Re: CIVIC JC sues to stop City Hall redevelopment plan
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Designating an area as an area in need of redevelopment is a prerequisite for legally giving a developer a tax break on property. Sure, City Hall and the neighboring block aren't "blighted" by the commonly-understood meaning of the term, but the developers WANT that tax break, really really badly so the city has done some mind-blowingly creative work to explain how an area that isn't actually blighted really is blighted. This tactic has been used over and over again to essentially give politically-connected developers larger profits off of Jersey City real estate, while shifting the cost of infrastructure upgrades on the little guy (usually in the form of increases in the cost of your water & sewer bill, but also in property taxes or reduced public services for existing JC residents).
Posted on: 2015/10/13 5:11
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Re: Morgan at Provost Square in Downtown Jersey City has opened.
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Anyone know when 70 Columbus, Modera Lofts, M2, 360 Ninth, and Cast Iron Lofts II are each opening? They all look almost complete.
Posted on: 2015/10/13 2:27
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Re: Mack-Cali URL three 69 story towers at Harborside
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Anyone know what the average square footage of the units is going to be? I've seen them described as "micro units" and "workforce housing" in a few articles...maybe around 400 sf?
Posted on: 2015/10/5 0:14
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Re: Do You Know this Man? Police Try to Identify GWB Suicide Victim
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Will the raised Bayonne Bridge also have these pedestrian safety fences? Sounds like a worthwhile consideration for that $1 Billion+ project.
Posted on: 2015/9/26 1:20
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Re: JC's signature projects that are stalled seemingly forever
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Quote:
You mean rental apartments.... Speaking of condos and long-stalled projects, what's the situation with Gull's Cove II? Sales office was supposed to open on Sept 15th - did it? And not sure if these would be considered "signature projects", but how about; 1. Monty's Public House (or whatever that place that has been under construction for at least 4 years is called) 2. Hard Grove's new location (been under construction for a year now?)
Posted on: 2015/9/18 3:03
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Re: No more panhandlers in Journal Sq. PATH station?
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They're doing it this early? And without a major renovation project? Back in 2006 the developer of Grove Pointe got rid of the vast homeless population that used to sleep on mattresses at the Grove Street PATH station by undertaking a complete renovation of the plaza. Since the plaza was entirely under re-construction, the homeless had to find somewhere else to move on to.
I thought that they wouldn't be pushing the homeless out of the PATH station at least until a few months before that new KRE tower was ready to open, but that's still at least a year and a half away.
Posted on: 2015/9/16 0:06
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Re: Anyone hear about the 100 floor tower Goldman Sachs is planning on the waterfront?
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That's also true.
GS has a tenant (I forget which bank) taking up a substantial portion of its current JC office tower, and it took a huge incentive from the state of New Jersey to get that tenant in place (gotta love how NJ basically passes tax payer money directly to landlords through these Grow NJ EDA incentives...).
Posted on: 2015/9/14 1:54
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Re: Anyone hear about the 100 floor tower Goldman Sachs is planning on the waterfront?
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Back in 2007 after 77 Hudson had just started construction, I was talking with a construction manager at that site and he mentioned that the site between 77 and Liberty View towers was owned by GS and had zoning for a tower even taller than the GS Jersey City headquarters. I don't know if they'll be moving forward with another office tower anytime soon though; they had actually gotten Planning Board approval (and a huge tax abatement of course) for a smaller office tower on the site next door to their existing office tower years ago (2008?) but obviously have yet to build there.
Posted on: 2015/9/14 1:48
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Re: Is Jersey City Real Estate in a bubble?
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Rents are falling in hot Brooklyn Nabes.
Rents have fallen 9% in Park Slope, 4% in Greenpoint, and a whopping 16% in Bushwick over the past year, while remaining essentially flat in DUMBO, Cobble Hill, and Clinton Hill. And what's scary is that these drops in rent include the usually much higher-priced rentals in new construction buildings; if you take these out and look at same-building rents, the drops are probably several percentage points higher in each neighborhood. As I've mentioned on here more than once already, Jersey City has literally thousands of new rentals coming online in just the next few months alone, and cheaper rents in much more developed & trendy Brooklyn aren't going to help the situation here since alot of Brooklyners had been moving to JC primarily for cheaper rent. A quick look on Trulia at Williamsburg is showing rents comparable (or in many cases, even cheaper) than rents in downtown now. http://patch.com/new-york/williamsbur ... -dropped-past-year-report
Posted on: 2015/9/12 2:39
Edited by jcwalkingman on 2015/9/12 2:55:21
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Re: PATH gets United CEO fired?
