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Re: Wall Street Journal: Hard Times for Hovnanian’s 77 Hudson -JC’s condo values fell 11% from 2007
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Just can't stay away
 
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The PATH train closure is really going to hurt those of us that are already here, too. I can get to Whole Foods in Tribeca, round trip, in under an hour. It's massive, and on the weekends practically empty, and is a big reason why I've resisted buying a car.
Posted on: 2009/3/19 20:00
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Re: Wall Street Journal: Hard Times for Hovnanian’s 77 Hudson -JC’s condo values fell 11% from 2007 peak
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Home away from home
 
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FAIL. "Surfing the Web for tips on New Jersey condos last fall even as crises began unfolding almost daily on Wall Street, Mr. Reuter gleaned hints of buildings hard pressed to secure signed contracts on 50 percent of units. That threshold must be reached, he soon found out, before a certificate of occupancy is issued and closings can begin." http://www.nytimes.com/2009/02/22/rea ... 22njzo.html?ref=mortgages
Posted on: 2009/3/19 19:27
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Re: Wall Street Journal: Hard Times for Hovnanian’s 77 Hudson -JC’s condo values fell 11% from 2007
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I don't mean to imply that it is not a 100% serious bummer that there will be no easy weekend PATH service, but I think you are being a bit hyperbolic. Crime, the economy, the gluttony of new project already stalled...those are greater slams. This is a great inconvenience, for sure, but the area still thrived post 9/11 when there was no Exchange Place/WTC service at all.
Posted on: 2009/3/18 19:59
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Re: Wall Street Journal: Hard Times for Hovnanian’s 77 Hudson -JC’s condo values fell 11% from 2007 peak
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Pre-sale minimums are not generally a requirement for a CO (which is based on passing inspections and habitability). Of course a temporary CO may be issued to some units if a building isn't finished yet. The bigger problem is actually Fannie Mae and Freddie Mac requirements, which now in many cases are up to a 70% pre-sale requirement. This makes selling new condos very difficult and is requiring developers to line up alternate financing for buyers. That is no easy task these days.
Posted on: 2009/3/18 19:23
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Re: Wall Street Journal: Hard Times for Hovnanian’s 77 Hudson -JC’s condo values fell 11% from 2007 peak
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Quite a regular
 
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Have they lowered prices? will they?
I read that Trump JC lowered prices by 10% on remaining units and was offering a 3.5% 30 year mortgage... (someone please correct me if I'm wrong since I'm attempting to work through my cloudy memory) I realize that this type of action can make things extremely complicated for the builder since they would face an uproar from people that already purchased their units...
Posted on: 2009/3/18 17:15
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Re: Wall Street Journal: Hard Times for Hovnanian’s 77 Hudson -JC’s condo values fell 11% from 2007 peak
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This is the single greatest slam to Jersey City's real estate market. It also doesn't help 77 Hudson That Crystal Point is coming to market at the same time with the same target buyer (and with better views, although not as nice a neighborhood). That said, as long as they get their 50% sold to receive the Certificate of Occupancy and can hold out for a year or two, I think they will eventually profit from the project.
Posted on: 2009/3/18 13:35
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Re: Wall Street Journal: Hard Times for Hovnanian’s 77 Hudson -JC’s condo values fell 11% from 2007 peak
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that project is in trouble. No way people are going to pay 850 a foot. Look at all the high end retail going bust around downtown JC - Maxmillian, On the Inside, etc. High dollar market is still pretty weak around JC. Plus as Manhattan and Brooklyn get cheaper the incentive to come over here becomes less pronounced. I can't imagine the closing of direct PATH to WTC on weekends this summer will help their marketing pitch either.
My guess is that condo will scale back the amenities bigtime to try and stay in the black.... Curious what others think abpout 77 Hudson's prospects...
