Page 658 of 658 FirstFirst ... 158558608648654655656657658
Results 9,856 to 9,862 of 9862

Thread: Newark Development

  1. #9856


    does anyone know how Whole Foods and other retail in Hahnes are doing? Also, residential in Hahnes?

  2. #9857


    Quote Originally Posted by West Hudson View Post
    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).

    I think a big misperception is that all of the Newark demand is coming from NYC and JC transplants. Sure, a fair amount of the demand is coming from there, and I've met a handful of people from there in downtown Newark, but for the most part, everyone I know who is a transplant to Newark: A) Went to college in Newark, B) Works in Newark, JC, or NYC, or C) BOTH (like me) . Most of these people are from suburban NJ, and some are from suburban NY (Friends from Long Island who went to school in Newark and works in Manhattan; met a retiree who now lives in Hahnes but who had previously been a resident of suburban Westchester County). There are also a large group of Newark Natives who have been successful and decided to stay and come downtown and elsewhere.

    Even JC has a plethora of people who are from suburban NJ but who now work in JC or NYC. I think my main point is that, Newark has a demand that is not always directly related to JC and esp not NYC on every sub-aspect. Newark has colleges, and jobs, and the more jobs it adds, the more demand there will be for housing downtown and elsewhere. Its proximity to Manhattan as a HUGE job center, and good transportation options will only help with that demand. In my opinion, Newark is a balance between suburban Jersey Life and real Big city life, and that is the niche within which it must find its demand - esp amongst Jersey people. Even Hoboken, and esp Asbury Park, have revivals and real estate demands derived largely from New Jersey residents.

    The only way to do that however, is to keep rents somewhat affordable in many of the mid-sized projects going up. What I mean is: the rents have to be affordable enough for young Jersey professionals to afford, and significantly lower than JC to the point that people feel they are getting a bargain as opposed to JC. That will "bring home" some people currently in JC, as well as attract new comers. I don't think the current buildings going up will have much difficulty, b/c NYC is such a HUGE market, and so is JC and the rest of Hudson/lower Bergen counties, that I think enough interest will be there to sustain the new supply. However, going forward, these developers need to hone in more on the recent college grads, Jersey Natives commuting and etc., and less on simply NYC/JC transplants. It will be a challenge, b/c these developers will have to put up a significant investment, yet have to deal with affordable units PLUS possibly lower rents than in JC/Manhattan, BUT with proper tax incentives and etc. it can be done. The rents in these new buildings may have to come down, but they can still be successful.

    Anyway, that's my rambling $.02

    As to Burg - it is a shame, but I think I liked the location better than the product. The beers were small, the burgers were good, but not as good as Walla or Krugs, they never cared to be open on weekends or later on for pre-games/events, they dragged their feet opening in the first place, and they did not try to get competitive at all with pricing. Essentially, I'm not sure they cared much about making it work at all. That being said, the location is a GREAT one, and with 2 new buildings set to lease soon within walking distance, AND Hahnes/1180 already up - I am positive that a new tenant will come in and make the property work better for themselves and for Newark.

    All of this being said - this isn't going to be an easy climb for downtown. With progress comes pain - some great establishments are busy some nights and others quite dead. There still just simply is not enough of a critical mass to sustain a ton of great venues/establishments, but with all of these new units coming in - it soon will be. Part of the issue is the "islands". People in 1180 really don't venture out as much downtown as they should, whereas Hahnes tenants seem to - its all about closing the gaps between the islands, and drawing the right base of tenants. This I think is going to continue to happen as Rector, NJPAC, and Bell open. Some places will go out and others will rise and revive, just hang on for the ride.

  3. #9858


    Quote Originally Posted by 66nexus View Post
    EXCLUSIVE: Developers Seek to Construct Newark’s Tallest Building

    Jared Kofsky -

    March 7, 20180

    Broad Street, Newark. Photo via Wikimedia Commons.

