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Thread: Jersey City Rising

  1. #4591
    Forum Veteran West Hudson's Avatar
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    Default Downtown Absorption Rate

    Glad to see new affordable housing being built and hope it goes to those who both need & deserve it.

    I just did a rudimentary analysis of the downtown market and if you look at the three buildings (Warren@York, 18 Park, Art House) that account for almost all the new rentals in downtown over the 12-month period ending in April, and assume that 18 Park & Art House reach 100% lease-up by the end of April, you're looking at an absorption rate of around 55 new units per month. At that pace, in the 12 months from this Spring to next, there will be roughly 3,000 new units added to the market downtown and at the current absorption rate, it would take about 55 months (~4 1/2 years) for all the new buildings in this second wave to reach 100% occupancy (and a year later, there will be URL Harborside & Trump adding to the market). There are alot of variables in the market, of course - while on one hand, a multi-year drought in new apartment construction helped the buildings that opened last year, a surge in demand from a healthier economy or people migrating to JC from places like Broke-lyn and Manhattan could make demand surge as well. But there will also be more competition this year from several massive new buildings opening in Hoboken, Weehawken, and Harrison with similar amenities and apartment layouts to those of the new buildings of JC. Time will tell...
    Last edited by West Hudson; March 19th, 2015 at 08:40 PM.

  2. #4592
    Jersey Patriot JCMAN320's Avatar
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    Thumbs up JC to Increase Hotel Revenue via Airbnb

    Jersey City hotel tax could soon include Airbnb, other short-term rental services

    By Patrick Villanova | The Jersey Journal
    on March 20, 2015 at 2:41 PM

    Visitors looking for short-term apartment rentals in Jersey City on sites like Airbnb may have to fork over a little more cash for future bookings.

    Ward E Councilwoman Candice Osborne announced today the introduction of an ordinance to amend the hotel tax to now include Airbnb and other short-stay private rentals as part of the city's focus on creating new, permanent revenue streams to offset local property taxes.

    The amendment broadens the definition of a hotel to include apartments, bed and breakfasts, houses, and condos, and is expected to generate upwards of a million dollars annually in new revenue for the city, officials said.

    "The reality is that companies like Airbnb create hotel rooms in cities like Jersey City and their guests should be paying the local hotel tax," Osborne said in a statement. "Closing this loophole will benefit Jersey City taxpayers as we continue to grow as tourist destination."

    City officials said sites like Airbnb, VBRO, HomeAway, and FlipKey, among others, list hundreds of condos, apartments and houses in Jersey City for short-term hosting rentals for people hoping to visit the New York metropolitan area. These visitors, however, have not been paying the local hotel tax that is paid by traditional hotel guests.

    That could change after Osborne introduces the ordinance at next week's City Council meeting. The measure would expand Jersey City's 6 percent hotel tax, which currently generates approximately $7 million annually.

    "Hundreds of thousands of people visit Jersey City each year, and this amendment allows us to keep up with the way technology is changing the hotel and short-term rental industry," Mayor Steve Fulop said in a news release. "It's another example of how we are working to identify revenue sources that are both recurring and that do not impact our homeowners and taxpayers."

    Airbnb and other short-term hotel sites would collect the hotel tax directly from the consumer, so there is no impact to any Jersey City resident wishing to rent out their property for short-term stays. The ordinance would not apply to anyone renting or subletting their apartment or home for periods of 30 days or longer.

    Other cities that Airbnb has begun submitting taxes to include San Francisco, Portland, Ore., San Jose, Calif., Chicago and Washington, D.C., as well as Amsterdam.

    "Councilwoman Osborne's ordinance will enable Jersey City to grow its revenues without adding to the tax burden of either local residents or business," said Maria Nieves, president and CEO of the Hudson County Chamber of Commerce. "It's a proactive piece of legislation that legitimizes Airbnb operations and taps into the growing diversity of lodging options and tourism to our region."

    http://www.nj.com/hudson/index.ssf/2...l#incart_river

  3. #4593
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  4. #4594
    Forum Veteran West Hudson's Avatar
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    Default

    Great pics! Those arched windows on Charles & Co are a nice touch...anyone know what the opening date is? Should be coming up soon.

  5. #4595
    Forum Veteran Newarkguy's Avatar
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    Default

    Nice photo of the Penn Central freight. (Notice the Penn Central's "PC" noodle logo on the boxcar at far left.) For those confused, The Pennsylvania, New Haven and New York Central Railroads merged to Form Penn Central in 1968. This may also be a Conrail (Consolidated Rail corp.) Train since Penn Central, Erie Lackawanna, Central NJ, Lehigh Valley as well as Lehigh and Hudson River were merged April1,1976 into conrail.

  6. #4596

    Default

    Very nice slice of life pics, Nexis! Also loved the old embankment railroad photo... nice contrast of past(with the promise of a public park on the old embankment) and present stature of Jersey City on the rise!

