Fair enough. Thanks for clearing that up.

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Building height is measured in standard units: meters and/or feet. Stories is a relative measurement. You could have a 20-story building that boasts 14 feet high ceilings in each unit, and a 25-story building in which units only have 9' ceilings. Which building is taller? Of course, the one with 20 stories.

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"Apartment" means rentals. If it's taller than 70 Greene, it's the tallest apartment building, even if it isn't the tallest residential building.

Either way, URL Harborside will be taller and is a few months ahead on construction.

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Who knows, they could be taller stories as well. JSQ is taller I think, but mixed use.

I don't know but I vote to rebrand JC as "Trumptown."

TODAY?S DEALS: Kushner, KABR Land $140M from CIT for Jersey City?s Tallest Apartment Tower

They're calling it the tallest apartment tower, but its neighboring building is 5 stories taller. Is that sloppy journalism, marketing hype or the detail that this will be the tallest rental building (the other one is condos)?

Multi-Housing News Online
Sep. 8, 2014

TODAY?S DEALS: Kushner, KABR Land $140M from CIT for Jersey City?s Tallest Apartment Tower

Jersey City, N.J.?More details have emerged on what will be the tallest apartment building in Jersey City. CIT Real Estate Finance has announced that it served as lead arranger and administrative agency in a $140 million senior secured loan to Kushner Cos. and KABR Group that will be used to finance the development of Trump Bay Street, the second tower of Trump Plaza in Jersey City. The 50-story rental tower broke ground this April. Proceeds from the loan will also be used to acquire a parking garage and 7,200 square feet of retail space.

?We?re pleased to complete our fourth transaction with Kushner Companies to create a great mixed-use property that will benefit from its proximity to New York City and surrounding communities,? says Matt Galligan, president of CIT Real Estate Finance. ?Our ability to put our commercial real estate expertise to work for Kushner and the KABR Group will enable them to develop the tallest rental apartment building in Jersey City offering unobstructed views of Manhattan, the Statue of Liberty and the George Washington Bridge.?

The total cost of the development for the 447-unit tower is estimated at $193.5 million.

?Jersey City is a growing, vibrant area that offers residents a high quality of life and easy access to New York City,? says Jared Kusher, president and CEO of the Kushner Companies, and son-in-law of Donald Trump.

Madison Realty Capital Arranges $33M for Soho Properties? 45 Park Place

New York?Madison Realty Capital has closed $33 million in first mortgage financing for 45 Park Place, a luxury condo tower currently being built by Soho Properties. The developer filed plans with the NYC Department of Buildings in May, and plans to start construction in 2015.

?We?re pleased that MRC could provide financing to facilitate this exciting project,? says Josh Zegen, co-founder and managing principal of MRC. ?Soho Properties has assembled a prime site, engaged great architects, and is creating adjacent cultural and green spaces that further enhance the location.?

Designed by architect Michel Abboud of SOMA Architects, with Ismael Leyva Architects, 45 Park Place is a glass and steel tower that will be 665 feet, offering panoramic views from its location at the southern edge of the Tribeca Historic District. The tower will be neighbor to a museum and public green space designed by world-renowned architect Jean Nouvel. Construction is expected to begin in 2015, with delivery of the tower in 2017. Tishman Construction will serve as construction manager.

NorthMarq negotiates $20.5M construction/permanent financing from bank

Boston?Ed Riekstins, senior vice president of NorthMarq Capital?s Boston based office secured a $20.5 million construction/permanent loan for Village Green Development, a 146,791-square-foot Class A multifamily property located at 15 Great Road in Littleton, Mass.

The commercial mortgage transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a national bank.

?We were pleased we could accommodate the borrower requirements for sourcing a competitive construction/permanent loan for a new Class A multifamily project in an underserved market,? says Riekstins.

http://www.multihousingnews.com/news/ ... ent-tower/1004107342.html

Ground breaking expected for second Trump tower in Jersey City: WSJ

By ROBBIE WHELAN
Wall Street Journal

Nearly five years after the marriage of Ivanka Trump and Jared
Kushner, the real-estate families are coming together for their first
big deal.

