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uh..."Trump family crest"?

Half sold doesn't equate to half occupied - its all a cock and bull story and the make-over suggests its a white elephant.

This building will end up as a rental, because JC has crap amenities and governance. The view of NY is its only attraction, but not worth the crap commute to work there, or friends to come an visit.

A Second Act for Trump Condo


LONE TOWER The designer Benjamin Noriega Ortiz chose royal purple to help create a more elegant feel in the public spaces at the Trump Plaza Residences in Jersey City.

By ANTOINETTE MARTIN
Published: January 21, 2010
New York Times

Trump Organization
About half the condos in the building have sold, while plans for a second tower are on hold indefinitely.
THE tallest, ?Trumpiest? condominium in New Jersey ? the 55-story Trump Plaza Jersey City ? hit the market two years ago, just as economic forces aligned to hamper its success.

Dean S. Geibel, a managing partner of Metro Homes, then an exceedingly busy builder on the ?Gold Coast,? had the Donald from across the river lend his name and label to an ambitious plan for two mammoth residential towers that were to become the tallest in the state. They would swagger on the Jersey skyline, luring luxury-level bargain-hunters from Manhattan and pied-?-terre seekers from all over the world; that was the plan.

But the plan changed. The second tower was put on ?indefinite delay? as work on the first was still being completed.

Today the lone Trump building stands about half full, with 239 of its 443 units sold. Only a handful of sales have occurred in the year since the housing market and Wall Street meltdowns. And in August, after Metro Homes defaulted on payment of its construction loans, iStar Financial took over ownership of the building. It has since hired the real estate company Coalco to devise plans for a ?relaunch.?

iStar has reportedly suffered widespread losses on real estate investments ? another being an Asbury Park beachfront redevelopment project, whose master developer also defaulted on loan payments. The Roseland Property Company is now representing iStar?s interests in Asbury Park, working with officials to scale back and reconfigure redevelopment plans.

At Trump Plaza, the curtains are set to rise on a new act next month. The designer Benjamin Noriega-Ortiz was brought in from Manhattan to ?raise the level of elegance? in the building?s public spaces, and his prescription for a more sumptuous look involves drapes.

It also involves lighting, rugs, the introduction of royal purple and blue to the color scheme, new names for the rooms (?arrival room? rather than library), a new name for the building (it will be called Trump Plaza Residences), a new logo and a new gold-lettered sign over the door.

In the spring, the pool, cabana and ?great lawn? area on the seventh floor will be relandscaped and refurnished; seven new cabanas will also be built, according to Jodi Stasse, the president of Stasse and Company, now the sales and marketing agent for Trump in Jersey City.

Mr. Noriega-Ortiz is keeping an eye on cost, Ms. Stasse said, but devoting himself to detail. Last week, the floor-to-ceiling light boxes in the ?arrival room? already gave the room a ?more mansionlike feel,? as she put it, because decorative decals had been added to them.

Coming soon, according to Mr. Noriega-Ortiz: a purple carpet to the sidewalk, bearing the Trump family crest in gold; white drapes in the reception area with purple liners; and the lighting of the top of the building to produce a purple-tinted glow.

As to more substantive changes to revitalize sales ? price changes, for example ? Ms. Stasse said only that apartment prices currently start in the ?low $400,000s,? which she noted was affordable enough for buyers to come in under the guidelines for eligibility for the federal first-timers? income-tax credit program, which has been extended until April 30.

Wells Fargo Bank is now in charge of ?prequalifying? buyers before they sign a contract, and a representative is to be stationed full time in the new Trump sales office ? which is being moved to the building?s penthouse level and ensconced in a Noriega-Ortiz-designed three-bedroom condo.

Wells Fargo is offering F.H.A.-insured 30-year, fixed-rate mortgages, with rates currently just above 5 percent, according to Raymond Lamberti Jr., a branch manager.

As for the Trump Organization?s role in promoting the property, there appears to have been little or no change. The company was originally said to have entered into a joint venture with Metro Homes to build the tower, but took no role in its construction or operations other than determining its general aura of white-gloved concierge-quality comfort.

Ivanka Trump, Mr. Trump?s daughter and an executive vice president at the Trump Organization, has represented the company at the Jersey City property from the start, occasionally making appearances there over the past few years.

