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Re: Chinese Company in Talks to Buy Jersey City Site:
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Voyeur wrote:
This entire discussion that wealthy Chinese buyers will snap up units in this building is based solely on the fact that a company called China Construction America is the developer?

Seems a pretty spurious premise, given that a brief look at their company website shows that the firm is involved in construction all all kinds, residential, commercial, transportation and educational all over the US and Canada.

Say, maybe they can build that badly needed new DTJC public school while they're at it? Or is it already oversubscribed with Chinese students?

Also, how would CCA have successful sold the entire building to prospective buyers in China when the project is still pending planning board and city council approval? Whoever claimed they had intel from family back in China is full of it.

This building will fill up with the same NYC exiles and NJ natives that filled up 77 Hudson next door - Americans with a smattering of Eurotrash thrown in...


Developer/builder is the N.Am. sub of China State Construction Engineering.

http://www.chinaconstruction.us/Overview.jsp?id=2

The units will go to whomever is willing to pay. Given economic and wealth trends in China, there is a strong possibility that many buyers will emanate from China.



Posted on: 2015/1/21 17:54
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Re: Chinese Company in Talks to Buy Jersey City Site:
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This entire discussion that wealthy Chinese buyers will snap up units in this building is based solely on the fact that a company called China Construction America is the developer?

Seems a pretty spurious premise, given that a brief look at their company website shows that the firm is involved in construction all all kinds, residential, commercial, transportation and educational all over the US and Canada.

Say, maybe they can build that badly needed new DTJC public school while they're at it? Or is it already oversubscribed with Chinese students?

Also, how would CCA have successful sold the entire building to prospective buyers in China when the project is still pending planning board and city council approval? Whoever claimed they had intel from family back in China is full of it.

This building will fill up with the same NYC exiles and NJ natives that filled up 77 Hudson next door - Americans with a smattering of Eurotrash thrown in...

Posted on: 2015/1/21 17:48
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Re: Chinese Company in Talks to Buy Jersey City Site:
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asny10011 wrote:
Perhaps they may offer it as a EB5 visa program so investors can loan some money to build it and get citizenship at the same time. US immigration program is pretty cheap at 500K. It is relatively cheap compared to other countries who offer their citizenship for sale.


Yes, but EB-5 applies only to investors at the construction/development stage. Once you're talking about buyers, there's no EB-5 visa.

Posted on: 2015/1/21 17:33
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Re: Chinese Company in Talks to Buy Jersey City Site:
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Perhaps they may offer it as a EB5 visa program so investors can loan some money to build it and get citizenship at the same time. US immigration program is pretty cheap at 500K. It is relatively cheap compared to other countries who offer their citizenship for sale.

Posted on: 2015/1/21 17:00
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Re: Chinese Company in Talks to Buy Jersey City Site:
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JGJDNYCJC wrote: I suspect this building will become an investment property destination for Chinese folks looking to park money offshore and NYC-area realty is considered better than t-bills risk-wise. Doubtful therefore that public schools will see much extra play, although I do agree that we should extract more funding to either build more or expand existing facilities. I know LHN is supposed to get a new elementary school once fully built out. Parking, I'm not concerned about. Not everyone in DT wants to own a car. There are plenty of private parking options that are reasonably priced and that sit fairly empty.
While i agree there are a lot of cash in china with nowhere to invest, i highly doubt many will buy into this building as an investment. you are forgetting a crucial element - the property tax + maintenance fees for condos in US. In shanghai, for example a 2 million dollar 3br condo cost $100 a YEAR in property tax and <$100 a month in maintenance fees - and that's considered over the top luxury with multiple olympic sized pools, 8 gardens, artificial beach etc... a normal luxury $1m 3br condo cost like $10 a month in maintenance fee and <$100 in tax a year. In the US, you will pay at min $2000+ a month for tax + maintenance fee even with tax abatement for a 1mil condo. Most chinese buyers will see this as a non-starter. The only people who will buy into this from china are those looking to pull their money out of china at all cost. They will rent it out and get a meager 5% ROI if lucky after all the fees but have some assets outside of china.

