Register now !    Login  
Main Menu
Who's Online
58 user(s) are online (35 user(s) are browsing Message Forum)

Members: 2
Guests: 56

jimbehrle, stc4blues, more...




Browsing this Thread:   1 Anonymous Users




(1) 2 3 »


Re: Chinese Company in Talks to Buy Jersey City Site:
#73
Home away from home
Home away from home


Hide User information
Joined:
2012/2/20 13:20
Group:
Registered Users
Posts: 2254
Offline

Facade Installation Begins on 99 Hudson Street, Jersey City

Jersey City‘s soon-to-be-tallest skyscraper at 99 Hudson Street has had a fairly speedy rise into the skyline following its ground-breaking back in January of 2016. YIMBY last checked in on the project in August of last year, when foundation work had just begun, and since then, the building has sprouted well above ground. Now, the tower is rising above the garage and retail portion, and facade installation has also begun.

The site is being developed by China Overseas America, Inc., and Perkins Eastman is the architect. It will stand 79 stories and 900 feet to its rooftop, handily surpassing the Goldman Sachs tower at 30 Hudson Street, which is 781′ tall.

Within, there will be 1.5 million square feet of space, including 15,000 square feet of retail space, and 14,000 square feet of public space. The bulk of the square footage will be divided amongst 781 condominiums.

https://newyorkyimby.com/2017/10/facad ... n-street-jersey-city.html


Posted on: 10/3 12:40
Print Top


Re: Chinese Company in Talks to Buy Jersey City Site:
#72
Home away from home
Home away from home


Hide User information
Joined:
2004/11/13 21:38
Group:
Registered Users
Posts: 3338
Offline
good news. beijing has overtaken nyc as city with the most billionaires.

Posted on: 2016/2/25 17:40
Print Top


Re: Chinese Company in Talks to Buy Jersey City Site:
#71
Home away from home
Home away from home


Hide User information
Joined:
2012/2/20 13:20
Group:
Registered Users
Posts: 2254
Offline

The start of something big – very big
Ground broken on $500 million condo project with no tax abatement

by Al Sullivan Reporter staff writer  Feb 14, 2016
The address is 99 Hudson St., Jersey City, and when completed it’s expected to be the tallest building in New Jersey and the sixth largest residential building in the United States.

On Jan. 28, members of the City Council, Mayor Steven Fulop, representatives of China Overseas America, and officials from the Chinese Consulate joined with the developers to break ground for the launch of a rare development in the city: a $500 million project with no tax abatement or subsidy.

“This is the first condo project in eight years in Jersey City,” the mayor said. “I am excited that this project is entirely international dollars as we become more of a global city, attractive for investment based solely on our neighborhoods.”

Fulop said at 900 feet tall, the 79-story building will dramatically reshape the New Jersey skyline, rivaling cities nationwide.

Posted on: 2016/2/14 0:55
Print Top


Re: Chinese Company in Talks to Buy Jersey City Site:
#70
Home away from home
Home away from home


Hide User information
Joined:
2011/4/14 23:58
Group:
Registered Users
Posts: 792
Offline

Quote:

Pebble wrote:

In terms of high school, they function similar to Jersey City, in a way. They have their “top” high schools in which they test students to get into them. This then translates into better colleges.

Another factor when making the claim “US is below international standards” is the simple fact that the USA doesn’t rig its quantitative research by not testing the poor and mentally challenged.


Yes, the structure is similar, however, the curriculum in China is a lot MORE vigorous than the US.

They teach a lot more at a much earlier age. I attended 8th grade in Macau and during that school year they were already teaching integrals as part of their regular math curriculum. I came to US and attended high school here in Queens, and I took Calculus as an optional AP course in my senior year in High school

I'm also not sure how true your statement is about education in the country side. As a whole, China values education a lot more than the US in general, esp now since the government is really trying to modernize the entire country.

I will give you credit about the treatment of disabled and mentally challenged though - sadly, they're usually just "brushed under carpet".


Quote:

Pebble wrote:

You can’t claim that we are brainwashed by mainstream mass media while claiming the Chinese are not. Their entire internet is throttled by the government. Their entire news media is owned by the government.


I never said that there is no propaganda in China. As a matter of fact, it is so well known and expected in china that even growing up as a child there, I knew never to trust what the government said.

The difference is (and my point was) - in China, it is KNOWN that one should not trust it's government. Whereas in US, everyone is brain washed to believe we have "freedom of everything" here, which is just an illusion. There are tons of propaganda here (look at Fox news), it's just that the US government does a much better job at disguising it.