Ms. Trump, who is also a fashion model and jewelry designer, will serve as spokeswoman for the new marketing campaign when it gears up in March, according to Ms. Stasse.

?The idea,? she said, ?is to give residents the feeling that the entire building, not just their own condominium, is home, and that home is a mansion, or a palace.

?Ivanka will embody and articulate the message,? Ms. Stasse added.

Mr. Noriega-Ortiz said that Ms. Trump?s role had helped inspire his redesign. ?The building, while beautiful and sleek, had a very masculine, very hard-edged feel to it,? he said. ?My concept is to show a woman?s touch in ?the mansion? ? a softening, sumptuous and warm.?

?I believe this will translate into the sales experience,? he added.

Ms. Stasse agreed. ?Obviously,? she said, ?that is the bottom-line goal, to have more people buy into the building.?

I'm just amazed that the building is open now what, 2 years, that they are now having to do renovations and rejuvenation work.

WOW that was quick. I wonder what kind of assessment unit owners will have to pay for this new luxury lobby. I'd be a little bit upset. Was the original lobby shoddy workmanship or something?

FG

It's all just marketing plans to get them to sell finally...
It's a new building.. they shouldn't have to redecorate/remarket yet

I would be more impressed if they announced they were constructing the second tower.

Big Plans For Trump Plaza Residences Jersey City in 2010

By Mel Fabrikan
paramus post
Thursday, January 14 2010

Trump Plaza Residences in Jersey City Exciting New Marketing Program And All-Star Team To Take Luxury Tower To New Heights Of Excellence

Trump Plaza Residences is gearing up for an exciting year ahead for the sophisticated 55-story residential tower in Jersey City, N.J.

Already known for its luxury brand and swank atmosphere, Trump Plaza Residences is upping the luxury ante with a dramatic enhancement of the upscale 443-unit tower, the tallest residential tower in Jersey City, which is managed by the Trump Organization.

The revitalization will include a grander entrance, creating a sense of arrival for residents and guests, and the enhancement of the already impressive amenities with a new design for the outdoor space that maximizes the full potential of the pool, cabanas and lawn areas.

In addition, a new all-star team of leading industry professionals is gearing up to launch an exciting new marketing campaign, which will kick off with a grand opening and unveiling of the interior spaces later this year.

"The Trump Plaza Residences are already known for their astounding panoramic views of the Manhattan skyline; their white-gloved concierge services; and their distinctive suite of amenities," said Jodi Stasse, director of marketing and sales at Trump Plaza Residences Jersey City. "The re-imagining of the exterior amenities is raising the bar for luxury living in Jersey City."

Celebrity interior designer Benjamin Noriega-Ortiz of Manhattan-based BNOdesign has been brought in to redecorate the entrance and the public spaces -- including the heated outdoor pool -- giving them the relaxed-yet-luxurious feeling of a hip urban mansion with a home-as-castle theme. The building's chic, contemporary black and white design scheme will be enhanced with one that incorporates the lavish use of jewel-toned colors, opulent draperies and plush furnishings.

The result is to set Trump Plaza Residences Jersey City apart from other waterfront properties by making it more comfortable, sensual and welcoming while retaining the signature Trump prestige and allure. The building also will be officially renamed Trump Plaza Residences and will have its own logo, inspiring a new branding approach for this property in keeping with the distinctive branding that the Trump Organization already has established for their Trump Plaza Casinos and Trump Plaza Hotels, making this building the first residential property to be given this distinction.

All renovations will be completed in two phases - the model residences, sales center and all interiors will be completed in February 2010 and the outdoor space and landscaping, including the pool and new cabanas, will be completed in May 2010.

The luxury high-rise, which was started in 2006 and was completed in 2008, has 443 residences, of which more than half have been sold and closed. The property's more than 40,000 square feet of amenities are comparable to those of the world's grandest hotels, and include a screening room, dining hall with catering kitchen, game room, various sitting areas and lounges, aqua grotto, heated outdoor pool and cabanas, in-house spa including massage, locker rooms and saunas, a business facility and a fitness center. All amenities are managed by the Trump Organization.

Residences include one- and two-bedroom homes ranging in size up to 1,450 square feet. Prices for one-bedrooms start in the mid $400,000s, while two-bedrooms start in the mid $600,000s. Three-bedroom homes and penthouses are available but are in limited supply, with pricing available upon request. The property has a 20-year tax abatement program. FHA financing is also available, offering reduced interest rates and low down payments.

