The Tour will also have a stop at The Beacon. This time around, the art installations will be set in the restored loft building, The Mercury, which is the next phase of the development. A really great venue for the event.

Shuttle service from downtown will be available for all those interested. Hope everyone can come!


http://www.universechild.net/jcartfair.html

www.victoryartsprojects.org

Montgomery St. at Mill Rd. JC NJ 07304

Join Victory Arts Projects, the Jersey City Museum, and the Jersey City Cultural Affairs Office for the second Jersey City Art Fair at the Beacon. This event will feature hundreds of cutting-edge artworks from over 40 Jersey City artists which will be on view and on sale throughout the 2010 Jersey City Artists' Studio Tour weekend on October 2nd and 3rd, 2010.

Hours :Noon to 6pm

Free Shuttles to the Beacon available from Grove St and Exchange Place PATH Stations

Featuring exceptional artwork by some of the city's most respected artists including the nationally and internationally renowned as well as cutting-edge newcomers.

The Jersey City Art Fair promises to be a wonderful opportunity for art lovers as well as serious art collectors, allowing them to both discover new developments in contemporary art and experience rare museum-caliber artworks.

Visitors can also experience the Art-Deco atmosphere of the newly restored towers that were a showpiece of Jersey City architecture since the first half of the 20th century. The classic structure is a wonderful setting for this creative visual festival.

Artists include: Roslyn Rose, Elizabeth Onorato, Jessica Smith,

E. Jan Kounitz, Peggy McGeary, Martina Solej Edward Fausty,

Liz Cohen, Stephen Cimini, Kay Kenny, Loura van der Meule,

Maggie Ens, Nisha Drinkard, William Stamos, Ibou Ndoye, Kim Wiseman, Eileen Ferara, Bonnie Gloris, Christine Barney, Emily Helck,

Dana Gannon, Iris Kufert-Rivo, Bud McNichol, Matt Miller, Jen Parisio, David Rios Ferreira, Phil Pellicane, Demetrio Alfonso, Sharon Sinton,

Habib Ayat, Mike Markman, Graham Mcnamara, Geraldine A. Gaines, Jill Scipione, Greg Brickey, Peter Bill, Gianluca Bianchino, Aliza Augustine,

Sue Fawver, Matt Caulfield , Gregory Charles, Arcady Kotler, Norm Francoeur, Jessica Nelson, Laura Jo Alexander, and Mey-Mey Lim

To a city in need of expanded tax base and the necessary cache to attract it, one would think this one gets a nudge from the local govs. Hopefully they get it done.

Cover spread on May issue of Vogue. Photos shot in one of the future rehabbed buildings of The Beacon.



http://www.vogue.com/voguediaries/2010_May_Sarah_Jessica_Parker/

http://www.vogue.com/feature/2010_May_Sarah_Jessica_Parker/

It is reported that a memorial fund has been set up to assist the families with the burial costs (which they are having difficulty meeting).

Details on this can be located per the following link (contributions via Pay Pal).

http://www.lovemikenia.com/Donate.aspx



May the loving couple rest in peace.

Yeah, it's a pretty big deal. It's just one more notch on the JC belt that will lead to critical mass (at some point). Once that happens, the city and state will no longer need to extend tax incentives. This eventuality will require a few catalysts. Goldman was one, this is another (and there have been a few others).

One wonders if the non-partison thinktank has incorporated this point into their research calculus.

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As a resident of Jersey City and an owner at the Beacon, this is what I care the most about. Whether this attack occurred on Amity, Palisades or Hudson Street, any acceptance or apathy regarding this crime only feeds the next tragedy. For the upteenth time, it needs to stop.

We can only hope that our East District law enforcement will locate this murderer and put him where he belongs.

All the other nonsense, is just that, and not really worth the time ....

For the Thursday event, the Beacon Shuttle will be running every ten minutes.

On Saturday and Sunday, the Shuttle will be running every half an hour (figure every 10 and 40 minutes after the hour, at the pick-up points). The Shuttle will be leaving The Beacon every hour and half hour.

The Shuttle will also pick-up visitors in front of the Exchange Place Path on Columbus (In addition to Grove Path).

Thanks again, JCLAW.

