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Re: Journal Square / New York Times: Ambitions Expand at Canco Lofts
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Home away from home
 
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Quote:
The abatement payment is fixed - it's set when the condo/home is first sold by the developer to the first buyer and doesn't change after that. It's essentially based on the sale price, not whatever amount the buyer finances (the calculation uses a theoretical 20-year mortgage for the entire sales price, no matter what mortgage the buyer gets). So whether you pay cash for the entire place or get a 100% mortgage (not that those exist anymore) you pay the same abatement payment.
Posted on: 2008/6/29 21:54
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Re: Journal Square / New York Times: Ambitions Expand at Canco Lofts
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Newbie
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Quote:
I am not trying to be argumentative, but I honestly disagree with your logic. You seem to be saying that the proof for your assertion that Coalco has run out of money is the fact that they sought a better tax deal. While that is possible, it is also possible that they simply sought the better tax deal to help spur sales - and the current real estate environment helped them to succeed. As for A condos, good point. The building has been substantially complete for months (a friend of mine moved in 4 months ago) yet they are still for sale. 60 is not a great number - but if you give Canco a 4 month window from 1st move in (October?) there is still substantial time to close a few more deals. With that said, I will not pretend to be able to see into the future. It is possible (though I think unlikely) that they will not sell another unit and the building will fail. Even if that happens, "Those people" are not screwed. The deposit money (unlike some recent history in NJ) is not available to Canco/Coalco - it is locked up in a trust, the only thing the company has a claim against (in the case of non completion) is the interest.
Posted on: 2008/6/29 19:56
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Re: Journal Square / New York Times: Ambitions Expand at Canco Lofts
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Newbie
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My apologies jcaro28, I must have misunderstood your previous quote:
"FYI for all those novicves out there...." What did you mean by "novicves"? Quote:
Posted on: 2008/6/29 19:30
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Re: Journal Square / New York Times: Ambitions Expand at Canco Lofts
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Home away from home
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can someone please clarify this, i am still confused. Is the tax based on a variable mortgage payment? Ie if you pay more mortgage, you pay more tax. Or is it based on a fixed amount?
Quote:
Posted on: 2008/6/29 19:28
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Re: Journal Square / New York Times: Ambitions Expand at Canco Lofts
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Home away from home
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oh, and that unprofitable venture I told you about, the one I need my tax deal sweetened for?
You might have read something in the papers about me actually recently *expanding* it - I know that might not sound very logical since it's been so so unprofitable, but that article's misleading, they took everything out of context - pay no attention to that.
Posted on: 2008/6/29 19:21
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"Someday a book will be written on how this city can be broke in the midst of all this development." ---Brewster
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Re: Journal Square / New York Times: Ambitions Expand at Canco Lofts
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Home away from home
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Quote:
Instead of lowering prioces, they are lowering the taxes hey could I do that too? I took on a few business ventures that haven't worked out as well as I hoped this past month... So if the city could just revise the tax commitment I previously agreed to, I *might* manage to find enough change under the couch cushions to pay maybe .003 percent or so of the difference. Would that be ok? Great, thanks. I can meet the council in the parking lot behind city hall - I'll be the guy with the brown paper bag. -- 20's ok?
Posted on: 2008/6/29 19:07
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"Someday a book will be written on how this city can be broke in the midst of all this development." ---Brewster
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Re: Journal Square / New York Times: Ambitions Expand at Canco Lofts
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Home away from home
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Chances are this is just a case of smart business people trying to squeeze every cent they can out of a corrupt, short-sighted and stupid municipality. A Russian company should know how to do that better than anyone. They are passing the cost of lowering prices on to the city (in the form of reduced taxes) rather than lowering prices because they can. Because the weak market gives them an excuse.
Posted on: 2008/6/29 18:55
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Re: Journal Square / New York Times: Ambitions Expand at Canco Lofts
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Home away from home
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I'm not the biggest fan of abatements (especially since they're not really abatements (but a way for the city to get money that would otherwise go to the county and school board), but the article is misleading about how abatements work.
