what "we" do you mean?

We should totally buy this place!

We know so much about food and coffee and service and how things should be. The menu could start with coffee and bagels and stuff and then maybe we can ramp it up to include pizza! Better yet, grilled cheese! YAY!

We can have theme nights: Bitter renter night (with bitter coffee, duh), Yuppie night (price increase, of course), Breeders night (cheerios on the floor!), political fundraiser night (with sketchy donation details) and so on.

And we can hire off-duty cops to keep us safe and to keep the wilding teens away.

And we have to get a gun, just to be extra safe. Since it's so spooooky over there.

And we can all sit at our computers and never talk to each other in person. Until someone posts something stupid, and then we can throw a wet napkin or soggy straw wrapper at the person we think that person is.

FUN FUN!

From Huffington Post...

MyRichUncle is Out of Cash

MyRichUncle was an intriguing startup student loan company with an innovative, white-knight approach when I wrote about them in the 2006 Fast Company 50.

When I talked to them, the two 20something founders seemed cocky, but sincere. They believed they could bypass the punitive terms and high-pressure sales tactics used by other student lenders in favor of better analytics to predict students' chances of repayment, and that they could build customer loyalty through transparency. They gained a higher profile in 2007 when they took out a full page ad in the New York Times to publicize the shady collusion between college financial aid officers and other student loan companies. Lenders like Sallie Mae often offered colleges kickbacks and sweeteners in exchange for inclusion on "preferred lender" lists. The ad campaign helped fuel a large-scale investigation into these practices by New York State Attorney General Andrew Cuomo, which led in turn to some federal policy crackdowns, including subsidy cuts to lenders.

But the student loan market today looks very different than it did in 2007 when it was seeing 27 percent annual growth. In fact, there's a looming crisis.

Throughout those years of growth, federal and private student loans were heavily repackaged and securitized just like home loans and credit card debt. So in the face of the credit crisis, 168 lenders have pulled out of the program. So-called "subprime students," typically at community and for-profit schools, are having trouble getting federal or private student loans, and all students are seeing fewer discounts on loans. More student loan defaults may be looming as the economy sheds jobs. And the Treasury Department and Federal Reserve have quietly authorized up to a $260 billion bailout for the student loan industry, separate from the $700 billion bailout we've all heard so much about.

MyRichUncle won't be seeing any of that money. They had had trouble raising capital as the market got tighter, had stopped making new loans, and today, declared bankruptcy. As if they didn't have enough trouble, it came out in December that one of their former employees allegedly embezzled $2.3 million from their accounts. Troy Hill, of Jersey City, blew much of the cash on several Mercedes, bling from Jacob the Jeweler, and two coffeehouse franchises.

The student loan market is definitely not getting any more clean or transparent in this atmosphere of scarcity and panic. In this environment, it's a tough time to be the nice guys.

http://www.huffingtonpost.com/anya-ka ... -out-of-cas_b_165352.html

I was one of their employees at the New Brunswick location (which is clearly now closed). None of us have gotten our last paychecks. The two owners were ruthless about firing people as well as only paying starting employees minimum wage, while flashing around thick diamond bracelets and rings (which were periodically cleaned using the steaming wand on the espresso machine) and a different Louis Vuitton purse every day.

They both worked 7 days a week there, one opened every day, and one closed every day. It always seemed a really stupid way to work, and it did cross my mind several times how they were able to afford the place when they didn't have outside jobs, and they were pretty young (and if you research into opening a Port City Java franchise, you have to be loaded to do so). I guess sometimes instincts are right.

The franchise is probably going to be auctioned off in the asset forfeiture, so who knows, the JC location may open...someday.

and.................... scene.

Quote:
http://www.nj.com/hudson/index.ssf/20 ... y_man_accused_of_liv.html
Jersey City man accused of living high off $2.3 in embezzled funds
by Michaelangelo Conte Wednesday December 03, 2008, 10:04 PM
A Jersey City man has been indicted on charges he embezzled more than $2.3 million from a student loan company he worked for and spent the money on fancy cars, jewelry, property and a Downtown coffee shop, officials said.
Troy Hill, 34, of Towers Street, was to transfer funds from My Rich Uncle Holdings into an account for distribution as student loans, but instead deposited the money from 20 wire transfers into his personal account, said Manhattan District Attorney Robert Morgenthau in a press release on Tuesday.

