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Re: "Luxury" rentals open in burgeoning arts district
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$1,000 for 3 bedroom and I know people complaining about paying $12,000 for a 3 bedroom and being able to afford whole foods.

Posted on: 2016/5/7 22:52
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Re: "Luxury" rentals open in burgeoning arts district
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hero69 wrote:
let's keep in mind that it will almost always take longer to lease up a building that is some distance to jsq than a building that is steps away from grove path


JJ comment:
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"The building is located two blocks south of Tonnele Circle, and eight blocks northwest of the Journal Square Transportation Center,"

I think a better description would be .5 miles to the Journal Square PATH an 11 minute walk straight up Newark Ave to the Blvd. or the Herbert Pl/Cottage St short cut to the Blvd. If you want to be adventurous as in urban explorer mode you can take the 11 minute walk up Tonnele Ave to Pavonia Ave and the Square Ramp Parking/Loews cut to the Blvd.



They are pretty nice apartments, the rents are kind of steep for the area at this time. Some of the rents in the area are under $1000 for a 3 bedroom in a big private house or old apartment building. Not as nice as 25 Senate of course but considering a one bedroom in 25 Senate is around $2100+ I think people would go for the larger apartment with less rent. Screw the modern status.

http://25senateplace.com/




Posted on: 2016/5/7 19:35

Edited by neverleft on 2016/5/7 19:53:57
Edited by neverleft on 2016/5/7 19:58:00
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Re: "Luxury" rentals open in burgeoning arts district
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let's keep in mind that it will almost always take longer to lease up a building that is some distance to jsq than a building that is steps away from grove path

Posted on: 2016/5/7 15:09
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Re: "Luxury" rentals open in burgeoning arts district
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jcwalkingman wrote:
You know a building is underperforming when an advertorial for it is placed in a prominent online publication (and especially when leasing is described as "fast" without quantitative reference to what a typical lease-up rate is). At the current leasing rate, it will have taken a year and a half to lease up, which is extremely slow (back in 2010, buildings larger than this were leasing up in 6 months).


Agreed. 100 leases in 6 months is really not all that impressive. By comparison, Warren at York was almost fully leased within two months of opening, and The Morgan and The One are seeing brisk business.

Posted on: 2016/5/7 9:43
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Re: "Luxury" rentals open in burgeoning arts district
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You know a building is underperforming when an advertorial for it is placed in a prominent online publication (and especially when leasing is described as "fast" without quantitative reference to what a typical lease-up rate is). At the current leasing rate, it will have taken a year and a half to lease up, which is extremely slow (back in 2010, buildings larger than this were leasing up in 6 months).

Posted on: 2016/5/7 5:38
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Re: "Luxury" rentals open in burgeoning arts district
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Tax-abated Jersey City building leasing up fast

By Steve Strunsky | NJ Advance Media for NJ.com
May 06, 2016 at 5:15 PM

JERSEY CITY — A rental building that generated controversy in 2014 when it was granted a 20-year tax abatement is finished and filling up fast, the developer announced.

The building, known by its address, 25 Senate Place, features 265 units ranging from studios to 2-bedroom duplexes with outdoor space. Rents start at $1,669 a month, according to the building's developer, Senate Place Urban Renewal.

A spokesman for Senate Place, George Cahn, said the the building had surpassed 100 leases since officially opening up in November, and that many of the units are already occupied.

Read more:  http://www.nj.com/hudson/index.ssf/20 ... ng_leases_100th_unit.html


Posted on: 2016/5/7 4:39
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Re: "Luxury" rentals open in burgeoning arts district
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bodhipooh wrote:
That's the the thing! No one is investigating anything. He government is just saying "reveal thyself" and making a note of it. Nothing else is happening. Not a thing.

In case you missed it, they're going to start investigating the various facilitators -- lawyers, real estate agents, bankers etc who are working with these shell corporations. Listing names is a pilot program, while they figure out how to track this stuff down.