However, back to point of world view - one would think that with all the resources that the US have access to, the US population would have a good world view. however, I found the opposite to be true. The US is very US-centric, and narrow minded.

For example, when I first came to the US, I just to watch the 6pm and/or the 10pm news (which is the major news hour for the day). what I found was the it was very lacking in world coverage, and full of "drama news" - you know, the one with the background story that'll make you cry.

Quote:

Pebble wrote:
Common sense isn’t all that common, regardless of nationality...


No, there is "common sense", and there is "common sense". Nowhere else in the world would a person sue MacDonald's because their hot coffee was too "hot". And if I remember correctly, Rudy Guiliani once did jury duty for a case where a tenant was sueing his landlord (or was it a hotel?) because the hot water shower was too hot???

Quote:

Pebble wrote:
They aren’t changing much at all. Those with money and power are still doing what they did before. The difference is, they have become a bit more open and people are learning a lot more about what is going on there.


Oh yes, the Chinese have changed. The onset of money always changes people, and usually not in the good way. It can be subtle, but the culture if definitely different now.

And just to provide some credentials of my background: while I never step foot in a Chinese church, nor did I ever stood in Tienanmen square, I was born in China and attended elementary until 4th grade in a neighborhood school (which is still there today!), and migrated to Macao and attended school there until 8th grade. I came to the US and attended High School in Queens and then College as well. My parents still live in China full time.

Posted on: 2016/1/28 19:02
Print Top


Re: Chinese Company in Talks to Buy Jersey City Site:
#69
Home away from home
Home away from home


Hide User information
Joined:
2013/3/29 17:43
From Bergen Hill
Group:
Registered Users
Posts: 1884
Offline
It is nice to see this project get off the ground. I don’t care if it is owned by the Chinese. I just hope it isn’t made poorly...

Quote:

Yvonne wrote:
So everyone is wrong except you! Boy do you have a problem.
http://www.csmonitor.com/World/Asia-P ... n-of-biblical-proportions.
China also devalues its currency to increase its profits.
http://thehill.com/blogs/pundits-blog ... ese-currency-manipulation

I’m not wasting my time on biased articles from groups with clear biases. However, I will note that the opening church of your Christian Science Monitor piece is one I have actually been inside.

Have you ever walked into a church inside of China? I have.
Have you discussed politics in China? I have.
Have you ever stood in Tienmien Square? I have.

I’ll take my own experiences over the claims of others trying to push a specific agenda.

Quote:

SRhia wrote:
Quote:

JCMan8 wrote:

I agree with your post but could you elaborate on the things that China does really well that we are really bad at?


Just a few off the top of my head:
- family and social values: how the young respects the old and listens to the old. How students respects their teacher, etc. I think the US family is more "disintegrated";

I’ll agree with this.

Quote:

SRhia wrote:
- education: while the Chinese education system is too severe/strict/stressful, their system is still more robust & successful than the US one overall. I think the elementary and high school education in the US is below international standards. Higher education (college and above), the US is still at the top;

Their education isn’t on the same plane as us. It isn’t even close. For one, school isn’t exactly required and many people that live outside of metropolitan hubs do not receive it. Instead, they farm or are sent to work in factories.

In terms of high school, they function similar to Jersey City, in a way. They have their “top” high schools in which they test students to get into them. This then translates into better colleges.

Another factor when making the claim “US is below international standards” is the simple fact that the USA doesn’t rig its quantitative research by not testing the poor and mentally challenged.


Quote:

SRhia wrote:
- world view and awareness: despite the access to technology, the US population is woefully unaware/unfamiliar of worldly affairs. They only see what the mainstream media decides to focus on. E.g. how many US high school students can fill out the world map correctly? or just the map of Europe?

I’m sorry, but this is laughably silly.

You can’t claim that we are brainwashed by mainstream mass media while claiming the Chinese are not. Their entire internet is throttled by the government. Their entire news media is owned by the government.

Nobody had any idea that Kofi Annan was a crook when he was in charge of the UN. Then there were the phone calls I would get after a hurricane in Arizona would happen and I would have to explain that I’m nowhere close to there.

Quote:

SRhia wrote:
- and do I dare to add "Common sense" to this list?

Common sense isn’t all that common, regardless of nationality...

Quote:

SRhia wrote:
Unfortunately, with the sudden rush of money and wealth over the last decade, I think the chinese people and society are changing a lot, and sadly, sometimes for the worse. But I guess some would call that "progress"??? [end sarcasm]

They aren’t changing much at all. Those with money and power are still doing what they did before. The difference is, they have become a bit more open and people are learning a lot more about what is going on there.