The money, taken between Oct. 29, 2007 and Jan. 30, 2008, was then moved into three corporations Hill controlled with his girlfriend, Robbin Coachman, who lives at the same Downtown address, officials said.
Hill bought at least four cars with the money, including a 2008 Mercedes-Benz, and two vehicles under title to Coachman, officials said. Hill bought two pieces of property that were owned in both their names, authorities added.
He also used the money to buy diamond earrings, bracelets, rings and watches from the luxury jeweler store Jacob & Co. and he purchased two Port City Java franchises, one in New Brunswick and one that was about to open in Jersey City at Varick Street and Christopher Columbus Drive, officials said.
Finally, a portion of the money was used to renovate the home where they both lived, officials said.
Hill faces up to 25 years in prison if convicted on the charges of grand larceny and money laundering, officials said. Coachman was also charged with money laundering.
Hill and Coachman are being sued in a parallel civil asset forfeiture action for $2,308,471, officials said.
The Hudson County Prosecutor's Office participated in the investigation and secured the arrest and search warrants.

i want that Chevelle that parks outside. now.

That bar cracks me up. I have seen some severly drunken people stumble out of that place. Love it.

It's going to compete with the crazy puerto rican makeshift bar that blasts music across at Columbus and Coles. I wouldn't want to see that place go. Where will I get my fill of crazy drunk people? Oh wait, it's Jersey City.

Quote:

Yup, probably the exact same reason why it took Ibby's 6 months to reopen after what should have been at max a six-week renovation project.

good investigation Chief. My guess is once again its the inspectors/building dept at good old City Hall.

I actually spoke to the developer at Robert Martin Co about this exact topic.

Port City Java is continuing to get in to the space. The space is a commercial condo and they already closed on the unit so Port City Java owns the space. As to what the hold up opening it, he couldn't tell me. He did say that they were still planning to open just couldn't give me a time line.

That's all I got out of him.

It will open at the same time Atomic Wings does along with the new path cars.

Doesn't even look like they are even trying. My wife and I are sure Dixon Mills put those posters up as part of their sales pitch

just thought I'd revive this for kicks... six months PLUS since the first post. And........ zilch.

I jumped up to peek in the window a week or so ago, and nothing has been done - looks the same as several months ago when the hiring posters originally went up. Maybe the owners are having trouble finding the right pockets to stuff money into?

What exactly is the problem? Why does it seem so difficult to start a business here? What is the city doing to prolong the opening?

The posters in the windows look nice. Let us all enjoy them, and call it a day.

90 days since annoucement, and still..... nothing. JC really goes out of their way to hold progress back sometimes.

New coffee chain coming to Downtown Jersey City

by Lysa Chen
Friday June 06, 2008, 3:56 PM

Jersey City commuters and coffee connoisseurs alike will soon be able to get their morning jolt at Port City Java, an international coffee franchise opening a new location this summer outside the Residences at Dixon Mills, in the Downtown section.

The new coffee shop will be at Varick Street and Christopher Columbus Drive.

Local owners Troy Hill and Robbin Coachman, both of Jersey City, said Port City Java distinguishes itself from other coffee shops with its "superior standards in quality coffee," which comes from 100 different regions worldwide and is roasted daily in North Carolina.

"We're opening Port City Java at Dixon Mills because there is a need," Coachman said in a press release issued this week. "We live in the area, and there's nothing like this that caters to Dixon Mills and the surrounding neighborhood."

That make senses - that is a nice storefront -- at least this place says it will show local artists, have free internet and I bet they have outside seating.

I think it will be really good for the area.

Quote:

construction can start but permitting? around here? months lets hope they get it open by summer that space has been empty years PS its not 158 Wayne at all (that is Dixons office).. Its the corner of Columbus and Varick.

Their menu looks much bigger than Starbucks - lots of sandwiches, soups & salads along with smoothies & juices so this might be good for the area.

http://www.portcityjava.com/secondary/the_menu.html

Port City Java is said to be opening at 158 Wayne Street next to Dixon Mills.

The company announced that it signed a new franchise agreement in Jersey City, New Jersey. This will allow the company to gain market penetration while developing the Port City Java Brand in New Jersey. The site located at 158 Wayne Street Jersey City is a high-visibility corner, supported by dense business and residential populations. Construction and permitting will start immediately.

http://www.portcityjava.com