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Thread: Newark Development

  1. #9841

    Default This could jumpstart serious development

    https://www.bloomberg.com/news/artic...street-station

    Thanks to madsheb on reddit for the find.

  2. #9842
    Forum Veteran West Hudson's Avatar
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    Quote Originally Posted by 66nexus View Post
    https://www.bloomberg.com/news/artic...street-station

    Thanks to madsheb on reddit for the find.
    If both this and one of the towers in Lotus Equities' proposal get built around the same time, downtown Newark will become very popular very fast.

  3. #9843

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    Quote Originally Posted by West Hudson View Post
    If both this and one of the towers in Lotus Equities' proposal get built around the same time, downtown Newark will become very popular very fast.
    That would be a dream come true. It would literally restore that neighborhood in one shot!

  4. #9844

    Default

    I guess the site's been decontaminated...
    Prime real estate in this spot. Makes sense to put something there. A billion seems like a lot for a 4-acre site(unless the heights get increased from this rendering), but whatever it takes to get it done.

  5. #9845

    Default New Dunkin Donuts

    Click image for larger version. 

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    Coming soon to IDT building next t0 Planet Fitness

  6. #9846

    Default

    Quote Originally Posted by Marv95 View Post
    I guess the site's been decontaminated...
    Prime real estate in this spot. Makes sense to put something there. A billion seems like a lot for a 4-acre site(unless the heights get increased from this rendering), but whatever it takes to get it done.
    All we need is that connector and I honestly think it'll be downhill from there. No more 'islands', but contiguous development from essentially 1180 to Broad St. station.

  7. #9847
    Forum Veteran West Hudson's Avatar
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    Default One Theater Square Launches Pre-Leasing

    Pricing seems extreme, so I'm guessing they'll be offering up to three months free on a year-long lease to bring the effective rent to a more reasonable level (for comparison's sake, you can rent similarly-sized apartments in some doorman buildings within a few blocks of the Grove Street PATH station in Jersey City for the same advertised rents):

    https://www.apartments.com/one-theat...rk-nj/ve7j6te/

  8. #9848

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    Quote Originally Posted by West Hudson View Post
    Pricing seems extreme, so I'm guessing they'll be offering up to three months free on a year-long lease to bring the effective rent to a more reasonable level (for comparison's sake, you can rent similarly-sized apartments in some doorman buildings within a few blocks of the Grove Street PATH station in Jersey City for the same advertised rents):

    https://www.apartments.com/one-theat...rk-nj/ve7j6te/
    Studios are much higher around Grove Street. Hard to find anything under 2,000.
    Yeah those rents are up there(removing the affordable rent mandate would have probably lowered them tbh) but if the rents being jacked up means pricing out a certain element out of downtown which can finally lead to a more sterile, clean area, then oh well.

  9. #9849

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    Quote Originally Posted by Marv95 View Post
    Studios are much higher around Grove Street. Hard to find anything under 2,000.
    Yeah those rents are up there(removing the affordable rent mandate would have probably lowered them tbh) but if the rents being jacked up means pricing out a certain element out of downtown which can finally lead to a more sterile, clean area, then oh well.
    This building was not affected by the inclusionary zoning ordinance. It was already under construction when that passed.

  10. #9850
    Forum Veteran West Hudson's Avatar
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    Quote Originally Posted by Marv95 View Post
    Studios are much higher around Grove Street. Hard to find anything under 2,000.
    Yeah those rents are up there(removing the affordable rent mandate would have probably lowered them tbh) but if the rents being jacked up means pricing out a certain element out of downtown which can finally lead to a more sterile, clean area, then oh well.
    Look again. I live in a doorman building (with gym/onsite parking/etc.) two blocks from the Grove PATH station and the rent I'm paying is within what Dranoff is asking for a similar unit at One Theater Square. Just moved here two months ago (note: I am including incentives, but right now you can get significant incentives at any large building in downtown Jersey City; it's been that way for the past two years and I don't see that changing anytime soon with all of the inventory hitting the market here and nearby over the next few).