Donald Trump's Trump Organization and a partnership of Kushner Cos.
and KABR Group of New Jersey are planning a 447-unit rental apartment
building in Jersey City that will be named Trump Bay Street, according
to people involved in the project.

Most of the cash in the $193.5 million development is coming from the
Kushner-KABR partnership, which could break ground on the site within
days. Details of Trump Organization's involvement weren't available
but its participation was confirmed by both sides.

In a statement, Mr. Trump praised both his son-in-law and the venture:
"Jared is a very talented young man?it is going to be a great
project."

For more than a decade, most Trump-branded real-estate projects have
been licensing deals between Mr. Trump and other developers. Since
being hit hard by the downturn of the early 1990s, Mr. Trump has
mostly avoided putting his own money into risky developments; the past
few years, though, Trump Organization has invested in golf resorts in
Florida and Scotland and a historic hotel renovation in Washington,
D.C.
Trump Bay Street will be next to Trump Plaza Residences, a 55-story
condominium completed about six years ago by developer Dean Geibel,
who had a licensing deal with Mr. Trump. Sales at that project started
slow because of the financial crisis, but the building eventually sold
out.

The Trump Bay site went through a series of owners during the
recession before being purchased by the Kushner and KABR partnership.
Kushner was encouraged to use the Trump name by the success of the
Trump Plaza, a company spokesman said.

"We hope that the second tower, the Trump Bay Street, will do just as
well, if not better, providing great housing with a variety of
amenities for the high-scale marketplace," the spokesman said.

The Trump name has global recognition, but the Kushner family also is
well-known in the New York region and has extensive holdings. Kushner
Cos. was founded by Jared Kushner's father, Charles Kushner.

Today, the family business has become a major player in New York real
estate and publishing under the leadership of 33-year-old Jared
Kushner. He purchased the New York Observer newspaper in 2005; in
2007, his family purchased 666 Fifth Ave. for $1.8 billion, at the
time the highest price ever paid for a U.S. office building.

In the past few years, Kushner has undertaken an ambitious remaking of
the Puck Building, a converted industrial building in SoHo that has
been in the family since the 1980s. Also, a venture of Kushner and RFR
Realty purchased a six-building portfolio in Brooklyn from the
Watchtower Bible and Tract Society of New York Inc. The venture is
planning to convert it into office space targeted at technology
companies.

Mr. Kushner's engagement and 2009 marriage to Ivanka Trump was the
talk of the town and closely followed in the gossip columns. Ms. Trump
plays a senior role in the Trump Organization as executive vice
president for development and acquisitions; owns a jewelry, apparel
and accessories company, the Ivanka Trump Collection; and has been a
regular on the NBC television reality show, "The Apprentice." The
couple have two children, Arabella and Joseph.

In the Trump Bay Street project, the Kushner-KABR partnership plans to
put $38.5 million of its own equity into the deal and pay the rest
with a $90 million construction loan and $65 million in mezzanine
financing related to a federal government visa program. Officials in
Jersey City also approved a five-year tax abatement for the site.

The partnership bought the debt on the property, with a face value of
$35 million, for $6 million in 2011 from a lender.

"I think the Trump brand is a real positive thing for any urban area,"
said Jersey City Mayor Steven Fulop, noting that Trump towers dot the
skyline of several U.S. cities.

"For Jersey City to be in the same conversation as Chicago, and all
these other great places?I think it's great."

Write to Robbie Whelan at robbie.whelan@wsj.com

----------------
http://m.us.wsj.com/articles/SB100014 ... 4536104579555964002128536

http://www.nj.com/hudson/index.ssf/20 ... econd_tump_tower_wsj.html

http://therealdeal.com/blog/2014/05/1 ... -jersey-city-development/

Jersey City officials and developers are expected to break ground on a
second Trump tower, according to a Wall Street Journal report.

The Trump Organization is partnering with Kushner Cos. And KABR Group
of New Jersey to build a 50-story, 447-unit rental skyscraper called
Trump Bay Street, at 58 Bay Street. The other brand-named building is
the Trump Plaza, a 55-story condo complex at 88 Morgan St.