Posted on: 2009/3/18 13:22
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Wall Street Journal: Hard Times for Hovnanian’s 77 Hudson -JC’s condo values fell 11% from 2007 peak
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Home away from home
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Hard Times for Hovnanian?s Jersey City Condo
http://blogs.wsj.com/developments/200 ... anians-jersey-city-condo/ By Dawn Wotapka During the boom, home builder Hovnanian Enterprises Inc. launched its biggest tower, a 48-story condo showpiece in Jersey City, N.J., offering Big Apple views just feet from the Hudson River. Now it?s set to debut in an environment gone bust. The address remains prime, but nearby Wall Street?s continued turmoil is feeding the region?s unemployment, affecting many purchasers and depressing sales and prices. Foreigners, long a key buying group, are battling what has become a worldwide economic crisis. That could mean unsold units, an elevated cancellation rate and fights over deposits at Hovnanian?s 77 Hudson project, expected to start closings in the late spring/ early summer. Even interested buyers with good credit may get tripped up: The building isn?t eligible for loans guaranteed by government-backed mortgage agencies Fannie Mae or Freddie Mac. Fannie now requires at least 70% of units to be presold. Hovnanian says it is offering competitive rates through various partnerships. The builder ?is backed into a corner here,? said Vicki Bryan, senior high-yield analyst at Gimme Credit. ?They?re trying to get [buyers] to the table, I guarantee you, every way they can.? Red Bank, N.J.-based Hovnanian spent the last half-century becoming a national single-family player; it is now the sixth largest by annual closings and revenue. But, any condo developer will tell you going vertical carries different risks. Projects are typically in urban areas where land is costly, and once construction starts, towers can?t easily be halted or changed, even if market conditions shift during the multiyear construction period. They also require a significant monetary investment upfront, betting on a payday when, and if, contracted buyers close. Back when it was announced, success seemed all but guaranteed for the 420-unit tower, where studios start in the $300,000 range and three-bedrooms fetch $1 million or more. Such prices are a big change from those listed in a Real Estate Weekly article back in August 2007. The story listed sales prices ranging from the upper $400,000s to more than $6 million, with available units starting in the $500,000-range. In October 2007, a double penthouse went for $6 million ? believed to be a condo price record, according to Strategic Real Estate Advisors, which Hovnanian said advised a financial partner in this joint venture. But that was the old New York. In the last six months, Hudson County?s property values have experienced a depreciation rate nearly twice the nation?s, according to the Clear Capital Home Data Index. Real estate Web site Zillow.com says Jersey City?s condo values fell nearly 7% in the fourth quarter compared with a year earlier. From their bubble peak in 2007?s second quarter, values have taken an 11% hit.
Posted on: 2009/3/18 7:40
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77 Hudson: Pajamas not included -- Luxury high-rises trying to capitalize on the telecommuting boom
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Home away from home
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Pajamas not included
Luxury high-rises trying to capitalize on the telecommuting boom by amy zimmer / Metro Magazine NYC AUG 6, 2008 Telecommuting is expected to become more popular as gas prices soar and technology for creating virtual workplaces continues to improve. New York?s luxury high-rises are trying to meet the anticipated demand by creating ?business centers? ? rooms with conference tables, computer stations and other office equipment. At One Hanson Place, 47 out of 179 units have home offices, but the building is also creating a business center for those who can?t afford the home office or a spare bedroom to work in. Of Fortune magazine?s most recent 100 best companies to work for, 84 allowed employees to telecommute or work from home at least 20 percent of the time, including Goldman Sachs (ranked No. 9), which has 22 percent of its employees telecommuting and Cisco Systems (No. 6), which has 70 percent telecommuters. But in New York?s small apartments, working from home can be difficult. ?People don?t want their computers in their bedroom or living room,? said Kristin Neil of the Dermot Company, the developer of One Hanson Place, the new project transforming Brooklyn?s iconic Williamsburgh Savings tower from dental offices into luxury condos. Many prospective buyers wanted a second bedroom to use as a home office, Neil noted. For many, though, paying at least $899,000 for a two-bedroom compared to $689,000 for a one-bedroom may be