The residences feature panoramic views from the George Washington to the Verrazzano Narrows bridge, and a convenient location near the PATH, waterfront ferry and the Bergen-Hudson Light Rail that puts all of Manhattan and the Gold Coast at the residents' doorstep.

For more information on Trump Plaza Residences Jersey City, please contact the on-site Sales and Marketing Team at (888) 263-7003, email: info@trumpplazaresidences.com or go online at www.trumpplazaresidences.com.

Who's the fool that paid that much???? Fo that price, you can buy in NYC (the REAL thing) or about 3,500 sq. ft. at the Sugar House or some other condo less sterile than Trump. The photo in the link above is wishful thinking - there are two towers - probably about 5 years ahead of it's time.

Trump, Khloe Kardashian, and a $2.4M Jersey City penthouse

If you?re the sort who likes to follow real estate happenings in Hudson County, you should know that partners Metro Homes, LLC and The Trump Organization announced this week the closing of a $2.4 million penthouse at Trump Plaza Jersey City, their joint venture near that city?s waterfront. The sale of the 2,000 square-foot condo translates to $1,200 per square foot. Wow. Maybe they?ll have us over to watch the Apprentice one night?

Incidentally, the celebrities for the next season of that Trump-hosted show were announced today and include such notables (or not so notables) as Andrew Dice Clay, Tom Green, Clint Black, Scott Hamilton, Jesse James, Brian McKnight, Dennis Rodman, Herschel Walker, Khloe Kardashian, Joan Rivers, and Melissa Rivers.

Getting back to the serious matter, there are still condos left in the building if you want to buy your own. The 55-story building has 444 condos, and there are 69 left with a starting price of $495,000.

The building is the tallest residential building in New Jersey. See photo!
http://www.jerseycityreporter.com

Has anyone that has a view ever looked at the Trump Building. At night you are lucky to see 10 lit condos. This belief it is almost sold is nuts. That building is empty empty empty. Now trying for a new building is crazy. Fill the first one. Many buyers in Manhattan are now walking away from the deposits to save money. Lose your $ 200,000 is better than the condo now worth less at market value. Money is tight for even the wealthy.

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If you have 375 of 444 units sold, then the Bank's should have had their money by now. I also note that Geibel is making it quite clear that 'Trump' has no interest in the building other then the use of his name and Trump himself, doesn't seem to promote the place all that much.

Some how I feel siht is about to hit the fan (if it hasn't already) and individuals are speaking with 'fork tongue', and just maybe someone might want to cut his loses and do a 'runner' !

Trump Plaza's developer hits $$$ 'bumps' for 2nd tower

Tuesday, December 09, 2008
By PAUL KOEPP
JOURNAL STAFF WRITER

The developer of Trump Plaza in Jersey City has defaulted on a construction loan for the waterfront project's second tower, sending a bank after him for over $13 million.

Not to worry, says the developer, Dean Geibel of Hoboken-based Metro Homes LLC. He said he is working on refinancing the $24 million loan, and the 50-story, 418-unit highrise will still get underway some time next year.

Geibel stressed that the default does not reflect Trump's own financial situation, since Trump's involvement is limited to a licensing agreement allowing the use of his name.

"This is not really about Donald Trump, it's about Metro Homes," Geibel said.

Capital One filed the complaint against Geibel in state Superior Court in August, seeking to enforce a guarantee by the developer to pay back at least $11 million by January 2008. The loan, backed by the property on which the tower will be built, was signed in January 2006.

Asked about the complaint, Geibel attorney Leo Leyva wrote in an e-mail: "We are in complex negotiations with a number of parties in an effort to resolve the outstanding issues which many real estate developers are currently facing."

He added that the action should not have been filed because the guarantee is "only effective in the scenario that the real estate was worth less than the indebtedness, and that is clearly not the case."

Capital One's complaint said that as of Aug. 5, Geibel owed almost $2.3 million in late fees, attorney fees and interest payments in addition to the $11 million guarantee, with another $8,667 being tacked on each day.

He said he still has a "good working relationship" with the bank and is looking to add a partner to help with financing the second building, which will cost around $150 million and take about two years to finish. "We just hit a couple bumps along the way," Geibel said.

