It's still 50% owned by the developer. So the mortgage has to go to a portfolio lender (i.e. investors bank). Is this a huge risk?

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First you should find out if it is a mixed residence such as rentals and owned. It could affect a mortgage approval.

Has anyone moved in to this complex recently? I would love to hear your opinions. I'm looking to buy a unit, but i'm not sure if the prices for them are worth it based on the area that it's in.

I lived there for 8+ years and really liked my unit and the friendships I made while there. The management is really subpar, though. It is definitely amateurish and very reactive. The trash dumpster by the entrance are a real eyesore, and because the lids are often left open, trash does blow out onto the parking lot. The light rail is super convenient for those without their own mode of transportation, but really not that great: you have to traverse the gigantic parking lot (watch out for deranged commuters driving into it at high speed) and it takes forever to travel the distance to Newport.

The random alarms are (or, were?) a huge nuisance for those living in rental units. For the lucky ones that live in condo units, or who are renting from a condo owner directly, as was my case, this is a non-issue, as those units are not equipped with those alarms.

As for the neighborhood, lots of people look down on it, but I thought it was safe and I met a lot of old timers that were super friendly and welcoming. During summers, you can walk to the basketball courts and get to meet some locals, or walk over to the Lafayette aquatic center for a refreshing dip in the pool. If you do decide to visit the pool, do so early in the day. It gets crowded on weekends, and sometimes also rowdy.

Thank you, your responses have been very helpful.

The neighborhood is now starting to upgrade-the Lafayette Corner Store replaced a bodega where you could buy a doo rag and a loosie. The two Grind Shop locations are terrific. Sam AM will be opening late spring steps away. Sooner or later the NuBar site will re-open.

As for the Foundry-the big complaint is the problem with random alarms going off, and if you don't have a dog you'll need to like them-I swear half the residents have one. They do a sketchy job of snow removal (including the interior courtyard). The outdoor garden space is wonderful.

We have friends that rented at the Foundry circa 2011, it was a love/hate relationship.
He said the Lightrail was a nightmare, hardly ever ran and was always breaking down. Taking the Lightrail to the Path to the Metro to upper midtown was $$$$ and could take hours. The Zipcars in the parking lot was always broken and garbage everywhere.
They rented a huge 1bdr on the groundfloor, walked through the lobby and into a courtyard with a "private entrance", paid 1,700$.
The unit itself was spacious, updated appliances, w/d, sunny, I spent the nights there several times.
I'm sure things have changed since 2011, but the neighborhood was seedy with really nowhere to go, they were slaves to their car.

PM sent.

I'm considering moving to the Foundry in a ground floor unit. Has anyone had any recent experience living there, in a ground floor unit or any unit in general. Thanks

Sad to say but I have to take back many of the positive things I said and I can't recommend living here, much less buying. I've gained greater insight into the management and owner and it no longer appears like a good investment. Recently, the long time property manager retired. While he was not the greatest, at least he got things done. At least that was my experience. Now the place is in turmoil. Lots of maintenance problems, morale among workers is the pits and the owner (David Silverstein), by all accounts, is a maniac. These problems existed before Bruno retired but I was not privy to them. I'm glad I found out before investing. The human feces I saw in the restroom in the washer/dryer room (where 3 of the 4 machines are broken) didn't help matters.

I don't want to minimize others' negative experiences, but my experience has been mostly good as I mentioned. In any event, given the disparity of opinions and experiences of residents and former residents, if you're serious about buying, I would suggest finding out when the next board meeting is and ask if it's okay to attend.

Thanks for your opinion!

I lived in the Foundry for a couple years & never experienced any of the issues mentioned in other posts. We decided to move because we bought a home in the neighborhood a couple blocks away. Yes, the neighborhood is limited but it's just a matter of time. If you're looking to invest some time in the area it will eventually pay off. Downtown JC & Hoboken weren't so appealing years ago either. In fact, I lived downtown on 3rd & Jersey Ave for awhile & my apartment was robbed, (while I was home) & also had a neighbor who was pistol whipped & mugged.
Crime has no address.

Yes, I rented there but after living there for almost 2 years, my opinions on the building and neoighborhood are valid. I could afford to buy there but never would. It is isolated. There are two bodegas. Have fun getting mugged in the LSP Park and Ride. The neighborhood is really scary in the summertime. I tried to get involved in the neighborhood association but it was useless. I was chased down the street by a man threatening "I'll beat the **** out of you white girl".

The apartments look nice but thats just it-- it's made to look nice. Several units with water POURING through the ceiling. Mold issues. Pest issues. Lazy people letting their dogs relieve themselves in the hallways. I said to beware in my earlier post. Trust me. Nothing changed much in the two years I lived there. I am sure the building is not completely different in the 4 months I have been gone. But, keep on reposting the same question on JCList-- and good luck.

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This question is like Deja Vu all over again, and again and again.

I would be very interested in some current owner opinions on the Foundry. I just recently saw an impressive 2 bdrm unit there with an equally impressive list price. I currently live in downtown JC and understand the Bergen-Lafayette situation and it's relative isolation to downtown JC and the neighborhood's transitional status. What do current owners thinks about their home at the Foundry? Construction quality? Commute via light rail to Exchange and Newport PATH? Neighbors and neighborhood? Utility expenditures?

