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Re: The Beacon |
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Not too shy to talk
 
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I wasn't comparing beacon with Battery Park, but in general I would prefer a bit distance from the station. Beacon for sure is no walking distance, but 5 mins shuttle isn't bad for me
Posted on: 2009/7/1 18:40
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yeah i remember those ads in the nyt about gold coast etc.. but things didnt really take off until around 2001.
Posted on: 2009/7/1 16:39
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Home away from home
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the gentrification of downtown has been going on for longer than since 9/11. it may have been sped up in part due to 9/11, but it's been going on for what - 15 years now?
Posted on: 2009/7/1 16:23
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Home away from home
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bsun, you have to understand the root causes of jersey city's gentrification. It is because after 9/11, all major nyc financial firms moved their back and middle office to newport and exchange place, this was a massive buildout almost overnight. In turn it triggered an equally massive development effort of residential real estate BASED OFF those 2 hotspots, as the new condos got bought up/filled quickly, the development expanded outwards. It was also during one of the biggest real estate booms in history. All the conditions were aligned perfectly.
Grove street path area was gentrified because of its close proximity to the newport/exchange place offices and transportation. In the beacon area, as mentioned transportation will always be a major issue, but in addition we are in the bust phase right now. Other than the beacon developer, there is no new money coming in, and no new high rise condo/office buildings going up. It will be dead money for a long time. If you are looking to invest, you should check the jsq path area as i mentioned before. They have a real redevelopment effort going on right by the path station with new office buildings and condos going up, and transportation right there. Anyway i wish the beacon area luck, it will only benefit me if it does become gentrified as it will mean a new area for us jc residents to go to.
Posted on: 2009/7/1 16:10
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Re: The Beacon |
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Not too shy to talk
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Quote:
I was hesitant to even reply because I thought you were being funny. First, I think comparing Battery Park to I the Beacon's neighborhood is absolute insanity, no offense. Second, a bit farther from a station implies a few blocks. The Beacon is not even a part of the same neighborhood. That said I guess it is a good thing for the Beacon developers that not everyone has my tastes!
Posted on: 2009/7/1 15:19
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Not too shy to talk
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I sort of disagree. Best resident area not necessary need to be this close to a station. Let's take Battery Park for an example. It take easily 15 mins to get to the subway from any building in that area. Personally, I would prefer my place a bit farther from the station instead of Grove Pointe. Too many pedestrian traffic cause pollution and garbage. Just me.
Posted on: 2009/7/1 14:03
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Not too shy to talk
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Let me share a funny story. I was in the Grove street area, god knows how many years ago, working for Pershing the company. The Pershing Plaza was the first new building came up at that time after Harborside I believe. Anyway, the first month we were there we had to work many late hours. We used to bring our dinner to work instead of venturing out to the local. The Grove pointe was where I used to park my car for $5 whole day. One night, my co-work and I were in short of mayonnaise and went to one of the local deli for it. No joke, the local charged us $7 for the jar of mayonnaise. Since we expense our dinner, we bought it.
This was a silly incident, but what I'm trying to imply is that the local know when to jack up price and that is how cost of living in newly developing area goes up. A bottle of Dasani water in Chelsea is $3 today and I think it is crazy, but the residents around the area has no problem with that.
Posted on: 2009/7/1 13:52
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Just can't stay away
 
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see, and everyone thought we needed an upgrade - we're already big-time!!!! 
Posted on: 2009/7/1 13:34
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Home away from home
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damn up in the heights we only have 1 dollar stores... mcginley square must be movin on up 
Posted on: 2009/7/1 13:18
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Me too. I've learned that nothing is ever simple in JC. But here's hoping. Live long and prosper, folks!
Posted on: 2009/7/1 12:51
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Just can't stay away
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There are many local businesses in this area, mainly on Bergen Avenue; long term businesses that have been here for decades, i.e. Prince of Pizza, Lee Sims, along with 2 dry cleaners, deli's, fruit and veg stores, fish stores, Shelly's/C-Town, Chinese & Vietamese restaurants, shoemaker, etc. and the obligatory 3 dollar stores. Most of the homes are privately owned. Most of the boarded up property was what's left of the Med Ctr complex/Beacon. What really has been needed was a better police presence, not just a drive by down Monticello Ave. from one end to the other.
