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Re: McLaughlin Funeral Home sold their parking lot.
#1
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Quote:

TommyTwoTimes wrote:
Speaking to a limo driver in the funeral business said funeral homes always wish they had more parking. The bigger the better for lining up cars the morning of a funeral procession. You generally would add to your parking not sell it at any price.


If you need the money but want to hold onto your business for a few more years you might sell off your parking lot for $16 Million. We don't know their situation.
I wouldn't be surprised if the limo driver would have sold if he were in the same situation. Maybe he would have sold it for $5M.

Posted on: 7/20 14:37
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Re: McLaughlin Funeral Home sold their parking lot.
#2
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It does sound strange. I thought that part of JC was booming. I cannot think of any other part of JC where you bought something 25 years ago and it is now worth so much less. Bought for $9 Million and now sold for $6 Million? Perhaps the developers promised to build something in exchange?

Posted on: 7/17 18:49
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Re: Neighbor illegaly paved over front yard for parking
#3
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Is the parking downtown in the historic district? If not he might be able to keep it as a parking spot. If you call the city he will just need to get it inspected and pay for the permit.

Posted on: 7/15 22:46
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Re: McLaughlin Funeral Home sold their parking lot.
#4
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I heard the old funeral home on Brunswick St. is presenting new plans. 4 story mixed-use with 26 residential units and commercial space on the ground floor. There will be no parking. The hearing is next week.

Posted on: 7/15 20:44
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Re: Spotlight On: Affordable housing
#5
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Quote:

brewster wrote:
Quote:

JCBORN wrote:
I think everyone knew the rents were going to go up once the RE taxes went up. Now we have a crisis and we don't know what to do with ourselves.


Incorrect. Taxes did NOT go up in the reval, the load got redistributed to be more fair. Many properties saw taxes go down.


You are right. Many property owners did see their taxes go down. Chances are those properties were not downtown and their rents may not be as high. The previous post mentioned DTJC with a rent of 3.2K for a 1bedroom. I would be surprised if you cannot find a 1 bedroom in Greenville for about 1k. I would not call that a crisis. If you cannot afford to live downtown you have other options. It is almost like buying a car and knowing your budget.
When my taxes were "redistributed" I had to "redistribute" with my tenants. Otherwise, I would have to sell since I would be in the red every month.

Posted on: 6/5 22:27
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Re: Spotlight On: Affordable housing
#6
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I think everyone knew the rents were going to go up once the RE taxes went up. Now we have a crisis and we don't know what to do with ourselves.

Posted on: 6/5 20:19
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Re: Spotlight On: Affordable housing
#7
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Quote:

brewster wrote:
Here's why we have an inventory, and thus affordability, crisis: developers cannot today build what's on the left, only what's on the right. 56 homes, vs perhaps 8. Building "affordable housing" is still rationing it while we keep supply low with zoning to protect incumbent owners and the precious street parking.

Resized Image


Maybe the City or State can build a few of those buildings and have affordable housing? Perhaps another "Hudson Gardens"?

Posted on: 6/4 21:17
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Re: Jersey City council repeals chain store restrictions
#8
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Quote:

Yvonne wrote:
I actually prefer to shop at chains stores because they have policies not found in independent businesses. I complained about a product I usually buy at Trader Joe today and the store gave me credit. The product was no up to their usual standard. Of course, I do have exceptions, such as old time businesses.


I also prefer it. It is one way that helps me save some money that I can use to pay the increase in RE taxes.

Posted on: 5/11 13:49
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Re: Jersey City Councilperson Reports Rent-Control Crisis Downtown
#9
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Quote:

MDM wrote:
[quote]

Fulop's opponent in the last election ran on a platform of expanding rent control right down to single family homes.


That is why I did not vote for him.

Posted on: 5/9 18:07
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Re: Jersey City Councilperson Reports Rent-Control Crisis Downtown
#10
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Quote:

MDM wrote:
Quote:

JCBORN wrote:
Did anyone on here convert a rent-control building into condos? Is that an easy process?


Your big upfront expense will be bribing the tenants to leave. Typically this is 2 to 3 years worth of rent paid once the tenant leaves. Hoboken during the 1980s real estate boom was infamous for incidents of mafia lighting hitting buildings. Nothing gets rent controlled tenants out faster than a fire.