The 16% amount in the article is actually 16% of ownership costs based on a 20-year mortgage for the entire sale amount of the home (so 16% of 12 monthly payments for that theoretical mortgage plus 12 months of condo fees). In the end this works out to 1.6% to 1.7% of the purchase price per year. This is not much less than an unabated property would pay in taxes. If CanCo's rate is reduced to 10% it wold be more like 1%-1.1% of the purchase price, which is much less than average. The difference is that the city gets 95% of property taxes (as a change a few years ago based on complaints from the county and schools gave them this small amount) rather than the county and schools getting a much larger share (about half) under regular taxes. So the city gets more money, and additional one-time payments from developers to plug the budget holes that develop every year, and the county and schools lose money.
Posted on: 2008/6/29 18:51
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Re: Journal Square / New York Times: Ambitions Expand at Canco Lofts
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Home away from home
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Coalco is a pretty well-heeled international firm. They appear to have eight or nine massive developments in the New York area alone and a bunch more in Russia. One of their co-owners is #260 on the list of the world's richest people and is worth in the range of $4 billion.
I don't think they're going to run out of money. I think they can "weather the storm" just fine.
Posted on: 2008/6/29 18:44
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Re: Journal Square / New York Times: Ambitions Expand at Canco Lofts
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Quite a regular
 
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Oh and Macellen, i never said anyone is a novice and I was NOT condesedning to any memeber...so get off your trip and get over yourself!!!!!!!
Posted on: 2008/6/29 18:34
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Re: Journal Square / New York Times: Ambitions Expand at Canco Lofts
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Quite a regular
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Canco has run out of funding to complete the project. they need to sell alot more units to complete the project. Instead of lowering prioces, they are lowering the taxes. this is alos a sign that they need every cent for completion.
they assumed that the units would sell fast and the $$$ would be there for completion. there is still demand out there...Check out Maxwell Plaxe in hoboekn and A condos downtown JC...differnce is that these developers can afford to complete the project with their own funding. what happens to the 60 units that were sold if the remaining units are NOT sold?? Those people are screwed. KHovanaian or Haliburton or Toll Bros...they are taking the hit, but can weather the storm.
Posted on: 2008/6/29 18:33
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Re: Where are all the BJ shopping carts coming from?
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Quite a regular
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No, the people I whited out were my partner and a guy walking his dog. I didn't think it would be fair to associate them with the carts. There was a couple with full carts - his & hers Shoprite & BJs.
Posted on: 2008/6/29 18:20
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Re: Journal Square / New York Times: Ambitions Expand at Canco Lofts
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Home away from home
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I don't think Coalco is going to "run out of money" anytime soon...
Posted on: 2008/6/29 18:14
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Re: Where are all the BJ shopping carts coming from?
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Home away from home
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Those people in the above post hardly look "innocent". They seem to have pinched a Shop-Rite cart. Scumbags is more accurate.
Posted on: 2008/6/29 18:12
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Re: Where are all the BJ shopping carts coming from?
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Quite a regular
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Just now, waiting for the elevator at Grove Pointe. There was an empty BJ's cart in the hall, and a full one waiting to get on the elevator. I whited out the faces of the innocents waiting for the elevator. Ridiculous that they allow these things in the building.
Posted on: 2008/6/29 18:04
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Re: Journal Square / New York Times: Ambitions Expand at Canco Lofts
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Home away from home
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a Russian oligarchy/conglomerate and JC municipal government
...not much chance for corruption there....