Posted on: 2015/1/21 16:28
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Re: Chinese Company in Talks to Buy Jersey City Site:
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I always love the entitlement when it comes to public schools. "We paid good money to segregate our children from the rest of the shitty public schools, stop adding more people to MY exclusive public school!"

Posted on: 2015/1/21 16:19
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Re: Chinese Company in Talks to Buy Jersey City Site:
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MIkeyTCB - mark my words - there will be families moving in to these condos, they will have young children, and yes, there will be a good percentage that will send their kids to PS16. PS16 is generally considered probably the "best" of the public elementary schools in JC. But it already has capacity issues, as does the entirety of the downtown elementary schools. The City needs to do something quickly to deal with this problem. We need new schools built in downtown. The population boom is happening here.


If these condos are priced at the high end as we all suspect. The people who can afford these will not be sending their children to JC public schools. They will be in private schools. I also think that these places will not be the primary residences for most of the owners similar to the high end condos in Manhattan which are not the primary residences of these owners.



Sure they will be. The condos in Manhattan that are not primary residences are not priced in the same range as this building. Those are the eight-figure condos. The developers of this buildings will be lucky if they can sell the priciest penthouse in this building for somewhere close to $4 million (which would be substantially above the current Jersey City record, which I think is still below $3 million). Anyway, even if they are not the owner's primary residence, they'll be *someone's* primary residence as a rental.

Posted on: 2015/1/21 15:35
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Re: Chinese Company in Talks to Buy Jersey City Site:
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jcdd wrote:
MIkeyTCB - mark my words - there will be families moving in to these condos, they will have young children, and yes, there will be a good percentage that will send their kids to PS16. PS16 is generally considered probably the "best" of the public elementary schools in JC. But it already has capacity issues, as does the entirety of the downtown elementary schools. The City needs to do something quickly to deal with this problem. We need new schools built in downtown. The population boom is happening here.


If these condos are priced at the high end as we all suspect. The people who can afford these will not be sending their children to JC public schools. They will be in private schools. I also think that these places will not be the primary residences for most of the owners similar to the high end condos in Manhattan which are not the primary residences of these owners.


Posted on: 2015/1/21 15:32
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Re: Chinese Company in Talks to Buy Jersey City Site:
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jcdd wrote:
MIkeyTCB - mark my words - there will be families moving in to these condos, they will have young children, and yes, there will be a good percentage that will send their kids to PS16. PS16 is generally considered probably the "best" of the public elementary schools in JC. But it already has capacity issues, as does the entirety of the downtown elementary schools. The City needs to do something quickly to deal with this problem. We need new schools built in downtown. The population boom is happening here.


The condo owners pay a lot of property tax. I hope at least part of it goes to fund PS16.

Posted on: 2015/1/21 15:24
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Re: Chinese Company in Talks to Buy Jersey City Site:
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MIkeyTCB - mark my words - there will be families moving in to these condos, they will have young children, and yes, there will be a good percentage that will send their kids to PS16. PS16 is generally considered probably the "best" of the public elementary schools in JC. But it already has capacity issues, as does the entirety of the downtown elementary schools. The City needs to do something quickly to deal with this problem. We need new schools built in downtown. The population boom is happening here.

Posted on: 2015/1/21 14:59
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Re: Chinese Company in Talks to Buy Jersey City Site:
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My initial reaction to the words "luxury condos" is now ghost towers. These apartments might not even be marketed in the US. For all we know, there is a waiting list for these apartments.



Rumor has it from my fam over there that these are long gone. Currenlty a wait list. As someone mentioned, it's the status purchase mostly for the new "middle class" that cant afford a proper NYC address.

And dont worry, they're not sending their kids to our sh!tty public schools.

Posted on: 2015/1/21 14:51
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Re: Chinese Company in Talks to Buy Jersey City Site:
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Over a Trillion dollars in cash available for investment by China. The Chinese have purchased our debt as treasury certificates over the last several decades which enabled the US to finance mortgages for condos and houses. Now those dollars are coming home to roost as cash purchases at premium dollars for US property. Thank our lucky selves that someone wants to develop US property and has the cash to do it.