I did one building years ago that I got off rent control: I eliminated the commercial unit, turning it into a 4 family. You can do this with 6 and 8 family buildings as well.. Combine the apartments into huge units. Huge apartments though, especially in a downturn, can be harder to rent.

New construction (unless the state law changed since I less checked) is free from any local rent control ordinance for 5 years.


This is what I was afraid of. What if you don't get all of your tenants out? You always have 1 or 2 tenants who think they will get $1M to move. You can only convert to condos if the building is empty? Although it is a good idea to combine apartments I think I would have problems converting them back to 6 units once I want to sell them off.

Posted on: 5/9 13:45
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Re: Jersey City Councilperson Reports Rent-Control Crisis Downtown
#11
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Did anyone on here convert a rent-control building into condos? Is that an easy process?

Posted on: 5/9 0:05
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Re: Selling a 1 bedroom - AS IS - in Journal Square
#12
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Quote:

TheJSQuare wrote:
Quote:

brewster wrote:
What would it rent for?


$1500 easily.


If that is true it does not sound too bad. I would think a 2 bedroom in that area will go for that price.

Posted on: 5/6 17:20
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Re: Jersey City Councilperson Reports Rent-Control Crisis Downtown
#13
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Quote:

JPhurst wrote:
I'm glad the councilman brought this up. Hardly anyone knows that we even have a rent control ordinance. By all means we can discuss whether we should have one or whether it would accomplish its goals IF it was enforced. But compared to NYC, where rent control is a widely discussed issue and both the public and real estate professionals are aware of it, Jersey City has not done a good job making people aware of their rights and obligations.


I wish they did adopt the NYC rent control laws. They seem to be a little more reasonable in terms of doing what is best on both sides (LL and tenant). Jersey City's rent control ordinance is much more tenant friendly. If you read what they focus on you will see it is all one-sided. It's frustrating as a landlord. I can see why many convert to condos.

Posted on: 5/6 17:18
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Re: STARBUCKS ON GROVE
#14
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It sounds like they designed it for people to just order their coffee and go. Time will tell if this business model works best.

Posted on: 5/2 1:02
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Re: Jersey City Councilperson Reports Rent-Control Crisis Downtown
#15
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Quote:

terrencemcd wrote:
Quote:

JCBORN wrote:
I also like how they say the average rent downtown. Does that average include the new luxury apartment buildings? It would be nice if they can tell us the average rent downtown for a rent-control apartment.


The info from Zillow, Trulia and the Census does not separate new and old buildings.

I don't know the average rent for a rent-controlled apartment -- a hard but potentially not impossible task, but would take a big public-records request. Did not have time to do that before yesterday's press conference.


I would think it is a simple ask. The article said they combed through 1,290 rent records. The information was already in their hands. If you looked at the average of a rent-control apartment I don't believe you would call it a crisis.
If a landlord renovates an apartment the city gets upset that they raise the rents. If they don't renovate an apartment the city calls them out for not fixing anything and accuse them of trying to force people out.

Posted on: 5/2 0:54
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Re: Jersey City Councilperson Reports Rent-Control Crisis Downtown
#16
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I also like how they say the average rent downtown. Does that average include the new luxury apartment buildings? It would be nice if they can tell us the average rent downtown for a rent-control apartment. What is the condition of those apartments? There are a lot of things to factor in when it comes to apartments.

Posted on: 5/1 12:51
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Re: Jersey City Councilperson Reports Rent-Control Crisis Downtown
#17
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Quote:

user1111 wrote:
Quote:

JCBORN wrote:
Quote:

user1111 wrote:
Quote:

hero69 wrote:
what rent control crisis. i see cheap apartments downtown all the time, whenever i pass by realtor offices


Wait, What? Do you understand what rent control is?

Rent control is a government program that places a limit on the amount that a landlord can demand for leasing a home or for renewing a lease. Rent control laws are usually enacted by municipalities and the details vary widely. All are intended to keep living costs affordable for lower-income residents.


I don't believe it is for lower-income residents. That would be Section 8. If you make too much money, then you would not qualify for section 8. Maybe the same should apply to rent-control.
You can make $1,000,000.00 /year and still live in a rent-control apartment. You can live in Florida and still not give up your rent control apartment in Jersey City. These are some reasons why I believe we need to update the ordinance.


