Sammy - Thanks for the updates on 50 Hudson- it sounds like it will impact views, but thankfully not to the south. That's where all the good 66 Morris sun comes from.

bugelrex - I don't mind sharing that we got them down about 3% below asking, not opting for any of the credits. But this was way back in January, when a group of us became the first reserved buyers. Now that they have 50% and the bldg. has some momentum they may not be negotiating as much. I really don't know.

In terms of REVAL anxiety, I'd say that's going to be an issue for all properties except of course the long term abated ones. I've gone to the public meetings on this and I've been able to stave off my own panic by reminding myself that in 2012 or 2013, everything at 66 Morris will be assessed very close to its market value. At current market values, I think 1000 sq. foot condos in the 500K range have been coming in at roughly 10K in taxes, not 15K. From what I understand, post-reval taxes are supposed to go up only for people living in a properties bought long ago, which have appreciated greatly but have not been assessed at their new values. Reval spokespeople have also said that new properties assessed at the peak of the market (aka 25 Hudson) might even have their taxes reduced.

We'll have to see how it plays out!

The Goldman Sachs tower @50 Hudson Street is 30-stories (about 500 feet tall) & 918,956-square feet. The plan for the 15-story hotel & education center with a glass-enclosed retail space similar to the Winter Garden @ the WTC was dropped after 9/11.

Thanks so much for the response,

I was hoping the washer/dryer could later be hooked up into the kitchen or living room closet. Not sure if it ws a cost thing, historic district restriction or an impossibility. If I ever had to rent out the unit, the washer/dryer in the 2nd bedroom would be a major no no for renters sharing.

I hope the majority of buyers are not investors, would prefer to live amongst owners than renters in a building this size

Do you mind if I ask if you were able to get a % off the asking price? They do offer 1yr parking + washer/dryer credit .. but discount would be better.

About the taxes, I'm a little nervous about the upcoming Jersey City REVAL, not actually knowing what the tax will be after abatement is a little worrisome. After 5 years, is the city going to asses each unit as 500k since its a *new* construction making annual taxes 15k?


The prices they are asking for the penthouses are not competitive with the new constructions. Eg 1,500sqft unit at Crystal Point or Gulls Gove penthouse is around mid 800k. Plus the fact that the view from the roof will 'eventually' be blocked by Goldmans second tower (hotel/training offices I believe).

The location is great though in terms of distance to PATH, I only worry that discounts in the newer buildings with parking (126 dudley, 187 warren, Gulls Cove Phase 2) may not make these units that much cheaper in comparison.. but who knows what the future holds...

I am the one who was getting serious about 66 Morris, and yes I did pull the trigger. We're closing next week. I'll look forward to seeing neighbors at Satis, PH Brick Oven, and How Sweet It Is...but when are we going to get the infinity bridge connecting peninsula park to the little park with the giant clock in it? =)

From my research the tax estimates seem to be on target. In similar low-rise buildings, few seem to be paying any more than about 10K for 1000 sq. feet, except at maybe 25 Hudson. You can check out what past owners have paid in the neighborhood by just plugging in the address here: www.hudsoncountytax.com

I love the finishes at 66 Morris - they were certainly not available in any rental I ever had! It's all granite and Kohler and Marvin windows and jacuzzi tubs and central air in my unit. Can't wait. Great floors too. The refrigerators and light fixtures in a couple of the units are disappointing but that's just part of the deal with the building. You buy as is at the discounted price and then fix it up to your liking.

I agree that the long and skinny floorplan is a bit narrow, but the juliet balcony in the master BR more than makes up for it in my book. Last I checked there were 8/12 regular apts. sold, and there's also those two tricked out roof-palaces, but I have no idea what they're worth or when they'll sell.

I'm fine with the boiler and washer-dryer locations. In my unit they are in the guest bedroom closet, which is fine.

In terms of rental competition, I plan to stay a long while and actually live there, so no worries!

Good luck with your housing search. - jcdowntowner

Hi,

I just visited these units a few weeks ago, curious to see if you did finally pull the trigger?

A few things bothered me about this building though
- are the quoted un-abated taxes correct? I thought JC was about 3%, so a 500k unit should be about 15k in a year in taxes but the sales office says is 10k for unabated?

- the finishes seemed cheap, dont think they are trying to patch up flaws, but it more like rental quality finishes

- the long and narrow floor plan reminds me of the walkup in Manhattan but without the charm, but its ok, quite liveable a think.