Posted on: 2009/7/1 12:45
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Not too shy to talk
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In my mind you cannot make a comparison to Grove a few years ago, the major difference being that the area around grove has ideal proximity to transportation (ie you do not need to take a shuttle OR walk 15 minutes to get PATH). I would venture to guess that 85%+ of Downtown JC residents come to JC because of its great commute to Manhattan. I know I did, and I know we immediately ruled out the Beacon because we did not want to have to deal with a shuttle.
That is not to say that the Beacon is not a beautiful building. I could care less about the projects IF the location was closer to PATH, but its not, and never will be. Again, I am thrilled that people like the building, as do I. But in the grand scheme, it's location is far from ideal. And while its surroundings may improve, it will be tempered by the fact that its location is sub-par.
Posted on: 2009/7/1 12:41
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Not too shy to talk
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Hey jennymayla,
I still live in Brooklyn, but have worked in JSQ for 2 years now. I don't meant the existing neighbors should move but the possibilities is high if the area is cleaned up and flourished. It is a simple cost of living ratio. If the area is cleaned and more mid to higher income families moved in, more higher disposable income will be in the area. Higher standard retail stores will want to have a presence in the area. Banks will compete to have their branch open. Then the question is whether the existing 3 stories apartment building landlord wants to rent their property to the usual or to these high ranking businesses. From experience, if bank want a corner they usually get it. No landlord will refuse a 10-15 years lease with renovation of their property. You are correct. Redevelopment of dumped down neighborhood not always work. It really depends on the city and the developer commitment. Somehow, I see the commitment from the city and developer in the area where Beacon is at. I hope it isn't a wishful thinking.
Posted on: 2009/7/1 12:32
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Home away from home
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A lot of people live in the surrounding area and would take advantage of retail there. I would be overjoyed if they put in a mid to high-end supermarket. But they'd have to do validated free parking, kind of like the Morton Williams at Newport. Anyone know when the parking garage is getting built? The original plans showed a big one on the back of the property, if I'm recalling correctly. And there was always talk of a nice restaurant on a high floor with views which I hope they're still planning.
Posted on: 2009/7/1 12:29
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Not too shy to talk
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I was on a tour at the Beacon a few weeks back and noticed that they are planning a retail area in one of the buildings. I wonder what will go in those places- great location for the residents, but what else/who else?
Posted on: 2009/7/1 12:12
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For sure, JCSHEP. I've seen that first hand and have personally invested in the area. But I'd also argue that we have a bit of a way to go, particularly with creating and sustaining more local business, as well as addressing the constant crime, even on the small time level. The stolen bike thread just reinforces that message. I know, we live in a city, yadda yadda but that doesn't make it ok.
And many other neighborhoods throughout JC have not had the same turnaround...yet. Paving a housing project and putting up a Barnes & Noble ain't the answer.
Posted on: 2009/7/1 12:10
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A good example of this is the grove street area. I lived around there for years, it has gone thru major changes in the last 7 years. There were abandoned buildings where grove point is as recently as around 5 years ago with vagrants living in them. As you move away from the new big buildings, the areas to the west, Barrow, Jersey, Monmouth, Bruswick, etc did not look anything like they do today.
Posted on: 2009/7/1 12:04
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Welcome bsun. Do you currently live in JC? I am curious because while I would love to support your argument that new neighbors and influx of cash can clean up a neighborhood, there are plenty of examples around the our city that disprove that.
I also support your theory of increased police presence forcing the gangs out but again, yet to see that happen anywhere else in the city, at least not consistently. The other question I battle with is why should the existing low-income neighbors --most of whom are neither thugs nor gang nor criminals -- have to move? They were there first. As I've said before, I've got nothing but good wishes for The Beacon. It's success would speak volumes for the viability of JC real estate. Just very interested in seeing how that community intends to leapfrog multiple levels of socioeconomic class to become the utopia promised.
