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Re: NY Post article on Journal Square
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Home away from home
 
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Much of this will be a matter of personal preference. I used to live in Newport and absolutely hated it and at the time deeply regretted leaving Manhattan. I quickly found someone to assume my lease and headed for other parts of downtown. Liked said parts so much I bought property here. You, on the other hand, think Newport is great. user1111 prefers Williamsburg, which is where they are from. Someone else will prefer Iowa. We can, however, discuss things like rental value that are objective and determined by the market. By the way, to give you an indication of just how much I hated Newport, Newport has the dubious distinction of being the first place I have ever moved out of just because I hated it. I have lived in over a dozen rentals and places and never once considered ditching the place and getting out. With Newport, we started listing the apartment on CL within a month of moving in.
Posted on: 2014/3/6 20:52
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Re: NY POST: Jersey City is reaching for the sky
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Home away from home
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User, you can't see why somebody would pay $2,500 in JC? $2,500 in the nice parts of Brooklyn doesn't get you much in terms of more than one bedroom. In JC you can get a nice 2-BR in a brownstone, in an area that has a lot of amenities and an awesome commute.
Also, you paint "Brooklyn" and "JC" with broad brush strokes. Canarsie isn't the same as Park Slope.
Posted on: 2014/3/6 20:21
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Re: NY Post article on Journal Square
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Home away from home
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IMO Newport is not a neighborhood and I don't like it all. But I m glad you do. Enjoy!
Posted on: 2014/3/6 20:20
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Just can't stay away
 
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I am from BK too, so dont think you are MisterBK know it all here. BK has some nice areas but those are few and far in between, of course the exact samething can be said of JC. Up until I moved to Newport, I thought JC was shhit too, but boy was I wrong. Being merely 2-3 stops to Manhattan centers, with all the amenities you will ever want, where in nice parts of BK can you do that? Don't even try bringing Billyburg and Redhook or even LIC into the conversation, those places are shhit compared to Newport.
Posted on: 2014/3/6 20:00
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Re: NY Post article on Journal Square
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Home away from home
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True! Anyway, good luck to all the new renters at the square.
Posted on: 2014/3/6 18:22
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Home away from home
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Replace "Williamsburg" with "Iowa" and it still works. People commonly leave "better" but unfamiliar places for places they grew up and where their families and childhood friends reside.
Posted on: 2014/3/6 18:18
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Re: NY Post article on Journal Square
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Home away from home
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Well after I graduated, I lived in HK in Manhattan and did not like as much as my home town Williamsburg, BK. If you are not from BK its hard to explain what Manhattan does not have that BK does. I am hoping to sell my two homes in JC by 2016 and return back to BK. I like JC but it has too many issues that probably wont be resolve in the next four years.
Posted on: 2014/3/6 18:14
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Re: NY Post article on Journal Square
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Home away from home
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"Some ways" being that it is cheaper and that there is no city tax. Otherwise, lets not get ahead of ourselves. I used to live in Manhattan and if prices were comparable and taxes were the same in my preferred neighborhood there is absolutely no way I would be in JC. There is no equivalent to Central Park or Riverside anywhere here, for example. And the successful, professional crowd is good here, but it isn't Manhattan.
Posted on: 2014/3/6 18:06
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Home away from home
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I obviously agree with this since I own a row house, and I bought it exactly because I hate apartment BS, especially as I have a large dog and if one neighbor that whines every time your dog barks can make your life miserable. That said, there is a market for it and it is expensive. Comparing row homes to luxury apartments is truly apples to oranges.
Posted on: 2014/3/6 18:02
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Home away from home
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I am born in raised in Brooklyn and in my mind it will always be superior to JC, better schools, night life, culture, and 24 hr transportation... and in some ways even better than Manhattan.
Posted on: 2014/3/6 18:01
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Re: NY Post article on Journal Square
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Home away from home
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Explain that for us. Your statement implies that Brooklyn is somehow superior, which I don't buy. I can buy that Manhattan is better but I draw the line at Brooklyn. In addition, luxury modern construction in Brooklyn is no cheaper, and many of us work in NJ, so commuting from Brooklyn to further out in NJ wouldn't work. But JSQ vs. waterfront isn't that kind of question. Waterfront is just superior. It is like comparing 140th Street in NYC to W. 72nd Street on Central Park in Manhattan. Paying the same for both just doesn't make sense.
Posted on: 2014/3/6 17:58
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Home away from home
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I guess I can't afford it due to the 4 mortgages I already have here in JC and Brooklyn. Also I was not a fan of cookie cutter Apt's, I like Brownstones, Victorian homes, etc something with character. Thank Gd I am handy and don't need to hire contractors for anything. I made one mistake by purchasing an apt downtown JC in the mid 90's and hated all the bullshit that came along with it.. . I prefer buying homes, not into an apartment building. To each his own.
