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Re: American Can/ Canco Lofts
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Any info on why the property taxes at Cacno are so low? Other tax abated properties in JC are nowhere near this low.

Posted on: 2013/1/6 2:02
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Canco Lofts
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Anyone here live in Canco? The units look amazing, but I am not to sure about the location. Just wondering if any owners can give me some pros/cons of purchasing there. Thanks.

Posted on: 2012/12/16 4:26
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Re: Journal Square: Canco sales have been slow - new perk buy a penthouse get a car
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To jcboyz

I don't always check with JCList so I don't know what article you are referring to but I will give you many reason why this abatement is wrong:
1) There is nothing in the JC charter on the city's incorporation which was written around 1640 that JC taxpayers are responsible that developers make a profit. Canco had an abatement but like Crystal Point they went crying to JC gov't that they weren't making a profit so the city gave them a better deal, which is another reason why 77 Hudson St sued JC because they felt discrimination against.
2) I remember the original agreement which was reported in the Hudson Reporter and written by Ricardo Kaulessar. The original deal stated the condos would sell for $200,000 range, the condos are selling in the $350,000 to $450,000 range.
3) Abatements are not ratable. Which means the county which has the legal obligation to create the tax bills, do not add abatements in the ratable base. The greater the ratable base the smaller the tax bill for everyone and the lower the ratable base the larger the tax bill for everyone. The ratable base after the 1988 reval was higher then than it is now because our mayors (McCann, Schundler, and Healy) gave away the ratable base.

Posted on: 2012/9/29 22:16
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Re: American Can/ Canco Lofts
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Does anyone live in this building? If so, can you describe your experience there? What are you most happy with and least thrilled about? How is the sound insulation between units? Does the construction noise affect your sleeping habits? Have you actually walked to the JSQ PATH from the building? Any input would be appreciated. Thanks.

Posted on: 2012/9/29 14:28
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Re: American Can/ Canco Lofts
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They have lowered their prices and they are selling reasonably well. You should visit the new models. I did and was impressed by the size and finishes and some surprisingly great views of Manhattan in the units with an east orientation.

Posted on: 2009/5/19 20:00
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Re: American Can/ Canco Lofts
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I think the reason they are doing the car promotion are obvious, the marketing appeal of the "green" machine. Everyone is jumping on the green bandwagon. I doubt it will work but it will draw some media attention to the place. They should really just lower their prices if they want to sell these condos. The rest is just gimmicks.

Posted on: 2009/5/19 19:32
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Re: American Can/ Canco Lofts
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they should really just offered something more mainstream like a camry or accord. Which penthouse buyers will be caught dead in that golf cart driving around jc.

Posted on: 2009/5/19 19:23
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Re: Journal Square: Canco sales have been slow - new perk buy a penthouse get a car
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Yvonne,

How exactly are JC tax payers paying for this? I saw your quote in the Journal and you make zero sense and you talk before you think!

First off, the developers of Canco should be rewarded for taking an old warehouse that generated zero taxes and turning it into amazing lofts.

2nd the home owners at Canco still pay taxes to the City. 200 units at an average of $3000 to $5000 annually in property taxes WITH THE ABATEMENT will generate approx. 1 million in revenue to the city. Additionally these buildings are the begining of a redevelopment of Journal Square that is sure to generate thousands of jobs and tens of millions in tax revenue in the coming years.

Yvonne, please educate yourself before you make anymore ignorant, comments!! The Smart car is a promotion. It is given instead of a price reduction. A very smart marketing move in a slower economy. It got your attention!!!!!!!

Posted on: 2009/5/19 19:02
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Re: Journal Square: Canco sales have been slow - new perk buy a penthouse get a car
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Quote:

jcboyz wrote:
You obviously have not been to te square lately, they are about to break ground on a 48 story rental building next to the Path. That means over 1000 new residents that can afford higher end housing will be moving next to the Journal Square Path.


Sorry this is getting a bit off-topic, but...
Building another high rise apartment building doesn't seem like a very smart idea to me...

Lets see, AquaBlu, 77 Greene, 50 Columbus (does that still count or is that too old?), those rental buildings in Liberty Harbor, and god knows how many other apartment buildings coming online coupled with an economy that's still on the ropes... I gotta say, I'm looking forward to finding a new apartment when my lease ends in the early fall.

Posted on: 2009/5/19 14:56
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Re: Journal Square: Canco sales have been slow - new perk buy a penthouse get a car
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Quote:

jcboyz wrote:
...they are about to break ground on a 48 story rental building next to the Path...


Please define "about to". The general consensus is they will not break ground this year. We're at least a couple years away from completed buildings.

