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They probably could have done this if the ARC tunnel had been completed and more trains had direct service to midtown. But trains keep arriving in Hoboken and those people largely all end up going onto the Hoboken PATH trains.

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The Jersey Journal corrected their story online, which is one of the perils of copying and pasting news stories.

While the towers are not in the Lefrak owned Newport development, there isn't a better neighborhood moniker than Newport. Its probably best to say they are in the Newport neighborhood.

Trump Plaza Residences 532 feet tall
Monaco Towers 510 feet tall
70 Greene and 77 Hudson 500 feet tall

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Trump has 56 floors but the overall height could go to Monaco given the bigger parking deck below or higher ceilings on each floor.

These towers are NOT in Newport, are NOT owned by the LeFraks and are the tallest rental residential towers in New Jersey. I believe the Trump Plaza Residences condo tower is taller. They were developed by the Roseland Property Company.

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Jersey City officials really need to put pressure on Port Authority to not only add a few more trains on the JSQ-33rd, but also REMOVE the Hoboken pit stop on the weekends.

Wow, $2,300 for a studio?

Monaco, New Jersey's tallest residential building, opens in Jersey City's Newport development, with 523 rental apartments in two towers rising 50 stories

Thursday, May 19, 2011

Monaco, New Jersey's tallest residential building with $7,500 penthouse apartments, opened last week with a ribbon-cutting ceremony in Jersey City.

More than 40 percent of Monaco's luxury apartments have been rented in the building's first six weeks, officials said.

"Monaco is another landmark development in one of America's great landmark cities," said Mayor Jerramiah Healy. "Jersey City's real estate market is leading the recovery in New Jersey."

Monaco is a two-tower, 50-story, 523-unit residence in Newport on the Jersey City waterfront built and owned by the LeFrak Organization.

Two of the development's ground-level shopping units have been leased to Sovereign Bank and VB3, an Italian pizza bar, officials said.

A 10-story parking deck is available for residents, retail shoppers, and the adjacent DoubleTree Suites hotel.

Rents at Monaco start at $2,250 for studio apartments.

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Been time for that since Secaucus Junction was built.

Maybe time to lower the frequency of Hoboken 33rd street path trains during rush hours in favor of a few more to&from JSQ/33rd?

50-story apartment building opens in Jersey City; it's NJ's tallest residential building

THE ASSOCIATED PRESS
May 13, 2011

JERSEY CITY, N.J. ? New Jersey's tallest residential building is now open on the Jersey City waterfront.

Called Monaco, it's a two-tower, 50-story luxury apartment building with 523 units.

Its developers and city officials held a ribbon-cutting ceremony Friday.

The Jersey Journal reports that the project features ground-level retail stores and a 10-level parking deck for residents, shoppers and guests at the adjacent DoubleTree Suites hotel.

Rents start at $2,250 a month for studio apartments and range to $7,500 for three-bedroom penthouse units.

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NJ?s tallest residential towers
?Monaco? opens on Jersey City waterfront

by Sonia Owchariw
Reporter staff writer
May 15, 2011

Despite harsh economic times, officials and developers cut the ribbon for the tallest residential building in New Jersey on Thursday, and now all it needs are new Jersey City residents to fill its 524 apartments on the Hudson River.

?Winter of 2008 was the start of the real estate depression,? said Carl Goldberg, a partner at Roseland Property Company, before the ceremony last week. ?There was no capital for investment. But seven banks gathered and invested in the future of this project. And today, it stands as a herculean endeavor It was an amazing vision back in December.?
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?Our administration tries to be business-friendly for investors.? ? Jerramiah Healy
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The Monaco, a two-tower, 50-story building at 475 Washington Blvd., is 30 percent leased and looking for more tenants.

The $240 million project, according to Goldberg, created $100 million in salaries for 400 union workers.

?This was an economic stimulus which created income for workers providing for their families by paying mortgages and college tuition,? Goldberg said. ?It [also] gave Jersey City a tax ratable.?

The building was developed by three partners: Roseland Property Company, Hartz Mountain Industries, and Garden State Development.

They are currently seeking tenants to fill the remaining 70 percent of the buildings.

The building features waterfront views of Manhattan and accessibility to the PATH and Light Rail trains. It?s located near historic Harsimus Cove in downtown Jersey City.

?We wanted to offer a flavor of something different with Monaco for people who work in lower Manhattan,? said Peter Mangin, the president of Garden State Development, Inc. ?It?s a great place to live and to commute from.?

The two-towers are situated on 2.5 acres of land.

?Building the Monaco was difficult and tenuous, because the capital market dried up in 2008,? Emanuel Stern, president and chief operating officer of Hartz Mountain Industries, said.

In the last few years, many developers have decided to include apartments rather than condos in their residential buildings for people who are wary of home buying in this economy.

Mayor Jerremiah Healy praised the project.

?Our administration tries to be business-friendly for investors who want to invest in Jersey City?s growth,? Healy said. ?It?s important.?