That said, they're talking about sales over $3 million, not a boring brick building adjacent to JC's "Little India." Just because a developer labels a new building as "luxury" does not mean the whole building will be sold to absent foreign owners. (Though it does mean that gentrification is spreading in JC.)

Oh, and on a side note: There should be no problem with foreigners buying US real estate, as long as they aren't doing so to launder money.

Posted on: 2016/1/14 14:24
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Re: "Luxury" rentals open in burgeoning arts district
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bodhipooh wrote:

Did you read the article? It's just theaters for the masses. All the authorities are doing is requiring that names be disclosed. They are not going after anyone; they are just creating a record of these transactions. Truly corrupt will never have their name divulged...

Yes I read ALL the Times pieces on this ( and I am one of "masses", if that is what conservatives are calling the 95 -99% of us these days).

It's a start, and a good one if even simply investigating begins to break down the stonewalling of the developers. They had to start small to bring down Al Capone!


That's the the thing! No one is investigating anything. He government is just saying "reveal thyself" and making a note of it. Nothing else is happening. Not a thing.

Posted on: 2016/1/14 12:51
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Re: "Luxury" rentals open in burgeoning arts district
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bodhipooh wrote:

Did you read the article? It's just theaters for the masses. All the authorities are doing is requiring that names be disclosed. They are not going after anyone; they are just creating a record of these transactions. Truly corrupt will never have their name divulged...

Yes I read ALL the Times pieces on this ( and I am one of "masses", if that is what conservatives are calling the 95 -99% of us these days).

It's a start, and a good one if even simply investigating begins to break down the stonewalling of the developers. They had to start small to bring down Al Capone!

Posted on: 2016/1/14 1:11
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Re: "Luxury" rentals open in burgeoning arts district
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This is the best news I have heard in a while - the Feds finally growing a pair, and standing up to the global kleptocracy and their enablers in the real estate industry.


Did you read the article? It's just theaters for the masses. All the authorities are doing is requiring that names be disclosed. They are not going after anyone; they are just creating a record of these transactions. Truly corrupt will never have their name divulged. They will simply use the names of other people or relatives (kids, spouses, mistresses, or as was infamously done by Anil Kumar, the POS at McKinsey that got off scot free, and got to keep his money, by snitching on others).


If you don't know the story of Galleon, McKinsey, Raj Rajaratnam, Anil Kumar, and how they used an illiterate maid as a modern day slave and as the account holder of millions of ill gotten dollars, go read it here: http://www.thenation.com/article/the- ... -of-dollars-off-his-maid/.

Posted on: 2016/1/14 0:28
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Re: "Luxury" rentals open in burgeoning arts district
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This is the best news I have heard in a while - the Feds finally growing a pair, and standing up to the global kleptocracy and their enablers in the real estate industry.

Posted on: 2016/1/13 18:37
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Re: "Luxury" rentals open in burgeoning arts district
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Posted on: 2016/1/13 16:35
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"Luxury" rentals open in burgeoning arts district
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THE RECORD
In what is the latest sign of the neighborhood?s transformation into an active and vibrant residential and arts destination, 25 Senate Place has opened across the street from MANA Contemporary in Jersey City?s growing Journal Square Arts District.

Featuring 265 uniquely designed rental residences, upscale amenities and a soon-to-open Modcup roastery and caf?, 25 Senate Place de-livers a modern living experience to the neighborhood?s mosaic of repurposed warehouses and growing arts scene. Initial occupancy is slated for November, 2015.

Resized Image


"It seems like every urban area on a cultural upswing is compared to Brooklyn, but Jersey City, with its influx of new arts venues, street performances, restaurants, boutiques and coffee houses, really is on a similar trajectory," said Art Johnson, managing director of Senate Place Urban Renewal, which developed 25 Senate Place. "It?s an atmosphere that appeals to a cross-section of people, and one that has been taking root in our location. We?re excited to now add a new luxury residential option to the mix which places residents in the heart of a developing arts district at a price point that is attractive for Jersey City."

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Posted on: 2015/10/30 19:15
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