  7. #4597

    Default

    This is a weird one.... when I visited the "Tenement Museum" in Manhattan years ago, I believe it was explained that a NY tenement (as opposed to an apartment bldg) was restricted to 6 floors because city/state code required any building 7 floors or greater to have an elevator, which real "tenements" do not have. And there are thousands of 6-story tenements in the city. I am a student of architecture and have noticed that NJ's tenements (or what I call tenements as opposed to apartment bldgs) are no greater than 5 floors. Anyone know if this is city/state law in NJ or are there 6-story tenements out there in NJ?

  8. #4598

    Default

    I don't know NJ's laws about walk-ups, but there are actually some 7 story walkups in NYC (and supposedly less than a handful of 8 story walkups) that were built before any laws were on the books.

  9. #4599
    Forum Veteran West Hudson's Avatar
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    Default Condo Conversion Surge on the Way?

    Because of a roughly seven-year drought in new construction from 2007 to 2014, prices for both rental units and condo units in downtown Jersey City have surged over the past 2 years as the economy has improved. During this period, an average of 150 units per year came to the market. As I've mentioned on this board already, between this spring and next, there will be 150 units coming online, on average, every thirteen DAYS. It has made perfect sense from a developer's standpoint to go ahead with these projects - it's been set up as a win-win arrangement by the state of New Jersey and city of Jersey City (as I said a few years ago on this same board) - there was a once-in-a-lifetime perfect combination of low interest rates, generous tax breaks from the city, and excessively generous handouts from the state of New Jersey to get these projects built.

    I predict that lower rents will encourage condo conversions at older rental buildings (rental portion of Grove Pointe? Marbella I?) and some of the smaller new projects (532 Jersey Ave? 360 Ninth Street? both of these buildings have just enough units - 76 - to exempt owners from rent control laws, which makes the units attractive long-term investments to individual condo buyers). In any case, lower rental value will make it hard for investors to justify condo purchases at current prices and increased competition from increased condo supply should put additional downward pressure on downtown condo prices.

    Below is the first article I've come across where top real estate developers have expressed concern about the impending supply surge.

    From GlobeSt.com:

    Multifamily Panel Sees 'Dark Clouds,' Oversupply in NJ Market

    By Steve Lubetkin | New Jersey
    Panelists commenting on multifamily market trends at the Atlantic Builders Convention in Atlantic City, NJ.

    StateBroadcastNews.com/Steve Lubetkin. Used by permission.

    ATLANTIC CITY, NJ—For the first time in a decade, the multifamily rental market “is starting to see a few dark clouds on the horizon,” as supply and demand move toward equilibrium, says Carl Goldberg, co-founder and former partner of Mack-Cali affiliate Roseland, who recently formed an investment partnership called Canoe Brook Management with his daughter and a former Roseland associate. “After ten successive years of rental growth in Hudson County, the primary luxury multifamily market in the state, we are seeing prices flattening.”

    Goldberg spoke during a three-part panel on the economic outlook, during a session focused on multifamily development, at the Atlantic Builders Convention of the New Jersey Builders Associationheld in Atlantic City, NJ, this week.

    In Jersey City, Goldberg says, there are approximately 10,000 multifamily rental units under construction. “It’s hard to imagine, despite its operation as the sixth borough [of New York], that being absorbed as easily as product was in the previous nine or ten years,” he says. “We are beginning to be a somewhat concerned as to whether we are entering a period of oversupply in the luxury market.”

    Construction costs that appear to be rising about 8-10 percent annually are a bigger concern toRonald S. Ladell, senior vice president of development, AvalonBay Communities. “While the profit margins start to narrow as a result of that, you start to look for more economic opportunities.” Ladell is critical of state government inability to do more to promote economic development in the state.

    “You would think with the statistics that we saw, someone, or some group of people, i.e., the Governor, the legislature, municipal officials and the like, would somehow get together and try to move forward in a comprehensive and cohesive fashion and try to facilitate growth,” he says.

    AvalonBay structures its deals based on current market conditions, Ladell says. “We underwrite deals. We do not trend rents. We do not trend construction costs. We underwrite deals on today’s rents, today’s construction costs. And if we cannot get the deal, then so be it.”

    Illustrating how overheated he believes the market has become with inappropriate transactions,Ladell described a Morris County bankruptcy auction taking place at the same time as his panel appearance.

    “I had my people there bidding at that bankruptcy auction,” he says. “We did not win today. The person that won today signed to do a deal that’s mixed use development, non-contingent, deposit goes hard after 90 days due diligence, and they start picking up taxes at the end of due diligence. That’s called irrational exuberance. I don’t understand why people are doing that. I don’t think the market has petered out, but I do think there are many people that are so desperate to get into the multifamily side of the business that they’re becoming irrational with regard to what they’re offering sellers at this moment in time.”

    Agreeing with the sentiments was Alan Laing, CEO of Orleans HomeBuilders, who says “We’ve struggled to underwrite multifamily that would work. We see the market soft in that segment and difficult to underwrite land.”

    You can listen to the complete panel discussion among Goldberg, Ladell, and Laing, moderated by Kevin Gillen, Ph.D., chief economist of Meyer Research, in the player below. The program runs about 25 minutes.

