i would like my taxes reduced (14k for a 600k condo) reduced so i can sell too.

last time i checked, the idea of capitalism is that you take a risk and if you make it, you make money and if you fail, you lose money.

developers, last time i checked, espousing capitalism as long as they are making money and once they are not making enough money, they start annoying the semi-incompetent and semi-literate politicos in jersey city. i am not calling them corrupt, just incompetent.

i am not paying taxes to support development projects that go sour; i am paying taxes to keep the streets clean, to make sure that schools work, and that our social services do what ever they need to do.

i am surprised how little resistance is there when it comes to opposing these developers who expected to get richer and when facing obvious losses, they want to shift the burden to others who really cannot benefit from the upside developers expect.

if they give me a stake in the project that i am cross-subsidizing with my real estate taxes once city hall eases the abatements, i'd be happy.

Quote:

Yes, that's basically what will happen, but if the city holds firm on not renegotiating the PILOT, that simply makes the post bankruptcy price lower, as it should be. It's not the city's job to absorb the risks taken by developers, the issuing of the PILOT for a recent waterfront development was bad enough to begin with. None of these places will sit vacant, no one's that stupid. They'll sell or rent them for what they're currently worth. Port Liberte's bankruptcy in the last crash was a disaster for it's developer but ultimately a win for the city.

How about this: any bankrupt property LOSES it's PILOT completely and reverts to the tax base. Then the condos sell for REAL market value!

Didn't another developer request some type of abatement adjustment last year with the same sort of reasoning? I want to say the people a Canco?

What happens if this doesn't survive? Would the developer close up shop walk away. Then the banks would own it, they would look to sell it to a new developer who would go to city council and request the same kind of deal for finishing the project. It's almost like a can't loose. Especially if the new developer is the old developer.

Anyways that building looks to be pretty sweet property especially if your on the east facing side.

mfadam +1
couldn't have said it better myself. well, i could have said it, but it would have been laced w/ profanities.

the american dream, if you can dream it, build it. if you can't sell it, don't worry, the poor schmucks that pay taxes can cover you.

and give me a break, i'm so sick of these politicians using scare tactics. perhaps no more development on the water front is a GOOD thing. Until you can pay for the infrastructure to support the mass amounts of people coming in, it should stop. But im' sure as soon as another developer comes along promising the next high rise dream, our lovely idiots in power will hand them the key to the city, tax free.

yeah why should a RE developer ever face risk? It's the new way in America - do something big with a lot of leverage, fail and then cry for bailouts/tax breaks/etc.

Pathetic that the politicians are even entertaining a sweeter deal for this guy...

Jersey City Council mulls new PILOT deal for waterfront developer

by Amy Sara Clark / The Jersey Journal
Monday June 01, 2009, 11:55 PM

James C. McCann, an attorney for the Fisher Development Associates, argues for the revised PILOT agreement, while Jersey City Business Administrator Brian O'Reilly, left, Councilman Steve Fulop, foreground, and Deputy Mayor Rosemary McFadden, right listen at the Jersey City Municipal Council caucus meeting on June 1 at Jersey City Hall.

Claiming slow sales, the developer of a luxury condo tower on the Jersey City waterfront is asking to revise its PILOT agreement with the city.

"The developer is really losing his shirt," said James C. McCann, an attorney for the Fisher Development Associates. "This is a question of survival or failure."

The development, called Crystal Point, is located at 2 Second Street, right on the waterfront.

According to McCann, who came to tonight's City Council caucus to defend the request, only 24 of the 42-story tower's eventual 269 condos have sold since they went on the market a few months ago, despite a price drop of 30 percent. The last two units were sold below cost, he said.

Fisher is asking to extend the length of the PILOT, or Payments in Lieu of Taxes, agreement from 20 to 30 years and reduce the percentage of annual gross revenue paid from 16 percent to 10 percent for the first five years and to 12 percent for the next five years. The developer will pay the full 16 percent in the final two decades of the agreement.

Jersey City's Tax Abatement Committee recommended giving the OK, despite a memo arguing against the change from Al Cameron, deputy director of the city's Department of Housing, Economic Development and Commerce.

Cameron estimated that the deal could cost the city almost $20 million over the next 30 years, but McCann disputes those calculations, arguing that the city will get more from abatements in the final decade of the extended contract than it would from conventional taxes. (Neither side can be proven right, since it is not possible to know for sure what the building would bring in conventional taxes 20 years from now.)