Get used to it minions.

Posted on: 2015/1/21 14:32
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Re: Chinese Company in Talks to Buy Jersey City Site:
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I suspect this building will become an investment property destination for Chinese folks looking to park money offshore and NYC-area realty is considered better than t-bills risk-wise. Doubtful therefore that public schools will see much extra play, although I do agree that we should extract more funding to either build more or expand existing facilities. I know LHN is supposed to get a new elementary school once fully built out.

Parking, I'm not concerned about. Not everyone in DT wants to own a car. There are plenty of private parking options that are reasonably priced and that sit fairly empty.

Posted on: 2015/1/21 13:55
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Re: Chinese Company in Talks to Buy Jersey City Site:
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http://www.fmi.org/research-resources ... al-store-size-square-feet

To put 18000 sq ft of commercial and retail space into
perspective, it is significantly less than the median size of an American supermarket. Is there any reason to believe that there will be any retail at all? A few professional offices and an the elevator lobby to access them would probably fill up 18000 square feet.

My initial reaction to the words "luxury condos" is now ghost towers. These apartments might not even be marketed in the US. For all we know, there is a waiting list for these apartments.

Also, what's so important about being the largest city or the tallest building in the state?


Posted on: 2015/1/21 13:55
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Re: Chinese Company in Talks to Buy Jersey City Site:
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760 apartments - High density madness when our schools, public transport and general infrastructure can't even cope now.

If 1/3 of these apartments had a visitor in any one time, where are these visitors going to park? The developer should be required to provide no less than 5% of apartments numbers with visitor parking (38 parking bays for visitors). They should also provide an off-street delivery parking area for parcels, food deliveries, taxis and other service providers.


They were entitled to more density and the city talked them down form two buildings, to one building with less units and increased park space. I'm sure there will be a garage, that is 1/2 used like every garage in JC so I doubt parking will be an issue.

Posted on: 2015/1/21 13:38
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Re: Chinese Company in Talks to Buy Jersey City Site:
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760 apartments - High density madness when our schools, public transport and general infrastructure can't even cope now.

If 1/3 of these apartments had a visitor in any one time, where are these visitors going to park? The developer should be required to provide no less than 5% of apartments numbers with visitor parking (38 parking bays for visitors). They should also provide an off-street delivery parking area for parcels, food deliveries, taxis and other service providers.

Posted on: 2015/1/21 11:38
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Re: Chinese Company in Talks to Buy Jersey City Site:
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Jersey City, New Jersey, to Get 95-Story Condo Tower
By David M. Levitt and Terrence Dopp Jan 20, 2015 12:06 PM ET

Source: City of Jersey City via Bloomberg

China Overseas America Inc. plans to construct the 950-foot (290-meter) building at 99... Read More

A Chinese developer is planning a 95-story condominium tower for the Jersey City, New Jersey, waterfront that would be the tallest building in the state.

China Overseas America Inc. plans to construct the 950-foot (290-meter) building at 99 Hudson St., according to a statement on Tuesday from Mayor Steven Fulop. The skyscraper, with 760 for-sale dwellings, would surpass the Goldman Sachs Group Inc. tower two blocks to the south, which is 781 feet tall, according to the statement.

The project shows how Jersey City has become a refuge and market of choice for a mix of empty-nesters and buyers priced out of Manhattan, Fulop said in an interview. The plan, calling for condos ranging from one to three bedrooms, shows that the city is attracting more families and others who want to buy homes and remain there.

?This building will literally have the best view in the world,? Fulop said. ?It?s going to have panoramic views of the Statue of Liberty, Ellis Island and the New York City skyline.?

The final project will include an affordable-housing component, to be determined, Fulop said.

Read more:
http://www.bloomberg.com/news/2015-01 ... 95-story-condo-tower.html

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Posted on: 2015/1/21 4:45
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Re: 99 Hudson Street -- latest
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Hopefully no occupants of this building have kids as ps 16 is already over capacity. Never mind a whole foods, this neighborhood needs a bigger facility to educate the future.

