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Re: Chinese Company in Talks to Buy Jersey City Site:
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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.


The condo owners pay a lot of property tax. I hope at least part of it goes to fund PS16.

Posted on: 2015/1/21 10:24
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Re: Chinese Company in Talks to Buy Jersey City Site:
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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.

Posted on: 2015/1/21 9:59
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Re: Chinese Company in Talks to Buy Jersey City Site:
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Sommerman wrote:

My initial reaction to the words "luxury condos" is now ghost towers. These apartments might not even be marketed in the US. For all we know, there is a waiting list for these apartments.



Rumor has it from my fam over there that these are long gone. Currenlty a wait list. As someone mentioned, it's the status purchase mostly for the new "middle class" that cant afford a proper NYC address.

And dont worry, they're not sending their kids to our sh!tty public schools.

Posted on: 2015/1/21 9:51
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Re: Chinese Company in Talks to Buy Jersey City Site:
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Over a Trillion dollars in cash available for investment by China. The Chinese have purchased our debt as treasury certificates over the last several decades which enabled the US to finance mortgages for condos and houses. Now those dollars are coming home to roost as cash purchases at premium dollars for US property. Thank our lucky selves that someone wants to develop US property and has the cash to do it.

Get used to it minions.

Posted on: 2015/1/21 9:32
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Re: Chinese Company in Talks to Buy Jersey City Site:
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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.

Posted on: 2015/1/21 8:55
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Re: Chinese Company in Talks to Buy Jersey City Site:
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http://www.fmi.org/research-resources ... al-store-size-square-feet

To put 18000 sq ft of commercial and retail space into
perspective, it is significantly less than the median size of an American supermarket. Is there any reason to believe that there will be any retail at all? A few professional offices and an the elevator lobby to access them would probably fill up 18000 square feet.

My initial reaction to the words "luxury condos" is now ghost towers. These apartments might not even be marketed in the US. For all we know, there is a waiting list for these apartments.

Also, what's so important about being the largest city or the tallest building in the state?


Posted on: 2015/1/21 8:55
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Re: Chinese Company in Talks to Buy Jersey City Site:
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fat-ass-bike wrote:
760 apartments - High density madness when our schools, public transport and general infrastructure can't even cope now.

If 1/3 of these apartments had a visitor in any one time, where are these visitors going to park? The developer should be required to provide no less than 5% of apartments numbers with visitor parking (38 parking bays for visitors). They should also provide an off-street delivery parking area for parcels, food deliveries, taxis and other service providers.


They were entitled to more density and the city talked them down form two buildings, to one building with less units and increased park space. I'm sure there will be a garage, that is 1/2 used like every garage in JC so I doubt parking will be an issue.

Posted on: 2015/1/21 8:38
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Re: Chinese Company in Talks to Buy Jersey City Site:
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760 apartments - High density madness when our schools, public transport and general infrastructure can't even cope now.

If 1/3 of these apartments had a visitor in any one time, where are these visitors going to park? The developer should be required to provide no less than 5% of apartments numbers with visitor parking (38 parking bays for visitors). They should also provide an off-street delivery parking area for parcels, food deliveries, taxis and other service providers.

Posted on: 2015/1/21 6:38
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Re: Chinese Company in Talks to Buy Jersey City Site:
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Jersey City, New Jersey, to Get 95-Story Condo Tower
By David M. Levitt and Terrence Dopp Jan 20, 2015 12:06 PM ET

Source: City of Jersey City via Bloomberg

China Overseas America Inc. plans to construct the 950-foot (290-meter) building at 99... Read More

A Chinese developer is planning a 95-story condominium tower for the Jersey City, New Jersey, waterfront that would be the tallest building in the state.

China Overseas America Inc. plans to construct the 950-foot (290-meter) building at 99 Hudson St., according to a statement on Tuesday from Mayor Steven Fulop. The skyscraper, with 760 for-sale dwellings, would surpass the Goldman Sachs Group Inc. tower two blocks to the south, which is 781 feet tall, according to the statement.

The project shows how Jersey City has become a refuge and market of choice for a mix of empty-nesters and buyers priced out of Manhattan, Fulop said in an interview. The plan, calling for condos ranging from one to three bedrooms, shows that the city is attracting more families and others who want to buy homes and remain there.

“This building will literally have the best view in the world,” Fulop said. “It’s going to have panoramic views of the Statue of Liberty, Ellis Island and the New York City skyline.”

The final project will include an affordable-housing component, to be determined, Fulop said.