McCann said lowering the PILOT payments for the first 10 years will help fill the units, which can only be beneficial to the city.

"If the units don't sell there's not going to be any revenue to the city," he said.

Ward E Councilman Steven Fulop argued vehemently against allowing the change, saying that if the break is granted to this building, every other developer in the city would soon be asking for a revised deal.

"This is a dangerous slippery slope we're going down," he said.

He added that if the city is going to start granting better tax rates due to slow sales, why shouldn't all homeowners trying to sell get the same deal?

"There are nearly 2,000 apartments for sale in Jersey City. To me there is no difference between (Crystal Pointe) and the person who is looking to sell on Mercer Street and is struggling to sell because of high taxes," he said.

But City Council President Mariano Vega argued in favor of the ordinance, saying that if Jersey City has one development project fails "it will have a ripple effect on the rest of the city."

"I don't need an empty development on the waterfront or anywhere in Jersey City," he said.

The ordinance proposing the change will be introduced at Wednesday night's City Council meeting.

Fisher Development Celebrates 'Topping Off' of Crystal Point on Jersey City, N.J.'s Waterfront

Fisher Development Associates has announced the "Topping Off" of Crystal Point, the iconic new condominium building rising high above the Hudson River along Jersey City, NJ's waterfront. Preview sales are now open for dazzling 42-story building.

Jersey City, N.J. (PRWEB) December 3, 2008 -- Fisher Development Associates has announced the "Topping Off" of Crystal Point, the iconic new condominium building rising high above the dazzling Hudson River along Jersey City, NJ's waterfront.

Construction workers recently hoisted the last steel beam into place at the distinctive 42-story building which features 269 premium Jersey City new homes with sweeping views of the New York City skyline.

"The 'Topping off' is significant for several reasons," says Brian Fisher, a development principal. "It indicates the highest structural point in the building's construction has been attained and is a time to celebrate the hard work and safe efforts of the construction team.

The 'Topping off' is significant for several reasons

It also means we've taken another step in bringing this remarkable new offering of new Hudson County condominium homes and resort-style amenities to life.
Crystal Point brings a new level of style and elegance to downtown Jersey City
Featuring all aspects of a luxury resort with all of the comforts of home, this iconic new building is sure to captivate buyers with its sleek and cutting-edge living spaces, breathtaking panoramic views, five-star amenities and a dramatic waterfront location nestled between the charming Paulus Hook neighborhood and the Hudson River.

Stylish features will grace these upscale condominium homes in New Jersey, including kitchens with Italian Pedini wood and glass cabinetry, granite stone counters, under cabinet task lighting, full height pantries, center islands and breakfast bars and full Jenn-Air appliance suite
Floor-to-ceiling windows will drench the homes in natural light and most of the residences will offer balconies, expanding the already sensational views. Each residence will also have SMART home technology capabilities and washer and dryers.

An expansive outdoor deck overlooking the Hudson River and Manhattan skyline will feature a lap pool, hot tub, private cabanas and lounge chair seating, as well as a BBQ and dining area, fire pits with accompanying seating, and a children's play area

The full-service building will also offer a professional concierge, and valet parking, while a lobby level restaurant will serve residents and the community at large. In addition, there will be access to the new Marina currently being planned by Jersey City and all the riverfront enjoyment and recreation it contains.
"It also means we've taken another step in bringing this remarkable new offering of new Hudson County condominium homes and resort-style amenities to life."

Preview sales are now open for Crystal Point. Designed by noted architectural firm Gruzen Samton, the new condominium homes are situated a mere 25 feet from the Hudson Rver on the final piece of developable waterfront land in Jersey City that directly faces Manhattan. Each home will have magnificent water and skyline stretching from lower Manhattan to the George Washington Bridge., a rare advantage experienced only at Crystal Point.

The stunning new landmark offers magnificently-appointed one-, two-and three-bedroom new home home designs, an extensive offering of resort-like amenities and services and world-class views to create an upscale living experience unrivaled on either side of the river.

"Crystal Point brings a new level of style and elegance to downtown Jersey City," Mr. Fisher adds. "Featuring all aspects of a luxury resort with all of the comforts of home, this iconic new building is sure to captivate buyers with its sleek and cutting-edge living spaces, breathtaking panoramic views, five-star amenities and a dramatic waterfront location nestled between the charming Paulus Hook neighborhood and the Hudson River."