Quick question. Since one of the benefits of having a pilot is being locked into your payment (right?), I assume it's correct that your payment can't be increased if you refinance your home (and the appraisal comes in higher than the original price) or if the Condo Association increases maintenance down the line. I know someone who posed this question to a person in the tax office and they were told that the pilot would go up. I told them they were misinformed, but I'd like to get your take.

I fully agree. I even tend to think that twenty years might be to far out. If Bushwick and Red Hook can change in a handful of years, so will this area. The neighborhood truly has some great housing stock, structures that no one is building anymore. The potential of the neighborhood was one of the major reasons I bought nearby a couple of years ago, so I'm bullish on what this area can become.

As I continue to read this thread, I feel like I?m staring at a hamster wheel that somehow morphs into a car crash ? of course, I cannot look away, of course, I hate myself for wasting the time.

Either way, I think Shep has succinctly laid out the facts regarding the development?s walkability. He is not the only person I know who does this walk and I would further agree that it compares well distance wise to similar strolls throughout points Downtown. However, this fact is not very relevant given the effective operation of the shuttle. Again, it starts at 6:00AM and runs until 2:00AM, leaves every 15 minutes during peak hours and is well ridden by residents. Further, it?s only a six to seven minute ride to Grove street, nine to ten to Exchange Place (normal traffic) and very, very convenient (no walking through the rain, snow). Aside from walking and the shuttle, parking is available for at least half of what it costs a few other JC developments and it comes with valet (think grocery shopping and children). Finally, for those who insist on public transportation, the Westside NJ Transit bus stops right in front of the development (which I?ve take a number of times) and goes all the way to Newport Mall.

Regarding the local shopping fare, there are a number of options east on Montgomery and all along Bergen ?. oh yeah, and you can also take a quick shuttle ride to access the golden promise land of Downtown commerce.

Look, it?s clear that perspective and comfort zone accounts for a lot when it comes to choosing a neighborhood. I get that and understand the varying opinions regarding this topic. So, can we all put the hamsters down and cease with this non- discourse regarding location and The Beacon?

I thought the great jitney debate was settled once and for all after Sex in the City's "Hamptons Jitney" episode?

You know what they say, if it's good enough for Carrie Bradshaw, then it's gotta be good enough for JCList!!!

The Beacon development is the largest historic landmark preservation development in the entire country. It is probably the most media covered real estate development in Jersey City. The development sits right smack in the middle of the city and represents an area with great bones and potential. The thread will move forward partly because of these things, and naturally, will elicit debate and discussion.

It is true that the Beacon?s future is in part tied to how quickly the economy gets going, but given the current signs, I would expect things to move forward slowly with incremental success. The developer will weigh heavily here, as he appears even more determined today to move the complex forward. Local government will continue in its role, as they have been fervent in their support and have made a number of contributions to the neighborhood (i.e. relocated government offices). The new and current residents will continue to champion the neighborhood and find new ways to improve its standing. So we?re not just talking about one developer, but a multiple stakeholder effort. At day?s end, there is a great deal of money at stake and great potential to further strengthen the financial base of this city. This is no "if" story, it's a "when" story.

As for the results of the auction, this event yielded prices that were much higher than many on this board expected. These ?recent prices? were determined during an extraordinary event (auction) that came on the heels of a good ole? real estate contraction. The resultant price reductions had more to do with macro factors than the validity of any negative commentary made by anyone on this board (imho). The recent prices also reflect a buyer's market in which people are not buying much, so I take the results with a grain of salt. The two first buildings are essentially full and the overwhelming majority of the residents are happy to live where they live. Despite all of the turbulence, the Beacon is moving in the right direction. To this, there can be no dispute.

You give me a choice between saving someone from a drunk driver or getting sued by the miscreant, my choice will be the same every time.

Tommy, you did place yourself at risk, but for that I thank you.

Some of the time, people just need to do the right thing.

Thanks again.

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What you feel or remember is of no consequence. However, when you start making inane, corrossive comments about an area you don't understand, at that point, you get called out and exposed.

If that's me on a soabox, then call it what you'd like.

Finally, you and I completely agree on something.

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Ahhhh ? real original. Honestly, you can have your opinion, but it?s not really that relevant. Especially given the hundreds of new residents who have moved into the area that have joined the thousands already part of the neighborhood, the majority of which would strongly disagree with your ?assessment?.