too much for a computer. One Hanson is building a business center with two desktops, hook-ups for laptops, a printer and copy machine in a room with the former bank president?s 18-foot-long red mahogany conference table. At 77 Hudson, a glass tower going up in Jersey City, a business center will give its many telecommuters ?a private space to work in without leaving the building,? plus, all indoor and outdoor common spaces will have Wi-Fi, said its sales consultant Stephen Faraday. ?The business center is a new thing,? said Jim Moran, of Co-op, a branding agency. ?Business owners understand that people get a lot of work done from home. People find 10 other things to do at home that are personal. You can lose your focus.? -- ?People find 10 other things to do at home that are personal. You can lose your focus.?Moran
Posted on: 2008/8/6 2:58
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77 Hudson developer set to sell condos to N.Y.'ers from $500,000 to over $2.75 million
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Developer set to sell condos to N.Y.'ers
Wednesday, November 07, 2007 By PAUL KOEPP JOURNAL STAFF WRITER The developer of a waterfront highrise in Jersey City is looking to pull homebuyers from New York. K. Hovnanian Homes has announced it has received its registration from the New York State Attorney General's Office allowing New York real estate brokers to sell condos at 77 Hudson St. About 80 of the 420 units in the 49-floor building have been sold in New Jersey since they were made available to certain buyers in July and then to the general public in September, according to Tom Graham, senior community manager for K. Hovnanian. But he said that with the new registration, the developer can now tap the huge potential of the New York City market, especially "the Manhattan buyers who presently think Brooklyn and Long Island City are their only options." "We're showing them another choice in Jersey City and what we think is a better choice," Graham said. K. Hovnanian is also offering brokers half of their commission immediately upon the closing of a sale, instead of the usual two-year wait, he said. Prices range from $500,000 to more than $2.75 million for condos in the building, which is located on the south side of York Street between Hudson and Greene streets, one block from the Hudson River. Graham said construction is ahead of schedule, despite a recent fire in the attached 70 Greene St. building, which is being developed by Chicago-based Equity Residential. The first residents should move in by spring 2009, he said.
Posted on: 2007/11/7 13:32
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Re: 77 Hudson will be two Manhattan-style 500-foot skyscrapers in Jersey City -including 1,000 units
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You are talking about Williamsburg "want to be's" -- logic is out the window -- you are talking about "East Williamsburg" (read: Bushwick) talk about living WAY out there in what is still a funky area!
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Posted on: 2007/10/25 14:12
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Re: 77 Hudson will be two Manhattan-style 500-foot skyscrapers in Jersey City -including 1,000 units
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This loft conversion into five two-bedroom rental units is pricing its smallest unit, which is 489 square feet, at $2,100 a month. The largest unit, an 813-square-foot two-bedroom, is $2,500 a month. Is there ANYONE on the planet who would opt for the smaller apartment given these 2 choices?
Posted on: 2007/10/25 13:08
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NYPost: THE 10 HOTTEST DEVELOPMENTS IN NEW YORK CITY AND BEYOND
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Home away from home
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THE 10 HOTTEST DEVELOPMENTS IN NEW YORK CITY AND BEYOND
By KATHERINE DYKSTRA New York Post September 27, 2007 77 Hudson Aside from the Manhattan views you'll get in nearly three-quarters of the 420 residences at Jersey City's 77 Hudson, every unit in the two 48-story glass towers looks onto a raised 30,000-square-foot landscaped deck with a swimming pool, walking paths and large expanses of grass for picnicking. The one- to three-bedroom units and penthouses at 77 Hudson range from 525 square feet to more than 1,700 square feet, and from $500,000 to $2 million-plus. Buyers can choose from three design schemes for their kitchens with options for cabinets, back-splashes, stone or quartz counter-tops and wood floors. Bathrooms have chiseled quartz walls, glass mosaic plumbing columns and cantilevered wood vanities with double-trough sinks. Contact: (866) 754-7696 163 Montrose Is there no end to Williamsburg's expansion? Take 163 Montrose, which is located in East Williamsburg (read: Bushwick), just off the fifth stop on the L train. This loft conversion into five two-bedroom rental units is pricing its smallest unit, which is 489 square feet, at $2,100 a month. The largest unit, an 813-square-foot two-bedroom, is $2,500 a month. The building is the latest project conceived by Rafi Elbaz, whose Lifeform Design Build & Development NY is responsible for the Esquire and N7 buildings in Williamsburg proper. In restoring the three-story 163 Montrose, Lifeform preserved original wood flooring, added energy-saving double-glazed windows and salvaged wooden columns and beams for structural reuse. Contact: Rafi Elbaz, (212) 343-1095 http://www.nypost.com/seven/09272007/ ... ate/new_on_the_market.htm
