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Re: 35-year tax break proposed for three-tower Journal Square project
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Home away from home
 
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The architect for the project, Morris Adjmi, is a fixture in NYC and at the NYC Landmarks Preservation Commission, reliably bringing in thoughtful, well designed buildings that use modern design and materials to reflect their surroundings and relate to the historic character of the streetscape. This is his first high-rise project that I'm aware of, and I hope the developers give him the budget and creative freedom to make sure the project turns out better than the typical JC development http://www.ma.com/projects/
Posted on: 2016/8/18 17:15
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Re: 35-year tax break proposed for three-tower Journal Square project
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Home away from home
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Jersey City will get a 72-story tower courtesy of Jared KushnerA new rendering gives an idea of what the massive building will look likeCURBED NEW YORK By Jersey City has approved plans for Kushner Real Estate Group’s 30 Journal Square tower to begin construction. Instead of its formerly slated height of 650 feet, YIMBY has revealed that the Morris Adjmi-designed project will top out at a soaring 72 stories. According to the approved plans, the building will have 741 apartments, just over 15,000 square feet of retail space, and 96,602 square feet of office space. Residential units with terraces will start around the building’s halfway mark. There will also be a public plaza and a 741-space parking lot. As for the building’s facade, the rendering depicts an industrial, yet sleek glassy shell with large boxy windows. It’s possible that the building, part of the larger Journal Squared development project, will take the title of tallest tower in Jersey City, but only until 99 Hudson Street rises to surpass it at its projected height of 79 stories. http://ny.curbed.com/2016/8/18/125267 ... city-development-approved
Posted on: 2016/8/18 16:02
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Re: 35-year tax break proposed for three-tower Journal Square project
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Home away from home
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A fascinating article on the Kushner family -
http://www.esquire.com/news-politics/ ... d-kushner-trump-campaign/
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Stringer wrote:
Posted on: 2016/8/18 15:47
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Re: 35-year tax break proposed for three-tower Journal Square project
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Home away from home
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I hope they're either one or the other but not both. Actually would be better if it were neither so we could avoid density
Posted on: 2016/8/17 20:36
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Get on your bikes and ride !
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Re: 35-year tax break proposed for three-tower Journal Square project
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Home away from home
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good news, are they all rentals units? or condos?
Posted on: 2016/8/17 15:47
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Re: 35-year tax break proposed for three-tower Journal Square project
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Home away from home
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Plans for 3 major new Journal Square towers move forward By JERSEY CITY — Donald Trump's son-in-law is about to put his stamp on Journal Square. Jared Kushner and KABR Group are proceeding with plans to build three residential towers on two lots near the Journal Square PATH hub, towers that will include a total of 2,466 luxury residential units, 103,784 square feet of retail space and 224,539 square feet of offices. The plans, given unanimous approval by the Planning Board last night, include a radical transformation of the old headquarters of The Jersey Journal into an open-air retail market and public plaza fronting a 72-story tower. Chris Langston, chair of the planning board, hailed both projects, calling the one for 30 Journal Square — the old home of The Jersey Journal — "absolutely brilliant. Read more: http://www.nj.com/hudson/index.ssf/20 ... nal_square_towers_mo.html
Posted on: 2016/8/17 15:41
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Re: 35-year tax break proposed for three-tower Journal Square project
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Home away from home
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You are asking me information that is not collected. But I do know, because I recognize some of the names in the paper, of small homeowners, who pay taxes but do not get a break. Instead we are giving breaks to new developments which translate into new residents for luxury and affordable housing. I suggest, you ask the tax collector to gather the information you request.
Posted on: 2014/1/12 16:50
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Re: 35-year tax break proposed for three-tower Journal Square project
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Home away from home
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1. Are you saying that a different administration would not seek state approval? 2. In a previous post, you wrote that 2200 tax liens were sold. a. how many of these were owner occupied property as opposed to investments gone sour b. of the owner occupied properties how many were "long term" residents? c. in my personal experience, a bank sold my mortgage at the end of a tax quarter w/o paying the taxes and the new mortagage holder didn't pay them because they thought they had been paid. I found out by chance about the lien some guy in Palm Beach had on my house. When I asked the city why I wasn't advised of the lien I was told they only tell the mortgage holder. Presto-chango the bank paid off the lien lickety-split and I got a letter of apology. How many of these 2200 sales were done without the home owner knowing? How many would be paid off if they were informed. Property owners in Jersey City, unlike in down and out places, have an asset that they can sell - they just have to settle the lien at closing.