He said the first Trump Plaza building has been "very successful," with 375 of its 444 units sold.

The news article from 2007 said that 320 units were sold at Trump and now in the Times article only 200 have been sold - seems like buyers are starting to wise up, or more likely financing has dried up.

http://www.nytimes.com/2008/09/21/rea ... .html?_r=1&em&oref=slogin

This article in yesterday's NYT Real Estate section states that the Trump condos aren't even half sold - surprising since this project was announced over 3 yrs. ago.

I hardly think the place where the Trump building will be a "no man's land" at night....plus they can always walk/bike/taxi to grove street or paulus hook

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I'd agree w/this, it's funny to read all the mutual masturbation from Trump buyers about how great their investment is. That area can be euphemistically described as "quiet" during the day, at night it's no-man's land and residents w/out a car will be confined to the building's "luxury" shops. I'd guess in a few years that will change, but for that kind of $$ a few years is a long time. I'm guessing anyone who bought there did so reflexively because of the Trump name and didn't know doodly squat about the area.

I would have to disagree with anyone who thinks the Trump Tower will do well as an investment. Yeah, it does have the Trump name, and yeah, it does look better than most of the new developments architecturally, but it does not really have the location at all. It's not all that close to any of the PATH stations for one thing, and it's also going to have it's views entirely blocked once 2 Second Street and the rest of the Harborside Financial Center (with the 800 ft. beast known as Harborside 7) are constructed.

Trump Plaza Jersey City -- 3 videos on YouTube:
CLICK HERE

Also:
http://njtrump.com

I would seriously consider going from my historic monument (sorry, but that still makes me chuckle). Is there anyplace to see floorplans of any of these buildings? The websites don't have them, or at least they didn't the last time I looked. I have been to LHN and was shocked at how small they were and the A was pretty tiny too. Is Trump or Hovnanian appealing to empty nesters with features like separate dining rooms, windowed bathrooms, house size living rooms,etc? I hate to go to the showrooms if the apartments aren't worth considering. The faux graciousness of the employees always works my last nerve.

Also is the tax on all abated condos 1.7% of puchase price? That's what I was told at LHN.

This will be one of the very few developments that will do well. I can already hear people at their work place and around town saying with a sense of attitude - 'I LIVE AT TRUMP TOWER' - it will have an appeal to the 'brand name' sect and I say good luck to them!

The other brand name building is the 'W'- same sect will love telling people which building they are in.

55-story Trump tower touches sky

Saturday, June 16, 2007
By JARRETT RENSHAW
JOURNAL STAFF WRITER

Less than 18 months after the shovels went into the ground, city officials yesterday joined with the developers of Trump Plaza Jersey City to celebrate the topping off of the 55-story building.

The project, which broke ground in February 2006, is a joint venture between Hoboken-based Metro Homes and real estate mogul Donald Trump, who has made several high-profile visits to the site since construction begun.

Jersey City Mayor Jerramiah Healy was on hand to celebrate the "topping" of the first of two towers to be built. Construction on the smaller, 50-story second tower, which was slowed by financing concerns, is now scheduled to begin in the fall.

Trump Plaza Jersey City will feature more than 900 condominium residences in two towers, making them the two tallest residential buildings in New Jersey - that is until the nearby Metropolitan is built.

When built, the $200 million Metropolitan would become the state's second tallest building, after the 781-foot Goldman Sachs building on Hudson Street. The tower is one of several that may be built in the 18-acre shopping area currently anchored by a Shop-Rite supermarket and a BJ's Wholesale Club.

Sales at Trump Plaza Jersey City have been going quickly, with roughly 320 units sold in less than eight months, officials said

Zen and the Art of Selling Apartments
Spa services are the new Sub-Zero

New York Magazine - S. Jhoanna Robledo - Jan 13

Blame the hammam. When Kira Pollack stopped by the showroom for 20 Pine, she?d already become inured to the countless amenities condo developers are adding to their buildings these days. But she couldn?t help falling for the Turkish steam bath at the converted office building in the financial district, where she recently bought a one-bedroom. ?It was appealing,? she says?after all, who wouldn?t mind a sauna after a wintry day?

