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Re: Jersey City will get two ‘ultra-luxury’ condo towers
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you know what would make this even more popular? a light rail station near the acme/target.

Posted on: 2016/10/29 8:23
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Re: Jersey City will get two ‘ultra-luxury’ condo towers
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bodhipooh wrote:
Three months ago, I would have agreed with you. But, the fact is that The Oakman is doing brisk business and selling units fast. I am actually quite surprised at the sheer amount of people willing to plunk down the amount of cash being asked there and at their rental sister building The ArtHouse (full disclosure: that's where I live.) Heck, a 3bd/2.5ba penthouse at The ArtHouse was just on the market for $6,500 and it only lasted two days before someone snapped it up at full price.

As for proximity to Hoboken, Newport is closer geographically (as the crow flies) but driving times are about the same. But, more importantly, the JC restaurant and bar scene has improved tremendously over the past few years, and the demographic attracted by these newer buildings are more than happy to stay local and hit up one of the many new bars or restaurants opening here. I just don't think that the allure of the Hoboken "scene" is the same as it was 10 years ago.

In the end, anyway you slice it, the TJC real estate market is on fire and commanding prices that only a few years ago would have seemed ridiculous and probably met with an eye roll.


My point is that there's more value in the waterfront towers in Newport and 99 Hudson Street than at Oakman, yet they'll be priced at the same level. Compare rents for comparable buildings between the two areas and you'll see what I mean (and a large unit renting at $6,500/month isn't a good data point since there are so few units of that size on the market...probably less than 1% of the units to hit the market in the last 5 years have 3 bedrooms).

btw - if you check out the minutes from Toll Brothers' last earnings call, you'll see that they expect to price their units at their new Provost Square tower significantly lower than Oakman, and that building is being built in a better location (further from the extremely noisy O'Hara's pub, significantly further from the noisy and busy Marin Blvd).

Posted on: 2016/10/29 4:37

Edited by jcwalkingman on 2016/10/29 4:54:21
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Re: Jersey City will get two ‘ultra-luxury’ condo towers
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jcwalkingman wrote:
Oakman prices are going to have to come way down....Oakman one bedrooms start at $650k right now and go up to $710k, but who would pay that to live in a building overlooking a parking lot in an incomplete neighborhood far from the waterfront when you can buy at the same price point on the waterfront in a virtually complete upscale neighborhood, directly across from a massive park? I sure as hell wouldn't...(not to mention these new Newport buildings will be closer to a much larger variety of shops/restaurants in Hoboken and closer to the mall).

To further complicate things for Oakman sales, you're going to have 99 Hudson starting sales on their 800 +/- units soon.

I honestly feel bad for anyone who paid top dollar to live at Oakman...they must be kicking themselves after seeing the article below. They're certainly not getting their money back anytime soon....in for a very very long ride.


Three months ago, I would have agreed with you. But, the fact is that The Oakman is doing brisk business and selling units fast. I am actually quite surprised at the sheer amount of people willing to plunk down the amount of cash being asked there and at their rental sister building The ArtHouse (full disclosure: that's where I live.) Heck, a 3bd/2.5ba penthouse at The ArtHouse was just on the market for $6,500 and it only lasted two days before someone snapped it up at full price.

As for proximity to Hoboken, Newport is closer geographically (as the crow flies) but driving times are about the same. But, more importantly, the JC restaurant and bar scene has improved tremendously over the past few years, and the demographic attracted by these newer buildings are more than happy to stay local and hit up one of the many new bars or restaurants opening here. I just don't think that the allure of the Hoboken "scene" is the same as it was 10 years ago.

In the end, anyway you slice it, the TJC real estate market is on fire and commanding prices that only a few years ago would have seemed ridiculous and probably met with an eye roll.

Posted on: 2016/10/29 0:46
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Re: Jersey City will get two ‘ultra-luxury’ condo towers
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Oakman prices are going to have to come way down....Oakman one bedrooms start at $650k right now and go up to $710k, but who would pay that to live in a building overlooking a parking lot in an incomplete neighborhood far from the waterfront when you can buy at the same price point on the waterfront in a virtually complete upscale neighborhood, directly across from a massive park? I sure as hell wouldn't...(not to mention these new Newport buildings will be closer to a much larger variety of shops/restaurants in Hoboken and closer to the mall).

To further complicate things for Oakman sales, you're going to have 99 Hudson starting sales on their 800 +/- units soon.

I honestly feel bad for anyone who paid top dollar to live at Oakman...they must be kicking themselves after seeing the article below. They're certainly not getting their money back anytime soon....in for a very very long ride.

Posted on: 2016/10/29 0:08
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Re: Jersey City will get two ‘ultra-luxury’ condo towers
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hero69 wrote:
the renderings dont show the elliptical building on the pier


Excellent point. There are so many buildings in front of the proposed tower that views will likely be affected or even blocked.

Also, quoting a price absent of square footage is pointless. Given that The Oakman was doing brisk business selling units at about 1K/sf, a $650K 1-bd doesnt seem all that high, does it?

Posted on: 2016/10/28 22:13
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Re: Jersey City will get two ‘ultra-luxury’ condo towers
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hero69 wrote:
the renderings dont show the elliptical building on the pier


Thats a good point. The Ellipse could block some pretty nice (and expensive) views of the city from this tower.

Posted on: 2016/10/28 20:52
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Re: Jersey City will get two ‘ultra-luxury’ condo towers
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I smell a 30 year abatement, thanks Stevie.

