implemented or factored rent raises.
It would be ironic, after having been shown such favorable treatment from the city, that property tax would sound their death knell.
TLDR - Your roof isn't getting fixed.
bodhipooh t1_ivkh9hs wrote
Well, we seldom agree and often clash, but you are 100% on the money here. The only thing you didn’t mention is that it was heavily rumored that Fulop's delay of the reval right after getting first elected was actually a "payback gift" to Dixon Leasing, as delaying the reval ensured they enjoyed another two years of lowered taxes on what was a burgeoning real estate portfolio. And, this being Hudson County and JC, instead of avoiding truly awful optics with additional questionable moves, Fulop doubled down on the relationship by having Dixon renovate his home in the Heights, and then the one in RI, under reportedly questionable terms.
Common_Friendship_63 t1_ivlj4a3 wrote
They also sold him 2.4 million dollar home at height of market without putting it on the market. https://jcitytimes.com/editorial-residents-deserve-answers-on-the-mayors-new-home-purchase/
Common_Friendship_63 t1_ivlitjs wrote
They also donated to mayor's SuperPAC and earned $500 on a 485k contract rehabbing the mayor's house on Ogden. Then they helped him build his beach house in Rhode Island and then sold him a 2.4 million dollar house on Ogden at height of market without putting it on the market. https://www.afr.com/companies/financial-services/dixon-ties-to-local-us-politicians-questioned-20190619-p51z7u
munch524 OP t1_ivm2zar wrote
You are a wealth of unfortunate information. Thank you. Sort of in poor taste for them to not send out a Dixon Newsletter informing tenants that Mr. Dixon is halfway to sunny Mexico with 17 million and they’re on the brink of collapse, no?
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