50 Columbus Luxury Rental Building Suprasses 75% Leased In downtown Jersey City

http://www.prweb.com/releases/50/Columbus/prweb613081.htm

50 Columbus is more than 75% leased as renters are quickly snapping up the new luxury rental residences located in the heart of Jersey City, N.J.'s vibrant downtown district. More than 300 upscale residences have been rented in less than four months in the striking 36-story residential tower which features 400 premium homes and an elaborate amenity offering adjacent to the recently-renovated Grove Street PATH Station.

Jersey City, NJ (PRWEB) January 10, 2008 -- 50 Columbus is more than 75% leased as renters are quickly snapping up the new luxury rental residences located in the heart of Jersey City, N.J.'s vibrant downtown district.

The extraordinary pace of leasing activity certainly validates that. It also underscores the tremendous value offered here.
More than 300 upscale residences have already been rented in the striking 36-story residential tower which features 400 premium homes and an elaborate amenity offering adjacent to the recently-renovated Grove Street PATH Station.

The impressive leasing milestone was accomplished less than four months after 50 Columbus opened to the public, according to hApplied Development Company and Panepinto Properties, the joint venture partners developing the building.

In addition, more than 200 residents have already moved in.

"We were confident that 50 Columbus would appeal to sophisticated, discerning professionals seeking luxury high-rise living and resort-like amenities amidst the exciting ambiance of Jersey City," notes David Barry, President of Applied Development Company. "The extraordinary pace of leasing activity certainly validates that. It also underscores the tremendous value offered here."

Designed by world-renowned architect Costas Kondylis, with interiors by celebrated designer Andres Escobar, the building is notable for a soaring, 24-hour-attended lobby with 19-foot ceilings, floor-to-ceiling glass, a professional concierge and a unique water feature.

"Residents also enjoy an upscale, hotel-like recreational experience stemming from a full-floor amenities space that includes a lounge, theater/screening room, card and billiard rooms, children's play area and business center," points out Stephanie Panepinto, a principal of Panepinto Properties.

"A private landscaped rooftop deck features a swimming pool, cabanas, BBQ area and tennis court. In addition, the on-site Club H Fitness Center and Spa offers state-of-the-art fitness equipment, a Juice Bar with an expansive menu, nutritional advisors and Personal Trainers. There's also the convenience of an enclosed parking garage."

A wide mix of elegantly-designed floor plans is available at 50 Columbus, ranging from studios to three-bedroom residences - including eight lavish duplex townhomes -- at monthly rents starting at $1,825. The homes enjoy an abundance of natural light, as well as spectacular views of the Manhattan skyline, the Hudson River, the Statue of Liberty and New York Harbor.

Gourmet kitchens offer sleek Euro-style cabinets with Richelieu hardware in brushed nickel, antique pearl quartz countertops and Whirlpool and GE appliances. Lavish bathrooms feature walnut vanities with Carrera marble vanity tops, ceramic tile floors, white running bond ceramic tile walls and polished chrome fixtures. All homes have wood flooring in living areas and carpeted bedrooms.

The Marketing Directors, Inc. is the building's marketing and exclusive leasing agent.

For more information on 50 Columbus, visit the on-site leasing and model center, located at 50 Christopher Columbus Drive, Jersey City; call (201) 434-2700 or visit the website at www.50columbus.com.

About the Developers:

Panepinto Properties was founded in 1977 when Joseph A. Panepinto recognized the dormant opportunities and wealth of potential in Jersey City. Since then, the company has distinguished itself as a pioneer in outstanding commercial, residential and mixed-use developments throughout the City. Panepinto Properties' impressive portfolio includes (completed and to be built) 3 million square feet of office space, more than 3,000 units of luxury rental housing and more than 130,000 square feet of retail space.

Applied Development Company has a 30-year history of focusing on the redevelopment and revitalization of New Jersey's urban centers. Applied and its principals have developed thousands of residential units and hundreds of thousands of square feet of commercial space throughout New Jersey; the company continues to own and manage the overwhelming majority of this portfolio. In addition, Applied is currently engaged in the active development of over $1 billion of residential and commercial real estate.

The operative question here, dear readers, is: 75% of what? Dimes to dollars that this PR newswire dispatch conveniently left out the key phrase "of units offered for sale (so far)." This smells of classic developer propaganda by trying to build momentum by failing to disclose the total supply (and thereby hyping the demand for one small slice of the pie.)

No particular axe to grind with 50 Columbus, but everyone out there should be aware that most rental/condo developers parcel out blocks of units in a new building for the express purpose of manipulating the demand/supply equation in their favor.

the release says 300 of 400 units leased and 200 people moved in. that said, i don't trust anyone - particularly PR flacks and real estate people.
can't say i've noticed 200 more residents walking around.

Those floor to ceiling windows at 50 Columbus sound like a nice feature, but if people renting there had given the matter more thought, of course it's going to be a heating and cooling nightmare.

It's outrageous that these people got permits to build such energy wasteful buildings. I thought we were trying to reduce our depedence on foreign oil.

Saw a sign over the weekend - a new restaurant called Teppan is opening soon at 50 Columbus (around the corner from the new Chase branch). Teppan will be a Japanese hibachi place. Too bad, would have been nice to see something different since there are a few Japanese places already downtown and Sawa a few blocks away, although who knows when (if?) Sawa will open?