So, we appreciate the niceties regarding the buildings and its amenities, but please continue to stay in your car while you drive around our neighborhood. We?re just not interested.

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What's torturous is reading you make the same fallacy ridden, dishonest arguments - again and again. Look, the development is 80% sold and has FHA approval. I know you understand what that means from a bank underwriting perspective. In this market, unless you?re fully sold, that?s pretty much as good as it gets.

Let?s see what else, you post out loud queries about the high maintenance, but you conveniently fail to contemplate the pilot. You reference price dislocation currently experienced by The Beacon, but omit price reductions experienced by the rest of the JC condo market (i.e. Crystal Pointe down 30%). You suggest The Beacon has failed, but the development is already one of the more successful developments in Jersey City (i.e. media profile, historic preservation, next phase in process, etc.).

You?re right, let?s not do this again.

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The way I understand it, auction bidders actually have to present the bid deposits as part of admission ($15K/$25K). You might want to check in with the Sheldon Good auctioneers on the specifics.

At least .... now? The position has never changed. You really must have me confused.

Let me save you the next hour reviewing this thread and tell you that such a comment from me does not exist. Again, so we're clear, I never equated my neighborhood to downtown. Their different by nature. However, that doesn't mean that I'll accept someone's very negative commentary regarding a neighborhood that they themselves won't explore outside their own car. How could you possibly know how the neighborhood operates? Exactly, you have no idea.

I've lived here for two years and have had no issues. Can that change tomorrow? Sure, as quickly as a person can be held at gun point in Paulus Hook. It's Jersey City, sh*t happens.

Next time, maybe you might want to ask yourself who's being honest.

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As far as your comment goes, I only started having an issue with you when you made very nasty remarks about the neighborhood, especially its long-term residents. As for the area, it is what it is, and if someone is looking for a Newport type neighborhood, then the complex may not be for them. I don't think there is anyone on this board that has sugarcoated that fact. Your "flat out lie" comment was disingenuous and again suggestive of some hidden agenda.

I live here just fine and so do a number of my friends/neighbors. Actually, almost all of the people that I know here are happy to own in the complex. You can have any opinion about the neighborhood that you'd like, but you still won't change that fact. Again, it is, what it is.

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That's essentially what is driving cost. Further, the mere size of the two buildings and its common spaces, while very nice, are more expansive than other similar complexes and cost more money to maintain. So, there's give and take.

Conversely, it should be noted that there is some comparative offset which occurs from the abatement perspective, given that the tax liability for a unit in the Beacon will be based on a lower rate (compared to a like unit in another development). If you use the 1% vs 1.6% approximate abatment rate standards, this amount can be significant, especially when the Beacon annual pilot is computed on a lower purchase price, apples to apples.

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To be clear, the development is 80% closed, much higher than a number of new developments in JC. Further, the owner occupier ratio is within the required guidlines as Bank of America and Chase are onboard as preferred lenders for this auction process.

These banks are guaranteeing thirty day closings and will also will be doing 15 day quick closings.

Hmmm, looks like it?s that time of the year.

I will never understand certain individual?s need to tear down this particular development or why they feel the need to feign empathy. I?ll tell you as an owner, I am still quite pleased I purchased my home at the development and remain a strong believer in the neighborhood. I recently toured some of the open available units and can tell you that some of them are tremendous. These units will make great homes for those who are lucky enough to bid smart and I will be happy to greet them as my new neighbors.

In addition, there are a couple of things that need to be clarified. This auction is not a distressed sale. Given the current market, and the potential future for rates, the developer has decided the time is now to move this particular inventory. In moving units through these sales, the developer plans to re-focus his resources on the next building coming online, as well as, some planned commercial spaces scheduled for build-out. This next building is an artist style live/work loft space, with views, that will be in the 3,000 to 6,000 square feet range (full floor to half floor). This auction is about being realistic regarding the market and moving things forward, nothing more, nothing less.

The majority of the owners at The Beacon are supportive of the developer?s actions in this regard and see this as a necessary step to further strengthening the complex as a whole. Is there some concern? Sure there is, but overall most owners understand that moving the complex forward means reducing the current inventory. Those that feel sorry for the residents who purchased at The Beacon shouldn?t waste their time. There is a lot more in the world that they should be concerning themselves about.