Read more:
http://www.bloomberg.com/news/2015-01 ... 95-story-condo-tower.html

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Posted on: 2015/1/20 23:45
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Re: 99 Hudson Street -- latest
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Hopefully no occupants of this building have kids as ps 16 is already over capacity. Never mind a whole foods, this neighborhood needs a bigger facility to educate the future.

Posted on: 2015/1/20 22:26
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Re: 99 Hudson Street -- latest
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18,000 square feet of retail space? Seems like the perfect size for a Whole Foods...

(might as well start this whole ordeal up again!)

Posted on: 2015/1/20 19:42
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Re: 99 Hudson Street -- latest
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950-foot tower, tallest in N.J., planned for Downtown Jersey City

By Terrence T. McDonald | The Jersey Journal
on January 20, 2015 at 2:04 PM

JERSEY CITY – Developers are planning "the tallest building in New Jersey," a 95-story residential tower, on the site of a Hudson Street parking lot, city officials announced today.

China Overseas America is looking to build 760 condo units and about 18,000 square feet of commercial and retail space, plus a 7,000-square-foot park, at 99 Hudson St., according to Mayor Steve Fulop.

The tower would rise 950 feet. Construction is expected to begin late this spring, once it receives approvals from the city's planning board and council.

Read more:
http://www.nj.com/hudson/index.ssf/20 ... planned_for_downtown.html

Posted on: 2015/1/20 19:28
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Re: 99 Hudson Street -- latest
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interesting design, but why stop at 95 stories...why not 110. the building'scrown could be more interestig

Posted on: 2015/1/20 18:37
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Re: 99 Hudson Street -- latest
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i wonder how much a 2br2ba will cost, going by 77 hudson price, it will be 7 figures.

Posted on: 2015/1/20 17:07
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Re: 99 Hudson Street -- latest
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I actually really like it, and the street level architecture is hands down the best I have seen on a high rise in Jersey City.

Posted on: 2015/1/20 16:12
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Re: 99 Hudson Street -- latest
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looks like it will be built by some chinese construction company. Those guys dont screw around so i know it will be built in 2 years or less if approved.

now if they can only do something about the power house arggg..

Posted on: 2015/1/20 15:51
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Re: 99 Hudson Street -- latest
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I agree; I think this looks better than the Alex Stark proposal. And condos is great news--last I heard this was supposed to be rentals. Not looking forward to the construction, but oh well.

The street level looks great, too. I think once this site and the site south of Sussex St are filled in, the Hudson/Greene corridor may actually become a significant retail destination. It's tough now for the retail in 70 Greene/77 Hudson and Liberty Towers because of those parking lots.

Posted on: 2015/1/20 15:02
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Re: 99 Hudson Street -- latest
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I like it - for its symmetry if nothing else. The Alex Stark proposal looked like a cross between the beautiful (and symmetrical) Frank Gehry building at 8 Spruce Street, and the hideous monstrosity that will eventually be the URL Harborside Towers.

The amount of car traffic in that rendering is hilarious - there is scarcely any traffic in that little corner of the waterfront. And it appears that almost everyone in JC uniformly drives Mercedes S-Class, apparently...

Posted on: 2015/1/20 14:37
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Re: 99 Hudson Street -- latest
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I'm relieved to see they are proposing ground floor retail - seemingly for the entire ground level - which will encourage street life, and prevent the feeling of dead zones so prevalent in Hoboken and Newport.

I totally agree with JGJDNYCJC - the design shown is dull. The original renderings from Alex Stark are much more interesting; I wonder what happened to that proposal - http://alexstark.com/projects/real-estate-projects/99-hudson/

Posted on: 2015/1/20 13:06
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99 Hudson Street -- latest
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http://www.jcnj.org/uploadedFiles/Pub ... %20Release%2001.20.15.pdf

This just happened. Image in the PR looks decidedly uninteresting, much like the Bear Stearns, now JPM, tower on Madison Ave (#383).


Posted on: 2015/1/20 12:05
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Re: Chinese Company in Talks to Buy Jersey City Site:
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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.

Posted on: 2014/12/13 6:49
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Re: Chinese Company in Talks to Buy Jersey City Site:
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Knowing JC, we will continue with the abatements with a foreign national.

Posted on: 2014/12/12 23:31
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99 Hudson Street
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http://newyorkyimby.com/2014/12/99-hu ... eys-tallest-building.html

No image or link provided to replacement design. Perkins Eastman is the architect.