Posted on: 2016/1/28 15:48
Dos A Cero
Print Top


Re: Chinese Company in Talks to Buy Jersey City Site:
#68
Home away from home
Home away from home


Hide User information
Joined:
2012/2/20 13:20
Group:
Registered Users
Posts: 2254
Offline

Groundbreaking Ceremony To Be Held Today in Jersey City For Perkins Eastman-Designed 99 Hudson St.

As the Jersey City housing market continues to grow at an unprecedented rate, 99 Hudson will become New Jersey’s first large-scale condominium project in more than five years and create an iconic new skyscraper along the Hudson riverfront. The development will include 7,500 sf of new public plazas and open green space as well as key additions to existing commercial and retail storefronts situated along Greene, Grand, and Hudson Streets.

Mr. Ming Wu AIA, Principal with Perkins Eastman, will be in attendance along with key members of his design team and speaking at today’s ceremony. In anticipation of this, Wu says, “99 Hudson will mark a new milestone for Jersey City’s resurgence as a truly great city in which to live and work. For decades now, people on the west side of the Hudson have marveled at Manhattan’s skyline, but today Jersey City is developing its own dynamic city, along with a world-class skyline. To play a part in this transformation is quite an honor.”

The new tower, once dubbed “the most significant condo project ever in the State,” is a development of China Overseas America, Inc. The development is part of a broader effort by Mayor Fulop’s administration to transform Jersey City into the state’s leading job creator, attract hundreds of millions of dollars in investment to the region, and ultimately make it New Jersey’s largest city in 2016.

About Perkins Eastman

Perkins Eastman is among the top design and architecture firms in the world. With almost 1,000 employees in 15 locations around the globe, Perkins Eastman practices at every scale of the built environment. From niche buildings to complex projects that enrich whole communities, the firm’s portfolio reflects a dedication to progressive and inventive design that enhances the quality of the human experience. With work in 46 states and more than 40 countries, the firm’s portfolio includes transportation and public infrastructure, high-end residential, commercial, hotels, retail, office buildings, corporate interiors, schools, hospitals, museums, senior living, and public sector facilities. Perkins Eastman provides award-winning design through its offices in North America (New York, NY; Boston, MA; Charlotte, NC; Chicago, IL; Dallas, TX; Los Angeles, CA; Pittsburgh, PA; San Francisco, CA; Stamford, CT; Toronto, Canada; and Washington, DC); South America (Guayaquil, Ecuador); North Africa and Middle East (Dubai, UAE); and Asia (Mumbai, India, and Shanghai, China).

http://www.pressreleaserocket.net/gro ... gned-99-hudson-st/400927/


Posted on: 2016/1/28 11:46
Print Top


Re: Chinese Company in Talks to Buy Jersey City Site:
#67
Home away from home
Home away from home


Hide User information
Joined:
2011/4/14 23:58
Group:
Registered Users
Posts: 792
Offline
Quote:

JCMan8 wrote:

I agree with your post but could you elaborate on the things that China does really well that we are really bad at?


Just a few off the top of my head:
- family and social values: how the young respects the old and listens to the old. How students respects their teacher, etc. I think the US family is more "disintegrated";

- education: while the Chinese education system is too severe/strict/stressful, their system is still more robust & successful than the US one overall. I think the elementary and high school education in the US is below international standards. Higher education (college and above), the US is still at the top;

- world view and awareness: despite the access to technology, the US population is woefully unaware/unfamiliar of worldly affairs. They only see what the mainstream media decides to focus on. E.g. how many US high school students can fill out the world map correctly? or just the map of Europe?

- and do I dare to add "Common sense" to this list?

Unfortunately, with the sudden rush of money and wealth over the last decade, I think the chinese people and society are changing a lot, and sadly, sometimes for the worse. But I guess some would call that "progress"??? [end sarcasm]


Posted on: 2016/1/16 22:11
Print Top


Re: Chinese Company in Talks to Buy Jersey City Site:
#66
Home away from home
Home away from home


Hide User information
Joined:
2012/11/10 15:38
From JC
Group:
Registered Users
Posts: 2919
Offline
Quote:

SRhia wrote:
Quote:

Yvonne wrote:
So everyone is wrong except you! Boy do you have a problem.
http://www.csmonitor.com/World/Asia-P ... n-of-biblical-proportions.
China also devalues its currency to increase its profits.
http://thehill.com/blogs/pundits-blog ... ese-currency-manipulation


EVERYONE devalues their currencies to increase profits - if you haven't noticed, even the US did that over the last few years (they just gave it a really fancy name like "Quantitative Easing)!!! Everyone plays the same games - but apparently now, China is the easiest one to point the finger at. Remember in the 80's, that used to be USSR!!! Same sh*t, just different players/victims/escape goats.