Posted on: 2014/3/6 17:58
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Home away from home
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they're not worth it or you can't afford it?
Posted on: 2014/3/6 17:51
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Home away from home
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Yes, and they all not worth it IMO.
Posted on: 2014/3/6 17:48
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Just can't stay away
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Newport, Crystal Point, Trump?. ever heard of those?
Posted on: 2014/3/6 17:39
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Just can't stay away
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Because waterfront apts are all rented?
Posted on: 2014/3/6 17:37
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Re: NY Post article on Journal Square
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Home away from home
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Just doing a really quick calc:
Assuming that the rent limit is equal to 35% of take home pay (I assumed 30% withheld for taxes), you are talking about household incomes above $170k to afford the 3 bedroom. Ouch...
Posted on: 2014/3/6 16:58
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Home away from home
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I ask myself regularly why would any one pay 2500 or more to rent anywhere in Jersey City, but folks do. I wouldn't, I would head back to Brooklyn.
Posted on: 2014/3/6 16:55
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Re: NY Post article on Journal Square
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Home away from home
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As I said before, older condos (St. John's and Brunswick Towers) do not have an abatement but they also rent. They will be at an disadvantage. Many of the older condo are paying close to $10,000 in taxes. When the abatement hearing took place, Thieroff, who architect the KRE abatement said he wanted to price these at the rate of Brooklyn which pays $1,400 a year. Now the city is in the business of protecting developers at the expense of older developments. They are playing favorites. Many of the older buildings are being visited by the city to upgrade fire and elevator systems which are added assessments for owners. Someone comment why would someone want to live in Journal Square, well the question should also be asked, why would someone want to live in an area that floods all the time?
Posted on: 2014/3/6 16:44
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Home away from home
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Why would anyone pay waterfront prices to live in JSQ?
Posted on: 2014/3/6 16:18
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Re: NY Post article on Journal Square
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Home away from home
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These are projections, when the buildings are completed in a few years don't be surprised if the rents are closer to what is being charged on the waterfront for similar units. The cost of new construction which continues to rise and the marketplace will dictate the final rent levels.
Posted on: 2014/3/6 15:59
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Re: NY Post article on Journal Square
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Home away from home
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KRE, Kushner says, plans to price its Journal Squared rentals at around $300 less per unit than its downtown Jersey City project, and at around $500 to $600 less per unit than its waterfront rentals. He expects rents will begin at roughly $1,500 a month for studios and go up to $3,500 for three-bedrooms.
Wow... I thought I was doing well getting $1,850 for a three bedroom. There is really that much demand for $3,500 per month three bedroom apartments?
Posted on: 2014/3/6 15:38
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NY Post article on Journal Square
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Not too shy to talk
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Posted on: 2014/3/6 15:32
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NY POST: Jersey City is reaching for the sky
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Home away from home
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Jersey City is reaching for the sky
New York Post By Adam Bonislawski March 5, 2014 The sky?s the limit for Jersey City?s Journal Square neighborhood. Literally. Situated in the western half of Jersey City, three PATH train stops from Lower Manhattan, Journal Square was once one of city?s most prosperous quarters. The area, though, has largely missed out on the waves of development that have, over the last few decades, transformed the Jersey City waterfront along with the downtown stretches around the Grove Street PATH stop. Seeking to remedy this, the city government has, in recent years, passed a number of initiatives to drive development. First came a 2010 rezoning plan eliminating height density restrictions in certain portions of the neighborhood. Then, upon winning office last May, Mayor Steven Fulop changed the city?s tax-abatement program. The mayor?s new scheme aims to incentivize developers to locate their projects within key inland spots like Journal Square ? which sits one PATH stop from downtown Jersey City and two from the waterfront. Under the new rules, downtown and waterfront developments are eligible, at most, for 10-year abatements. A Journal Square project, on the other hand, can snag up to 30 years of tax abatements. A FAMILY AFFAIR: Ya-Ting Liu, Wayne Titus and son Langston (right) moved into a Victorian (left) in Journal Square, which has great historic real estate in addition to the hundreds of thousands of square feet of new