Mantoloking, NJ

Mantoloking is a borough in Monmouth County, New Jersey, United States. As of the 2010 United States Census, the borough's population was 10,812,[1][2] reflecting an increase of 1,569 (+27.7%) from the 7,906 counted in the 2000 Census. Mantoloking is located at (40.865778,-74.060972).[3]

The borough was formed on November 12, 1894 as part of an effort to consolidate several small communities along the Great Bay waterfront into a single municipality.[4] The name Mantoloking is derived from Native American words meaning "place of many waters".[5] The borough's first mayor was John J. McCreary.[6]

The Borough Council consists of five members who are elected to serve three-year terms on a staggered basis, with two seats coming up for election each year in a three-year cycle.[7][8][9][10] At an annual reorganization meeting held in January after each municipal election, the council selects one of its members to serve as Mayor for one-year term until the next annual reorganization meeting.[11][12]

Real estate has been and continues to be one of Mantoloking's most important industries. According to Forbes magazine's 2017 list of America's wealthiest towns and villages,[13] Mantoloking ranks No. 524 out of 2,209 towns and villages with populations over 10,000 residents and No. 4 out of 20 towns with populations over 25,000 residents that are home to billionaires or multi-millionaires.[14] This ranking reflects both Mantoloking's high concentration (four) of billionaires as well as its relatively low median household income ($111K vs $247K for all 2199 towns)[15], which may be attributable in part to high housing costs relative to incomes[16].

As recently as 1990,[17], real estate constituted only about 30%[18]-40%[19]-of all business activity in Mantoloking; today it accounts for virtually all business activity[20]. This trend is likely due not only to increased demand for residential property throughout New Jersey but also because there are no other significant businesses located within the borough limits that could potentially compete with real estate firms for customers and investment dollars[21].

In addition to real estate development and brokerage services,[22], some notable businesses based in or having operations within Mantoloking include:

· BankUnited - Headquarters located in Millington Township [23]; operates more than 900 branches throughout New Jersey [24]; ranked #1 bank headquartered outside NY/NJ by Forbes magazine [25]; employs over 16 thousand people statewide [26]; founded by Fernando Rivera (Mayor John J McCreary) [27]; acquired by Bank Of America Corporation on December 11th 2009