Posted on: 2016/10/28 18:39
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Re: Jersey City will get two ‘ultra-luxury’ condo towers
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Pffft, I won't waste my time with mere "Ultra Luxury" call me when they're offering "Mega Super Ultra Luxury"

Posted on: 2016/10/28 18:14
Myth: Pancakes are for breakfast.

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Re: Jersey City will get two ‘ultra-luxury’ condo towers
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DtJcQdMf wrote:
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Stringer wrote:

Jersey City will get two ‘ultra-luxury’ condo towers

Park and Shore recently broke ground and will bring a total of 429 residences to the Hudson River waterfront

CURBED - by

As rent-burdened New Yorkers continue to flee across the Hudson to Jersey City, a new residential project that will further alter the already-changing Hudson River waterfront is now underway. An "ultra-luxury" condo helmed by Strategic Capital, the real estate investment arm of China Construction America, is now in the works.

The development, named Park and Shore, will consist of two distinct buildings offering units of various sizes and (pretty high) prices. The first, 75 Park Lane, will rise 37 stories and contain 358 apartments ranging from studios through three-bedrooms, along with some penthouses. The second building, Shore House, will be adjacent to 75 Park Lane and will feature "the industrial style found in Tribeca and Brooklyn," whatever that means (presumably, Edison bulbs and exposed beams and, well, you get the drill). There will be significantly fewer units, with just 71 one- and two-bedroom apartments. Both buildings will offer amenities that include swimming pools, fitness centers, children’s play area, spas, game rooms, golf simulators, co-working areas, and more.

Despite its Jersey City location, the development will have Manhattan price points, with one-bedrooms beginning at $650,000—a significantly higher number than the city's current median home price of $320,000. A press release notes that the development presents an opportunity to "buy Manhattan quality in Jersey City,"

Woods Bagot, who conceived New York City’s Baccarat Hotel, is the project’s architect and interior designer. Sales for Park and Shore are expected to launch in early 2017.



I hope they're done with construction before the crash! Would love to pick up a 2 bed for a discount.


Your 2k per month maintenance and 25k property taxes will never get discounted.

Posted on: 2016/10/28 17:35
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Re: Jersey City will get two ‘ultra-luxury’ condo towers
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the renderings dont show the elliptical building on the pier

Posted on: 2016/10/28 17:34
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Re: Jersey City will get two ‘ultra-luxury’ condo towers
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Quote:

Stringer wrote:

Jersey City will get two ‘ultra-luxury’ condo towers

Park and Shore recently broke ground and will bring a total of 429 residences to the Hudson River waterfront

CURBED - by

As rent-burdened New Yorkers continue to flee across the Hudson to Jersey City, a new residential project that will further alter the already-changing Hudson River waterfront is now underway. An "ultra-luxury" condo helmed by Strategic Capital, the real estate investment arm of China Construction America, is now in the works.

The development, named Park and Shore, will consist of two distinct buildings offering units of various sizes and (pretty high) prices. The first, 75 Park Lane, will rise 37 stories and contain 358 apartments ranging from studios through three-bedrooms, along with some penthouses. The second building, Shore House, will be adjacent to 75 Park Lane and will feature "the industrial style found in Tribeca and Brooklyn," whatever that means (presumably, Edison bulbs and exposed beams and, well, you get the drill). There will be significantly fewer units, with just 71 one- and two-bedroom apartments. Both buildings will offer amenities that include swimming pools, fitness centers, children’s play area, spas, game rooms, golf simulators, co-working areas, and more.

Despite its Jersey City location, the development will have Manhattan price points, with one-bedrooms beginning at $650,000—a significantly higher number than the city's current median home price of $320,000. A press release notes that the development presents an opportunity to "buy Manhattan quality in Jersey City,"

Woods Bagot, who conceived New York City’s Baccarat Hotel, is the project’s architect and interior designer. Sales for Park and Shore are expected to launch in early 2017.



I hope they're done with construction before the crash! Would love to pick up a 2 bed for a discount.

Posted on: 2016/10/28 16:11
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Re: Jersey City will get two ‘ultra-luxury’ condo towers
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i count one tower.

Posted on: 2016/10/28 16:01
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Jersey City will get two ‘ultra-luxury’ condo towers
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Jersey City will get two ‘ultra-luxury’ condo towers

Park and Shore recently broke ground and will bring a total of 429 residences to the Hudson River waterfront

CURBED - by

As rent-burdened New Yorkers continue to flee across the Hudson to Jersey City, a new residential project that will further alter the already-changing Hudson River waterfront is now underway. An "ultra-luxury" condo helmed by Strategic Capital, the real estate investment arm of China Construction America, is now in the works.

The development, named Park and Shore, will consist of two distinct buildings offering units of various sizes and (pretty high) prices. The first, 75 Park Lane, will rise 37 stories and contain 358 apartments ranging from studios through three-bedrooms, along with some penthouses. The second building, Shore House, will be adjacent to 75 Park Lane and will feature "the industrial style found in Tribeca and Brooklyn," whatever that means (presumably, Edison bulbs and exposed beams and, well, you get the drill). There will be significantly fewer units, with just 71 one- and two-bedroom apartments. Both buildings will offer amenities that include swimming pools, fitness centers, children’s play area, spas, game rooms, golf simulators, co-working areas, and more.

Despite its Jersey City location, the development will have Manhattan price points, with one-bedrooms beginning at $650,000—a significantly higher number than the city's current median home price of $320,000. A press release notes that the development presents an opportunity to "buy Manhattan quality in Jersey City,"

Woods Bagot, who conceived New York City’s Baccarat Hotel, is the project’s architect and interior designer. Sales for Park and Shore are expected to launch in early 2017.


Posted on: 2016/10/28 3:56
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