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Re: Up the Hill -- WSJ: What’s the Deal: Jersey City Lands Micro Apartments at 87 Newkirk St.
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Yvonne wrote:
This project received a 25 year tax abatement, the last tax abatment granted under Healy in the same neighborhood was 12 years. This project is walking distance to the PATH. Another give-away. The economy is boom this is a seller's market but JC rolls out the carpet for tax dollars.

The "micro-unit" building is atypical project for Jersey City - most people move here for larger apartments than they can get in NYC, for places they expect to live in for longer, or to buy.

I can see the need - downtown's real-estate boom notwithstanding - to encourage this type of project with an abatement, as it's a first and it remains to be seen if the demand really is there for this type of rental unit.

Posted on: 2016/10/4 18:30
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Re: WSJ: What’s the Deal: Jersey City Lands Micro Apartments at 87 Newkirk St.
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I would have loved to have had something like that when I was in my 20s: I wasn't making much but really wanted my own place. Small was fine as I sure heck didn't own much stuff.


I had a 12x20 stabilized studio across the street from the Chelsea Hotel for 3 years, my sister sublet it to me. That was awesome.


In the late 90's, I had an $800 per month basement apartment in the East Village @ 11th & 1st Ave.

Posted on: 2016/10/3 19:13
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Re: Up the Hill -- WSJ: What’s the Deal: Jersey City Lands Micro Apartments at 87 Newkirk St.
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They make that in MSPaint? Jesus.

Posted on: 2016/10/3 18:49
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Re: WSJ: What’s the Deal: Jersey City Lands Micro Apartments at 87 Newkirk St.
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I had a 12x20 stabilized studio across the street from the Chelsea Hotel for 3 years, my sister sublet it to me. That was awesome.


Lucky you! I lived in what had to be one of the crappiest apartments in Hoboken with multiple roommates. I put up with it because it was the only way I could get my housing costs low enough to save money for my own place.

During heavy rain the building would have a 'graphite flood'. The condos behind me were built on the site of a former pencil factory. The factory used to bury graphite waste on site. So every heavy rain, this black sludge would come out of the ground. It was slippier than dog snot.

Posted on: 2016/10/3 18:32
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Re: Up the Hill -- WSJ: What’s the Deal: Jersey City Lands Micro Apartments at 87 Newkirk St.
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At the same meeting 3224-3230 Kennedy received a 5 year tax abatement. There is no reason for the same community to have different years.

Posted on: 2016/10/3 18:23
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Re: WSJ: What’s the Deal: Jersey City Lands Micro Apartments at 87 Newkirk St.
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MDM wrote:
I would have loved to have had something like that when I was in my 20s: I wasn't making much but really wanted my own place. Small was fine as I sure heck didn't own much stuff.


I had a 12x20 stabilized studio across the street from the Chelsea Hotel for 3 years, my sister sublet it to me. That was awesome.

Posted on: 2016/10/3 18:16
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Re: Up the Hill -- WSJ: What’s the Deal: Jersey City Lands Micro Apartments at 87 Newkirk St.
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Posted on: 2016/10/3 15:22
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Re: Up the Hill -- WSJ: What’s the Deal: Jersey City Lands Micro Apartments at 87 Newkirk St.
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Jersey City receives more money from the PILOT revenue than it would receive in regular taxes.

A little bit of money goes to Hudson County. In essence, the remainder of Hudson County has to shoulder a bigger load of the tax burden.

The school board gets shafted.

The system is screwed up, but it's financially advantageous for Jersey City for now.

I wish tax abatements were automatic with clear parameters in state law: 5 years for new construction or substantial renovation, 15 years in an area in need for redevelopment. PILOT payments set by formula and any PILOT payments being a split between the city, school board, and county.

Other than that, this looks like a wonderful addition to the community, and will provide much needed housing choices. Keep them coming.


Posted on: 2016/10/3 15:19
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Re: Up the Hill -- WSJ: What’s the Deal: Jersey City Lands Micro Apartments at 87 Newkirk St.
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This project received a 25 year tax abatement, the last tax abatment granted under Healy in the same neighborhood was 12 years. This project is walking distance to the PATH. Another give-away. The economy is boom this is a seller's market but JC rolls out the carpet for tax dollars.

Posted on: 2016/10/3 15:02
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Re: WSJ: What’s the Deal: Jersey City Lands Micro Apartments at 87 Newkirk St.
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I would have loved to have had something like that when I was in my 20s: I wasn't making much but really wanted my own place. Small was fine as I sure heck didn't own much stuff.

Posted on: 2016/10/3 14:49
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Up the Hill -- WSJ: What’s the Deal: Jersey City Lands Micro Apartments at 87 Newkirk St.
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What?s the Deal: Jersey City Lands Micro Apartments

Wall Street Journal
NEW YORK NY
REAL ESTATE

A rendering of an apartment at 87 Newkirk St. in Jersey City.

Jersey City Lands Micro Apartments

A building with apartments billed as ?micro units? is slated for the booming Journal Square neighborhood of Jersey City.

The developer, Namdar Realty Group, has hired a company named Ollie that specializes in designing micro units to manage the 129,500-square-foot project, at 87 Newkirk St.

Ollie will design a mix of furnished studios, about 325 square feet, and roommate suites that range in size from 550 square feet to 850 square feet.

Besides 113 apartments, the building will include two floors of co-working office space and 5,000 square feet of ground-floor retail.

?We are typical residential developers who have used the same floor plan for years,? said Effy Namdar, chief investment officer for Namdar, which is based in Great Neck, N.Y. ?But we see there?s a new demand from millennials?in shared living, smaller spaces and larger communal areas.?

Mr. Namdar declined to give the cost of the project. He expects construction to begin in mid-2017; work should be completed by early 2020.

Residents will have access to the office space as well as amenities such as a gym, a laundry lounge and a sun deck, said Chris Bledsoe, co-founder of Ollie, which also manages Carmel Place, a micro-unit development in Manhattan?s Kip?s Bay neighborhood.

?This building is designed to blur the lines between live, work and play,? Mr. Bledsoe said of the Jersey City project.

http://www.wsj.com/articles/whats-the ... cro-apartments-1475449337

Posted on: 2016/10/3 14:47
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