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He's cut back DT abatements to 10 years if 10% of units are affordable. The more affordable units, the bigger the abatement. Other parts of town (like JSQ) get bigger abatements.


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This is why we have elections, and why you should contact your elected representatives. If people are mad about abatements, they can write to Fulop & the assembly, and/or vote for other people.

I don't think Fulop is acting much like a Republican. Di Blasio has a similar program, albeit more aggressive on affordable unit requirements.

Quote:in my humble opinion, fulop has not done enuff to wean developers off abatements in dtjc....it amounts to corporate welfare imo. some people are getting fed up. why should i bother to vote for fulop if he is gonna do the exact same thing that a republican would do....f_ck him.

and as much as i think trump is a f_cking disaster, i don't equate all republicans with scumbag trump or even christie.

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They're almost certainly just going off of listings and MLS. The report is put together by a small real estate agency, not a research firm. Najjar puts out a similar report ( http://www.najjargroup.com/state-of-the-waterfront-1/ )

That said, one person with one price range isn't necessarily indicative of the behavior of the entire market.

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How do abatements equal giving away taxpayer money?

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One could easily argue that Fulop's election is not all that different from that of Trump's in that he was elected to the mayorship in no small part because people were fed up with politics as usual. Fulop, love him or hate him, upended the local political machine by unseating the "appointed" establishment candidate, and did so by running as an outsider *within* his own political party. Lots of parallels, if you ask me.

interesting, how does hoboken compare with jc in terms of handing out abatements, ie giving away taxpayer money?

one would think that fulop and friends would learn something from the election of scumbag trump...when people get fed up, they ________________.

I have a feeling that the data noted in the article doesn't account for incentives and therefore doesn't reflect real, net effective rents. I just finished apartment shopping and in my personal experience found alot more bargain deals in downtown JC than in Hoboken. All of the buildings that I looked at in downtown JC were much more flexible with incentives than the buildings in Hoboken (many of which had very few units available and were pretty firm on pricing) and so I ended up going with a waterfront building in JC largely based on cost after being able to work out a 15% discount off the asking rent without too much effort. Seems like the buildings in downtown JC are getting nowhere near their advertised rents and are very heavily incentivizing units to fill them...at least at the moment.

https://jerseydigs.com/jersey-city-hob ... te-market-report-q4-2016/

A Longstanding Hoboken-Jersey City Dynamic May Be Shifting
By Jersey Digs - January 27, 20170
jersey city hoboken real estate market report q4 2016

In what shaped up to be a banner year, Jersey City closed 2016 out strong by taking the crown as NYC?s Best Neighborhood in 2016?s Curbed Cup, a first for any neighborhood outside of the five boroughs. Now, with the release of Pure Properties? highly anticipated South Hudson County Market Report, the city has even more to brag about.

Historically a lower cost alternative to its northern neighbor, Downtown Jersey City, for the first time, overtook Hoboken as the more expensive nabe on the rental and condo side. Median rents for Downtown increased 2% year-over-year, settling at $2,700. Hoboken, on the other hand, saw a slight decrease with median rents coming in at $2,600. Condo sales increased roughly 8% in Downtown with a median price of $700,000. Hoboken, though, wasn?t far behind with a median price of $696,000, a 12% increase from the same quarter the year prior.

hoboken vs jersey city real estate market

There were a few areas where Hoboken still holds the title, including median price for 1-4 family homes, and highest overall sales. The median price for a 1-4 family in Hoboken came in at $1,740,000, a 13% increase from the previous year. Comparably, Downtown Jersey City continues to lag behind in this category, although it?s catching up quickly, the median price for a 1-4 family in Downtown came in at $1,517,000, jumping 23% from $1,235,000 from a year prior. Considering the trends between these two areas, it appears there?s still a bit of upside on the 1-4 family market in Downtown.

Hoboken is still the champ for the highest single sales. The highest condominium sale for the quarter was a $2.55 million sale at Maxwell Place; and in the 1-4 family category, a Garden Street townhouse took the title, closing at $3,200,000.

Outside of these two neighborhoods, the Hudson County markets as a whole, with the exception of Bayonne, saw healthy annual growth. Increasingly popular Bergen-Lafayette showed the largest increase, 98% for 1-4 family homes. However, with few transactions, only five transactions last quarter and eight in the final quarter of 2015, this number is susceptible to large swings. With a healthy 61 transactions, Greenville jumped 38% year-over-year in the 1-4 family category, $248,000 compared to $180,000 the previous year.

Downtown jersey city townhomes

Could last quarter be an indicator of a longer-term shift in the dynamic between Hoboken and Jersey City? Managing Director and Broker of Record for Pure Properties, Zeke Ortiz says, ?We could speculate the reasons behind these short-term movements, however, we are cautious to draw long-term conclusions from a quarter that saw dramatic changes in the political landscape and a return to all-time highs in investment markets.?

Patrick Southern, Hudson County?s leading agent for eight years and Pure Properties representative, added, ?The Presidential election was definitely a factor during the fourth quarter. Uncertainty had many buyers and sellers holding deals close to their chests as they waited for the outcome. Now that the election has passed, we?re starting to see a pulse again as markets regain momentum and people come back to the table ready to deal.?

In short, it?s still too early to tell, but based on the numbers, it will certainly be an interesting story to watch.