Oh yeah ? and like Jenny said ? and karma.

I'm glad some people understand this issue. Bullets travel like the dickens and people should treat them with all the seriousness of nucleur waste.

The thing is, crime on the perimeter of downtown might as well be in the middle of downtown .... and focusing on imaginary borders does nothing but create false security. This incident is outrageous and everyone should be demanding action. The fact that we're not, only underscores how accustomed we are with this sort of BS. It's all Jersey City and the events that take place in one part, have their nasty implications for the others.

In other words, an a-hole thug with a penchant for armed robbery in Bergen-Laf will contemplate feeding in other less policed areas of the city .... and it happens all the time.

This BS needs to stop.

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Then we are all foolish for living in JC, because that mugging, can and does, happen everywhere in this fair city.

I guess I should've listened to those enlightened chaps from NYC who cautioned me against moving here .... you know .... given the crime that goes on Downtown.

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You'd be surprised how people respond when you approach them with fairness and respect. More often than not, what you'll find is that most people are decent in general ..... with a very small minority having another agenda. Now, does the class element have an impact, sure it does, but you might not want to be so smug as to paint a whole class with such an unfair brush.

It's this sort of smugness that contributes to the problem (i.e. Bad economic policy, education, etc.).

Besides the reduced bonuses, some compensation stress is already rearing its head in the financial industry (in the case of a new hire), because of the extent of viable candidates who have been laid off. This price pressure will continue until we start to get out of this mess. How bad it will get is anybody's guess. That said, I do not expect executive caps to have any significant impact on overall company compensation, in and by itself.

You can expect the restricted stock awards to top level management to compensate for some of the bonus loss. This will force executive management to further commit to their companies and only see the big pay day if they pay back the taxpayers (more merit based). What might be the bigger issue is the loss of top talent from compensation constrained companies to those not as constrained. The possible exodus that may ensue will not bode well for the constrained companies and may be equally as bad for the shareholders (tax payers included).



http://www.bloomberg.com/apps/news?pi ... =azVLk.22AkLI&refer=home#


Goldman, JPMorgan Won?t Feel Effects of Executive-Salary Caps

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By Matthew Benjamin and Christine Harper

Feb. 5 (Bloomberg) -- Executives at Goldman Sachs Group Inc., JPMorgan Chase & Co. and hundreds of financial institutions receiving federal aid aren?t likely to be affected by pay restrictions announced yesterday by President Barack Obama.

The rules, created in response to growing public anger about the record bonuses the financial industry doled out last year, will apply only to top executives at companies that need ?exceptional? assistance in the future. The limits aren?t retroactive, meaning firms that have already taken government money won?t be subject to the restrictions unless they have to come back for more.

The new guidelines are the first salvo in a broader financial-rescue plan Obama plans to announce next week. The president and Congress have had to defend billions in aid to banks that continue to provide generous bonuses and luxury perks while posting record losses. Pay caps may provide the political cover the administration needs to deliver additional infusions of capital into the financial sector that may be necessary.

Some analysts said the new rules wouldn?t have much effect.

Obama, 47, ?is not proposing to go back and get that $18.4 billion in bonuses back,? Laura Thatcher, head of law firm Alston & Bird?s executive compensation practice in Atlanta, said of the cash bonuses New York banks paid last year, the sixth- biggest haul in history. ?Right now, we have not clamped down? on pay at banks.

Huge Paydays

In addition, some executives may be compensated for the potential reduced salaries with restricted stock grants, which may result in huge paydays after the bank repays the government assistance with interest.

?They?re just allowing companies to defer compensation,? said Graef Crystal, a former compensation consultant and author of ?The Crystal Report on Executive Compensation.?

The restrictions are ?a joke,? he said, because ?if the government is paid pack, you can be sure that the stock will have risen hugely.?

According to the new guidelines, announced at the White House yesterday by Obama and Treasury Secretary Timothy Geithner, senior executives at banks that negotiate ?exceptional assistance? deals with Treasury, such as the targeted relief provided to Citigroup Inc. last November or to Bank of America Corp. in January, would be limited to annual compensation -- salary plus bonus -- of $500,000.