Posted on: 2008/6/29 17:42
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"Someday a book will be written on how this city can be broke in the midst of all this development." ---Brewster
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Re: Journal Square / New York Times: Ambitions Expand at Canco Lofts
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Newbie
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Quote:
I just want to thank you for bringing your real estate experience and savvy to us "novicves". If they decrease prices, it will increase demand? What exactly makes you think Coalco has run out of money? (being a novice I am having trouble following). I was under the impression that the real estate group was a part of the broader Coal and Aluminum mining group out of Russia - not a group likely to be facing a liquidity crisis in the near term. Also, while I am not in real estate, I would imagine sales have slowed for most condos coming on line in this market - that does not exactly mean the sky is falling...
Posted on: 2008/6/29 17:37
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Re: Journal Square / New York Times: Ambitions Expand at Canco Lofts
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Quite a regular
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Quote:
Does anyone know what the plans are for the area? They recently razed everything on the south side of St Pauls west of the tracks to James plus more on the north side of St. Pauls and on other streets nearby. It seems like they're getting ready for something. There are also a few large lots in the area being detoxified. I'm not sure how long that takes but there's an awful lot of space opening up. With the PSE&G powerplant, oil tanks, and the street level railroad crossing (mandatory horn blast) I don't see the potential but if someone can make it work then best of luck to them.
Posted on: 2008/6/29 17:15
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Re: Journal Square / New York Times: Ambitions Expand at Canco Lofts
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Home away from home
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Not even THIS City Council would be so stupid as to base a charge on a mortgage payment. It would mean that those who bought an apartment for cash (yes, it DOES happen) would pay almost no taxes for 30 years.
I think the article's author got it wrong.
Posted on: 2008/6/29 16:18
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Re: Morton Williams Grocery
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Home away from home
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Quote:
mendezia wrote: I guess apple juice isn't in season yet.
Posted on: 2008/6/29 15:25
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Re: Journal Square / New York Times: Ambitions Expand at Canco Lofts
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Home away from home
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yep, that's only $1800 year - but maybe more importantly than the dollar amount is the fact that it's locked in for 10 years, at which point it only rises 2% for the next 10, etc etc...
plus - if you're lucky enough to be able to finance less, your payment would be even less - in other words, the cost basis has nothing at all to do with the value of the property itself - it's insane - I mean, if you pre-pay down the principal and get a lower monthly mortgage payment, your abated tax payment will track that? ridiculous. What's in it for the city government is that with abatements they can get their grimy little fingers on the money directly, rather than have it flow through the state and fund the schools - they're addicted to years of the state funding the schools through JC being classified as a distressed city. Jersey City is like a relative who just won the lottery (all the development) but still expects to borrow money from you for groceries (the schools). In the future, a perfect storm: the very same development that's getting all these abatements is rightly expected by Trenton to be lifting the city up, so the state tries to pull distressed city school aid and to get JC to stand on its own two legs, but all these low-dollar abatements are locked into place, so there's no local funding available for the schools. End result? Jersey City one way or the other will have to remain a distressed joke of a city for another generation. the abatements are a perversion of the system, and (I think) nothing less than governmental malpractice
Posted on: 2008/6/29 13:55
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"Someday a book will be written on how this city can be broke in the midst of all this development." ---Brewster
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Re: Jersey Journal 's Politicial Insider: A moment with Bret Schundler, once and (maybe) future mayor
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Home away from home