Posted on: 2009/7/1 11:37
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Not too shy to talk
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I’m surprise I read this entire thread. I guess because I’ve interest in the building. Anyway, I’m from Brooklyn and let me share my two cents. Good neighborhood is the caused of money poured into the area. Regardless where it is, as long as the city, businesses and people willing to invest in the area, the area is destined to come up. For the last 15 years, I’ve invested in areas where they once called sh-ithole. All these areas are now consider the good or best place to live. To name a few, Sunset/Parkslop, BedStuy, Redhook, Fort Green and Williamsbury. If you read New York newspaper, these areas weren’t Disneyland and some areas still need more clean up. However, young couples and middle class families are moving in regardlessly and the real estate value in these areas has increased god know how many folds. Few years ago, I was looking to buy a brownstone in Fort Green for like $500,000 but missed the opportunity. Today, the same brownstone is around $2.5 - 4 mils.
Reason? These areas are cheaper than the waterfront to live and are close to the city. Today, the monthly rent for a 2 bedrooms apartment in Parkslop and Williamsbury is about $3,000 with no view. Want to buy a 3 families building in Redhook? 3 mils if you are lucky. Can these people afford to live there? Sure. Beacon is no different. It is consider cheaper than Exchange Place/Waterfront areas. So what if it is surrounded by thugs/gangs? They won’t survive for too long. When there are more money pour into a neighborhood, there will be more patrol. No thugs want to get stopped by police everyday. Thugs need low-income areas to survives don’t you notice? There will be no juice left for them eventually then they move. After the Beacon auction, the developer is moving to the next phase of the project. The area is going to get more tax income from the new residents. No city wants that to go away so it will get cleaned up. For those who own property around this neighborhood should feel fortunate. I give this area another 3+ years then it should be all clear. For the Montgomery Garden, I see a Barns and Nobles sitting there very soon. Just for the reference, It took less than 3 years for 97 Warren Street, NY to complete. Building no longer take 10 years to build. 
Posted on: 2009/7/1 11:16
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That is right R Rialto -- C Capitol. All the buildings will be named after famous art deco theaters. The next to open will be The Mercury. Lofts. Huge. Unbelievably appointed and priced. Wish I had the bucks! Another building will be named The Orpheum.
Posted on: 2009/6/30 9:32
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Pretty sure R is RIALTO and C is CAPITOL, two of the names of the individual buildings in the complex.
Posted on: 2009/6/30 7:06
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Home away from home
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Can I presume that R means River view as in New York, and C means City view as in Journal square? Or is it something like Courtyard and Rear?
Fox, did you find the square footage as listed matched those you measured or perceived? So I guess the Beacon has been finally priced at around $300/listed square foot giver or take a little. Oops... plus 10%!
Posted on: 2009/6/29 23:10
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Just can't stay away
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Units had different quality of views: one that faced that NYC skyline went for a lot more than one with an endearing view of the Pulaski Skyway and smokestacks.
And yup, 10% went to the house. Auctioneers and Developer made bank this weekend. Quote:
Posted on: 2009/6/29 14:19
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Re: The Beacon |
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the price looks to be all over the place for example:
R-1807 = $257,500 [764 sqft] C-1809 = $210,000 [795 sqft] but i agree no steals looke like the developer made off nicely. Will wait to see the tax records after those closes before commenting further. but what do you mean 10% premium? the buyer is paying the auction and not the sellers? and 10%?!?! agent only charges 5% nowdays for a closing. So a 210k unit, the buyer is paying the auction house 21k? 