Developers must be hoping there are many more just like her: A spate of projects, including 20 Pine, the Caledonia in West Chelsea, and even Donald Trump?s Jersey City project, have entered the market with Jacuzzis, treatment rooms, and other spa-inspired amenities. Some, like Miraval Living on East 72nd Street, have gone a step further, making it the centerpiece of their sales pitch. ?New Yorkers like to be pampered ? [They?re] very stressed and they live fast-paced lifestyles,? says Josh Zamir, who?s handling the Setai at 40 Broad Street, which has a 16,000-square-foot spa (pictured) that will offer everything from Ayurvedic facials to Tibetan hot stone massages. Residents will get discounts and first dibs on appointments, and can arrange for treatments in their apartments rather than at the spa.

It?s too early to tell if this trend will move apartments. Appraiser Jonathan Miller says there does appear to be a market for these types of properties, but he wonders how big it is. ?Would you pay a premium if you?d still have to pay [for the spa amenities]?? he asks. ?You might get a boost with marketing, but after the purchase, the boost may evaporate once it comes time to sell.? Zamir says his building is no gimmick. ?We?re spending a lot more on the quality and design of our spaces,? he says, adding that it?s all part of a larger plan to differentiate the project from the generic towers rising all over town.

Pollack says she?ll likely frequent the hammam, but it?s not why she bought her apartment. (The price and extra space were big pluses, too.) ?I would get a massage from the person I normally go to,? she says. ?New York is about going to all places to do all different things, like Chinatown for a Thai massage and acupuncture from the guy on 18th Street. I don?t want to stay in my building all the time.?

November 5, 2006
In the Region | New Jersey
Maids, Spas and Sweeping Views
By ANTOINETTE MARTIN
WHILE virtually all signs point to a housing market gone limp, sales at two opulent projects in Hoboken and Jersey City indicate that there is still vibrancy at the very high end.

At the 55-story Trump Plaza condominium tower rising in Jersey City, more than 100 of 445 units priced from $425,000 to more than $2 million were sold in the first 10 days. At the W Hotel under construction beside the Hudson River in Hoboken, 22 of 36 condos offered at prices from $775,000 to $4.5 million were sold in three weeks.

The Trump building, the first of two planned towers that will be the tallest residential structures in New Jersey, has only dirt, foundation, scaffolding and cranes right now at its site at Washington and Bay Streets, a block from the Exchange Place PATH station. The W, which will be the first of its brand in New Jersey, currently has a similar look at its site on River Street in Hoboken.

Nevertheless, both projects have sales offices near their construction sites, with scale models, streaming video, detailed floor plans and mockups of finished rooms.

At Trump?s lavish sales office on the 13th floor of an office building on Montgomery Street in Jersey City, condo shoppers can get a bird?s-eye view of the construction site and the panoramic view across the river that many tower occupants will enjoy.

The sales office has the same back-lighted onyx walls, Macassar ebony portals and French limestone floors that are planned for the two-story lobby of Trump Plaza, as well as kitchen, bath and room models in the two interior styles that will be offered ? one more ?glamorous,? the other more ?contemporary,? according to the sales agents.

The amenity package includes maid service, valets, porters and the use of Zipcars ? Mercedes Benzes available for hourly rent. In addition, 41,000 square feet of ?lifestyle attractions? have been built into the project, including a Roman-style spa, a golf-game simulator, a children?s playroom, an outdoor pool, a rooftop green-space and a landscaped plaza.

One-, two- and three-bedroom units at Trump Plaza will range from 750 to 2,050 square feet.

A majority of the condos ? about 300 ? will be one-bedroom units, according to Dean S. Geibel, managing partner of Metro Homes, a partner in the project. All of the one-bedroom units at the W in Hoboken were quickly sold, leaving the larger units, priced at $1.85 million and up.

Mr. Geibel?s company, based in Hoboken, originally proposed the two-tower project in Jersey City and sometime later joined with Trump to build it.

?We determined there is a strong market for young professionals, especially those working in Jersey City?s ?Wall Street West? and the Wall Street across the river, who want the Trump lifestyle of on-the-go urbanity,? Mr. Geibel said. Many of the amenities are pitched directly to such a buyer, he noted ? the ultra-modern stainless-steel washer-dryer unit tucked under the kitchen sink, for example.