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  June 27, 2008 - 11:56am (Click on title for article with comments) Schundler ally: he's running By Matt Friedman Category: LocalTags: Steve Fulop, Shelly Skinner, Sandra Cunningham, Jimmy King, Jersey City, Jerramiah Healy, Bret Schundler Jersey City Heights businessman Michael Yun, a long time friend political ally of Bret Schundler, said that the former mayor and gubernatorial candidate will seek to reclaim the city's top office in 2009. ?He?s definitely going to run, yes, and we?re organizing,? Yun told PolitickerNJ in a phone interview this morning. Schundler has spent the last couple weeks attending neighborhood meetings and asking local politicians for support, aided by Yun. He recently announced his mayoral intentions to a gathering of Hudson County Republicans at their reorganization meeting, though in less definite language. Although some politicians who have been approached by Schundler allies have rebuffed his request for support, Yun said that Schundler is popular with the public. ?The response from the seniors and low income residents in Jersey City, they say ?Thank god Schundler?s coming back,? said Yun. ?How the other politicians and leaders think of him is not a big issue at this point ? he?s more consiereing how the people think and what kind of support he?s going to get from the public. Yun said that Schundler is working on putting together a slate, but did not elaborate on who will join. Schundler?s supporters have recently made noise about an alliance with Ward E Councilman Steven Fulop. Fulop could not immediately be reached for comment, but some of the local activists he?s close with have also been contacted about joining a Schundler slate and have refused. Shelly Skinner, an education activist who plans to run for Fulop?s council seat regardless of whether he runs for mayor, said that Yun contacted to seek her support for Schundler. ?Bret doesn?t have my support. It?s certainly nothing personal, but I made it pretty clear to them that wasn?t a direction I was comfortable in going,? she said. Skinner said that she wasn?t comfortable with Schundler?s conservative ideology, but more importantly, he?s been away from the political scene for too long. ?The Republican part is a piece of it, but the other thing is where has he been?? Jimmy King, a former parking authority head and council candidate who runs a his own civic association, was also contacted by Schundler. He made no commitment one way or the other. ?I?m open to support anybody. I?m waiting to see who actually is running and who?s going to do the most to cure some of our problems in Jersey City,? he said. ?Our crime, our streets are dirty, taxes. I?m waiting to see who?s on the right issues.? Schundler, who has yet to make his bid official, could not be reached for comment. The mayoral election is a non-partisan contest in this Democratic machine town. Also mulling bids against incumbent Mayor Jerramiah Healy are Steve Fulop, State Sen. Sandra B. Cunningham, former Assemblyman Lou Manzo and Assemblyman/former Acting Mayor L. Harvey Smith.
Posted on: 2008/6/29 13:54
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 Help US Sue Spectra! Join OR Donate! |
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Re: Concert Hamilton Park June 29?
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Quite a regular
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Actually just found this on group's website
so looks like it's still on :)) UPDATE: tomorrow's concert (June 29) We will not move location if it rains. Since these thunderstorms seem to pass quickly, we will try to stick it out at Hamilton Park. If it's too bad to continue, we will reschedule tomorrow's concert (guitar and string music) for a later date which will be posted on the website. We hope to see you there, and we look forward to getting your input. Thanks!
Posted on: 2008/6/29 13:43
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Concert Hamilton Park June 29?
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Quite a regular
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Anyone know -- is this concert still on for today in Hamilton Park?
Saw this online but haven't seen anything on any JC calendars on websites: Daniel Lippel: Music for Guitar and String Quartet Sunday, June 29, 2008 at 2:00 pm Music for Guitar and String Quartet with Daniel Lippel on Con Vivo Jersey City Series Guitarist Daniel Lippel joins the resident string quartet for the Con Vivo series for quintets by Aaron Jay Kernis, Roberto Sierra, and Luigi Boccherini. Free outdoor concert Hamilton Park, Jersey City, NJ http://www.convivojerseycity.org/index.html Email for more information: hollanderames@gmail.com Website: http://www.convivojerseycity.org/index.html
Posted on: 2008/6/29 13:01
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Re: Bright St Btwn Jersey & Monmouth
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Home away from home
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Of all of the blocks in the neighborhood, I am not sure yours would be my first choice, but I have never had any problems walking there during the day or at night.