Posted on: 2014/1/12 16:44
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Re: 35-year tax break proposed for three-tower Journal Square project
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Home away from home
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I am not aware of any changes in laws to help seniors, vets, etc. However, I am sure this administration will say, you need state approval. The bottom line, more long term Jersey City residents are losing their homes while the city still adopts long term abatements for developers and affordable housing. Affordable housing does nothing to help long term homeowners who are struggling to hold on to their homes.
Posted on: 2014/1/12 15:22
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Re: 35-year tax break proposed for three-tower Journal Square project
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Home away from home
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Did the new admin make any changes to the tax lien process? Any relief for seniors or vets? Improved transparency? Higher minimums?
Posted on: 2014/1/12 10:59
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Re: 35-year tax break proposed for three-tower Journal Square project
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Home away from home
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Ok, let me rephrase, it is discrimination against owners of older buildings. I asked the tax collector recently how many people went into lien, she said 2,200 property owners had their liens sold. The sale was December 2013. So where are these owners affordable housing?
Posted on: 2014/1/11 23:48
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Re: 35-year tax break proposed for three-tower Journal Square project
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Home away from home
Joined:
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Discrimination against a building?
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Posted on: 2014/1/11 23:35
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Re: 35-year tax break proposed for three-tower Journal Square project
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Home away from home
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I find it amusing that the mass transit system has gotten no better and yet people want more development and a "no cars" culture. You can bet your ass that taxes are going way up for Jersey City residents and none of it is to address those problems.
Posted on: 2014/1/11 17:57
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Re: 35-year tax break proposed for three-tower Journal Square project
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Not too shy to talk
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Does anyone know if the entrance to the JSQ Path station from Summit Ave will remain open?
Posted on: 2014/1/11 16:54
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Re: 35-year tax break proposed for three-tower Journal Square project
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Home away from home
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Demolition underway in Jersey City to make room for $666 million residential towers
By Michaelangelo Conte/The Jersey Journal January 10, 2014 at 6:34 PM Major demolition is underway in Journal Square, where several buildings, including two large, five-story, brick buildings are being devoured by demolition machines to make way for a $666 million residential towers project. The buildings being leveled will transform Pavonia Avenue?s south side from Summit Avenue to McLaughlin Funeral Home a swath of empty lots. Traffic continues to flow in both directions on Pavonia and only the sidewalk on the south side of the street has been closed to pedestrian traffic. At 2:50 p.m. buses and cars were passing some 15 feet from the five-story buildings that are partially torn down. Summit Avenue is functioning normally. The project is to include a 54-story tower with 540 units; a 70-story tower with 700 units; and a 60-story tower with 600 units. The developer is KRE Group, headed by Murray Kushner. Construction of the first tower is to take three years to complete. The final tower is expected to be complete in 2029. The project received a 30-year tax break, as well as $10 million in bonds floated by a city agency, thanks to nearly unanimous votes by the City Council. Officials say the project, which will include ground-floor retail space, will bring an economic jolt to Journal Square. The demolition work will continue tomorrow and will include the destruction of the largest building to come down. It was formerly a phone company building. http://www.nj.com/hudson/index.ssf/20 ... _towers.html#incart_river
Posted on: 2014/1/11 5:18
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Re: 35-year tax break proposed for three-tower Journal Square project
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Home away from home
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Have they started contructing the first tower yet at Magnolia and Summit?
Posted on: 2013/12/4 16:58
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Re: 35-year tax break proposed for three-tower Journal Square project
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Quite a regular
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35 year tax abatement for a new developer with no funds towards school. Great so my taxes will go up ... Again. Talk about the democrats "fair share" mantra. Where the hell is my tax abatement? Forget about about abatement .. how about freeze my property taxes for the next 35 years. How's that for fairness.
I am just surprised that the other towns in the Hudson county don't say an iota about the abatements being given out in JC. Wake up people ... every damn abated building WILL raise the tax burden on existing property owners. To the council members that thought they were voting on one thing and in reality voted for the other package ... an advice from my late engineering prof - "Reading is fundamental ..." I am going to assume they can read and comprehend the ordinances they vote on.
Posted on: 2013/11/16 3:52
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Re: 35-year tax break proposed for three-tower Journal Square project
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Home away from home
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Joshua, it is not just the abatement, it is all the perks, bonding and state funding. Why should government guarantee anyone a success in a business venture? In the meanwhile, if I don't pay my taxes, city hall has no problem selling my property in a tax lien.