Posted on: 2007/9/27 14:08
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Re: 77 Hudson will be two Manhattan-style 500-foot skyscrapers in Jersey City -including 1,000 units
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Newbie
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this towers are beautiful they will
 give jc pristige
Posted on: 2006/8/5 1:13
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Re: 77 Hudson will be two Manhattan-style 500-foot skyscrapers in Jersey City -including 1,000 units
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Newbie
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do you think that three years the prices will fall and it will be better i am down in miami were the same rennasaice its taing place and i think is also better that projects are taking that long like our met 3 which will be 76 stories and it will house a whole woods food... it will take three years to be built..
Posted on: 2006/8/5 1:12
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Re: 77 Hudson will be two Manhattan-style 500-foot skyscrapers in Jersey City -including 1,000 units
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I don't know. Safety Standards? A shortage of Mohawk Indians? I give up. What's the answer?
Posted on: 2006/8/3 15:45
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Re: 77 Hudson will be two Manhattan-style 500-foot skyscrapers in Jersey City -including 1,000 units
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Just can't stay away
Joined:
2006/5/17 14:30 Last Login : 2018/12/13 3:14 From Paulus Hook
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I know it was a long time ago, and times have changed, but the Empire State Building was built in about 16 months. The EMPIRE STATE BUILDING!!! How could this project possibly take 3 years? Oh well....
Posted on: 2006/8/3 15:15
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Re: 77 Hudson will be two Manhattan-style 500-foot skyscrapers in Jersey City -including 1,000 units
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Newbie
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Maybe it's best that it won't open for 3 years. I read today that new mortgage applications are the lowest since early 2002, I think February or March. Good luck with that, with all the "luxury" haha units being built in JC, like at the old hospital in the middle of a war zone, and off of Grand Street and Communipaw (they look like cardboard), and further up Grand. I predict they will be considered worth only slightly more than half of the current asking price in 3 years.
Posted on: 2006/8/3 1:44
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Re: 77 Hudson will be two Manhattan-style 500-foot skyscrapers in Jersey City -including 1,000 units
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That's a long time to get even a big building up. The rendering looks amazingly like the GS tower mated with the existing twin apartment towers next to it and produced a big child.
I read that downtown JC has 10,000 condo units under construction and I believe this is a reasonable estimate from just walking around and looking at all the construction. For some reason this sends a chill down my spine - it's like how time seems to slow down when you witness a car accident. On the other hand it probably is a free market way of producing (a bit more) affordable housing. Quote:
Posted on: 2006/8/3 1:20
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Re: 77 Hudson will be two Manhattan-style 500-foot skyscrapers in Jersey City -including 1,000 units
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The price
Posted on: 2006/8/2 18:13
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Re: 77 Hudson will be two Manhattan-style 500-foot skyscrapers in Jersey City -including 1,000 units
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Just can't stay away
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What makes these Manhattan-style? They are sitting on a podium garage - never saw that in Manhattan. They appear to be poorly integrated with the street. Will Trump not be Manhattan style? What will he have formica counters and these have granite? Avocado appliances? Is Manhattan the new word for designer?
Posted on: 2006/8/2 18:07
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Yes,we have no bananas.