As some posters have already mentioned, the Old Colony Square center is a great convenience to the Van Vorst Park neighborhood (thought it is in need of a cosmetic overhaul and it has its fair share of loiterers as many city shopping areas often do). Besides fast food options like Dunkin Donuts, McDonalds and Blimpie and bigger anchors like Hollywood Video and Pathmark, the plaza also has a Radio Shack, Little Gym, Bank of America, Washington Mutual location as well as a handful other shops. I believe a small pizzeria, liquor store, cleaners and laundromat are all in that general vicinity as well. The shabby-looking Great Wall Chinese eatery in the Old Colony center has tasty takeout for what is -- their prices are low, their portions are large, their staff is efficient and they are open late (closing at 11PM Sunday through Thursday and at 12 Midnight on Fridays and Saturdays). You also benefit from being just blocks from the bustling-yet-still-tranquil Van Vorst Park, the foot bridge to Liberty State Park, the Jersey Avenue light rail stop, the historic public library, the city museum, the new hospital center, the new Liberty Harbor North development that's under construction and, of course, the new public schools. Plus, the I-78 New Jersey Turnpike extension, Sunoco/A-Plus and neighborhood car wash are all relatively close if you happen to have wheels. Two other great places to grab grub that are within easy walking distance of where you are considering living are Bubby's Burritos and the Brownstone Diner and Pancake Factory. Bubby's delivers and Brownstone has everything under the sun, and they open early and close late. In fact, Brownstone was recently featured on a fun Food Network program called "Diners, Drive-Ins and Dives" and is a really nice fixture to have in the neighborhood -- incredible breakfasts, delicious comfort food, Greek specialties, diner classics and more. On the down side, I have heard now and again of people being harassed or mugged in that area, but then again I hear about that sort of stuff across Downtown Jersey City. If you do find yourself heading out at 1AM to Pathmark or something, just be alert and smart and I am sure you'll be fine. Again, I've walked over in that area at all hours of the day and night in the summer and in the winter with no problems at all. Final thought: Be really careful with the whole basement apartment thing. When I first moved here, it seemed like all the best places I was shown were basement apartments. But keep at it, I eventually found something great in a third floor walk-up. Why didn't I want a basement place? A number of them had musty smells in the hallways and foyers outside of the newly-renovated apartments (and I already have a pretty severe mold allergy). Plus, I was somewhat concerned about security and street-level noise as well as a lack of privacy and natural light. Flooding didn't really ever occur to me as a real concern back at the time (which was 7 years ago), but given all of the problems JCList members have posted about their basements flooding during torrential rains, I would never consider a basement apartment these days (unless it were truly my only financial option). Welcome to the neighborhood, good luck with your search and I hope you find what you are looking for. P.S.: Here are some rather recent JCList threads about flooding, but if you dig deeper you'll find a heck of a lot more. See below... - Flooded! - Flooding Today
Posted on: 2008/6/29 12:45
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Re: New Jersey to stop affluent suburbs subsidizing low income housing in poorer cities like Jersey City
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Home away from home
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The assumption though is that there is a benefit to putting low income housing in the suburbs. There isn't. Even if there is more affordable housing, other costs are higher, such as transportation. Travel by car is more expensive than mass transit, which is only really available in urban areas. Even commuter rail is more expensive than light rail or subway ridership.
Posted on: 2008/6/29 12:15
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Re: Violent incidents fueled by gang rivalries at public housing complexes prompt cops to add camera
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Home away from home
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Quote:
LULZ.
Posted on: 2008/6/29 12:02
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Re: Nicole's on Jersey & Columbus Avenue
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Home away from home
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Is Nicole's closed on weekends? Tried to go on a Saturday afternoon around 3 but the gates were down. Just a fluke?
Posted on: 2008/6/29 11:58
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Re: New Jersey to stop affluent suburbs subsidizing low income housing in poorer cities like Jersey City
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Home away from home
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It's about time.
Posted on: 2008/6/29 10:51
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Re: Where are all the BJ shopping carts coming from?
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Home away from home
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Quote:
Whoa -- they are a-multiplyin' at that intersection! There are now THREE parked in tandem right at the corner of Wayne and Barrow. At this rate, soon every block will have its own BJ's cart (or two or three...).
Posted on: 2008/6/29 10:41
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