Posted on: 2009/5/19 14:23
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Re: American Can/ Canco Lofts
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You all misunderstood me. I know what is in downtown JC -I live there. Its all cookie cutters with no character. I am SIMPLY SAYING that there is nothing - other than the power arts district - anything with character. RELAX

Posted on: 2009/5/19 13:09
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Re: Journal Square: Canco sales have been slow - new perk buy a penthouse get a car
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Without the abatement, Canco is just an empty former can factory. With the abatement it is a condo building which generates hundreds of thousands of dollars annually for Jersey City.

Posted on: 2009/5/19 0:59
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Re: Journal Square: Canco sales have been slow - new perk buy a penthouse get a car
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Jersey City's taxpayers are subsidizing these cars. The developer received an abatement then had the abatement lowered. Where are their cars?
Yvonne

Posted on: 2009/5/18 22:58
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Re: Journal Square: Canco sales have been slow - new perk buy a penthouse get a car
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Quote:

saabconv wrote:
Its a shame they don't have housing like that in downtown JC


they have many, add about 200k to the price for paulus hook

Posted on: 2009/5/18 21:39
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Re: Journal Square: Canco sales have been slow - new perk buy a penthouse get a car
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You obviously have not been to te square lately, they are about to break ground on a 48 story rental building next to the Path. That means over 1000 new residents that can afford higher end housing will be moving next to the Journal Square Path. That means new retail, new restaurants and it seems that the Canco is the best bet for lofts.

I saw the 1 bedrooms and they are nice. Starting in the low $300's, all had high ceilings!

Posted on: 2009/5/18 21:30
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Re: Journal Square: Canco sales have been slow - new perk buy a penthouse get a car
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I looked at Canco and they are gorgeous. However, they are in the middle of nowhere. And if anybody thinks that journal square will be revitalized any time soon, they have another thing coming. Its a shame they don't have housing like that in downtown JC; but I would rather live in a typical condo then in that part of town. And the SmartCar just got a bad crash rating today in the news, so there you have it.

Posted on: 2009/5/18 20:31
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Re: Journal Square: Canco sales have been slow - new perk buy a penthouse get a car
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does this new car come with a parking spot? how much does it cost per month to park at canco? sounds like a sneaky way to generate more parking lot revenu especially if most of the 98 units are sold to NYC folks who do not own a car.

Posted on: 2009/5/18 20:05
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Re: Journal Square: Canco sales have been slow - new perk buy a penthouse get a car
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My wife and I are long time Jersey City Residents and new Canco residents. We considered all of our options before buying and Canco was by far the best option. We love lofts spaces and thats what we have. 14ft ceilings are hard to find anywhere, especially in a building with a doorman and amenities like Canco's. The Path is close and we are excited about the mayors plans for Journal Square. We just love it here...

Posted on: 2009/5/18 19:41
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Re: Journal Square: Canco sales have been slow - new perk buy a penthouse get a car
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^agreed, but the beacon monthly fees are already pretty high. if canco has equally high fees, i'd at least like for it to have nicer / better amenities.

in the end, while they may not add value to the resale value of the property, they add to my enjoyment factor of living at residence A vs residence B. and if im paying for it.. i might as well enjoy / use what im paying for.

Posted on: 2009/5/18 19:23
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Re: Journal Square: Canco sales have been slow - new perk buy a penthouse get a car
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Quote:

regulator wrote:
thanks for the info. to be honest, i wasnt impressed with the beacon's pool (although i suppose a small pool is better than no pool at all).

i'm not much of a baller (at least not in the sports sense of the word ) but the b-ball court sounds cool.


dont focus too much on the amenities, as long as it has an ok marble lobby, doorman to pickup the packages, some type of gym, and maybe a pool. In reality, the rest really doesnt matter too much or add value to your property when you try to sell it.

What does matter is monthly fees and location. And canco is A LOT better than beacon in term of location (both neighborhood/safety and transportation).

Posted on: 2009/5/18 18:12
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Re: Journal Square: Canco sales have been slow - new perk buy a penthouse get a car
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thanks for the info. to be honest, i wasnt impressed with the beacon's pool (although i suppose a small pool is better than no pool at all).

i'm not much of a baller (at least not in the sports sense of the word ) but the b-ball court sounds cool.

Posted on: 2009/5/18 18:05
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Re: Journal Square: Canco sales have been slow - new perk buy a penthouse get a car
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They both have elaborate facilities. The Beacon has an indoor pool, which CANCOlofts doesn't have. The gyms at both are well-equipped - CANCOlofts's gym is huge, with 1/2 a basketball court. Both have beautiful & comfortable theaters and billiard rooms.

Posted on: 2009/5/18 17:57
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Re: Journal Square: Canco sales have been slow - new perk buy a penthouse get a car
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i'd like to know too. Also, for anyone that's visited both canco and beacon - how do the facilities and building amenities compare?

Posted on: 2009/5/18 17:52
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Re: Journal Square: Canco sales have been slow - new perk buy a penthouse get a car
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hehe that would be pretty funny, a free chrysler.