- washer/dryer and boiler in the bedrooms? Mmmmm very bizarre, is this a cost cutting measure. Who wants to do the laundry in the bedroom? Wonder why it wouldnt fit in the kitchen?

- If I had to rent the unit out, competition is fierce as its literally surrounded by many luxury rental buildings with awesome views.

- I kept wondering if the units would look totally more awesome with high-end finishes. Like night and day

Wonder if this place make senses if the prices come down another 10%??

That's great that they're being more reasonable with the pricing and that there are some units moving. If you're looking to get into PH now is the time, and the maintenance is much more reasonable than 77 hudson although you do get a lot more amenities there.

Couldn't agree more about the penthouses, we had considered them briefly for the skylight and the roof deck but thought they were way to overpriced at that time.

Definitely should have mentioned the 33rd st train during rush hour is extremely crowded. I used to take it around 9am or so and it was still pretty bad on occasion. If you get to work early it's not as much of a problem. but during rush hour if you want to spare yourself the hassle you can do the exchange to WTC and then take the A,C,E.

good luck

Thanks jhl and T-Bird for the commuting help. It's nice to know there are so many options, although it sounds like I'll have to be strategic at rush hour.

I think this is going to happen. I never thought we could afford a 2 BR in Paulus Hook, so getting in at less than 500K would be a major coup. I do like the long and narrow floor plan with the south-facing windows at the front, especially because of those cool double-doors/juliet balcony in back, in the master suite. That floorplan is neck and neck with the 401/301/201 line, with all those amazing south-facing windows. The other floorplan (north side of the building) is a close third, with my main attraction being the pretty serious water views. But with those units the kitchen was kind of off on its own. Decisions, decisions.... wouldn't that just take the cake if we wait around to decide and then the floor plan we want is gone. Now THAT would suck. But in my experience, even a 14-unit building at these aggressive prices is going to take some time to sell.

As mentioned before, all 500K-range buyers should spare themselves the torture of walking into 501 to see the skylight, because it will taunt you with its expensive awesomeness...

we actually went in and checked the places when it was at the end of construction 1.5 yrs ago. location was good but the price was not the most competitive at the time, on top of that, no garage was a problem for us. If I remember correctly, the floor plan was on the long and narrow side but with nice high ceiling.

I see they improved the pricing quite a bit, which should help them move the units.

as for commute to NYC, I walk to grove in the morning and walk from exchange at night. I found that during rush hour, it's hard to get onto the 33rd St. Path in newport station, by the time the train gets there, it's usually packed. On the way home, I like the shorter walk.

Quote:

I used to take the midtown ferry. I found the bus moved pretty well in the morning (I took the 50th street bus) but was brutal in the evening. I could walk from Park and 49th to the ferry terminal in just under 30 minutes and maybe only two or three times did I do it faster on the bus. After about six months (once the winter set in) I defaulted to the 4/5 and then walked to WTC and gave up on the ferry in the evenings.

Thanks mdips! The Newport transfer idea is perfect. I'm a little embarrassed that I didn't think of it myself, but hey - I will be a Paulus Hook newbie. I've noticed people hopping on and off of various trains at Newport and now I know why. The ferry to 39th can be an occasional indulgence.

I agree with some of your points about 66 Morris. The lack of parking is an issue for some but thankfully I have no car so no worries there. The details about the guy overspending and the place becoming bank owned all check out based on my research, but the one major difference I\'ve found is that the current pricing is way lower that it had been at Asprey. As La Coppia on trulia I am seeing some serious 1000+ sq. foot 2 BR action at 480K, 485K and 506K, and I'm pretty sure that in the old Asprey version they were asking about 600K for those same units. There are also penthouse-roof-deck (991K) and outdoor-space units (663K and 678K) - I have no idea if they are a good deal in the "high-end" market, but I do know that the skylight in unit 501 just kills me. Like an insane with envy kind of skylight. I've tried to avoid going back to that unit during open houses for the same reason I never want to see the views from the high-floor units in 77 Hudson. Ever. It's just too cruel to subject yourself to something that is so out of reach...

Good news in terms of maintenance. It's estimated to be 300-something per month. Not too shabby. And for units sold, as of this week the realty team says they have 4/15 reserved. Also not too shabby. So if they keep selling at this pace I won't be stuck with the all that maintenance - that is definitely something to watch out for so thanks for the heads up.

I am getting very serious about 66 Morris and may be your neighbor soon. And the good news is that I won't make the parking crunch on Morris any worse! =)

Now I'll just have to figure out whether John's or Paulus Hook Brick Oven has better pizza, but that's for another thread...