The Wall Street Journal reports that it is not known what the extent
of Trump?s involvement is. Jared Kushner, 33, who is married to Donald
Trump?s daughter Ivanka, is the lead principal in the project for the
Kushner family firm, according to the article.

The Trump Plaza was a project of Hoboken-based Metro Homes head Dean
Geibel, who obtained naming rights for his Downtown Jersey City
building from Trump.

----------------

Donald Trump?s Trump Organization and his son-in-law?s Kushner
Companies are teaming up for their first big project, in conjunction
with KABR Group of New Jersey.

The trio is planning a 447-unit rental apartment building in Jersey
City, sources involved in the project told the Wall Street Journal.
The Kushner-KABR partnership plans to put $38.5 million of its own
equity into the deal, and the rest will be paid with a $90 million
construction loan and $65M in mezzanine financing tied to a federal
government visa program, the Journal reported. The details of the
Trump Organization?s involvement were not immediately clear.
The project could break ground in a few days, according to the paper.

?Jared is a very talented young man ? it is going to be a great
project,? Trump said in a statement to the Journal.

The development will be called Trump Bay Street and be located next to
Trump Plaza Residences at 88 Morgan Street, a 55-story condominium
completed six years ago by Dean Geibel, who engineered the project in
a licensing deal with Trump.

apparently, they are about to break ground on the 2nd tower


http://therealdeal.com/blog/2014/05/1 ... -jersey-city-development/

For the record, I don't own or rent there (or know anyone who does). But have a few thoughts about your stupid comment:

First off, I'm guessing your sentiment is just part of your enthusiasm for your own investment, which competes with Trump. If Trump is a "dump" as you say, then I wonder how you would describe the living conditions of a huge portion of the world's population.

Second, dump or not, if you bought in Trump around 2009/2010, you're doing pretty well for yourself investment wise right now--probably even more so than a bunch of the other luxury high rises. Not sure how long that will last...

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Trump was originally planned as a rental building and the configurations are as such. The prior developer (Panipento, I believe) sold it to Metro Homes who branded it with the Trump name as luxury condos.

Metro Homes ultimately defaulted and the bank had to sell off the units.

Trump was never rental. They are all sold now as far as I can tell. They took as long as 77 Hudson and others to sell for the same reason, very bad timing in the market.

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Trump is a dump!!! I looked at a place in that building a few years back. Wasn't Trump formerly a rental? Have they even sold all the units? I remember 1-2 years ago seeing a sign on the building or somewhere (can't remember exactly) along the lines of 75% sold or something like that and i was thinking to myself why the hell has it taken them so long to sell all the units.

In my opinion, 77 Hudson is quite nice and all around a much better product than Trump, although I personally wouldn't spend the money they're asking.

Is there any building/complex in the city that hasn't been totally trashed at this point?

Anything in Newport- bland and generic
Zephyr & 700 Grove- area floods (or used to)
Liberty Harbor- floods
Dixon Mills- generic, mice
Trump, 77 Hudson- not luxury
Anything in Hamilton Park- I don't want to walk through the mall
Grove Pointe- expensive heating bill
Beacon- too many short sales
Society Hill & Port Liberte- feels like the suburbs
Portofino- old

Am I missing any? I feel like there were complaints about A Condos and Canco and Crystal Pointe but I can't remember them.

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That's interesting, I thought 77 Hudson certainly felt like a higher end building when I was in it. The amenities were better and the finishes were better than the other high rises I have been in.

Whether or not anything in JC feels like it is worth $3m is another question.

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77 hudson's finish is nice - both kitchen/bathroom. The building is also convenient with a supermarket right in the lobby, parking is also deeded. If i have money to throw around i would buy there.

Luxury does get thrown around a lot. Does the Trump Building feel higher end than say, 77 Hudson? I was in one of the penthouses at 77 Hudson and aside from the harbor views, which were really, really awesome, there was nothing about the building or the condo that felt luxurious. The penthouse condo had really great views but it was not worth even close to $3 Million if you ask me.

