If you're looking for quality, (You did say "best") River Palm Terrace says that they dry-age their steaks, the best method for this process. (See Tommy re/ dry-age vs. wet age).
For lobster, Newark-type places will give you extreme quantity with mediocre quality. Actually, Oceano's in Fair Lawn does a wonderful grilled lobster at a reasonable price. Other seafood dishes there are excellent as well.
River Palm has 2 locations near you, Edgewater and Fair Lawn.
Oceano's, ironically, is only a few steps from River Palm in Fair Lawn.
2-27 Saddle River Road, Fair Lawn, NJ 07410
River Palm Terrace
41-11 State Highway 4 N, Fair Lawn, NJ 07410
The best steak value is the New York Strip Sliced Steak Sandwich with fresh cut french fries @ Dinallo's Restaurant, on the lunch menu, in River Edge on Johnson Avenue just off Route 4 East service road. It's a 16 ounce steak for about $22. The same steak on the dinner menu is around $35.
For simple steam lobster, I would suggest you look for a Spanish/Portuguese restaurant. Most will have a Twin Maine Lobster Special from $20-25 with salad, rice, vegetables and chips.
I'm not a fan, but there's a place in Maywood called Seafood Gourmet that others like. Last time I was there, a single 1 1/4 pound steamed Main Lobster was $24.
The best lobster deals are probably had in the Ironbound section of Newark .....but I would rather go to the Lobster Buffet at The Manor Restaurant in West Orange for my Maine lobster fix.
259 Johnson Ave, River Edge, NJ 07661
103 W Pleasant Ave, Maywood, NJ 07607