    For the last several decades, the skyline of Downtown Newark has largely been the same. Despite a recent increase in development in the heart of New Jersey’s largest city, the National Newark Building has retained its position as the tallest building in Newark, a title it has held since it was completed 87 years ago. However, Jersey Digs has learned that two developers are in the preliminary stages of a proposal to construct a new high-rise tower within a stone’s throw of the National Newark Building that would be the highest in Essex County if approved.

    Although a source who spoke under the condition of anonymity was unable to release the exact address where this new 42-story building is being proposed, they confirmed that it would be on Broad Street in the middle of Newark’s Central Business District near the Four Corners, Prudential’s headquarters, and Military Park. It is set to contain 9,000 square feet of commercial space on the ground floor with 480 residential units on the upper floors. In addition, a rooftop amenity space would be provided for residents of the high-rise.

    Carmelo Garcia, Newark’s Acting Deputy Mayor for Economic and Housing Development, said that 20 percent of the units in the development would be designated as “affordable housing” if the project is given approval by the Newark Central Planning Board. He described this building as an “anchor catalytic project” for the city that has been in the works for over a year.

    “It will compliment (sic) the skyline of our city and really add value to what we’re attracting downtown and around the city,” Garcia explained, adding that “we’re thrilled that in working with them [the developers], they’ve embedded the 20 percent affordability requirement and that they’ve provided a design that really mirrors the strategy of the redevelopment that we’ve been looking for in Newark.”

    Jersey Digs will keep you updated as additional information, including renderings and the exact address, are revealed for this proposal.


    It's going to be on Broad and Clinton, directly across from 744 broad street, corner lot. There's a Rainbow department store and two vacant storefronts next to it currently. They're knocking those down for this development.
    Last edited by scrollhectic; May 16th, 2018 at 08:33 PM.

  4. #9859
    Forum Veteran West Hudson's Avatar
    Join Date
    Jun 2006
    Jersey City/Harrison, NJ


    Quote Originally Posted by scrollhectic View Post
    It's going to be on Broad and Clinton, directly across from 744 broad street, corner lot. There's a Rainbow department store and two vacant storefronts next to it currently. They're knocking those down for this development.

    Are they knocking those buildings down now?

  5. #9860


    Quote Originally Posted by West Hudson View Post

    Are they knocking those buildings down now?
    Timeframe is undetermined. I spoke with a broker who's working with the owner of the site.

  6. #9861


    Interested in the rendering. If it's gonna be the tallest in the city it better look snazzy.

  7. #9862


    Quote Originally Posted by scrollhectic View Post
    Timeframe is undetermined. I spoke with a broker who's working with the owner of the site.
    How cool would that addition be to the Newark Skyline! It'll be a triple-threat, with 744, 1180, and now this new Broad & Clinton building. Here's hoping. Many thanks for sharing this info.
    Last edited by section08; May 17th, 2018 at 12:06 PM.

Similar Threads

  1. Greenways and Waterfront Development
    By Edward in forum New York City Guide For New Yorkers
    Replies: 198
    Last Post: July 21st, 2015, 01:30 AM
  2. NYC real estate values rose 9 percent
    By Edward in forum New York Real Estate
    Replies: 9
    Last Post: April 12th, 2012, 04:40 PM
  3. Real Estate War Over the G.M. Building
    By Edward in forum New York Real Estate
    Replies: 7
    Last Post: June 12th, 2008, 01:29 PM
  4. E 34th new development
    By tlowe in forum New York Real Estate
    Replies: 0
    Last Post: March 31st, 2003, 05:15 PM
  5. PC Wackos: WTC Plans Too Big for Real Estate Market
    By Agglomeration in forum New York Real Estate
    Replies: 6
    Last Post: December 23rd, 2002, 05:27 PM

Tags for this Thread


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts

Google+ - Facebook - Twitter - Meetup

Edward's photos on Flickr - Wired New York on Flickr - In Queens - In Red Hook - Bryant Park - SQL Backup Software