The word "luxury" gets thrown around very easily here. The palace at Versailles is luxury. Bloomberg's townhouse is luxury. Throwing some neon lights on a building and having a few treadmills doesn't denote "luxury". Set your sights a little higher, my young Masters of the Universe.

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Are you just making stuff up as you go about portofino? I lived in both buildings, there is very little difference except you pay $600 more each month in trump for 1br with parking and get a larger gym. Curry smells exist in both buildings at occasion depends on your neighbors. Hallway - portofino has the traditional hotel style vs trump modern, just personal preference.

And unit layout i definitely prefer portofino, it has separate washer/dryer in closet as oppose to a single unit smack in the middle of an open kitchen. Trump's unit is nothing to write home about, looks like a rental except the nice windows. You can always renovate the unit if you think it's old, i paid $15k and redid mine in portofino and it's better than any trump's while saving so much more money each month + purchase price.

Trump is one of the worst value in JC, it's not luxury, but charges the luxury price, and just horrible management.

Comparing Portofino with Trump is like comparing Honda with BMW. Most of the floors in Portofino look like dormitory and they all have a bad odor. Portofino used to be a rental building that got converted into condos, hence you end up with very outdated layout and units that have not been well maintained.

Trump plaza from the time you enter there is a look and sense of elegance that you don't see in other buildings. The A condominium is definitely comparable to Trump and I definitely love their floor to ceiling window compared to Trump but the lobby at A condominium has a ton of wasted space and does not seem to be well planned.

At Trump you do pay very high maintenance fee but it also has an entire floor dedicated to amenities which is a rarity compared to other buildings. One big negative for trump is the fact that the condos don't come with parking and the garage parking rate is very steep. Second negative point about Trump is the name, being associated with Trump and all their bad publicity.

I have lived here for more than a year and I love it plus my condo price has gone up by +15% from the time I bought it a year ago. With all the constructions going all around the area this location is definitely an up and coming area. Another huge plus point for Trump is that it is within 5 minutes walking distance from Exchange place station and Grove station; one can be in downtown NYC in 10 minutes or midtown in 30 minutes.

I owned in trump a while back, it is absolutely one of the worst buildings / value for your money in jersey city, all this luxury is a facade. There are constant issues with the building amenities and elevators. The management is non-responsive and extremely difficult to deal with.

The monthly condo fee is 50% higher than comparable luxury high rises nearby. And parking is extra running at $250+ cheapest for unreserved.

There is nothing luxury about the units themselves, the finish is only slightly better than rentals, many units have a single unit cloth washer/dryer combo right in the open kitchen! (who in their mind designed this).

The immediate area is also nothing to write home about, facing a parking lots on 2 sides, abandoned warehouses on the other 2, diagonal to a dump ground where all the old construction bricks/steels were left. The italian supermarket heavily promoted by agents/sales office a few years ago never opened, even though the coming soon signs are still up in the empty ground floor retail space.


Only thing i liked is those big windows, gives a good classic feel as oppose to full floor to ceiling windows.

Glad i got out when i did. If you want highest luxury in JC go for crystal point / 77 hudson / and newport condos. If you want luxury-value go for the mandalay / portofino / A condo, they all come with parking included and cost 50% less in monthly maintenance fees.

I bought in portofino, then used the money saved to buy an investment property near jsq path. Lost 50k total net net after realtor fees from the trump sales but couldnt be more happier and my quality of life remains the same/better.

/rant off

this was probably grandfathered

So we're still giving tax abatements for downtown development? http://www.nj.com/hudson/index.ssf/20 ... story_downtown_tower.html

Don't live in the building but I did see them lose power during Sandy.

Thanks for clarifying ;) i thought the URL buildings (sandwiched between Greene and Hudson) will eventually block the full Trump view facing manhattan. It doesn't matter to me, i don't live there and my view has been blocked a long time ago!


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They're the furthest south of the buildings. They'll still have Downtown views (e.g., of the World Trade Center). Just not views towards Midtown.

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I am assuming mixed which would annoy me if I owned there.

Me too. I love wegmans!

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i'd be happy with trader joe's or fairway or wegman's

It will be throwing some serious shade for the current owners along with URL... i don't think any nyc view will exist for current residents

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