There is not a solid foot of concrete between units. Maybe between floors but not lateral neighbors.
Look at their offering statement which they submitted to the State of New Jersey.... do this.. it is a must. They have many environmental disclaimers etc.. look at it closely and it is a disgrace that it is a legal document.......read it and make your own determination.

I do not think it is industrial strength because the newly constructed walls are modern and apartment thickness.
No elevators yet.
I prefer to go to Dixon Mills but I am waiting and will stay in my apartment until the market in jersey city comes down 15%.. and it will.

The beacon is like a ship in that their small windows are like portholes on a ship and these places have become so pretentious... not my can of worms. I hope Jersey City doesn't become like Hoboken.

canco taxes and maintenace will be over 14,000 a year..fora small place and the amenities are many but many won't even use them. and canco will be controlling the board for many years and guess what?????

And Jersey City around canco is filthy.. and it is canco dirt that is being left in the streets...
I am ashamed of my dirty neighbor canco.


maybe all condos are like this but i just started looking so i am new at this but this is my feeling now.

sdk

If it wasn't for the location, I'd say Canco is the finest building in the city. The ammenities are great (half court basketball game, anyone?) and they don't kid when they say "industrial strength living". With about a foot of solid concrete between you and your neighbor, you aren't going to hear a peep! The Beacon will probably do better in terms of equity over time, even if Freddy Kruger does live in the basement. Once the Beacon begins to fully develop into what is meant to become (essentially, a city within a city), it will be a very highly sought after destination point. Personally, I think I'd move into Canco if I had to choose.

They dropped off the Canco Lofts info package in my office today. Broshures, flyers, posters, cards, etc etc. Grand Opening time, you know. They spent top dollar on the advertising material, no doubt about it. Its an exciting project and I'm sure these units will do well.

Quote:

There are some low-rate loans available for redevelopment districts such as Jersey City Heights and Journal Square. That permitted me to purchase my first property here not long ago. There are good deals to to be had. I'm not sure Canco is one of them, but let me know if you want me to introduct you to a good agent. Mike

I am not in any financial position to buy at this point. However, I do plan on making JC my homebase for at least the next ten years. I've been reading about CANCO and artists lofts in the Jersey City.

I'm seriously thinking of going to CANCO's grand opening next week, for more of a fact finding mission.

I am a graphic designer/art director by trade. With the recent real estate market bust and the fact that it is no longer a seller's market, this may turn out to be a good thing for me.

Am I being too ambitious or unrealistic?

Any opinions/tips will be greatly appreciated.

Thank you in advance.

i live in st. johns apts.and i can tell u they are really nice and well kept.also for about 360,000 you can get a 2br 2bath apt.
which is about 1250 sq. ft,much bigger then beacon which i almost bought or canco lofts.so i saved60,000 and ended up with a great view 15th floor and 200 extra sq. ft
that being said i would like to see canco do well which would help the area and bring in more stores and maybe even a nice supermarket.

The units on the 1st floor have a terrace, so I don't think they go for 315K

Went o Canco today...place seeems very nice...a few notes:

supposedly all of the units from $315,000-400,000 are sold out for both phases. that means if you want one of the units in that range, you have to wait until next year.

Maintainece is .61 cents per sq foot

Taxe is 30 yr abatement at 1.3% of sale price

Parking is $150 per space, limit 1 per unit

the higher your floor, $5,000 more per floor

I am unsure how all the untis sold out...considering all you hear about is people foreclosing and builders cannot sell units, but I put my name on a waiting list.

FYI, also no models to look at, just a sales office with some sort of sample set up

Yes, the prices were supposed to start in the 300's, but I'm told that they have accepted offers for various units that will be going to contract shortly. This is what probably swallowed up the lower priced units, but you may see a buyer or two pull out, thus throwing them back on the market. I'm going to keep track of these deals myself. I had someone interested in a unit there, but he wants to spend under 400K. I certainly think its a good project & I hope you get what you want there! Cheers.

Thanks .

I was told $315,000 to start fir 1 bdrm, but thats prob for smallest unit on first floor.

jcaro28 -

To my understanding, here's a breakdown of the offering prices for available units at Canco:

1BR from $429,000 starting at 1,051 square feet. 2BR from $500,000 & Penthouses from around $500,000 1,200-1,600 square feet. I'm told by Canco that the Penthouses will feature 27 ft ceilings. The taxes are TBD, but there should be some fairly accurate estimations in place. The sales office should have furnished model units to view within two weeks. Hope this was helpful. If any of my numbers are off, I invite corrections. This was based on my last conversation with Canco, but sometimes the sales agents can be wrong. I plan on researching the project for my buyers this week. Good luck!

According to the Real Deal, when finished, Canco will be the largest industrial to loft conversion in Jersey City.

http://beta.therealdeal.com/articles/8662

I am going to loook at Canco..forgive me if these questions have already been asked...

how much for a 1 bedroom?
Maintainence?
Parking?
Taxes?

Thanks

AMENITIES
1.Fitness center that matches a NY Sports Club.
2.24 hour concierge/doorman
3. Shuttle to the Path trains, only 9 blocks a way. Thats an 8 min walk.
4. Business center with conference rooms, copier, fax.
5. Games room with real arcade games, pool tables, darts, foosball, etc.
6. Huge Yoga studio.
7. Library/reading room
8. Art studio
9. Full theater/screening room with stadium seating
10. Childrens play center
11. Outdoor common terraces
13. Community lounge with bar/plasma tv's
14. HALF COURT INDOOR BASKETBALL COURT
15. Dog run

Oh. The 2nd phase will have an indoor pool and spa.