Office Redecoration

Other perks that enraged Americans -- such as a $1.2 million office redecoration by the chief executive of Merrill Lynch & Co., which took $10 billion in government funds, or a four-day Las Vegas junket for executives at Wells Fargo & Co., which accepted $25 billion -- will be subject to new disclosure rules.

A White House official called it the name-and-shame provision, based on the idea that banks would limit such benefits if forced to disclose them.

?For top executives to award themselves these kinds of compensation packages in the midst of this economic crisis is not only in bad taste, it?s a bad strategy, and I will not tolerate it as president,? Obama said yesterday.

Yet none of the new rules will apply to any firm until it negotiates an extraordinary deal with the federal government to remain solvent.

?Double Dippers?

?What I?m a little bit surprised by is that those pay restrictions don?t apply to what I would call the double dippers, which is basically Citigroup and Bank of America, which have come back for capital,? said Charles Peabody, an analyst at Portales Partners LLC in New York. Both banks received money under the Treasury?s $700 billion Troubled Asset Relief Program, and required additional bailout funds and a government guarantee of their assets.

The Financial Services Roundtable, a Washington-based trade group representing banks, called the restrictions ?a measured response? in a news release yesterday.

For some firms, the rules are insignificant. Morgan Stanley is among companies that don?t expect the restrictions to affect their business because they foresee no need for additional government help.

?We have one of the highest Tier 1 capital ratios among financial services firms, so we do not anticipate the need for additional government capital,? said Mark Lake, a spokesman for Morgan Stanley in New York, when asked about the new restrictions.

Repaying TARP

Goldman Sachs said yesterday it wants to repay $10 billion it got from Treasury under the TARP to signal the firm is healthy and to escape limitations that came with that infusion of money. ?Our financial condition is sound and, subject to approval from regulators, we hope to repay TARP money as soon as practicable,? said Lucas van Praag, a spokesman for New York- based Goldman Sachs.

JPMorgan CEO Jamie Dimon said Feb. 3 that the firm didn?t need capital and didn?t ask for TARP funding. The lender accepted the $25 billion it received from the first capital injection at the request of the government and to help stabilize the banking system, he said.

Other restrictions on banks that get major new bailout packages include a ?say on pay? provision that would require new executive pay packages to be subjected to nonbinding shareholder resolutions. Companies also must have in place provisions to reclaim, or ?claw back,? bonuses and incentives from the top 25 senior executives if they are found to engage in deceptive practices. Bans on so-called golden parachute severance payments will be extended to more executives.

Treasury Discretion

Jen Psaki, a White House spokeswoman, said Treasury ?will have discretion to apply? the restrictions ?to the top leadership of the firm, but the size of that group will vary depending on the structure and size of the institution.?

Some of the new rules, including disclosure of luxury perks and the ban on golden parachutes, will also apply to banks taking part in generally available government capital programs, similar to the TARP, which has provided capital to some 360 financial institutions so far. The rules do not apply retroactively to TARP participants, however.

White House spokesman Robert Gibbs said the rules weren?t intended to be ?overly punitive,? while a senior administration officials said their primary goal is to align the interests of top executives at bailed-out firms with those of shareholders, who now include U.S. taxpayers.

Right Direction

Nell Minow, founder and president of the Corporate Library, a corporate-governance research company in Portland, Maine, said the rules are in the right direction.

?Not allowing the restricted stock awards to vest until the government?s been paid back goes a step toward the goal,? she said.

Bill Black, a professor of economics and law at the University of Missouri-Kansas City, said the entire Wall Street pay structure is dysfunctional and needs to be revamped.

?Compensation is the root that created the perverse incentives and led to the current financial crisis,? he said.

Yet the new guidelines won?t bring about that change, said Sharyn O?Halloran, a professor of political science at Columbia University in New York.

?The goal is for accountability and the argument is that if a large portion of executive pay is based on excessive risk- taking, then you would anticipate them taking excessive risk,? she said.

To contact the reporter on this story: Matthew Benjamin in Washington at mbenjamin2@bloomberg.net To contact the reporter on this story: Christine Harper in New York at charper@bloomberg.net.

Last Updated: February 5, 2009 00:01 EST

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++++++1

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Apparently this brave gentlemen walked the plane twice in WAIST DEEP ice cold waters.

Brave AND tough.

Bless him.