(Silver & Cohn, 1923)
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Re: 77 Hudson will be two Manhattan-style 500-foot skyscrapers in Jersey City -including 1,000 units
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Just can't stay away
Joined:
2006/5/17 14:30 Last Login : 2018/12/13 3:14 From Paulus Hook
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I stopped by the sales office this weekend. The building won't be done for 3 years! That really sucks for all of the nearby residents who are going to have to deal with the construction for that long. Also, the sales rep told me that pricing hasn't really been set yet, but they're expecting to list the condos at $750-$1000 per sq ft!!! That's insane! You can buy a luxury condo in NYC for that much. Should be interesting to see how this plays out. I just hope they bring some nice new retail into the neighborhood.
Here is a rendering of the towers. Pretty good looking actually. They'll blend in well with the Goldman bldg.... http://www.hunterrobertscg.com/projects.php?segment_id=3&id=13
Posted on: 2006/8/2 13:59
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Re: 77 Hudson will be two Manhattan-style 500-foot skyscrapers in Jersey City -including 1,000 units
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I was just saying the other day if there's one thing that Jersey City could really use it's more luxury condos.
Posted on: 2006/8/2 4:48
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Re: 77 Hudson will be two Manhattan-style 500-foot skyscrapers in Jersey City -including 1,000 units
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I really do wonder how deep the market for $500K-$2.5M condos is in JC and suspect most of those units will end up as rentals. For those who pay $5M+ for condos on the far west side there is this sweet news:
There's even some good news for New York residents, officials noted. "We're giving those on the east side [of Manhattan] a nice view of what's happening in Jersey City," Healy said. Cetra added, "We are enhancing the view from Manhattan."
Posted on: 2006/8/2 3:09
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77 Hudson will be two Manhattan-style 500-foot skyscrapers in Jersey City -including 1,000 units
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Ground has broken for two 500-foot skyscrapers, including 1,000 new condominiums and apartments, to rise at 77 Hudson St. near the waterfront.
The new project by K. Hovnanian Homes and Equity Residential is "just another step in the advancement of Jersey City," said Mayor Jerramiah Healy at the ceremony Tuesday. The 1.76-acre parcel is located on Hudson and Sussex streets. Randy Brosseau, a regional vice president at K. Hovnanian, said, "[We want to build] a building that will stand the test of time." He added, "There are two words that describe our project best: Luxury and style." Living in style One tower will hold 420 condominiums to be sold by K. Hovnanian, and the other will hold 481 apartments operated by Equity Residential. Equity Residential is expected to rent out the apartments during the winter of 2008, and K. Hovnanian is expected to occupy the condominium building during the spring of 2009. K. Hovnanian plans to begin selling homes at the property around the end of this year. The towers of 77 Hudson will be the first Manhattan-style skyscraper in Jersey City, and will feature a curtain wall system, with floor-to-ceiling glass, according to John Cetra of the New York architecture firm Cetra/Ruddy Inc. Many nontraditional materials will also be used, including terrazzo-like countertops, chiseled marble, and custom-designed cantilevered master bathroom vanities, he said. The condominiums, 75 percent with Manhattan skyline views, will include approximately 215 one-bedroom units, 144 two-bedroom units, 19 three-bedroom units, and 42 studios. The apartments will include 132 studios, 209 one-bedrooms, and 140 two-bedroom units. However, the towers will not only add housing to Jersey City, but also availability of extensive amenities. The building will have nearly 19,000 square feet of retail space on the ground floor to hold new restaurants and stores, as well as a Spa/Fitness center, and a dramatic hotel-quality lobby. A parking garage will contain 920 spaces for residents. On top of the 10-story parking garage will be a landscaped deck, connecting the two towers, with a pool and a dog run. K. Hovnanian Homes is one of the nation's leading home-builders. Equity Residential is the largest publicly traded apartment company in America. Revitalization The new towers of 77 Hudson will not only benefit the Hudson River Gold Coast, but also the other areas of Jersey City, Healy said. "Jersey City revitalization began on the Hudson Waterfront about 10 years ago," he said. "I know that is has spread west to the Hackensack River and also to the northern and southern borders. Originally, there were areas where no one would invest. Now there are five or six bidders on every vacant lot or building anywhere in Jersey City." Jim Driscoll, the division president of K. Hovnanian, said that the project would be all around beneficial: to the city, new tenants, and the company. "We can't foretell the direct effect it will have on the rest of Jersey City, but it is an excitable housing opportunity - affordable luxury living," Driscoll said. Mayor Healy said that the construction of 77 Hudson might also inspire other residents in Jersey City. "Prosperity is contagious," Mayor Healy said. "People are suddenly taking care of their homes -sprucing them up, cleaning, and painting." Cetra said, "[77 Hudson] will bring vitality, utility, and twenty four- seven community." Residents will have just 10 minutes travel time to the Financial District in Manhattan. The location is three blocks from the Exchange Place PATH station, and across the street from a Light Rail stop. There's even some good news for New York residents, officials noted. "We're giving those on the east side [of Manhattan] a nice view of what's happening in Jersey City," Healy said. Cetra added, "We are enhancing the view from Manhattan."
