Home of inventor of the low-cost ballpoint pen 🖊 for sale + peek inside elaborate homes

Happy Tuesday North Jersey!

I hope everyone had a great Mother's Day weekend, filled with love for all of the special and hardworking women in your lives.

I spent my weekend down in North Cape May — where I'm originally from and where my family still lives — and boy was there a lot going on. Between Donald Trump's rally in Wildwood, the filming of the new Bob Dylan movie with Timothée Chalamet in Cape May, a cheerleading competition and 5K and 10K races, it was packed.

Despite all the craziness, my sister and I were able to get in some good quality time with our mom before the busy summer season truly starts.

But, enough about me. Let's get into this week's real estate updates:

New business openings

Let's start with some new business openings in North Jersey:

• The Morristown Pastrami House opened this past weekend in Morristown. The delicatessen offers an array of bagel spreads, egg sandwiches, salads, nostalgic sandwiches, soups, salads and fried comfort foods. There is also catering and online ordering available.
• In Hawthorne, Hounds Town USA opened this weekend. The dog day care and boarding facility offers supervision by trained staff, and dogs are provided physical and mental stimulation during their stay. The business also has spa services available, and offers socialization with other dogs similar to their size and temperament.
• BrightPath Early Learning and Child Care in Parsippany had a soft opening in April, with a ribbon cutting this past weekend. The business provides early childhood education and care for kids aged 6 weeks to 6 years old. Utilizing a combination of play-based learning activities and child-led curiosity, lessons offered by the business include language and literacy, math discovery, global citizenship, building connections, social skills and adaptability, STEM and more.
• In Wayne, Chipotle is set to open this upcoming winter. The Mexican-themed fast food chain will offer made-to-order burritos, tacos and bowls.
• Chase Bank is set to open a new location in Waldwick in summer 2024. To be located near the Waldwick Train Station and downtown, the bank will offer drive-up ATM and in-person banking services, including financial and home lending products and business banking.

Are you opening a new business in North Jersey, or know of one in your town? Or, know of a business closing in your area? Send your information and photos to business reporter Daniel Munoz at munozd@northjersey.com so we can include them in our next roundup.

Home built for local inventor hits market for $2.2 million

For this week's historic home, David Zimmer brings us the midcentury modern gem at 470 Highview Road in Englewood, which is listed for $2.2 million and was built for Fred Ferber, the inventor of the low-cost ballpoint pen.

First arriving in the United States in 1931, Ferber worked locally as an engineer and ran an experimental manufacturing company through World War II. He went on to perfect the low-cost ballpoint pen, going on to lead the Englewood-based Ferber Corp. as it specialized in low-cost ballpoint pens and helped integrate them into everyday life.

The four-bedroom, four-bathroom home sits on more than 2 acres of land near the Elisabeth Morrow School. The property features floor-to-ceiling windows, an outdoor pool and landscaped garden beds. There are also custom built-ins and spacious rooms throughout.

See inside historic and elaborate North Jersey homes at these May house tour events

If you've ever wanted to know what the inside of some of North Jersey's most historic and elaborate homes look like, now is your chance to find out.

There are two home tour events being held in North Jersey in May: the Macculloch Hall Historic District Hour Tour in Morristown on May 19, and the H.O.M.E. Tour of Short Hills on May 31. The events are separate fundraisers for the Macculloch Hall Historical Museum and The Warehouse NJ, and a ticket purchase for each event gives you the chance to explore a carefully curated list of notably homes in the area.

Plus, the event in Short Hills also consists of an online auction with designer items and unique in-home experiences and services. Running from May 27 to May 31, the items in the auction will be on display during the tour, but bidding is open to non-tour attendees as well.

How much income is needed to afford a rental across the country?

At one point in time, rentals were thought to be a more affordable, temporary alternative to buying a home. But, as home prices continue to rise, mortgage prices remain elevated and inventory is still low, it has become more of a long-term living situation for many.

And, the income needed to afford a rental was once much lower than what it is today. It is recommended that renters spend no more than 30% of their annual income on rent. With a typical rent price of $1,997 nationwide, Zillow found that that a renter needs to make about $79,889 annually to comfortably afford the cost — a 3.7% increase from the $58,692 annual salary needed to afford the typical national rent five years ago.

In the New York metropolitan area, renters must make an annual income of $131,411 to afford the median monthly rent of about $3,285. And in New Jersey, with a median monthly rent of about $2,500, renters need to make about $100,000 annually to afford the costs.

Gallery of the week

On Sunday, Rutgers University held their commencement ceremony for the Class of 2024. While the event took place under a grey sky with some rainy moments, the event was still a testament to the dedication and knowledge this year's graduates displayed during their college careers.

I may be impartial because Rutgers holds a special place in my heart (it is my alma mater after all), but seeing a new class graduate from the State University of New Jersey feels like a bright line for the Garden State.

Check out some more work from myself and others below. But for now, that's what's up in North Jersey. See you next time!

Maddie McGay is the real estate reporter for NorthJersey.com and The Record, covering all things worth celebrating about living in North Jersey. Find her on Instagram @maddiemcgay, on X @maddiemcgayy, and sign up for her North Jersey Living newsletter. Do you have a tip, trend or terrific house she should know about? Email her at MMcGay@gannett.com.