Crystal Point's distinctive, crystalline-style glass exterior was designed to maximize the building's riverfront setting and reflect its exclusivity and diversity, notes Adrienne Albert, CEO of The Marketing Directors, Inc., Crystal Point's marketing and exclusive sales agent. Inside, homes will range from 800 to 1,817 square-feet of well-designed living space complemented by a wide array of premium finishes.

"Stylish features will grace these upscale condominium homes in New Jersey, including kitchens with Italian Pedini wood and glass cabinetry, granite stone counters, under cabinet task lighting, full height pantries, center islands and breakfast bars and full Jenn-Air appliance suite," Ms. Albert points out.

"Floor-to-ceiling windows will drench the homes in natural light and most of the residences will offer balconies, expanding the already sensational views. Each residence will also have SMART home technology capabilities and washer and dryers."

The dramatic elegance and sophistication of Crystal Point is further enhanced by its superb amenities where no detail has been left out to create a resort-like living experience for residents. Ideal for maintaining a healthy body and mind, the Crystal Spa will feature a thermal bath, sauna, steam and treatment room. Residents will also enjoy a yoga/aerobics room, game room with billiard and poker table, state-of-the-art fitness center, lounge with catering kitchen and flat screen televisions, kid's room and a screening room within the Crystal Club.

"An expansive outdoor deck overlooking the Hudson River and Manhattan skyline will feature a lap pool, hot tub, private cabanas and lounge chair seating, as well as a BBQ and dining area, fire pits with accompanying seating, and a children's play area," Ms. Albert points out. "The full-service building will also offer a professional concierge, and valet parking, while a lobby level restaurant will serve residents and the community at large. In addition, there will be access to the new Marina currently being planned by Jersey City and all the riverfront enjoyment and recreation it contains."

Crystal Point homeowners will also appreciate the community's convenient location just steps from a Light Rail station which provides direct access to other "Gold Coast" locales and numerous PATH trains and ferries that whisk commuters into Manhattan. In fact, the building is ideally situated between the Paulus Hook and Newport sections of Jersey City, allowing residents to utilize the PATH trains and ferries at both Exchange Place and Newport.

Dowtown Jersey City is also bustling with shopping and entertainment venues, while the tree-lined Paulus Hook neighborhood is known for its numerous restaurants, pubs, cafes, bakeries, and other conveniences.

http://www.prweb.com/releases/2008/12/prweb1697894.htm

The Marketing Directors, Inc. To Oversee Five New Jersey Residential Properties

Led by Founder Adrienne Albert, The Marketing Directors, Inc. has been appointed marketing and exclusive sales/leasing agent for five new luxury residential properties in New Jersey. The impressive new developments include Crystal Point, 269 condominium residences in a 42-story building located along Jersey City's celebrated waterfront; The Sheffield, 116 loft-like condominium homes in a four-story building in the Bergen County township of Paramus; Vesta Hoboken, a sophisticated collection of just 16 condominium homes rising in this chic Hudson County town; Pier Village Phase II, 216 luxury rental residences located in the oceanfront community in Long Branch; and 140 Mayhill, 158 rental residences rising in Saddle Brook.

New York, NY (PRWEB) October 23, 2008 -- The Marketing Directors, Inc. has been appointed marketing and exclusive sales/leasing agent for five new luxury residential properties in New Jersey.

The impressive new developments include Crystal Point, 269 condominium residences in a 42-story building located along Jersey City's celebrated waterfront; The Sheffield, 116 loft-like condominium homes in a four-story building in the Bergen County township of Paramus; Vesta Hoboken, a sophisticated collection of just 16 condominium homes rising in this chic Hudson County town; Pier Village Phase II, 216 luxury rental residences located in the oceanfront community in Long Branch; and 140 Mayhill, 158 rental residences rising in Saddle Brook.

"We are very proud to be part of the marketing and sales/leasing of these five distinctly unique communities and are delighted to be introducing these rare opportunities to the public," notes Jacqueline Urgo, President of The Marketing Directors.

We are very proud to be part of the marketing and sales/leasing of these five distinctly unique communities and are delighted to be introducing these rare opportunities to the public
As we forge ahead during these challenging times, our unparalleled experience in leading clients through similar market conditions will prove to be an invaluable asset that will have a profound effect on the success of the marketing, sales and leasing of these residential properties.
"As we forge ahead during these challenging times, our unparalleled experience in leading clients through similar market conditions will prove to be an invaluable asset that will have a profound effect on the success of the marketing, sales and leasing of these residential properties."