And yes, China has many issues that everyone is aware of, but please note that US has a lot of issues too - different than those of China's, but tons of issues nonetheless. And on the flip side, there are a lot of things that China does really well (that the US is really bad at). If you're going to compare, at least do a fair comparison.



I agree with your post but could you elaborate on the things that China does really well that we are really bad at?

Posted on: 2016/1/16 21:48
Print Top


Re: Chinese Company in Talks to Buy Jersey City Site:
#65
Home away from home
Home away from home


Hide User information
Joined:
2011/4/14 23:58
Group:
Registered Users
Posts: 792
Offline
Quote:

Yvonne wrote:
So everyone is wrong except you! Boy do you have a problem.
http://www.csmonitor.com/World/Asia-P ... n-of-biblical-proportions.
China also devalues its currency to increase its profits.
http://thehill.com/blogs/pundits-blog ... ese-currency-manipulation


EVERYONE devalues their currencies to increase profits - if you haven't noticed, even the US did that over the last few years (they just gave it a really fancy name like "Quantitative Easing)!!! Everyone plays the same games - but apparently now, China is the easiest one to point the finger at. Remember in the 80's, that used to be USSR!!! Same sh*t, just different players/victims/escape goats.

And yes, China has many issues that everyone is aware of, but please note that US has a lot of issues too - different than those of China's, but tons of issues nonetheless. And on the flip side, there are a lot of things that China does really well (that the US is really bad at). If you're going to compare, at least do a fair comparison.


Posted on: 2016/1/16 20:52
Print Top


Re: Chinese Company in Talks to Buy Jersey City Site:
#64
Home away from home
Home away from home


Hide User information
Joined:
2004/6/16 22:16
Group:
Registered Users
Posts: 4124
Offline
Quote:

Pebble wrote:
Quote:

Yvonne wrote:
Quote:

Pebble wrote:
Quote:

Yvonne wrote:
Quote:

hero69 wrote:
Quote:

Yvonne wrote:
Knowing JC, we will continue with the abatements with a foreign national.
i agree that jc needs to massively curtail the abatements, but i don't see why a chinese company/investor should not be entitled to an abatement if a domestic company/investor is entitled to one.


That foreign national company will pay taxes to the Chinese government which oppress many people. If I were to visit China, the Catholic Church associated with Rome is underground. China only allows the allows their own Church in which they pick the bishops. The underground Church has members in jail. Then, there is the issue of forced abortions. Sorry, I don't believe in giving tax breaks that will eventually benefits a government that oppress their people.

What a load of shit. Spoken like someone that's never been to China. There are plenty of churches around these days.

As an aside, maybe it was a good move to push the Catholic Church out for many decades given their actions over the rape of children...


http://www.bing.com/videos/search?q=u ... 99CA47DF4D7E57F6189499CA4

Again, try taking an actual trip over there instead dealing with someone pushing an agenda. I've stood in Tien Mien Square. I've seen the Christian churches all throughout Beijing, Shanghai, Nanjing, etc. I'll trust my own eyes over your bigoted ones.


So everyone is wrong except you! Boy do you have a problem.
http://www.csmonitor.com/World/Asia-P ... n-of-biblical-proportions.
China also devalues its currency to increase its profits.
http://thehill.com/blogs/pundits-blog ... ese-currency-manipulation

Posted on: 2016/1/16 12:10
Print Top


Re: Chinese Company in Talks to Buy Jersey City Site:
#63
Home away from home
Home away from home


Hide User information
Joined:
2012/2/20 13:20
Group:
Registered Users
Posts: 2254
Offline

Downsizing of future Downtown Jersey City tower won't hinder state's tallest building label

By Terrence T. McDonald | The Jersey Journal
Email the author | Follow on Twitter
on January 16, 2016 at 7:41 AM

What will be New Jersey's tallest building has shrunk a bit, but it will still tower over the competition.

The skyscraper set for 99 Hudson St. on Jersey City's waterfront has been knocked down 50 feet to 900 and it's no longer 95 stories, but 79. The newest plans show 15,650 square feet of retail space, versus the 18,000 initially announced.

