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Re: $68 Million Parking Lot in Downtown Jersey City
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Yvonne wrote:
So what do we do with the cars that come into Jersey City? Will they get a parking permit and take parking from local residents?


Quit with your scare tactics. They'll probably just park in one of the other nearby parking lots. There are plenty of downtown parking lots that are not full to capacity, even on weekdays. Or even more likely, this building will have it's own parking, like all the other nearby office and residential high rises.

If I'm ambivalent between Fulop and another candidate, come next election, I'll vote Fulop just to spite Yvonne and Fletcher Gensamer (John1952).

Posted on: 2013/10/18 9:44
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Re: $68 Million Parking Lot in Downtown Jersey City
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that is one expensive parking lot

Posted on: 2013/10/17 20:07
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Re: $68 Million Parking Lot in Downtown Jersey City
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Or they will city a permit from city hall, allowing them to park on the streets the residents use. That permit cost more than a resident pays, but it is less than a parking lot.

Posted on: 2013/10/17 19:41
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Re: $68 Million Parking Lot in Downtown Jersey City
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Yvonne wrote:
So what do we do with the cars that come into Jersey City? Will they get a parking permit and take parking from local residents?


They will either learn to take public transit, or deal with the unpleasant consequences of finding parking in an extremely dense city.

Posted on: 2013/10/17 19:16
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Re: $68 Million Parking Lot in Downtown Jersey City
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So what do we do with the cars that come into Jersey City? Will they get a parking permit and take parking from local residents?

Posted on: 2013/10/17 18:22
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$68 Million Parking Lot in Downtown Jersey City
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Posted on: 2013/10/17 17:32
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Re: Chinese Company in Talks to Buy Jersey City Site:
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They're cryptically known as "C Scec-Usa, Inc." and have their office in Newport. They have to hire local workers to build, so I'm all for it.

Posted on: 2013/10/11 9:42
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Re: Chinese Company in Talks to Buy Jersey City Site:
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That business model isn't restricted to China; when the Miami real estate market crashed, lots of unfinished condos were marketed as "designer-ready", meaning they were sold without finshed walls, ceilings, floors or fixtures.

Posted on: 2013/10/11 9:24
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Re: Chinese Company in Talks to Buy Jersey City Site:
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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: 2013/10/11 5:08
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Re: Chinese Company in Talks to Buy Jersey City Site:
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they really know how to build tall buildings in china..maybe they'll build a 2,000 tower of babel

Posted on: 2013/10/10 20:32
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Re: Chinese Company in Talks to Buy Jersey City Site:
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Prismatic wrote:
As long as they don't get any tax abatements.


This company is partially subsidized by the chinese govt. Kind of gives them an unfair advantage for many of the competitively bid infrastructure projects they typically work on.

Posted on: 2013/10/10 16:15
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Re: Chinese Company in Talks to Buy Jersey City Site:
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As long as they don't get any tax abatements.

Posted on: 2013/10/10 15:28
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Chinese Company in Talks to Buy Jersey City Site:
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By DAWN WOTAPKA And ELIOT BROWN CONNECT

The Wall Street Journal

A Chinese construction company is in discussions to buy a prime Jersey City, N.J. development site that could support a 1,000-unit apartment complex overlooking the Hudson River, according to multiple executives with knowledge of the sale.

China Construction America Inc., the U.S. subsidiary of Chinese construction giant China State Construction Engineering Corp., has a tentative agreement to buy the site for $68 million, the executives said. A spokeswoman for China Construction said she couldn't comment on the deal because it hadn't closed.

The negotiations, which could still fall apart, are the latest sign that Chinese developers and investors are putting money into U.S. real estate projects. Chinese office developer Zhang Xin purchased a 20% stake in the GM Building earlier this year. Also, China Vanke Co., 000002.SZ +0.21% the country's largest residential developer, is building two condo towers in San Francisco with Tishman Speyer Properties Inc.

The seller of the Jersey City site, known as 99 Hudson Street, is Hartz Mountain Industries Inc., a developer that purchased it in 2011 for $35 million and had been planning to build apartments. Instead, the company wants to take advantage of rapidly rising land values in the New York area.

China State Construction Engineering, China's largest construction company by revenue, has been in the U.S. since the 1980s. But up until recently, it has been known mostly for infrastructure projects.

Over the years, it has won contracts for numerous mid-sized and some larger infrastructure projects in the northeastern U.S., including a new Metro-North commuter train station at Yankee Stadium and a $123 million renovation of the three-mile Pulaski Skyway bridge in New Jersey.

The company, which has an office in Jersey City, also recently entered into the office space business. It paid $71 million for a 320,000 square foot office building in Morris Township, N.J., where it plans to expand its offices as well as rent to other tenants.

The Jersey City site was once slated to be developed into office space for Merrill Lynch & Co., which bought the land in 1999. Secaucus, N.J.-based Hartz Mountain--one of the region's largest landlords with more than 200 retail, office, hotel and industrial properties--acquired the land from Bank of America Corp. in 2011 and was planning a 1,000-unit development.

A Jersey City official said he believes that China Construction will continue those plans if it closes on the deal because the city has a tight rental apartment market.

The area's vacancy rate was 3.5% in the third quarter, down 0.3 percentage points from the third quarter of 2012, below the national 4.2% rate, according to Reis Inc., a real-estate research firm. The average rent was $1,558 in the quarter, well above the national $1,073 average.

--Olivia Fuyao Geng contributed to this article



Posted on: 2013/10/10 15:06
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