Thanks!

I rented a one bedroom unit for almost 2 years there (moved out in January). I would never have wanted to live on the "inside" of the building. (The one bedrooms are on the outside of the building). The hallways were always dirty. The parking lot frequently had tons of trash blowing around. The dumpsters were always overloaded. Management is quite inattentive. Beware.

I would be very interested in some current owner opinions on the Foundry. I just recently saw an impressive 2 bdrm unit there with an equally impressive list price. I currently live in downtown JC and understand the Bergen-Lafayette situation and it's relative isolation to downtown JC and the neighborhood's transitional status. What do current owners thinks about their home at the Foundry? Construction quality? Commute via light rail to Exchange and Newport PATH? Neighbors and neighborhood? Utility expenditures?

Thanks!

I'm also interested.

I would be very interested in some current owner opinions on the Foundry. I just recently saw an impressive 2 bdrm unit there with an equally impressive list price. I currently live in downtown JC and understand the Bergen-Lafayette situation and it's relative isolation to downtown JC and the neighborhood's transitional status. What do current owners thinks about their home at the Foundry? Construction quality? Commute via light rail to Exchange and Newport PATH? Neighbors and neighborhood? Utility expenditures?

Thanks!

Hi Ducati,

I've been renting almost a year and thinking of buying. I share some of your concerns and haven't made my mind up.

The price is excellent compared to other parts of JC. Taxes are low also because of an abatement.

I've never had a problem with the immediate area, though a neighbor claims to have been mugged twice in the light rail parking lot. Since it's on the outskirts of the seedier Lafayette section, I feel safe despite my neighbor's experience. I actually like the area very much - the proximity to the park and the relative seclusion.

I'm not crazy about taking the light rail to the PATH. Depending on connections, all in all, it's nearly 25 minutes between walking to the light rail, the trip and then the walk to the PATH (Pavonia). Whenever possible, I take my bicycle to Grove, under 10 minutes. Another problem with the light rail is that it's not reliable in the snow, much less so than the PATH.

Yes, the ongoing construction. It seems they cheap out in some areas (windows, plumbing) and do things well in other areas. Very odd. And mediocre management. The management is not going to change anytime soon.

They have meetings every so often where renters are included. I imagine a potential buyer would be welcome to attend. Management and the owner are present. I suggest coming to one and talking to people to get a better feel.

I lived there a few years back and I did not like it. It was like living at a construction site that never ended. Neighborhood is really sketchy and staff was unprofessional. Also I got pretty sick of the Lightrail after a while too, it adds more time (and expense) that you think to your NYC commute.

In our continued quest to find the optimal living scenario we decided to go to an open house at The Foundry Lofts by Liberty State Park.

The good.
1. The price for a 1700 sf 2BD/2B condo is priced at 350k but is *negotiable*.
2. Not a horrible commute to NYC.
3. A few stops to my kids school on Marin.

The bad.
1. The renovations look really cheap.
2. I know there has to be a mice problem.
3. Neighborhood has lousy amenities. (but we use Fresh Direct anyhow).
4. As most of the units are rented, what could the worst possible scenario be for buyers?

Insight? Have you lived there? Do you live there?

Thanks!

I wouldn't pay that to live there. There aren't any amenties to speak of, no gym, or nice lobby but the monthly condo fees were pretty low as a result. They are still doing alot of construction there which was causing problems for me with the parking lot, it was a real mess a few months ago when I moved out. Overall I was not impressed with the management of the property, not up to par with the price range.

430 is high, if the website is up to date, that condo has been unsold since january of last year.

off kannekt, " unfortunately need to sell. My wife is pregnant and is due next month. In the long run a 1 bedroom loft will not work for us. I love the unit and the convenience of the Light Rail. It takes me a total of 20 minutes to get into Manhattan. The area around the Foundry will only get better. It's 845 sqft and I am asking $339K OBO. You can see pictures on Craigslist. Jeff (2006-09-25 )

which is around 400 and that was in 06...

Try calling a realtor who specializes in the Bergen-Lafayette market. Even if you'd prefer not to work with one, at least see if you can get the real numbers from a professional. 430 per square foot at that size is comparable to what I'm seeing in many of downtown's gut renovation buildings. The ammenities wouldn't be the same, of course, and there must be something specific attracting you to The Foundry. Either way, my personal preference would be to put my money into something closer to the Grove/Exchange PATHs. Good luck Timmmmmm, and good Karma!

Timmmmm

Here is a search for other Condo's for sale in the area code 07304 that are probably near the Foundry. Of course, these may not be an apple to apple comparison of what you may get at the Foundry as far as ammenities etc...

Trulia Real Estate: Zip 07304

I'm thinking $430 is high. What do you think?

As of last year around this time the developer stopped selling the units there and began renting them, there has been some turnover in units bought before then.

The last unit I saw offered was a 730 sf 1br for $320,000 which is about $430 sf. which according to the website is still available.

http://www.jcfoundry.com/en/index.php?spid=news

Does anyone know the going rate per square foot at the The Foundry across from Liberty State Park?