Posted on: 2006/8/1 14:41
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Two more towers will rise at 77 Hudson Street, over 800 units, a mixture of residential and rental.
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Two towers will rise
Friday, June 23, 2006 By JARRETT RENSHAW JOURNAL STAFF WRITER More than 800 units - a mixture of residential and rental - are coming to the Jersey City waterfront in two 500-foot towers. The project, located at 77 Hudson St., is a joint venture between K. Hovnanian and Equity Residential. The pair recently closed on a $77 million deal to buy the property from Hartz Mountain of Secaucus. Though the two towers share the same base, which contains a parking garage and retail space, the companies have different plans for each tower, to ensure that they don't compete against each other, according to company officials. K. Hovnanian will sell 420 units, with prices ranging from the low $300,000s to $2 million for penthouses, in one tower. Equity Residential will manage the 481-unit rental tower, which will feature studio apartments around $2,000 a month to three-bedroom units of more than $4,000 a month. "We are very bullish about the Jersey City market," said Randy Brosseau, area vice president for K. Hovnanian. "There are a lot of suburban couples moving to cities, and people from Manhattan are still looking to Jersey City, were they can get more for there money." Company officials say they hope to break ground on the project next month. The City Council has granted the developers a 25-year tax abatement. JARRETT RENSHAW can be reached at jrenshaw@jjournal.com.
Posted on: 2006/6/24 18:11
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Re: Two 48-Story Residential Towers - 900 units & 20,000 sf of retail - JC Waterfront - 77 Hudson St
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Just can't stay away
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Also here. I wonder who park on the current site, people who work at 70 Hudson & 90 Hudson? Where will they park during and after the construction?
Posted on: 2006/4/14 14:33
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Re: Two 48-Story Residential Towers - 900 units & 20,000 sf of retail - JC Waterfront - 77 Hudson St
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Is it possible to TAX the VIEW? Seriously. I think the city should look into that. Perhaps factor the VIEW into the real estate tax. I really don't like people who have a VIEW, especially if they talk about having a VIEW. I don't have a VIEW from where I live but have been seeing the VIEW all my life. Frankly, I am bored with the VIEW. The water VIEW is nice because it moves but I am bored with the NY VIEW. So if you build a building and block someones VIEW you should be taxed for the VIEW and the people who lose the VIEW will have their taxes reduced.
Posted on: 2006/4/14 0:17
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Re: Two 48-Story Residential Towers - 900 units & 20,000 sf of retail - JC Waterfront - 77 Hudson St
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here is the location. Looks like east facing units above 13 floors will have a great view of manhattan. Those should go for a nice price.
Posted on: 2006/4/13 23:45
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Re: Two 48-Story Residential Towers - 900 units & 20,000 sf of retail - JC Waterfront - 77 Hudson St
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Not too shy to talk
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They are adding over 1300 units not including office space and only parking for 900 cars. diving, I read it that way at first too, but if you go back and read it again, you'll see it's 901 total units (420 condos, 481 rentals). So basically it's a 1-1 ratio.
Posted on: 2006/4/13 14:08
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