Read more:  http://www.nj.com/jjournal-news/index ... g_of_future_downtown.html


Posted on: 2016/1/16 12:00
Print Top


Re: Chinese Company in Talks to Buy Jersey City Site:
#62
Newbie
Newbie


Hide User information
Joined:
2014/10/22 20:56
From The Village
Group:
Registered Users
Posts: 17
Offline
"A Jersey City Planning Board document from June, however, indicates that the project has been reduced to 76 stories and 743 units"

So it won't be NJ's tallest building anymore. Not sure if that would be a draw anyway.

Posted on: 2016/1/13 17:37
Print Top


Re: Chinese Company in Talks to Buy Jersey City Site:
#61
Home away from home
Home away from home


Hide User information
Joined:
2012/2/20 13:20
Group:
Registered Users
Posts: 2254
Offline

Jersey City’s Towering 99 Hudson Street Gets FAA Clearance

As 2016 will prove to be a pivotal year for the Manhattan skyline, a neighbor across the Hudson River is also seeing amazing growth. Just last month, ground was broken for the LeFrak Organization’s 444-foot-tall, 43-story, 376-unit tower in the Newport section of Jersey City. Now, we have word of an important step in the process constructing a much taller tower to the south near Exchange Place.

The Federal Aviation Administration (FAA) has given clearance to 99 Hudson Street, according to a document found by YIMBY. The FAA has determined that “the structure would have no substantial adverse effect on the safe and efficient utilization of the navigable airspace by aircraft or on the operation of air navigation facilities.”

That means it “would not be a hazard to air navigation.” According to the document, the determination was required because the building will exceed 899 feet in height above ground level.

Read more:  http://newyorkyimby.com/2016/01/jerse ... t-gets-faa-clearance.html

Rendering of 99 Hudson Street, January 2015. Via City of Jersey City.Rendering of 99 Hudson Street, January 2015. Via City of Jersey City.


Posted on: 2016/1/12 22:53
Print Top


Re: More on 99 Hudson
#60
Quite a regular
Quite a regular


Hide User information
Joined:
2012/2/10 14:20
Group:
Registered Users
Posts: 59
Offline
So ridiculous that it will be 10' short of 1,000'.

Posted on: 2015/1/26 21:40
Print Top


More on 99 Hudson
#59
Home away from home
Home away from home


Hide User information
Joined:
2014/6/9 18:10
From Jersey City, NJ
Group:
Registered Users
Posts: 227
Offline

Posted on: 2015/1/26 10:25
Print Top


Re: Chinese Company in Talks to Buy Jersey City Site:
#58
Home away from home
Home away from home


Hide User information
Joined:
2010/7/17 9:37
Group:
Registered Users
Posts: 436
Offline
Quote:

Yvonne wrote:
Quote:

hero69 wrote:
Quote:

Yvonne wrote:
Knowing JC, we will continue with the abatements with a foreign national.
i agree that jc needs to massively curtail the abatements, but i don't see why a chinese company/investor should not be entitled to an abatement if a domestic company/investor is entitled to one.


That foreign national company will pay taxes to the Chinese government which oppress many people. If I were to visit China, the Catholic Church associated with Rome is underground. China only allows the allows their own Church in which they pick the bishops. The underground Church has members in jail. Then, there is the issue of forced abortions. Sorry, I don't believe in giving tax breaks that will eventually benefits a government that oppress their people.


First time I have confirmation Yvonne is actually a troll.

Posted on: 2015/1/22 14:47
Print Top


Re: Chinese Company in Talks to Buy Jersey City Site:
#57
Home away from home
Home away from home


Hide User information
Joined:
2013/3/29 17:43
From Bergen Hill
Group:
Registered Users
Posts: 1884
Offline
Quote:

Yvonne wrote:
Quote:

hero69 wrote:
Quote:

Yvonne wrote:
Knowing JC, we will continue with the abatements with a foreign national.
i agree that jc needs to massively curtail the abatements, but i don't see why a chinese company/investor should not be entitled to an abatement if a domestic company/investor is entitled to one.


That foreign national company will pay taxes to the Chinese government which oppress many people. If I were to visit China, the Catholic Church associated with Rome is underground. China only allows the allows their own Church in which they pick the bishops. The underground Church has members in jail. Then, there is the issue of forced abortions. Sorry, I don't believe in giving tax breaks that will eventually benefits a government that oppress their people.

What a load of shit. Spoken like someone that's never been to China. There are plenty of churches around these days.

As an aside, maybe it was a good move to push the Catholic Church out for many decades given their actions over the rape of children...