Posted on: 2013/11/16 2:33
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Re: 35-year tax break proposed for three-tower Journal Square project
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Home away from home
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CanCo was 30 years as well, I think.
Posted on: 2013/11/16 1:27
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Re: 35-year tax break proposed for three-tower Journal Square project
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Newbie
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The previous administration gave 30-year abatements to Crystal Point (on the waterfront) and MEPT (Journal Square), among others. Both were market rate.
Posted on: 2013/11/16 1:20
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Re: 35-year tax break proposed for three-tower Journal Square project
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Home away from home
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The Healy Administration gave 30 years abatement to affordable housing, this was market rate.
Posted on: 2013/11/15 23:02
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Re: 35-year tax break proposed for three-tower Journal Square project
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Home away from home
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That was an affordable housing abatement, wasn't it?
Posted on: 2013/11/15 22:07
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Re: 35-year tax break proposed for three-tower Journal Square project
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Home away from home
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The last abatement was for 12 years for Journal Square in February of this year. Not only do you have an abatement, there is bond money, and state funds. Where does it ends? That is prime property, it is a give away. If this was Healy, there would be attacks all over this forum.
No matter how you slice it, it is still economic discrimination, old buildings face an disadvantage, but giving that new building an edge over older building is discrimination.
Posted on: 2013/11/15 21:25
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Re: 35-year tax break proposed for three-tower Journal Square project
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Home away from home
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Hopefully. The city's abatement policy currently limits these tax abatements to the Journal Square Area. Supposedly the area map is supposed to be reviewed and revisited every 2 years to determine if it is still necessary. I do not know what threshold the city will use to determine when enough is enough. But I hope that it is not "once the whole area is also built out." The other thing I don't know is how much of the area in "Tier IV" (eligible for 30 year abatements) is a candidate for large developments that would take advantage of the abatement process.
Posted on: 2013/11/15 21:10
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Re: 35-year tax break proposed for three-tower Journal Square project
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Home away from home
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Perhaps abatements for JSQ should start to be phased out after 2014? fewer, shorter and cheaper?
Posted on: 2013/11/15 21:04
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Re: 35-year tax break proposed for three-tower Journal Square project
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Just can't stay away
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By this logic, there should be no new development, ever. Because newer, shinier, fancier buildings will almost always outcompete the older existing housing. If the Journal Square area improves significantly, it will have a very positive impact on the property values nearby. Developing the area means rising prices in that area, even if the older properties aren't at the same per-square-foot rates as the brand-new ones.
Posted on: 2013/11/15 21:02
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Re: 35-year tax break proposed for three-tower Journal Square project
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Home away from home
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I live in CancoLofts, where I've been since the COA was granted (~5 years ago), and of the 240 units in our building, I'd say maybe 25 have children. On my floor, on my side of the building, there are 20 units, and only one has 2 kids - both toddlers. Our building has an abatement, but as of right now (at least), there's only one child that I'm aware of that's grade-school age, and she's in private school. Will this go up in the future? Maybe, but most of my friends with kids, in the building, anticipate moving to the suburbs when they're old enough.
Posted on: 2013/11/15 20:45
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Re: 35-year tax break proposed for three-tower Journal Square project
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Home away from home
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Public officials said the same things about Newport, they won't be using city's services and they wouldn't have children. Well, they do use services and they are having children which attends public schools.
Posted on: 2013/11/15 20:43
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Re: 35-year tax break proposed for three-tower Journal Square project
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Home away from home
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That is a great idea. The numbers more than a few years out would be complete guesses, but it would be nice to know the assumptions used.
Posted on: 2013/11/15 18:57
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Re: 35-year tax break proposed for three-tower Journal Square project
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Home away from home
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Possibly. The largest cost associated with property taxes is the public schools. I would guess that most people living in a luxury tower in Journal Square won't be sending their kids to the public schools anyway. They are also unlikely to require more spending on some other services--we won't need to hire more police simply because this building exists, for example. They will impose a cost on certain other services, like fire, sewer and waste collection, but those are a relatively small portion of the overall budget. In general, municipal spending per wealthy person is probably lower than municipal spending per poor person (to the extent you can allocate these things), yet properties with higher assessments will contribute more in property taxes in the long run.
Posted on: 2013/11/15 18:55
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