development. Photo: Christian Johnston ?We wanted to incentivize people to move more into the inner portions of the city, and Journal Square seemed like a natural place to focus on,? Fulop says. ?It was the former center of the city, the heart of the city. It has great bones, mass transportation. The PATH system is right there, there?s a major bus terminal right there. So it really has all the components.? And, of late, there have been signs suggesting that the neighborhood?s real estate potential is finally turning into concrete reality. According to Fulop, there are currently 10 development projects under construction in the area, with another 23 currently in the planning or approval process. Among the most prominent is Journal Squared, a 2.4-million-square-foot mixed-use residential and retail project under development by the New Jersey-based KRE Group. Adjacent to the Journal Square Transportation Center, the complex ? upon completion ? will house 1,840 rental apartments spread across three towers of 54, 60 and 74 stories. The first tower is slated to open in late 2016 and will feature 540 rental units ranging from studios to three-bedrooms. Like much of the rest of Jersey City?s appeal, KRE?s main interest in the site is ?based on the incredible transportation,? says Jonathan Kushner, the firm?s president, noting that roughly 30,000 PATH riders and 1,200 buses pass through every day. ?From that station, you can go direct to downtown [Manhattan], direct to Midtown,? he says. ?You can connect at Newark to Amtrak. You can go right to the Newark Airport.? Gus Milano, managing director of developer Hartz Mountain, which has a 13-story, 240-unit rental planned for 3 Journal Square, likewise notes the neighborhood?s centrality. And its affordability ? rents at 3 Journal Square should be 20 to 25 percent lower than in comparable waterfront buildings. ME AND MY GALLERY: Serious art is on display at the Mana Contemporary. KRE, Kushner says, plans to price its Journal Squared rentals at around $300 less per unit than its downtown Jersey City project, and at around $500 to $600 less per unit than its waterfront rentals. He expects rents will begin at roughly $1,500 a month for studios and go up to $3,500 for three-bedrooms. And this discount extends to the Journal Square sales market, as well. Weichert broker Achim Borkeloh cites a four-bedroom Victorian home he sold in the neighborhood last year for $565,000. A similar property downtown ?would cost over a million dollars,? he says. While new development has lagged in Journal Square, Borkeloh says the area still benefits from its affluent past. Indeed, the area?s stock of Victorians and townhomes draws steady interest from buyers. Urban planner Ya-Ting Liu and her husband, Wayne Titus, are one such buyer pair. Last October, the couple purchased a four-bedroom Victorian in the neighborhood in the $500,000 range. Before that, they spent a year renting in downtown Jersey City, having moved there in 2012 from Crown Heights. ?We were renting on Grove Street [in downtown Jersey City], and we wanted more space for our baby who was becoming a toddler and becoming more active,? Liu says. What they found in Journal Square reminded them of Crown Heights, Lui says ? only with a better commute. On a good day, she can make it from home to the WTC PATH station in 15 minutes. Still, Liu says, amenities remain a drawback. ?It?s definitely not there yet,? she says of the area?s businesses and services. ?There isn?t a sort of large grocery store in the neighborhood. It?s mostly bodegas, takeout, pizza joints. There?s still not a lot of retail and the mix of business you would like to see.? But that?s changing, too. In May 2011, for instance, the art space Mana Contemporary opened in a 500,000-square-foot former industrial space on Newark Avenue (with plans to ultimately expand to 1.8 million square feet). And Kristen Scalia, owner of downtown Jersey City lifestyle store Kanibal Home, is betting that Journal Square will one day have additional amenities like Mana that were once missing in other parts of the city. She purchased a three-story rowhouse in Journal Square with her boyfriend last month for far less than a downtown Jersey City rowhouse ? which can easily run $1 million. Having lived off the Grove Street PATH for the previous 10 years, Scalia says her new neighborhood feels much like downtown did when she first moved there. ?There are a couple of boutiques here and there, a couple of restaurants here and there, and then you have a lot of closed storefronts as you did in downtown,? Scalia says. ?But now you have a lot of people coming in and really revitalizing the area.? Projects like KRE?s Journal Squared are clearly helping lure potential buyers, suggests Coldwell Banker broker Bridget Cleary. ?In the past six months to a year, you?ve been seeing people who never knew what Journal Square was ? now they know,? she says. ?People say, ?I can?t afford downtown, but I can afford Journal Square. And I can get a cute little house for a decent price.? ? A lack of available units, however, is beginning to drive prices higher, Borkeloh says. ?There are a lot of qualified buyers, and interest rates are good right now, so there are a lot of people looking and not a lot of inventory and prices are starting to go up.? Indeed, according to numbers from Cleary, the average sales price of single-family homes in Journal Square was up 7 percent, rising to $253,583 from $238,100 in January 2013. Multi-families were up 16 percent, from $269,208 to $313,265. Condo and co-op prices were up 3 percent, from $209,586 to $215,477. On the other hand, Borkeloh notes, these rising prices could bring more sellers to market. ?We?re hoping that inventory will pick up in the coming spring market.? http://nypost.com/2014/03/05/jersey-city-is-reaching-for-the-sky/
Posted on: 2014/3/6 4:47
Edited by Webmaster on 2014/3/6 20:12:26
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