Does anyone know how much the 1br actually are going for(not the listed price) nowdays in that building?

Posted on: 2009/5/18 17:40
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Re: Journal Square: Canco sales have been slow - new perk buy a penthouse get a car
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At least they went with a Smart Car and not a Chrysler or GM car. The later would have bode really badly for Canco.

Posted on: 2009/5/18 17:21
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Journal Square: Canco sales have been slow - new perk buy a penthouse get a car
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The car's free if you buy Jersey City penthouse

by Jersey Journal
Monday May 18, 2009, 8:38 AM

Canco Lofts in Jersey City is offering a perk it owners hope will boost sales: A free car with every penthouse purchase.

Sales have been slow so far at the 500-unit condo complex within walking distance of Journal Square.

Find out more in today's Jersey Journal.

Posted on: 2009/5/18 12:44
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Re: Journal Square / New York Times: Ambitions Expand at Canco Lofts
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New York Times Correction:

Ambitions Expand at Canco Lofts
Published: July 6, 2008

The “In the Region” article in New Jersey and Manhattan copies last Sunday about the Canco Lofts condominium development in Jersey City described incorrectly some aspects of the penthouse apartment bought by Shawn Cox and Dan Moore, which was shown in the photograph. It has three bedrooms, not two, and it reaches 27 feet in height, not 17.

Posted on: 2008/7/6 14:49
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Re: Journal Square / New York Times: Ambitions Expand at Canco Lofts
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Scottacus, thank you.

Posted on: 2008/6/29 22:57
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Re: Journal Square / New York Times: Ambitions Expand at Canco Lofts
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Quote:

wibbit wrote:
can someone please clarify this, i am still confused. Is the tax based on a variable mortgage payment? Ie if you pay more mortgage, you pay more tax. Or is it based on a fixed amount?

Quote:

Scottacus wrote:
I'm not the biggest fan of abatements (especially since they're not really abatements (but a way for the city to get money that would otherwise go to the county and school board), but the article is misleading about how abatements work.

The 16% amount in the article is actually 16% of ownership costs based on a 20-year mortgage for the entire sale amount of the home (so 16% of 12 monthly payments for that theoretical mortgage plus 12 months of condo fees). In the end this works out to 1.6% to 1.7% of the purchase price per year. This is not much less than an unabated property would pay in taxes. If CanCo's rate is reduced to 10% it wold be more like 1%-1.1% of the purchase price, which is much less than average.

The difference is that the city gets 95% of property taxes (as a change a few years ago based on complaints from the county and schools gave them this small amount) rather than the county and schools getting a much larger share (about half) under regular taxes. So the city gets more money, and additional one-time payments from developers to plug the budget holes that develop every year, and the county and schools lose money.


The abatement payment is fixed - it's set when the condo/home is first sold by the developer to the first buyer and doesn't change after that. It's essentially based on the sale price, not whatever amount the buyer finances (the calculation uses a theoretical 20-year mortgage for the entire sales price, no matter what mortgage the buyer gets). So whether you pay cash for the entire place or get a 100% mortgage (not that those exist anymore) you pay the same abatement payment.

Posted on: 2008/6/29 21:54
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Re: Journal Square / New York Times: Ambitions Expand at Canco Lofts
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jcaro28 wrote:
Canco has run out of funding to complete the project. they need to sell alot more units to complete the project. Instead of lowering prioces, they are lowering the taxes. this is alos a sign that they need every cent for completion.

they assumed that the units would sell fast and the $$$ would be there for completion. there is still demand out there...Check out Maxwell Plaxe in hoboekn and A condos downtown JC...differnce is that these developers can afford to complete the project with their own funding.

what happens to the 60 units that were sold if the remaining units are NOT sold?? Those people are screwed.

KHovanaian or Haliburton or Toll Bros...they are taking the hit, but can weather the storm.


I am not trying to be argumentative, but I honestly disagree with your logic. You seem to be saying that the proof for your assertion that Coalco has run out of money is the fact that they sought a better tax deal.

While that is possible, it is also possible that they simply sought the better tax deal to help spur sales - and the current real estate environment helped them to succeed.

As for A condos, good point. The building has been substantially complete for months (a friend of mine moved in 4 months ago) yet they are still for sale. 60 is not a great number - but if you give Canco a 4 month window from 1st move in (October?) there is still substantial time to close a few more deals.

With that said, I will not pretend to be able to see into the future. It is possible (though I think unlikely) that they will not sell another unit and the building will fail. Even if that happens, "Those people" are not screwed.

The deposit money (unlike some recent history in NJ) is not available to Canco/Coalco - it is locked up in a trust, the only thing the company has a claim against (in the case of non completion) is the interest.

Posted on: 2008/6/29 19:56
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