Read more: Hudson Reporter - NJ?s tallest residential towers ?Monaco? opens on Jersey City waterfront

That explains why Jersey City has its own network television and radio stations. Oh. Yeah. That's right. We get NBC New York and CBS New York and ABC New York and Fox New York. But yeah, other than that, all our major sports teams are-- oh, yeah New York Giants and New York Jets playing in East Rutherford and the New York Red Bulls playing in Harrison. But we got the Nets! Well, at least until they go to Brooklyn. So yeah, I mean, everyone in Jersey City is probably a Newark Bears fan, right? Am I right? Go Bears! I can't wait for them to beat the Yanks in the series.

But seriously. We have major corporations here. Like Chase and Goldman Sachs. Like Finance. Like all the important back office operations that are too expensive to have in Manhattan. Shit. We even have Phoenix University now. I mean, young people will flock here to attend Phoenix University at the Newport campus. It will be a regular college town.

But you know, the REAL Jersey City residents don't bother having jobs in New York. I mean, most of them don't bother having jobs at all, so why the hell would they bother commuting into the city in the first place. Being unemployed in New Jersey is much better than having any association with New York; you wouldn't want anyone confusing you with a New Yorker after all. Like, "oh hey, you work in New York, you must really know the city" and then you have to be like, "oh man, I'M from Jersey City." And then you probably add a colorful metaphor just so they know how serious you are, something like Double Dumb Ass On You.

Jersey City is a destination that Europeans and Midwestern tourists should be flocking too. We have great museums, like the now defunct Jersey City Museum and that strange Russian Art museum open on Mondays and every other Wednesday. Why pay $18 at the Metropolitan when you can come to Jersey City and not pay anything to not get into the museum since, inevitably, the museum will be closed. But hell, world class destination, right here on the west bank of the Hudson River.

Diversity is great, as long as I don't hate you or the kind of people you are. I mean, hell, do we really need more of those Hoboken types moving in?

But you know what, its like people who live in Jersey City are all like people who live in Detroit buying Japanese cars because Fords and Chryslers and Chevys fall apart after 18 months and Hondas can go 200,000 miles. Where is the pride? Why don't people in Detroit buy American cars? Let me tell you, I'm really, really, really, really tired of Detroit residents buying Japanese cars. Like, don't these people get it? Those are our tax dollars. Its like the federal government WANTS us to buy American cars, but everyone is too prideful to sit around tinkering with their American cars on the side of the road after a cheaply made timing belt snaps on I-75. Why won't people buy American Cars??? Its a metaphor. For Jersey City.

I [Heart] JC.

i remember seeing commercials for the red bull air race saying it was coming to new york city (not the nyc area, but nyc itself) then at the end shown on the screen the address was liberty state park jersey city nj.

people move to jersey city out of necessity. people are now either moving even farther into brooklyn or to the west of manhattan cause there's no where else to go for the same price you used to be able to pay.

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That's the thing, most people don't like JC they move here because NYC is next door.

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If you don't fit the mold of the people I speak of why are you mad? It has nothing to do with "I was hear first" it has to do with the type of people moving in. I mean we're seriously having discussions about getting a Whole Foods here?!?! And multi million dollar condos!?!? I'll wait patiently for someone to chime in and tell me I'm mad because I cant afford it.

Lemme guess... you like to say things like "I saw (fill in name of favorite band) play two years before their first album was released".... Because those people are sooooo much more interesting than "yuppie snobs" and "pretentious Manhattan folk". Get over yourself. If people like what you like, forwhatever reason, that should make you feel good, not superior because you were here first.

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I even remember reading an article about Liberty Harbour before it was completed saying "geared towards New Yorkers" "not your average JC resident" I mean come on ??? Id like to find the exact article but Im not sure where I could find it.

a developer's gotta do what a developer's gotta do.

do people really like that scandinavian modern look so much that it's in every luxury apartment advertisement? they look like dorm rooms. honestly, the furniture they use looks like it's from target.

It'll be the day when I hear of some new condo being built Downtown geared towards middle class JC residents. Im not gonna hold my breath.

They are giving nice incentives, 2 months free on a 14 mo lease.

http://newjersey.craigslist.org/apa/2334269023.html

are these all rented out yet?

Should be open by next month at the latest.My friend works on the job.

What's going on with this. Have they started renting in that tower?

Projects this size aren't worried about the vacancy rate in year 1 after completion. Its about capitalizing on the upmarket when the economy shifts; its a long term investment for long term trends. And thanks to the amended abatement, they can hold out longer.

Monaco is still probably 18 + months away from the first occupancy. If the economy doesn't recover by 2011, there is a decent chance it will by 2012, or 2013. The wager isn't on whether the building will or will not fill up when it is completed; its whether there will be a long term demand for residential properties within the metropolitan region, and all signs point to yes on that account.

Not condos. 524 rental units & 12,000 square feet of retail space & 558-space parking garage in two 50-story buildings.

Building Big In a Downturn: Developer banking on Jersey City?s strength in breaking new ground

http://www.njbiz.com/weekly_article.a ... 5554.90865.961&aID2=77076