Boggiano Family Profit from STRs

Katrina, Christopher, Richard and Jonathan Boggiano.

“If you’re looking to beat the political machine, just call the Boggianos. The three adult children of recently re-elected Councilman Rich Boggiano have helped engineer four election victories for their father…” So wrote Terrence T. McDonald in the Jersey Journal Dec 6th 2017.

“Chris said he and his brother, Jon, were the “foot soldiers” on the campaign answering to the “general,” their sister, Katrina. The brothers handled “back office” matters, often on plane trips to and from their North Carolina home, while Katrina was the ground game expert, he said.”

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Screenshots from craigslist July 2019 featuring two of fourteen STR units all traceable to one Weehawken address –

Tax records indicate 42 St Paul’s Ave and 137 Dekalb Ave are owned by JSQ 5 LLC.

JSQ 5 is owned by Christian Boggiano, Jonathan Boggiano and Vivek Singh.

Liz Debold Fusco, Michael Yun, Rich Boggiano and Vivek Singh

Vivek Singh is a vocal opponent of the new STR regulations, speaking at Michael Yun’s May 4th pro-Airbnb event as well as the council meeting on June 25th and in an online trade publication.

Now the most interesting property of this story – 16.5 Wallis Avenue. Purchased for $95,000 in December 2014 by Councilman Boggiano’s daughter, Katrina.

Vivek Singh Esq and his law office are listed as the c/o address, presumably he acted as attorney,
Tax records indicate that by 2016 that address had been changed to 2 Lincoln Place, Weehawken.

One year and 8 months from the purchase Katrina sold the property for $545,000, making a net profit of $450,000.
The property was sold to 817 Pavonia Avenue LLC of 2 Lincoln Place, Weehawken.

817 Pavonia Avenue LLC is owned by Christian Boggiano, Jonathan Boggiano and Vivek Singh.

16.5 Wallis Ave ended up as an STR on craigslist for $150 per night.

These three apartments might command a combined $5000 in monthly rent, as STRs the potential income is over $20,000.
One reason the new ordinance restricts STRs to owner occupied buildings is to prevent this type of profiteering, particularly by non-resident investors.

Councilman Boggiano voted No on the new ordinance.

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