Too bad the restaurant isn't in the Bank location. What a crappy place for a bank - does nothing for the block to sitck a bank on that corner!

Can anyone tell me why rates are going up AGAIN in this building.

As far as I can tell if I am going to pay more I should be getting something in return.
For each of the rental increases perhaps the garage could have been hosed down once for each of the times the rent has increased.

The parking garage continuously has..

1. Garbage cans filled to the brim
2. Floors that look like Pompeii after Mt. Vesuvius erupted.
3. Buttons on the elevator that do not work.

I have refrained from complaining about this but enough is enough.

I want this on record with the building and I will alert the garage management also.

I am going to put up flyers informing people to find this blog and sign a petition of complaint. I also think all reserved spot patrons should reject there reserved spots, (myself included)
The 50$ they will loose from the majority certainly offsets the $15 they will get from the increase.

Provide your:
Name, Apt #, and reserved space # if you have.

1. Rasjhika, 2201, 94-22?

Looks like the Japanese restaurant at 50 Columbus (on Warren St.) is close to opening - maybe a month away?

Teppan Japanese/Hibachi

Soft opening tonight... Grand Opening on Monday 4/19!!!

Place sounds liike a nightmare from JCND_loving's post

My take on Post 1:
3/4 leased....that's 300 out of 400 apartments.
200 RESIDENTS///assume 2 residents per apartment, a good estimate.
Thus 100 apartments occupied.

In what universe do realtors expect is to believe 200 apartments aer leased and unoccupied????? This is NOT Majorica!

Again realtor-fantasy land...we should stop readly repeating SPAM like that. Let them pay the webmaster for ads.

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First post is over two years old... I live across the street and the place looks quite full these days from what I can see. My friends who live there are very happy.

I'm curious to try Teppan, too, looks pretty nice. Sounds like the parking garage isn't great though.

I live there. The building is for the most part full. People that say it is 200/400 are incorrect. It's a nice place to live. Amenities are great, and the price is right. Parking prices are about average.

Anyone know any information about the 5 or 6 apartments behind 50 Columbus/Club H in that parking garage that face/are on Steuben Street?

I've always been curious.

They are sort of like a loft. One large-ish living room with a private entrance on Stueben Street. Then there is a bedroom over this which is totally open to the living room below. Essentially its a glorified studio with a separate sleeping area on the second floor. Kind of spacious. Also they have private entrances into the garage. The spaces remind of a retail space that was converted into apartments.

Anybody who lives or lived at 50 Columbus - what are you utility bills like per month?

great news. maybe they can finish building the other buildings and get the project done with.

50 Columbus has been essentially wholly leased since 2008 - how is this news - great or otherwise?

70 & 90 Columbus will be built when the market demand makes financing possible. Soon would be nice.

Hello. My wife and I have lived here for 3 1/2 years since the tower opened. Utility bills are a major concern. From October through March, our PSEG bill is between $200 and $400/month. Not to mention we are in a 840 sq ft one bedroom and work all day. Friends of mine that live here with a kid and two bedroom that run heat all day/night have bills north of $500-600. It is absurd. We are on the 25th floor, NW corner with great views, but gets no sun exposure. The windows have the worst insulation in creation.

The building is nice and has great amenities, but the heating/cool sucks a fat one.

P.S. the demographics have changed in a bad way this year

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Uh oh, did it become more Newportish or more Montgomery Gardens? PM me if you are scared to post it publicly!

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Check out this website. One guy said that his bill was $700 for December.

http://www.apartmentratings.com/rate/ ... sey-City-50-Columbus.html

Nice reference.. When I rented in avalon cove in the late nineties, tenants had similar issues in the new tower they had just built south of the original complex. $500+ bills for smallish apartments with completely uncooperative management. They ultimately created they own tenant association which was even mentioned in the jc reporter. Since I left around that time, I don't know if the initial notification letters about fixing the windows had any effect. Imho if a building is poorly insulated from the start, remediation will only partly address the problem. Knowing that I would certainly not rent in that building.

Have things gotten better in this building as of late? Are utilities still really high?

Any building with electric heat is going to have high utility costs. Landlords like electric heat because the tenant is billed directly so the landlord has little exposure to rising energy costs. I learned my lesson living in Liberty Towers.

High rises have electric heat because you can't run gas lines and furnace vent lines 30 stories high - it's not economical to build like this, so unless they use a recirculating hot water system, which is expensive also, you're stuck with electric heating which is one of the most inefficient (read - EXPENSIVE) forms of heating.

Anyone know what people are currently paying for electric? Those older posts with people paying $500 - $700 are unreal.

I know someone in the building, and they say their bill was consistently around $300 during the winter.

i live there now in a 900sf 1br - we both work all day and this (long) winter was rough with utils. from jan till last month anywhere from 200 - 350. Mind you we never ran the heat during the day and usually only ran it in the bedroom at night.

we like living there and it's our only real complaint - the building is drafty - you could feel the cold air coming through the outlets in the wall if you put your hand in front of them in jan and feb. we just moved there in october so I don't have any input on the summer months and AC costs- but I'm guessing it'll be the same - with the floor to ceiling glass windows the place will probably heat up like a solarium.

Nice building and great location. But winters are rough. Burrrrr. Also, don't forget to factor in the high utility bill like others are saying.

http://www.apartmentratings.com/rate/ ... sey-City-50-Columbus.html

Interesting reviews!