Posted on: 2009/6/29 14:04
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Re: The Beacon |
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Newbie
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I attended the entire auction. They started with the 2BRs until they found a bottom, then moved onto the 1BRs. Here are the prices by apartment (don\'t forget to add 10% to the prices listed below; if the buyer does a quick close, they can deduct 2% from the price):
2BR: C-1512 = $425,000 [1,203 sqft] C-1609 = $430,000 [1,366 sqft] C-1209 = $425,000 [1,366 sqft] C-1109 = $385,000 [1,366 sqft] C-614 = $375,000 [1,200 sqft] R-1505 = $350,000 [1,278 sqft] C-709 = $370,000[1,366 sqft] C-609(*) = $370,000 [1,200 sqft] R-1502 = $360,000 [1,278 sqft] R-1702 = $357,500 [1,278 sqft] R-1402 = $350,000 [1,278 sqft] R-1805 = $350,000 [1,278 sqft] R-303 = $330,000 [1,269 sqft] C-520 = $320,000 [1,202 sqft] C-515 = $315,000 [1,200 sqft] C-113 = $305,000 [1,202 sqft] C-315 = $305,000 [1,202 sqft] C-322 = $305,000 [1,202 sqft] R-203 = $305,000 [1,159 sqft] R-804 = $305,000 [1,023 sqft] 1BR: R-606 = $287,500 [1,070 sqft] R1606 = $287,500 [905 sqft] R-701 = $277,500 [863 sqft] R-1902 = $275,000 [820 sqft] R-1506 = $270,000 [905 sqft] R-1006 = $257,500 [905 sqft] R-1807 = $257,500 [764 sqft] R-806 = $255,000 [905 sqft] C-1809 = $210,000 [795 sqft] R-410 = $212,500 [853 sqft] All apartments were sold absolute, with the exception of the unit marked with a (*), which was sold with reserve (i.e. the seller has the right to refuse the winning bid). Following the sale of unit C-709, the seller started selectively marking certain units as being subjected to reserve.
Posted on: 2009/6/29 11:00
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So, this is a feather in Sheldon Goode's cap.
Quote: but if bidding slowed down, they simply pulled remaining units from the auction and did a "final call" for them at a fixed price. So then can we presume that some of these were held back and not sold? Or were they snapped up at that "fixed price?" The latter seems unlikely if only one person chose to bid that high. Were any 2 bedrooms withheld from auction? I've often seen that "absolute price" needed the suffix "in your dreams." Anyone have the poop on the lowest price for a "lovely" low floor one bedroom overlooking Palisade Avenue.
Posted on: 2009/6/29 9:55
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Re: The Beacon |
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Just can't stay away
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Those 305-450K numbers were only 2bd units... the auction split up the 2bd and 1bd units and I only stayed for the 2bd units.
Its complicated, they had a weird way of assuring that units sold for a minimum price. There may not have been an official reserve, but if bidding slowed down, they simply pulled remaining units from the auction and did a "final call" for them at a fixed price. So the cheapest 2bd units were fixed at 305K, nothing cheaper, these were smaller, low-floor units with no views. Best units (high, 1200+ ft, views) all sold for 350K and up. The most expensive one was $430K. I was wrong on the 450 number. The priciest units had 1300 sq ft and NYC views. Keep in mind that is before 10% auction premium. I think better deals are available direct from sellers. Nobody stole any condos at this auction.
Posted on: 2009/6/29 9:44
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Re: The Beacon |
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Those one bedrooms that are being listed on Liberty for lower prices are the bottom of the barrell units on low floors with no views. I don't live in the Beacon or in it's area but it's good for all Jersey City property owners that they did well at the auction. I'm not a realtor either. I'm very happy for the Beacon owners and Metrovest. Their continued success will only help to bring their neighborhood up to the high standards that some of us downtown have been holding them to.
Posted on: 2009/6/29 9:24
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Re: The Beacon |
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The reserve doesn't make sense to me either. Especially since if you go to Liberty Realty's website they have 1bdr's at The Beacon listed for $225,000... so you can get the units cheaper than the auction price.
Guess I'll either have to speak to them or wait for the next auction, all of which is predicated on my selling my current condo in Hoboken. Failing that, I'll have to move back into it.
Posted on: 2009/6/29 8:54
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Not too shy to talk
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are you sure about the 450k high end number, my agent told me min 240k for one bedroom and max 424k 2 bedroom. anyway, i would actually take this as somewhat of a success as these people are paying higher than the previous market price with the winning bids.
auctions, they can really mess with your minds.....
Posted on: 2009/6/28 23:31
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