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Do you enjoy transferring to NJ Transit in Newark? the trip to EWR would be lightning fast if the PATH extension existed. btw - just an FYI...most of the cost of maintaining & operating the PATH system is covered by leases & fees at the shipping terminals.
Posted on: 2015/9/9 3:21
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Re: Is Jersey City Real Estate in a bubble?
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Not alot for sale at all in Harrison right now. There are two "newer" condo complexes: Riverpark and Harrison Bridge Plaza (both built around 2008). But between the two there are only about 210 condos; for comparison's sake, there have been 8 1/2 entire city blocks filled in with new rental buildings & a hotel since, with another 4 1/2 entire city blocks starting construction this year (just about as much as downtown); 1,000 rental units coming online this year and about 1,500 more within the next year or so. So almost all rentals with a few new hotels. Alot of chains you'd see in Hoboken are opening there - Cork Wine & Spirits, Five Guys, etc. Really no condos in the pipeline though.
Posted on: 2015/9/9 3:00
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Re: Hoboken revises ordinance banning cross-dressing
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Phew. The world will be able to continue to revolve now.
Posted on: 2015/9/9 2:50
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Re: Is Jersey City Real Estate in a bubble?
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Quote:
Pre-construction sales not going well?
Posted on: 2015/9/6 1:34
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Re: Is Jersey City Real Estate in a bubble?
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Did you even look at the numbers? Why did you post something that completely disproves your point? LOL Downtown Jersey City: Murders per 100,000: 8 Rapes per 100,000: 14 Assault per 100,000: 344 Violent crime per 100,000: 644 Harrison: Murders per 100,000: 0 Rapes per 100,000: 0 Assault per 100,000: 222 (35% lower than downtown Jersey City's rate) Violent crime per 100,000: 451 You are TOO funny. As for condos coming online next year, Oakman is aiming for Dec 2016, and 213-215 Bay should be complete by that time too. It sounds like Gulls Cove II will be complete by Spring 2017, and Provost Square phase II is looking like early 2018.
Posted on: 2015/9/6 1:19
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Re: Is Jersey City Real Estate in a bubble?
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By "no one" I assume you mean no one in your group of friends. I know many people who have moved from Newport and the Grove Street area to Harrison in the past year or so. Alot of young families who are looking for a safer & quieter neighborhood than you see in most parts of downtown. Anyway, getting back on topic, the point is that there are many, many new rental units coming online in the next 3 months alone, and the competition is going to impact rents, which should encourage more people to rent and reduce buyer demand. At the same time there are all the condos I mentioned coming online (roughly 500 already U/C for late 2016 delivery). That supply/demand balance should be tipping back in the buyer's favor within a year or so.
Posted on: 2015/9/4 5:15
Edited by jcwalkingman on 2015/9/4 5:32:43
Edited by jcwalkingman on 2015/9/4 5:34:28 |
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Re: Is Jersey City Real Estate in a bubble?
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I agree - def not evidence of a bubble. But if you compare rents in areas surrounding downtown to rents for comps in downtown, you'll see that the rents downtown are much lower relative to purchase prices than in those other areas; this is one thing that seems to suggest that asking prices are completely out of sync with reality and that they're being driven by speculation at this point - speculation that they'll keep going up at a relatively rapid pace. This speculation arose from the perception that downtown is rapidly changing, which is a false impression related to the surge in construction over the past two years, which itself was simply the result of a lack of construction over the previous 8 years (of course the Fulop administration's dozens of high-profile PR pieces and massive "Make it Yours" campaign had also contributed to the hype that is now dying off). Construction grinding to a halt once demand has largely been satisfied, or drop in rents due to oversupply of rental units - or both - will wake buyers up to reality. There's been a sort of hysteria in the market as it has oscillated from one extreme to another in the past several years and this isn't a healthy thing. There are 3,500 additional new units downtown, 500 in JSQ, and another 1,000 (much cheaper for the same quality) in Harrison (total = 5,000) coming online by year-end, and this will definitely impact rents. Lower rents will make renting more attractive while the impending slowdown in construction will dull the perception that downtown is rapidly changing. Buyers are going to begin to pay more attention to the large undeveloped lots when cranes and other construction equipment disappear. Also keep in mind that the inventory shortage has contributed to the price surge of the past 2 years, but there are now hundreds of new condos coming online for the first time in a decade; supply is about to surge and there's no evidence that demand is also about to surge (actually quite the opposite), which may definitely result in an oversupply of for-sale units. One last note - I've gone to several open houses in the past few weeks and all the units I've seen were investor-owned. Seems like investors are starting to cash in.
