Thursday, May 18, 2006

Holy Housing Jersey City

From the NY Post:


"Jersey City is about more than office parks these days. The city across the Hudson from Manhattan is seeing a residential construction boom and soon might be known for its abundance of new condos and rental buildings."

"According to the Jersey City mayor's office, 24 residential projects have recently been completed, another 21 are under construction and 23 more have been approved."

""We're riding a tremendous wave of investment," says Mayor Jerramiah Healy."

"In the big - extremely big - category is Trump Plaza Jersey City, a two-tower, 860-unit development planned for 88 Morgan St. When completed in fall 2007, the two towers, clocking in at 50 and 55 stories, will be the tallest residential buildings in New Jersey. Prices will likely range from $400,000 to $4 million. The Trump Organization and Hoboken-based Metro Homes are the developers."

"Metro Homes is also behind the 431-unit Gull's Cove condominium at 205 Luis Munoz Marin Blvd. in the Liberty Harbor North redevelopment area. Open for sales three weeks ago, prices start in the high-$200,000s for 500-square-foot studios."

"Of course, the "instant neighborhood" idea in Jersey City was spearheaded by the Manhattan-based LeFrak Organization, the developer behind Newport, a sprawling, 600-acre development on the Hudson River. Known as a rental community, Newport is adding more sales buildings, including the 220-unit North Tower of the Shore Club at 580 Washington Blvd. Construction will begin this June."

"Off the water, adjacent to the Grove Point PATH station, construction has begun on Grove Pointe, a 67-unit condominium and 458-unit residential building located at 102 Christopher Columbus Drive, which opened for sales three weeks ago and is 25 percent sold. Prices start at $495,000 for a 750-square-foot one-bedroom. The development will house 20,000 square feet of ground-floor retail space."

"In Jersey City's historical Hamilton Park District, construction will begin this summer on the 225-unit Hamilton Square, a partial conversion of the St. Francis Hospital at 25 McWilliams Place. The condo building is being developed by Jersey City-based Exeter Property Company, which has restored many historical buildings in Jersey City."

"Exeter is also behind Schroeder Lofts, a 60-unit loft building just outside of the Hamilton Park district, at 242 10th St. The building is 40 percent sold since opening for sales in February. Prices for 930-square-foot one-bedrooms start at $414,000."

"In Jersey City's Powerhouse Arts District, an eight-block historical area, Hoboken-based developer Fields Development Group is planning to break ground on The Hudson, a 260-unit new construction/conversion loft building planned for 10 Provost St., in July. The sales office is expected to open in October."

"Fields Development is also behind Waldo Lofts, an 82-condominium conversion located at 159 Second St. Half of the units have sold since the sales office opened in February - prices start at $390,000 for a 700-square-foot loft."

8 Comments:

Anonymous Anonymous said...

I counted 2376 units total added to the market over the next year or so. It's probably a coin toss how much of that sees completion at this point.

JM

5/19/2006 07:34:00 AM  
Anonymous Anonymous said...

Could someone explain why anyone would want to live in Jersey City?

5/19/2006 08:32:00 AM  
Anonymous Anonymous said...

Have you been there??? Why you ask, we'll I live there now and it is very nice. Downtown is full of newer buildings, the housing stock is nicer than hoboken and most parts of NYC cheaper too. Close to work, I don't have to drive but I can I have a car, unlike NYC or Hoboken. Also the historic neighborhoods are nice have you been to Hamilton Park or Van Vorst. Views of NYC and the Statue Liberty. Some good restraunts all within walking distance or I can be at WTC or Tribeca in 10 minutes door to door. LeFrak was totally right in saying that Downtown Jersey City is a logical extension of the westside. The place has its issues the areas near the Holland approach/Hoboken boarder and the newport mall, Marin Boulevard which unfourtunately has crapo housing on it, but the good areas are attractive places, nice buildings and many conveniences.

5/19/2006 08:59:00 AM  
Anonymous gary said...

As I've mentioned before, I was born and raised in Jersey City and I sort of chuckle when I hear about the prices for these condo's. I see the advantages for some who work in NYC and so on but if you knew Jersey City as I did growing up and what it has become, you'd laugh a little yourself.

It's strange, downtown was full of abandon rail yards and factories and now it has million dollar condo's. We used to have a boat on Green Street where people built shacks and basically had squatters rights. It looked like a river view somewhere in a third world country.

I pumped gas at the Texaco station outside the Holland Tunnel and we used to party at the foot of Sixth Street until the sun came up. So much for memories and touche for progress I guess.

5/19/2006 09:22:00 AM  
Blogger Justiceiro said...

Why would anyone live in Jersey City? The question I ask myself is why anyone would live in Manhattan.

I have almost all the amenities of being in New York itself; a huge variety of ethnic restaurants and grocery stores; good street festivals and parades- nice brownstones and a lovely urban atmosphere. Al at about 1/2 the price. Also, although I am about 10 minutes from the WTC by PATH, my neighborhood is actually pretty calm, and you can find street parking.

Then again, I have been here for a few years, well before there were million dollar condos. I'm glad I bought then, because I couldn't afford it now.

5/19/2006 10:42:00 AM  
Anonymous Anonymous said...

Seriously the prices are nuts, Gary I know what it was like. My family is from JC my mother spent the first 5 years of her life there, my grandfather the first 30, my great grandmother 70 years. My uncle lived there for a while and my father's company did development downtown starting in 1984, they almost lost their shirt in the "ghetto" as it was.

My great grandparents moved out of downtown because it was that bad, they moved to the heights a "better" neighborhood. Now this was the 1920's-30's now flash foward to the 60's when my great grandmother died my family sold her little tenement empire of 5 or so buildings for almost nothing because jersey city was so BAD.

Now I'm young so I don't remember much about it but I have heard stories from my family. I am just happy to see under utilized land be redeveloped and return to the thriving city of 100 years ago that immigrants like my family built.

Now like the last post I wish I bought 2-3 years ago when the prices were good but alas I was too young not enough money, While I think the supply and everything else will catchup and the prices will fall, I doubt it will ever be as affordable as it was in the late 90's. Well at least my rental is very nice and being in hudson county I get rent control and all of its benefits.

Oh yeah and jersey city still is a third world country by the way. Just look at the corrupt gov't, the poor areas away from downtown, and the general disregard for the law.

5/19/2006 12:48:00 PM  
Blogger pesche22 said...

when you buy or rent in jersey city do you get a gun to go with the place.

a due rag as well,, red or blue?

5/19/2006 04:45:00 PM  
Anonymous Anonymous said...

pesche,

I'm not sure why you have not been called out on these comments, but I feel they are very insensitive and borderline offensive. Just because an area is ethnically diverse does not mean it is filled with gangs

5/19/2006 08:25:00 PM  

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