Posted on: 2014/12/11 15:18
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Re: Chinese Company in Talks to Buy Jersey City Site:
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Chinese firm makes $70M all-cash building buy in Jersey City
November 14, 2013 02:15PM

Jersey City
China Construction America has purchased a 1.1 million-square-foot building on the Jersey City waterfront, marking the firm’s second all-cash real estate deal in the New York area since April.
CCA paid $70 million for the mixed-use site at 99 Hudson Street, and has plans to develop the space as an upscale complex with luxury condominiums, rental apartments, retail and a boutique hotel, Real Estate Weekly reported.
The firm, which established a real estate development arm called Dynasty Capital earlier this year to invest in the area, purchased a Class A office building at 445 South Street in Morristown, N.J., for $71 million in April.
CCA has plans to continue expanding its presence in the area, the firm told REW.
“We are pursuing a relatively cautious investment strategy while remaining agile and responsive to market opportunities,” Ning Yuan, president of CCA, told REW.
CCA, a subsidiary of China-based construction and real estate conglomerate CSCEC, is headquartered in Jersey. CCA operates in Greater New York, South Carolina and the Bahamas. [REW] — Julie Strickland

Article link

Posted on: 2013/11/14 19:10
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Re: Chinese Company in Talks to Buy Jersey City Site:
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I'm not sure we need to turn this into a macroeconomics 101 debate. Direct foreign investment is something most countries actively seek to inject investment capital into the economy. Some of the returns on those investments stay locally, some go back home, some go to remote tax havens like the Cayman Islands. In the end, it all helps put money into the economy and promotes growth.

Posted on: 2013/11/5 8:18
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Re: Chinese Company in Talks to Buy Jersey City Site:
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fat-ass-bike wrote:
Interesting how we allow foreign companies to buy land and generate income and business in real estate developments. With Australians, Indian, Israeli and Chinese companies to name a few doing this. What would happen if Iranian, Iraqi, North Korean or Syrian based companies wanting to do the same?

I'm of the view that only U.S citizens should be allowed to own land and any monies generated should remain here - There should be no grey area in legislation, however I suspect that our economy is much more worse then reported and we a doing anything to generate any growth in employment and development ... you would think that we had ample home grown development companies taking on these or any project !


Do you also support foreign countries preventing US individuals and corporations from buying or developing property?

Posted on: 2013/11/5 7:27
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Re: Chinese Company in Talks to Buy Jersey City Site:
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Interesting how we allow foreign companies to buy land and generate income and business in real estate developments. With Australians, Indian, Israeli and Chinese companies to name a few doing this. What would happen if Iranian, Iraqi, North Korean or Syrian based companies wanting to do the same?

I'm of the view that only U.S citizens should be allowed to own land and any monies generated should remain here - There should be no grey area in legislation, however I suspect that our economy is much more worse then reported and we a doing anything to generate any growth in employment and development ... you would think that we had ample home grown development companies taking on these or any project !

Posted on: 2013/11/5 4:57
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Re: Chinese Company in Talks to Buy Jersey City Site:
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Interesting find. Was AECOM a partner of Hartz or were they an outside buyer that just reached a deal to purchase the property before the Chinese company made an offer?

AECOM is a partner in the 38-story tower being built by the JV with Toll Brothers at Marin & Bay streets by the Grove PATH station.

Posted on: 2013/11/4 21:47
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Re: $68 Million Parking Lot in Downtown Jersey City
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Looks like this sale caught a snag for the time being. Via the WSJ today, written by Dawn Wotapka:

"The battle over a Jersey City parking lot slated to be sold to a Chinese company has landed in state court.

In court documents, AECOM, an investment fund of Los Angeles-based AECOM Technology Corp., accuses Hartz Mountain Industries of "aggravated misconduct," claiming Hartz made a side deal to sell the entire site to another buyer for $68 million after agreeing to sell a majority ownership to AECOM for $50 million."


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Posted on: 2013/11/4 18:01
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Re: Chinese Company in Talks to Buy Jersey City Site:
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There are dozens of ghost cities in China. It has nothing to do with appliances. It has to do with the collapse of the Chinese economy in more rural areas of China, and the fact that capacity far exceeds demand. It's very very significant.


http://www.businessinsider.com/revisi ... hinas-ghost-cities-2013-9

http://online.wsj.com/news/articles/S ... 4412604578515382905495900


http://www.youtube.com/watch?v=InqAzvX6UrI




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stc4blues wrote:
Quote:

Dahood wrote:
Havent they overbuilt? I read in some news that there are ghost cities in China.


I'd read that too, but then I read that that's something of an illusion. When the Chinese build an apartment building the interiors are not finished. The apartments are empty shells without finishes or any appliances. So it takes awhile for them to get finished by the owners of individual units. It may be a year or a year and a half before a new building begins to get occupied. Until then it appears like a ghost building.

Posted on: 2013/10/18 19:17
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