Posted on: 2015/9/4 2:32
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Re: What’s going there? (Journal Square edition)
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4. The giant new building on Senate Place next to Canco. A few blocks further away from the Square, but in the same vicinity.
Posted on: 2015/8/19 1:27
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Re: Is Jersey City Real Estate in a bubble?
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Whoa! Well Art House & Warren@York certainly didn't advertise on their websites that there was a free month of rent on a 12- or 13- month lease, while 50 Regent is doing so. As for the rents at 50 Columbus, I remember seeing them on their website a year ago...studios were starting around $2200/month. Maybe the studios there are larger than at other buildings, but still... As for the cancellation of condo towers, just you wait and see. Don't look for any condo tower ground breakings for awhile.
Posted on: 2015/8/10 2:19
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Re: Is Jersey City Real Estate in a bubble?
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There was a rental boom and now rents are dropping. For the first time since the bottom of the Great Recession, a new downtown building (50 Regent) is offering a month of free rent. Starting rents at The Morgan (Toll Bros building) are below where rents at comparable buildings in the same neighborhood (50 Columbus and Grove Pointe) were a year ago, and it's a brand new building. Besides the buildings that have opened or started leasing, you have another 1,100 units coming online with 70 Columbus and M2 opening before year-end. That's only going to put more downward pressure on rents. As I've said several times over the past few years, the owners of these new rental buildings can take quite a hit with high vacancy rates or huge concessions because they've received tens of millions of dollars in subsidies at the state and city levels (and some even at the federal level). btw - Toll Bros were originally planning on breaking ground in Q3 of this year on a condo tower adjacent to the Morgan, but rumor is that those plans are now on indefinite hold because the downtown condo market isn't anywhere near healthy. Not surprising as 99 Hudson, the much-publicized China-funded condo project, is also on indefinite hold now (was originally supposed to break ground in June). The 99 Hudson developer had already drastically downsized the plans from the whopping 95 story icon to a building about the size of URL.
Posted on: 2015/8/9 22:27
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Re: Is Jersey City Real Estate in a bubble?
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To see what happens to home prices when inventory rises from the current historic/abnormal low to a more normal level, look at what's happening in the Hamptons right now: median listing price has already dropped 6.5% from peak because of a rise in the number of homes for sale.
http://www.bloomberg.com/news/article ... e-sellers-list-properties
Posted on: 2015/8/1 14:06
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Re: Is Jersey City Real Estate in a bubble?
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Prices in Jersey City hit record highs starting in late 2005 and records continued to be shattered for about 12 consecutive months until late 2006. Then prices collapsed.
The same types of people buying downtown now were buying downtown back then. There is historically low inventory right now, and this is the main factor driving prices to record highs. Once inventory rises back to normal levels, the party is over. Once the hysteria is over and reality sets in, people will realize the following: 1. downtown Jersey City is tangled in, and gets its power from, cheap bunches of nasty overhead high tension wires 2. downtown has almost no park space away from the border with the Hudson River 3. downtown roads can't satisfy the required capacity needs for vehicular traffic 4. it's soon going to be next to impossible to get on overcrowded PATH trains during rush hour at downtown stations 5. it's going to be at least another 30 years before downtown is built out with complete streetscapes
Posted on: 2015/7/31 2:23
Edited by jcwalkingman on 2015/7/31 2:39:02
Edited by jcwalkingman on 2015/7/31 2:44:42 Edited by jcwalkingman on 2015/7/31 2:46:05 Edited by jcwalkingman on 2015/7/31 2:46:43 |
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Re: Is Jersey City Real Estate in a bubble?
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This is a sign of a bubble in Brokelyn:
http://nypost.com/2015/07/20/would-yo ... llion-for-this-mini-home/ Who in their right mind would pay $1.25 million to live on a block full of vinyl siding -clad multifamily buildings? There are plenty of suburbs with walkable downtowns, short commutes to the city, and good schools (Montclair, Westfield, etc) where $1.25 million can buy either a very large newer condo or a decent single family home with a backyard. I think people have become blind to this, immersed in all the hype and speculation about just how high prices in the immediate Manhattan metro will go. This is what we call irrational exuberance folks.