Sales will open this fall for Crystal Point, a striking new 42-story building situated a mere 25 feet from the Hudson River on the final piece of developable waterfront land in Jersey City that directly faces Manhattan. Developed by Fisher Development Associates and designed by noted architectural firm Gruzen Samton, LLP, Crystal Point will feature 269 homes - each with a water view. The stunning new landmark boasts a distinctive, crystalline-style glass exterior designed to maximize the building's riverfront setting, and will feature magnificently-appointed one-, two-and three-bedroom home designs, an extensive offering of resort-like amenities and services and world-class views to create an unrivaled upscale living experience.

Ah, that makes more sense. Thanks!

Quote:

What I think they mean is that they will be opening a sales office in the area next month. Selling pre-construction.

Just walk by Crystal Point. It's going up fast but there's NO WAY they'll be ready by next month.

Troubles With Trump

Thursday, August 21, 2008
by Joey
www.curbed.com

In what can only be described as a breathtaking update on Jersey City real estate, the Life Vicarious offers some bad news on Trump Plaza Jersey City, a two-building development near the water that's not actually being developed by Trump: "We've learned they're too in debt to start the second tower (pictured) and unsold apartments are already showing signs of wear and tear - they're acknowledging to buyers they don't have the means or supplies to repair ... The Trump building is looking more and more like a headstone for Jersey City's highrise boom."

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More Jersey City real estate news you can use.

www.thelifevicarious.typepad.com

Now that we're looking for a new backyard in our own backyard we thought we'd share the good and bad of what we've been finding on the lowdown downtown.

The good news is across the street from us, as we watch 77 Hudson and its rental counterpart 70 Greene get glassed in with each passing day, (today's progress from our window, pictured) its seeming less and less like the tomb in The Cask of Amontillado and more and more like a viable living option. Never mind the fire, the suicide, the record fines, the rental tower - they're not apartments, they're rental luxury homes - is now advertising leasing for Spring 2009 and the going rate's supposed to be $4 a square foot. And for those wondering who's getting in on the ground floor by, umm, getting in on the ground floor, rumored tenants from realtors include a project from The Tropicana (hell, why not The Chelsea?) and an off-shoot of Nobu. Whether they're seeking the building out or the building is seeking them out we don't know but the latter seems more likely. It's also rumored to be the home of Jersey City's third Starbucks.

The bad news is at everyone's least favorite downtown building, Trump Jersey City. Whether or not you know this, it's not so much New Yorkers moving over here as foreigners and all along they've been banking on the Trump name. Apparently they don't know The Donald lends it out to everything from bottled water to beef and that it's a Trump project in name only until they tour before closing, crossing their Ts and dilating their eyes. What's going wrong? We've learned they're too in debt to start the second tower (pictured) and unsold apartments are already showing signs of wear and tear they're acknowledging to buyers they don't have the means or supplies to repair. And while some buyers now want out, those already moved in are turning to rent out their apartments at $3 a square foot on Craigslist despite not being able to offer all the amenities the building promises. (Completed surrounding buildings average $2.50 a square foot.) The Trump building is looking more and more like a headstone for Jersey City's highrise boom.

However all hope is not lost. As we write this, a wiser group of foreign investors, a Chinese family sitting to our left right now at Starbucks is going over plans with their architects for razing and raising a seven story building around Newark and Columbus, ready to move forward with ten one bedrooms and three bedroom penthouses disguised as two bedrooms with dens to get them past the planning board to quell their fears about density and which isn't as much their concern as whom they're commissioning for the building's mural. And people thought the downtown arts district was a lost cause.

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Jersey City Rendering Porn: Waterfront Goes Glass



Friday, August 22, 2008,
by Joey
www.curbed.com

Hearing about the shenanigans going on at the Trump Plaza Jersey City has reignited, however briefly, our interest in that shimmering land across the Hudson. And, very conveniently, a rendering of a new waterfront tower called Crystal Point just turned up in the ol' inbox. Some say the Jersey City waterfront is being done to death. We say, dudes, we're talking waterfront property here, and waterfront property never goes out of style, even if it is in the state that gave us Thomas Edison (that rapscallion!).

The 42-story, 269-unit condo building officially opens for business next month, and the developers say this is "the final piece of developable waterfront land in Jersey City." The amenities are Manhattan level (spa, gym, lounge, screening room, outdoor deck, pool, hot tub, etc.), but in terms of spiritual brethren, this thing kind of reminds us of another waterfront tower that looks into Manhattan: Northside Piers. And so, the developers had better make parking cheap!

www.crystalpointcondos.com