I live a couple doors down from Asprey. I found my best bet was to take WTC path to newport and transfer to the 33rd st. train. Waiting for the E train at WTC is exasperating. The walk to grove isn't terrible but doing the newport transfer is only a small difference in commute time. Just jump off at newport and catch the 33rd train on the same track.

I'd be cautious about buying at asprey though. It had gone bankrupt under the first owner who spent too much and was never able to move any units. I believe a few were under contract but they backed out b/c the building took way too long to finish from what I understand. The whole building was put under a bank sale, believe they were asking between 7-8million, and is now being resold at essentially the same prices. They are really nice apartments but they're expensive units with high maintenance, no amenities and no parking as far as I know. Also not sure how fast they really are moving. That building has been empty for as long as it has been there. You don't want to be stuck in an empty building as the only person paying the maintenance charges.

They do have people on site every day now offering open house viewings but I don't know what the status is anymore. I used to speak to the foreman every week or so when he used to be onsite. I really hope it does work out though as it is a very nice building, even though they are going to eat up even more of the already limited parking on morris.

More questions about 66 Morris (a.k.a. Asprey House, now La Coppia): I want to get some advice about commuting to Midtown from Paulus Hook. If I buy one of these condos, and from what I can gather they are moving reasonably well, I would no longer be in Harsimus, super-close to the Grove PATH. I have been loving my single-train, transfer-free commute to 33rd and I'm hesitant to give it up. But then again...Paulus Hook is great and I freaking love 66 Morris. Can anyone in PH give me some honest feedback about the midtown commute?

As I see it, there are three leading options:

1) Exchange PATH to WTC, walk up to street level for A/C/E
Pros: overall pretty fast. Cons: there's something about having to go above ground that's annoying. (Yes I know the Fulton Street Transit center will be done...eventually...)

2) Ferry to West 39th, shuttle buses to work.
Pros: From Paulus to 39th is super fast, with a great view
Cons: Pricey at maybe $6.50/6.75 per ride. The monthly passes are also not super cheap. Tough ride in bad weather? Fear: those shuttle buses will get snarled in Manhattan traffic on the way to and from the ferry terminal.

3) Just walk back up to Grove.
Pros: Same quick commute as from Harsimus Cove
Cons: A longer walk to and from the PATH (I know everyone's definition of longer walk is different! I just like that hop-the-train feeling I get from living near Grove in Harsimus)
Plus in bad weather will I want to walk up to Grove if Exchange Place and the ferries are right there?

If any Paulus Hook commuters who are next to 66 Morris could share their experiences I would be much obliged! =)

Interesting news - the old Asprey project is back in business. I walk past the building all the time, and they just put the condos back on the market last week, but now they're calling it "La Coppia". The pictures are just from the model unit. I wish they'd make floorplans available. You can actually get them from the old Asprey website in this thread but that's a lot of digging for people who want to do research on these condos. Maybe the prices are so competitive that they don't need floor plans?

http://www.trulia.com/property/303909 ... -403-Jersey-City-NJ-07302

As long as the 77 Hudson grocery store doesn't go out of business anytime soon, this seems like a pretty top-notch location... thoughts?

Poor form, I know, bumping my own thread (from a year ago!)...The Sunblossom thread got me thinking about this. Anyway, just curious if anyone has heard anything on these units. Kind of interesting to compare google streetview (from a year or so ago) to a more recent picture...
View Larger Map vs... I'm 99% no one has moved in and there's no word on what the business is going to be on the 1st floor. The sign still says they want $600k to $1.2mm for them... Sorry the picture kind of sucks, i took it from my phone... I'll try to get a better one. In any case -- Does anyone have any update or details? EDIT: Also, it's kind of funny to note that 1100 people have viewed this topic and i'm the only one that has responded...to my own thread... hahaha. Cheers!

Walking my dog the other day, I noticed that they've posted a big sign w/ the address for the Asprey House Website. Nice looking building from the outside, and looks like they've completely gutted it and put in an elevator, but the prices seemed a bit high and the layouts not spectacular... Any thoughts by our real estate connoisseurs here on JCList?

The Sign said something like "...from the low 600s to the 1.2s..." So assuming $600k for their smallest unit which is around 1100 sq feet, that works out to a minimum of $545sqft. Sunblossom condos aren't exactly flying off the shelf, Liberty Terrace still hasn't sold out (as far as i know) and Claremont Cove (admittedly an older building) has places for well less than that.

I have to hand it to them though, they did a great job redoing/refacing that building and of course the location is great - corner of Morris & Greene.