Posted on: 2015/7/22 4:23
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Re: Is Jersey City Real Estate in a bubble?
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Bubble is already bursting, but you won't read about it for another 12-18 months when brokers want to use 'bargain' prices to lure buyers back in.
Units in new buildings just aren't selling - just go to those few new buildings downtown and ask how many units have sold and you'll see what I mean. And gold coast buildings that have been on the market for awhile - just saw an ad for in Weehawken - are now slashing prices and offering incentives. Prices peaked over the winter between 2014 & 2015. Sales are falling off a cliff and prices are now following - prices were unaffordable for anyone who doesn't earn several hundred thousand a year, and those folks would all rather rent in brooklyn or manhattan than buy in JC. Asking prices peaked above $700/sf, now they're down to around $600/sf, even with the low supply. Look for those to fall further to around $500/sf as investors freak out and want to cash out before they lose an opportunity to make a profit. As for the Crystal Pointe sale, nothing shows nervousness like a need to advertise sales. This is looking like 2006-2007 all over again. Anyone remember that fool who paid a $2.3 mil for the penthouse in the Beacon back then? Talk about bad bets! http://www.nytimes.com/2007/02/11/rea ... tions%2FNew%20Jersey&_r=0 Quote from Feb 2007 article: "Last week, a two-story penthouse at the Beacon, the former Jersey City Medical Center complex that is being converted to condominiums, set a record for a high-rise apartment in Jersey City when a purchase contract was signed for $2.3 million. [...[ Most Liberty Terrace units were sold by September, though, said Ms. Urgo ? and she sees the market for expensive condos with riverfront views as having picked up significantly since then." We are in a massive asset bubble right now, driven by a super-long period of record-low interest rates. People couldn't get a halfway decent return putting money into savings accounts or bonds, so they invested in stocks, startups, & multifamily properties, and individual condos and townhomes.
Posted on: 2015/7/21 3:06
Edited by jcwalkingman on 2015/7/21 3:22:34
Edited by jcwalkingman on 2015/7/21 3:24:08 Edited by jcwalkingman on 2015/7/21 3:24:44 Edited by jcwalkingman on 2015/7/21 3:27:30 Edited by jcwalkingman on 2015/7/21 3:31:25 Edited by jcwalkingman on 2015/7/21 3:35:04 |
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Re: New Cafe Ordinance - Call to Action
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Your presumably self-serving tirade over this issue seems a bit condescending at times. Not the best way to ask strangers to help support your cause...
Posted on: 2015/7/18 21:25
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Re: Developers reveal plans for 35-story tower at Jersey City Pep Boys site
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There's a reason to move to JSQ or Harrison. At least you'll still be able to get on the train in the morning at those stations...
Posted on: 2015/7/1 7:36
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Re: Cops posed as customers to bust open air drug market in Hoboken, authorities say
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At least one of these criminals - James Fields - was arrested just 3 months ago at the beginning of February. So if they get out of jail so quickly, what's the point of arresting them? Just to have a big press release and make it look like our neighborhoods are getting cleaned up when they really aren't?
How many of the 81 people arrested in this drug bust last March are still in prison? http://www.nj.com/jjournal-news/index ... y_police_arrest_81_p.html How about all those people arrested in the half-dozen or so drug busts that took place within a few months of when Fulop took office?
Posted on: 2015/5/13 0:41
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Re: The other side of Mayor Fulop
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...So is he saying that the decent people who live in the Greenville section should just accept the fact that there are frequent shootings, sexual assaults, etc.? If the entirety of Jersey City had that kind of crime, it certainly wouldn't be the 'safest' city in NJ. And quite frankly, if I lived in Greenville, I wouldn't care that downtown has a low crime rate because it's irrelevant.
Posted on: 2015/5/9 1:38
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Re: Newark Ave Given 1 Hour Graffiti Make Over
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Even better photos of these idiots would show the expressions on their faces when they're in a court room and the prosecutor, playing the footage, asks them if they spray painted the stores.
Posted on: 2015/5/9 1:27
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Re: what's the status of White Eagle Hall?
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WTF??!??! Why does it have to be so difficult to open a new business in JC??? How many good potential businesses are we going to lose before something is done about the process? Embarrassing. I think this project tops Atomic Wings for best potential business that was under construction forever and never opened.
Posted on: 2015/5/7 0:40
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