Posted on: 2015/1/22 13:33
Dos A Cero
Print Top


Re: Chinese Company in Talks to Buy Jersey City Site:
#56
Home away from home
Home away from home


Hide User information
Joined:
2004/6/16 22:16
Group:
Registered Users
Posts: 4124
Offline
Quote:

hero69 wrote:
Quote:

Yvonne wrote:
Knowing JC, we will continue with the abatements with a foreign national.
i agree that jc needs to massively curtail the abatements, but i don't see why a chinese company/investor should not be entitled to an abatement if a domestic company/investor is entitled to one.


That foreign national company will pay taxes to the Chinese government which oppress many people. If I were to visit China, the Catholic Church associated with Rome is underground. China only allows the allows their own Church in which they pick the bishops. The underground Church has members in jail. Then, there is the issue of forced abortions. Sorry, I don't believe in giving tax breaks that will eventually benefits a government that oppress their people.

Posted on: 2015/1/22 13:22
Print Top


Re: Chinese Company in Talks to Buy Jersey City Site:
#55
Home away from home
Home away from home


Hide User information
Joined:
2011/2/5 17:36
Group:
Banned
Posts: 231
Offline
I honestly don't see where you see "xenophobia" on this thread with respect to the school issue. The simply issue is that our Jersey City elementary schools are already at overcapacity. Stuffing little kids in trailers is just not an answer. As parents, we are frustrated that the City does not appear to be taking steps to alleviate the recognized problem of overcrowding that is happening - particularly in downtown schools. Any parent of a Jersey City child understands this problem. And contrary to popular belief, middle to "upper class" folk that are buying these 500K plus properties are choosing to send their kids to public school. This is simply a very important public policy issue that needs to be addressed along with the development.

Posted on: 2015/1/21 18:47
Print Top


Re: Chinese Company in Talks to Buy Jersey City Site:
#54
Home away from home
Home away from home


Hide User information
Joined:
2013/10/15 15:58
From Paulus Hook
Group:
Registered Users
Posts: 175
Offline
Quote:

Voyeur wrote:
Quote:

JGJDNYCJC wrote:

Developer/builder is the N.Am. sub of China State Construction Engineering.

http://www.chinaconstruction.us/Overview.jsp?id=2

The units will go to whomever is willing to pay. Given economic and wealth trends in China, there is a strong possibility that many buyers will emanate from China.



Perhaps - we'll have to wait and see.

It's worth mentioning that in addition to the unpleasant maintenance and property taxes that any foreign buyer would face, non-US citizens have 10% of the total sale price withheld at the time of sale as taxable income under FIRPTA if the sale is for more than $300,000 and the property has appreciated since purchase.

This is a tax that most Americans - understandably - are not aware of, but it is a big disincentive for upper-middle class Europeans considering a holiday home in Florida. Many opt to buy somewhere in the Med instead to avoid FIRPTA.


To be clear, FIRPTA actually imposes a lesser obligation than investing in their home market, with exceptions only for foreign investors from countries with extremely low domestic capital gains/income tax rates (e.g., the Middle East). A German investor would prefer to have $1 million of gain on real estate in the U.S. over having $1 million of gain in Germany, as FIRPTA imposes a low tax on capital gains of non-US investors while in Germany their tax rate on that gain would be much higher.

The (normally big) exception is for sales with little gain, or no gain at all, since FIRPTA withholding by default is 10% of the sales price (though this can be argued lower), which the seller will get back to the extent it is in excess of taxes owed but which will still be held by the IRS for months without interest. But this is mostly irrelevant in the immediate NYC area, since most sellers have large amounts of gain on their sales.

Posted on: 2015/1/21 16:21
Print Top


Re: Chinese Company in Talks to Buy Jersey City Site:
#53
Home away from home
Home away from home


Hide User information
Joined:
2011/11/30 7:46
Group:
Registered Users
Posts: 1776
Offline
Quote:

Voyeur wrote:
This entire discussion that wealthy Chinese buyers will snap up units in this building is based solely on the fact that a company called China Construction America is the developer?

Seems a pretty spurious premise, given that a brief look at their company website shows that the firm is involved in construction all all kinds, residential, commercial, transportation and educational all over the US and Canada.

Say, maybe they can build that badly needed new DTJC public school while they're at it? Or is it already oversubscribed with Chinese students?

Also, how would CCA have successful sold the entire building to prospective buyers in China when the project is still pending planning board and city council approval? Whoever claimed they had intel from family back in China is full of it.

This building will fill up with the same NYC exiles and NJ natives that filled up 77 Hudson next door - Americans with a smattering of Eurotrash thrown in...