    As I stated above, there will need to be massive incentives to entice to people to sign at the base rents that Dranoff is asking.
    Last edited by West Hudson; May 9th, 2018 at 10:06 PM.

  11. #9851

    Default Interesting point

    Quote Originally Posted by West Hudson View Post
    Look again. I live in a doorman building (with gym/onsite parking/etc.) two blocks from the Grove PATH station and the rent I'm paying is within what Dranoff is asking for a similar unit at One Theater Square. Just moved here two months ago (note: I am including incentives, but right now you can get significant incentives at any large building in downtown Jersey City; it's been that way for the past two years and I don't see that changing anytime soon with all of the inventory hitting the market here and nearby over the next few).

    As I stated above, there will need to be massive incentives to entice to people to sign at the base rents that Dranoff is asking.
    This brings up an interesting point... there are almost 1k units coming online over the next year and a half just in downtown Newark...maybe more. That plus Harrison makes me wonder what the market can actually sustain. I find the JC comments interesting because essentially: JC competes with Queens with Hoboken and Brooklyn representing the step down from Manhattan. I am left wondering...how many people really want to live in the NYC area and that group/plus the jobs there to sustain this. Newark is at a outer Brooklyn/Queens Harlem distance so what will prices/the market bear.

  12. #9852
    Forum Veteran West Hudson's Avatar
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    Quote Originally Posted by newarkdevil1 View Post
    This brings up an interesting point... there are almost 1k units coming online over the next year and a half just in downtown Newark...maybe more. That plus Harrison makes me wonder what the market can actually sustain. I find the JC comments interesting because essentially: JC competes with Queens with Hoboken and Brooklyn representing the step down from Manhattan. I am left wondering...how many people really want to live in the NYC area and that group/plus the jobs there to sustain this. Newark is at a outer Brooklyn/Queens Harlem distance so what will prices/the market bear.
    That's EXACTLY it. Most of the people living in Harrison moved there from parts of Jersey City, and I think downtown Newark will draw from the same pool. And don't forget about all the units U/C in Journal Square - no really large buildings, but dozens of small & mid sized ones. Between Journal Square, Harrison, and downtown Newark, you're easily looking at around 5,000 units hitting the market over the next year or so. And these units will definitely draw people out of Jersey City and Hoboken. This is precisely why I'm thinking rents in downtown JC (and generally in Hudson County) will be flat (at best) for the foreseeable future. Add to that expanding supply at the more affordable end of the market the fact that a lot of Millennials are indeed starting to move to the suburbs in large numbers now, and there might be a significant oversupply.

    I remember reading an article awhile back about how lenders in the NYC area were starting to send undercover agents to luxury rental buildings to see just how far they could push leasing agents to pile on the incentives (and decrease effective rent). Well, the banks learned that the actual rents the buildings were pulling in were nowhere near the rents they claimed they were getting, and this caused a pause in multifamily lending in the higher-end markets (downtown JC, Brooklyn, LIC, etc.) over the past 2 years (I think only 3 major rental projects had started construction in downtown JC between 2016 & 2017....a far cry from what we were seeing back in 2013/2014).
    Last edited by West Hudson; May 10th, 2018 at 10:45 PM.

  13. #9853

    Default

    Figured it would happen as they had no customers. Burg is gone https://www.reddit.com/r/Newark/comm..._be_reopening/

  14. #9854
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    Default

    If you can't figure out how to charge less than $6 for a grilled cheese sandwich, with no sides/drink, in Newark, you don't really deserve to stay in business.

  15. #9855
    Forum Veteran Newarkguy's Avatar
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    Default

    Seems Ron Tomson clothing has closed its Downtown Newark Location or sold the store. The goods remain the same, but "Ron Tomson" was covered by a temp plastic banner bearing a different name & the Ron Tomson logos were removed from doors & glass windows.

    Ron Tomson advertised 2 new locations in its 2016 website: Newark & NYC (SOHO) The SOHO store isn't there either. I think it never happened since googling it comes up nothing.


    In fact, only his original LA location remains open.
    Last edited by Newarkguy; May 13th, 2018 at 09:31 PM.

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