Low income for dtjc is 35K-50k which does not qualify for section 8 unless you are family of 8.


Maybe they shouldn't live downtown. Old homeowners are forced to leave because they cannot afford to live downtown. I think the old homeowners stress more over leaving dtjc than a potential tenant wanting to live downtown in a rent-controlled railroad apartment.

Posted on: 4/30 21:27
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Re: Jersey City Councilperson Reports Rent-Control Crisis Downtown
#18
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Quite a regular


Quote:

user1111 wrote:
Quote:

hero69 wrote:
what rent control crisis. i see cheap apartments downtown all the time, whenever i pass by realtor offices


Wait, What? Do you understand what rent control is?

Rent control is a government program that places a limit on the amount that a landlord can demand for leasing a home or for renewing a lease. Rent control laws are usually enacted by municipalities and the details vary widely. All are intended to keep living costs affordable for lower-income residents.


I don't believe it is for lower-income residents. That would be Section 8. If you make too much money, then you would not qualify for section 8. Maybe the same should apply to rent-control.
You can make $1,000,000.00 /year and still live in a rent-control apartment. You can live in Florida and still not give up your rent control apartment in Jersey City. These are some reasons why I believe we need to update the ordinance.

Posted on: 4/30 21:09
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Re: Error message when doing a search...
#19
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Quote:

neverleft wrote:
Quote:

JCBORN wrote:
How to you reply to a message while including the previous post?


Use the quote button bottom right of post you want to reply to. That post will come up and you type what you want to under it and submit.


THANKS!

Posted on: 4/30 21:01
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Re: Error message when doing a search...
#20
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How to you reply to a message while including the previous post?

Posted on: 4/30 17:53
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Re: Jersey City Councilperson Reports Rent-Control Crisis Downtown
#21
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It looks like this is all one sided again. I wish the “unpaid local volunteers” took the time to speak to the landlords to help with the rent-control “crisis”.

Posted on: 4/30 17:43
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Re: End of AirBnB in Jersey City?
#22
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Is that organization for property owners still around today? What was the name? The ordinance is so one-sided, it is unbelievable.

Posted on: 4/27 20:00
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Re: End of AirBnB in Jersey City?
#23
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You are both right. They go by income and by comps. Most owners I know don’t fill out those forms providing their income information and copies of their taxes so they get stuck with assessments based on comps. If you want to increase the rents (because of the high taxes) you have to go through the rent control office and file a hardship increase. If you hire an attorney to help you through this process it would cost about 10k.

1985 is a long time. I wish they updated the ordinance and were reasonable (for both landlord and tenant). It has been a $35 charge for a late fee since 1985.

Posted on: 4/27 11:49
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Re: End of AirBnB in Jersey City?
#24
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I wish James Solomon worked on updating the rent control ordinance. I think it has been the same since the 80’s. I have “tenants” who don’t really live in the apartment and have others staying. I am sure they are subletting/Airbnb type. In NY you need to have the apartment as your primary residency. Not here.

Posted on: 4/26 15:48
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Re: JC historic commission to vote Monday on demolition of St. Peter’s school buildings
#25
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I don't get it. The city sends me violations if they see a crack on my sidewalk.
Why can't the city make them fix the facade so more bricks don't fall?

Posted on: 4/4 12:52
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Re: JCBOE Employee Tells Muslim Woman to "Go Back to Her Country"
#26
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Posted on: 3/20 14:10
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Re: I got sanitation violations for garbage that someone illegally dumped
#27
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How can you find out the cost of the violation -- 287-8H? I tried calling but no one answers the phone. Is there a site to look this up?

Posted on: 3/12 23:19
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Re: Question about bleeding radiators
#28
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The low pressure might also mean one of the old radiators/pipes might be leaking in one of the apartments.

Posted on: 2/12 14:46
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Re: What's going there?
#29
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I didn't realize the VNA has that kind of power. Does that mean the developers have to put this project on hold? I was hoping to see this work get started. That building is currently an eye sore.

Posted on: 2/6 21:27
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Re: What's going there?
#30
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I believe they were able to get approval for the additional floor because it will be set back and will not be seen from street level.
I don't have an issue with that. I also like that they were approved for 15 parking spots.

Posted on: 2/6 14:08
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