Posted on: 2015/1/21 3:26
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Re: 99 Hudson Street -- latest
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18,000 square feet of retail space? Seems like the perfect size for a Whole Foods...

(might as well start this whole ordeal up again!)

Posted on: 2015/1/21 0:42
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Re: 99 Hudson Street -- latest
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950-foot tower, tallest in N.J., planned for Downtown Jersey City

By Terrence T. McDonald | The Jersey Journal
on January 20, 2015 at 2:04 PM

JERSEY CITY ? Developers are planning "the tallest building in New Jersey," a 95-story residential tower, on the site of a Hudson Street parking lot, city officials announced today.

China Overseas America is looking to build 760 condo units and about 18,000 square feet of commercial and retail space, plus a 7,000-square-foot park, at 99 Hudson St., according to Mayor Steve Fulop.

The tower would rise 950 feet. Construction is expected to begin late this spring, once it receives approvals from the city's planning board and council.

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

Posted on: 2015/1/21 0:28
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Re: 99 Hudson Street -- latest
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interesting design, but why stop at 95 stories...why not 110. the building'scrown could be more interestig

Posted on: 2015/1/20 23:37
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Re: 99 Hudson Street -- latest
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i wonder how much a 2br2ba will cost, going by 77 hudson price, it will be 7 figures.

Posted on: 2015/1/20 22:07
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Re: 99 Hudson Street -- latest
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I actually really like it, and the street level architecture is hands down the best I have seen on a high rise in Jersey City.

Posted on: 2015/1/20 21:12
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Re: 99 Hudson Street -- latest
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looks like it will be built by some chinese construction company. Those guys dont screw around so i know it will be built in 2 years or less if approved.

now if they can only do something about the power house arggg..

Posted on: 2015/1/20 20:51
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Re: 99 Hudson Street -- latest
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I agree; I think this looks better than the Alex Stark proposal. And condos is great news--last I heard this was supposed to be rentals. Not looking forward to the construction, but oh well.

The street level looks great, too. I think once this site and the site south of Sussex St are filled in, the Hudson/Greene corridor may actually become a significant retail destination. It's tough now for the retail in 70 Greene/77 Hudson and Liberty Towers because of those parking lots.

Posted on: 2015/1/20 20:02
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Re: 99 Hudson Street -- latest
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I like it - for its symmetry if nothing else. The Alex Stark proposal looked like a cross between the beautiful (and symmetrical) Frank Gehry building at 8 Spruce Street, and the hideous monstrosity that will eventually be the URL Harborside Towers.

The amount of car traffic in that rendering is hilarious - there is scarcely any traffic in that little corner of the waterfront. And it appears that almost everyone in JC uniformly drives Mercedes S-Class, apparently...

Posted on: 2015/1/20 19:37
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Re: 99 Hudson Street -- latest
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I'm relieved to see they are proposing ground floor retail - seemingly for the entire ground level - which will encourage street life, and prevent the feeling of dead zones so prevalent in Hoboken and Newport.

I totally agree with JGJDNYCJC - the design shown is dull. The original renderings from Alex Stark are much more interesting; I wonder what happened to that proposal - http://alexstark.com/projects/real-estate-projects/99-hudson/

Posted on: 2015/1/20 18:06
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99 Hudson Street -- latest
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http://www.jcnj.org/uploadedFiles/Pub ... %20Release%2001.20.15.pdf

This just happened. Image in the PR looks decidedly uninteresting, much like the Bear Stearns, now JPM, tower on Madison Ave (#383).


Posted on: 2015/1/20 17:05
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Re: Chinese Company in Talks to Buy Jersey City Site:
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Yvonne wrote:
Knowing JC, we will continue with the abatements with a foreign national.
i agree that jc needs to massively curtail the abatements, but i don't see why a chinese company/investor should not be entitled to an abatement if a domestic company/investor is entitled to one.

Posted on: 2014/12/13 11:49
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Re: Chinese Company in Talks to Buy Jersey City Site:
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Knowing JC, we will continue with the abatements with a foreign national.

Posted on: 2014/12/13 4:31
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