The xenophobia is strong with this thread

Posted on: 2015/1/21 15:24
Print Top


Re: Chinese Company in Talks to Buy Jersey City Site:
#52
Home away from home
Home away from home


Hide User information
Joined:
2014/9/18 21:29
From Hamilton Park
Group:
Registered Users
Posts: 191
Offline
[/quote]Quote:

JGJDNYCJC wrote:

Developer/builder is the N.Am. sub of China State Construction Engineering.

http://www.chinaconstruction.us/Overview.jsp?id=2

The units will go to whomever is willing to pay. Given economic and wealth trends in China, there is a strong possibility that many buyers will emanate from China.



Perhaps - we'll have to wait and see.

It's worth mentioning that in addition to the unpleasant maintenance and property taxes that any foreign buyer would face, non-US citizens have 10% of the total sale price withheld at the time of sale as taxable income under FIRPTA if the sale is for more than $300,000 and the property has appreciated since purchase.

This is a tax that most Americans - understandably - are not aware of, but it is a big disincentive for upper-middle class Europeans considering a holiday home in Florida. Many opt to buy somewhere in the Med instead to avoid FIRPTA.

Posted on: 2015/1/21 13:12
Print Top


Re: Chinese Company in Talks to Buy Jersey City Site:
#51
Home away from home
Home away from home


Hide User information
Joined:
2014/6/9 18:10
From Jersey City, NJ
Group:
Registered Users
Posts: 227
Offline
Quote:

Voyeur wrote:
This entire discussion that wealthy Chinese buyers will snap up units in this building is based solely on the fact that a company called China Construction America is the developer?

Seems a pretty spurious premise, given that a brief look at their company website shows that the firm is involved in construction all all kinds, residential, commercial, transportation and educational all over the US and Canada.

Say, maybe they can build that badly needed new DTJC public school while they're at it? Or is it already oversubscribed with Chinese students?

Also, how would CCA have successful sold the entire building to prospective buyers in China when the project is still pending planning board and city council approval? Whoever claimed they had intel from family back in China is full of it.

This building will fill up with the same NYC exiles and NJ natives that filled up 77 Hudson next door - Americans with a smattering of Eurotrash thrown in...


Developer/builder is the N.Am. sub of China State Construction Engineering.

http://www.chinaconstruction.us/Overview.jsp?id=2

The units will go to whomever is willing to pay. Given economic and wealth trends in China, there is a strong possibility that many buyers will emanate from China.



Posted on: 2015/1/21 12:54
Print Top


Re: Chinese Company in Talks to Buy Jersey City Site:
#50
Home away from home
Home away from home


Hide User information
Joined:
2014/9/18 21:29
From Hamilton Park
Group:
Registered Users
Posts: 191
Offline
This entire discussion that wealthy Chinese buyers will snap up units in this building is based solely on the fact that a company called China Construction America is the developer?

Seems a pretty spurious premise, given that a brief look at their company website shows that the firm is involved in construction all all kinds, residential, commercial, transportation and educational all over the US and Canada.

Say, maybe they can build that badly needed new DTJC public school while they're at it? Or is it already oversubscribed with Chinese students?

Also, how would CCA have successful sold the entire building to prospective buyers in China when the project is still pending planning board and city council approval? Whoever claimed they had intel from family back in China is full of it.

This building will fill up with the same NYC exiles and NJ natives that filled up 77 Hudson next door - Americans with a smattering of Eurotrash thrown in...

Posted on: 2015/1/21 12:48
Print Top


Re: Chinese Company in Talks to Buy Jersey City Site:
#49
Home away from home
Home away from home


Hide User information
Joined:
2013/10/15 15:58
From Paulus Hook
Group:
Registered Users
Posts: 175
Offline
Quote:

asny10011 wrote:
Perhaps they may offer it as a EB5 visa program so investors can loan some money to build it and get citizenship at the same time. US immigration program is pretty cheap at 500K. It is relatively cheap compared to other countries who offer their citizenship for sale.


Yes, but EB-5 applies only to investors at the construction/development stage. Once you're talking about buyers, there's no EB-5 visa.

Posted on: 2015/1/21 12:33
Print Top


Re: Chinese Company in Talks to Buy Jersey City Site:
#48
Home away from home
Home away from home


Hide User information
Joined:
2010/10/18 14:59
Group:
Registered Users
Posts: 513
Offline
Perhaps they may offer it as a EB5 visa program so investors can loan some money to build it and get citizenship at the same time. US immigration program is pretty cheap at 500K. It is relatively cheap compared to other countries who offer their citizenship for sale.