Mr. Geibel acknowledged that the common charge was higher than at other waterfront properties ? $560 to $611 for one-bedroom units, $811 to $1,050 for two-bedrooms, and more for three-bedroom top-floor units ? but added that this was because the amenity package was ?unprecedented? in New Jersey.

He said the strong pace of initial sales justified the decision to build so many units at a time when inventory had swollen and prices had begun to drop across the state and nation. ?The Wall Street economy is bullish,? with the Dow Jones industrial average recently setting record highs, Mr. Geibel said.

?Plus, when you are offering a world-class building with outstanding views, the highest-quality service and unbelievable amenities ? all with the Trump name on it ? buyers are going to show up,? he said. ?We didn?t really have any doubt.?

At the Hoboken W, the one-, two- and three-bedroom condos on the top nine floors of the 225-room hotel and the two 26th-floor penthouse units with four bedrooms are all higher than neighboring buildings in the Waterfront Corporate Center, giving them unobstructed views from floor-to-ceiling windows and from balconies.

The glass-and-zinc-faced tower was designed inside and out by Gwathmey Siegel and Associates, an architecture firm in Manhattan known for innovative modernist style that will stand out amid Hoboken?s traditional squat brick structures, according to the builders, the Applied Development Company of Hoboken.

?This is going to be so different and special for Hoboken that some people have been waiting anxiously to buy homes ever since word got out a couple of years ago that we were going to build it,? said Michael Barry, a principal at Applied Development.

Home buyers at the W will have access to the hotel?s planned high-end restaurant, the Living Room lounge and bar area with a view of the Manhattan skyline, the Bliss Spa, 24-hour room service and the chain?s concierge service, which is dedicated to fulfilling whims.

?You can call downstairs and say you?d like to arrange a four-course dinner for a party of 12 in three hours, and have it done,? Mr. Barry said. ?You can be seized with the desire for Beluga caviar and Champagne at midnight, and the staff will scurry around and find just what you want.?

Condo residents can also pay extra for daily housekeeping and laundry service, pet walking and grooming, houseplant maintenance, in-home spa service and so on, Mr. Barry said.

The condo units feature 10-foot ceilings ? as do those in the Trump building ? and bamboo floors, granite floors and counters in the kitchens, built-in wine coolers, and soaker tubs and glass-tile walls in the baths.

The W condos will be ready for occupancy in the summer of 2008, according to Mr. Barry, and the Trump Plaza building is slated to open in late 2007, Mr. Geibel said. Construction of the second Trump tower, which will be 50 stories, will begin once a large percentage of units in the first tower have been sold, Mr. Geibel added.

So I had my appointment yesterday for the new Trump building. They are only building one as of now-

1 bedrooms will be $499K to upper $800K's
2 bedrooms will be Mid $700k's to over million
Didnt look at anything bigger or smaller than that. The amentities are great but common charges as said to be through the roof. Wont be ready untill mid 2008!!!!!! Same as everyone else - building going straight to contract and 10% down needed to hold anything.

Its amazing that JC has reached these prices considering resales go for nowhere near as much. (Ex - Dont see many one bedrooms on market for $600k!).

This will be a nice opportunity for the developer to improve on the deal they got. They know the city is quick to capitulate. When councilmen state that they are getting a great deal for the people of Jersey City, we know what that really means.


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You beat me to posting this Steve. Definitely noteworthy that JC gets played by the developers, AGAIN.

It wouldn't surprise me if the administration now tries to go back and rewrite the deal to make it even more favorable to Trump (well, not really Trump, it's not like he was building anything in the first place).

Is the demand for high end condos in downtown JC less frothy than was once thought?

PAYMENT MISSED
Question mark for more development at Trump complex
Monday, July 10, 2006
By KEN THORBOURNE
JOURNAL STAFF WRITER

The Donald is hedging his bets on a twin-tower condo complex he is building in Downtown Jersey City.

The casino and development mogul told The Jersey Journal he and his main partner in the deal, Hoboken-based Metro Homes, reneged on paying $1.9 million to the city, due June 1, because he's not convinced the project's proposed second tower will become reality.

Also in the article:

James McCann, the attorney representing Metro Homes, told the City Council at last week's meeting that banks financing the project are jittery about the prospects for selling out the second tower - perhaps thinking the bubble is about to burst in Jersey City's condo market.


Read the rest of the Jersey Journal Article