I AM DEFINITLEY AN ADVOCATE OF CANCO AND ALL THAT IT BRINGS TO JC. I JUST PULLED THIS LIST OF AMENITIES OFF OF ANOTHER FORUM.

I agree with your questions but I do know that the developer has a fantastic reputation. They built a development in Manhattan called "Element". It is one of the finest condominium buildings in the city. They also just bought a parcel of land in Tribeca for 200 million. They have a huge financial backing and a proven track record. I expect the same quality in their Jersey City project.

I am thinking of buying a unit at Canco, I ve been there many times and I really like the feeling of the space. But I have a few concerns and I am wondering if there are more people on this list that are in the same boat as me and how can we go about as to get more answers. There is such a big but disorganized marketing strategy in place and I feel very few useful info is revealed. Do we know if we can see the units before signing? The sales team depending on the day have different answers. I would like to see my apt. because I have a feeling the project is not going as smoothly as anticipated by the developers and all the delays vs rushing to get things done might affect the quality of the finishing. My second and more important concern, how do we get information on what was done to clean up the building and the area around it of toxic materials? Also does anyone have data on any risks that we might be exposed to due to the proximity to a very old highway and powerplant. I believe these are important questions that have not been fully explained.

But the renderings on the website is umm... how can I put this? Overly optimistic.

I love what they are trying to do over there. More power to the developers on this project. The area desperately needs it.

I completely agree. The CANCO neighborhood is getting better and better. The lofts at CANCO are by far the nicest condominiums around. I am waiting to see the finished model and will probably purchase.

I grew up 1 block from Journal Square, so that area can be considered my old ?stomping grounds.? The surrounding area has gotten better over the years?No more night club under the skyway (Foxes, for those who remember). The population in general is progressively getting more diverse. The ?undesirables? don?t congregate on Tonnelle Ave as often.

Canco is a welcomed community for the area (Brunswick Towers has always been the lone standing condo building and St. John?s Apartments is slowing transforming from a senior citizens community to young professional/family oriented complex). It?s located on the cusp of a major highway and a residential neighborhood.

I do expect the surrounding area to be a completely different place in the next 3 to 5 years. With the revitalization of Journal Square and the new towers being built, I do anticipate an even greater push toward the rest of Jersey City (outside of Newport and Exchange Place).

I guess my long winded statement is this?right now buying in Canco is potentially a very profitable investment (with the caveat that you plan on owning it for a while).

I went to the Canco lofts near Journal Square for the first time. I was a little skeptical of the neighborhood at first but when I saw what the developer was doing, I realized that this is something special and I am considering living there. I did some research on the web and found out that Journal Square has alot of things happening.

I was wondering what everyone else thought.

Thanks

Can anyone relate any experiences about buying at Canco? Has anyone visited?

I live next to Canco. The walk to PATH isn't bad - about 8 to 10 minutes. And you can hail a jitney right on the corner of St. Pauls and Kennedy.

I had to chuckle at the photos on the site, though. Did they Photoshop out all the garbage on the street - particularly on Newark Avenue? Or the gigantic smokestack that dominates the skyline and spews out toxic soup over the neighborhood each day? There isn't a green patch for miles, and if you have kids, you have to hijack the little playground at the St. John's Condos if you want a parklike experience. And I hope pretty-boy doesn't park that cherry Audi out on the street at night expecting an unbent license plate and gleaming bumpers in the morning.

What anyone buying at Canco SHOULD know is that NJDOT is about to embark on a HUGE transportation project that will completely overhaul the Charlotte/Tonnelle circle and 1 & 9 ramp areas. The project is expected to last for years - with a lot of the work done in the evenings. If what they've been doing for the last three weeks (on weekends and overnights during the week) is any indication of the "treat" we're in for, God help us. There's nothing like being awoken to the sounds of jackhammers and growling heavy equipment at 3 am, not to mention the smells, dust, lead paint by-products of demolition and construction. Oh, and I checked their website, and they are fully allowed to do this to "mitigate traffic disturbances."

My favorite line:
"and two dozen plasma television screens that will show live scenes of the Manhattan skyline as well as community news flashes."

I don't know why they didn't incorporate views of the Eiffel Tower and the Sphinx while they were at it manufacturing fake "views."
Any good views showing the BOTTOM of the Pulaski skyway.

Yah GOTTA LOVE Real Estate hype.

Isn't it a rather tedious uphill walk to get to Journal Square PATH which is the only route to the Manhattan job engine. Or do you climb up the skyway to hail a bus on 1&9 for a ride through the tunnel?

(I haven't been to Little India in a couple years so I cannot comment on whether Newark Avenue looks much worse than before...the stretch down the hill from JFK Boulevard was never much of anything to start with. Have to get up there and do a buffet lunch soon.)

so, has anyone here purchased at the canco lofts and willing to share your experience dealing with the developer re: negotiating prices?

I agree that the pictures of the neigborhook is ridiculous. Looks more like Newport than JSQ. This is more like the "neighborhood" picture:

http://members.tripod.com/hollyzell/images/hallo_driveway4.jpg

Love that Web Site !!!

those windows must be painted with scenery - unless they've removed the 1/9 pulaski extension...

the neighborhood photos on the website are hilarious. like any of them are realistic. ridiculous.

Work started on the CanCo lofts some time ago. Not sure how this is new news...