Posted on: 2015/1/21 12:00
Print Top


Re: Chinese Company in Talks to Buy Jersey City Site:
#47
Home away from home
Home away from home


Hide User information
Joined:
2013/1/23 14:44
Group:
Registered Users
Posts: 296
Offline
Quote:

JGJDNYCJC wrote:
I suspect this building will become an investment property destination for Chinese folks looking to park money offshore and NYC-area realty is considered better than t-bills risk-wise. Doubtful therefore that public schools will see much extra play, although I do agree that we should extract more funding to either build more or expand existing facilities. I know LHN is supposed to get a new elementary school once fully built out.

Parking, I'm not concerned about. Not everyone in DT wants to own a car. There are plenty of private parking options that are reasonably priced and that sit fairly empty.


While i agree there are a lot of cash in china with nowhere to invest, i highly doubt many will buy into this building as an investment.

you are forgetting a crucial element - the property tax + maintenance fees for condos in US. In shanghai, for example a 2 million dollar 3br condo cost $100 a YEAR in property tax and <$100 a month in maintenance fees - and that's considered over the top luxury with multiple olympic sized pools, 8 gardens, artificial beach etc... a normal luxury $1m 3br condo cost like $10 a month in maintenance fee and <$100 in tax a year.

In the US, you will pay at min $2000+ a month for tax + maintenance fee even with tax abatement for a 1mil condo. Most chinese buyers will see this as a non-starter. The only people who will buy into this from china are those looking to pull their money out of china at all cost. They will rent it out and get a meager 5% ROI if lucky after all the fees but have some assets outside of china.

Posted on: 2015/1/21 11:28
Print Top


Re: Chinese Company in Talks to Buy Jersey City Site:
#46
Home away from home
Home away from home


Hide User information
Joined:
2006/4/10 9:29
From Mars
Group:
Registered Users
Posts: 2646
Offline
I always love the entitlement when it comes to public schools. "We paid good money to segregate our children from the rest of the shitty public schools, stop adding more people to MY exclusive public school!"

Posted on: 2015/1/21 11:19
Print Top


Re: Chinese Company in Talks to Buy Jersey City Site:
#45
Home away from home
Home away from home


Hide User information
Joined:
2013/10/15 15:58
From Paulus Hook
Group:
Registered Users
Posts: 175
Offline
Quote:

07310 wrote:
Quote:

jcdd wrote:
MIkeyTCB - mark my words - there will be families moving in to these condos, they will have young children, and yes, there will be a good percentage that will send their kids to PS16. PS16 is generally considered probably the "best" of the public elementary schools in JC. But it already has capacity issues, as does the entirety of the downtown elementary schools. The City needs to do something quickly to deal with this problem. We need new schools built in downtown. The population boom is happening here.


If these condos are priced at the high end as we all suspect. The people who can afford these will not be sending their children to JC public schools. They will be in private schools. I also think that these places will not be the primary residences for most of the owners similar to the high end condos in Manhattan which are not the primary residences of these owners.



Sure they will be. The condos in Manhattan that are not primary residences are not priced in the same range as this building. Those are the eight-figure condos. The developers of this buildings will be lucky if they can sell the priciest penthouse in this building for somewhere close to $4 million (which would be substantially above the current Jersey City record, which I think is still below $3 million). Anyway, even if they are not the owner's primary residence, they'll be *someone's* primary residence as a rental.

Posted on: 2015/1/21 10:35
Print Top


Re: Chinese Company in Talks to Buy Jersey City Site:
#44
Home away from home
Home away from home


Hide User information
Joined:
2004/11/7 22:36
Group:
Registered Users
Posts: 918
Offline
Quote:

jcdd wrote:
MIkeyTCB - mark my words - there will be families moving in to these condos, they will have young children, and yes, there will be a good percentage that will send their kids to PS16. PS16 is generally considered probably the "best" of the public elementary schools in JC. But it already has capacity issues, as does the entirety of the downtown elementary schools. The City needs to do something quickly to deal with this problem. We need new schools built in downtown. The population boom is happening here.


If these condos are priced at the high end as we all suspect. The people who can afford these will not be sending their children to JC public schools. They will be in private schools. I also think that these places will not be the primary residences for most of the owners similar to the high end condos in Manhattan which are not the primary residences of these owners.


Posted on: 2015/1/21 10:32
Print Top




(1) 2 3 »




[Advanced Search]





Login
Username:

Password:

Remember me



Lost Password?

Register now!



LicenseInformation | AboutUs | PrivacyPolicy | Faq | Contact


JERSEY CITY LIST - News & Reviews - Jersey City, NJ - Copyright 2004 - 2017