    Link:
    http://www.globest.com/news/12_1075/newjersey/multifamily/Multifamily-Panel-Sees-Dark-Clouds-Oversupply-in-NJ-Market-356513-1.html
    Last edited by West Hudson; March 27th, 2015 at 09:32 PM.

  10. #4600
    Forum Veteran West Hudson's Avatar
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    Thumbs up Next Phase of SoHo West Revealed

    Nice design IMO - takes elements from the surrounding historic factory buildings and adds some new edginess. The waterfront is to the left in the rendering.

    From the website of developer Manhattan Building Co.:


  11. #4601

    Default

    I like that design...fits the warehouse feel of the area. While it will take awhile (Van Leer Candy factory residential conversion will greatly help nearby) this area is going to be a lot less desolate and isolated and more a continuation of downtown right to the Hoboken border as per the original intentions for the area.

    One question if anyone has a good answer... I love the development downtown from Newark Avenue to the waterfront but a huge pet peeve(well, actually two pet peeves) are way too much parking accommodation(we're supposed to be emphasizing mass transit..bus, light rail and subway connections abound here) and not contribute to worsening traffic congestion. Also, those heating/air conditioning vents that in my mind take away from some really nice rental developments. They aren't from all things I read all that energy efficient and actually it's become a lot less expensive to put in central air/heating(several very large rental developments in New York City are not going to use this system and going to stay aesthetically far more pleasing architecturally by going the central air/heating route. Can we instead of being NIMBYs and fighting development insist instead more on smarter development planning that doesn't just try to do things on the cheap and can we... should we start insisting that there shouldn't be hundreds of parking units for the large developments? A much greener, saner policy would be to greatly limit parking spaces and emphasizing the use of public transportation and a vibrant, exciting streetscape. Enough of an encroaching urban jungle of cars.... can you imagine when built out, even in four or five years, all the vehicular traffic and congestion if this trend continues? Sorry for the rant but enough of the ugly vents and more traffic congestion.... we should be developing an urban landscape for the 21st century, not bad short term old style "planning".

  12. #4602
    Jersey Patriot JCMAN320's Avatar
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    Thumbs up More Talk of a Marion PATH Station

    Arrivederci, Puccini’s!
    Landmark sold as part of redevelopment plan


    by Al Sullivan l Reporter staff writer
    Mar 29, 2015

    Puccini’s Restaurant on Jersey City’s west side has been sold as part of a four-acre redevelopment site. With a classic Italian restaurant interior and quality food, Puccini’s has been an institution in its neighborhood for over three decades and the scene of many political fundraisers and family occasions like graduation parties, engagement parties, wedding and baby showers, and wedding receptions.

    The buyer, an out-of-state investor, plans to develop the four-acre site into a mixed-use complex comprised of more than 500 residential units, as well as ground-floor retail. The property is located blocks from the Journal Square transportation hub and the proposed PATH stop in the Marion section of Jersey City.

    The City Council is expected to change part of the zoning requirements for the location to allow first floor retail at the West Side Avenue and Broadway corner that the restaurant currently occupies.

    The $19.5 million deal was brokered by CBRE Group, Inc. The property is comprised of an assemblage of underutilized buildings, including a large warehouse distribution facility, several multifamily homes, Puccini’s, and associated parking. The seven-lot assemblage is located at 1075 W. Side Ave, 1072 W. Side Ave, 1064 W. Side Ave, 54 Broadway and 153 Corbin.

    Although rumors suggested the restaurant might reopen later in a newly constructed facility, city officials said this was not the case.

    While a portion of the business remains in operation, the restaurant closed earlier this year in anticipation of the sale.


    Gambling on upgrade in transit

    “The new owners are gambling on the PATH building a new station in that part of the city,” said Freeholder Junior Maldonado. “It makes sense. It would be easy to do.”

    A new PATH station would only involve construction of a platform, he said, and would become the first stop on the Newark bound line out of Journal Square.

    Charles Berger and Robert L’Abbate of CBRE Capital Markets’ Investment Properties team in New Jersey and Elli Klapper of CBRE Capital Markets’ Investment Properties team in New York represented the seller and procured the buyer in the transaction.

    The team worked alongside local Jersey City brokers Robert Antonicello and Robert Antonicello, Jr.

    “Jersey City is one of the hottest markets in the tri-State area, with Journal Square specifically being the key focus right now for investors,” said Berger. “This sale has set a record on a price-per-unit basis in the Journal Square area and, based on all of the deals we’re working on, that record likely will not stand for long. In the last two months alone, our team has closed approximately $30 million in property sales in the Journal Square area.”

    The project is one of 30 developments underway in Journal Square and its vicinity. This list includes the Canco Lofts, 25 Senate Place, and the recently-completed Mana Arts Center, all of which are in the immediate area of this four-acre project.

    Al Sullivan may be reached at asullivan@hudsonreporter.com.

    http://hudsonreporter.com/view/full_...e=latest_story

  13. #4603

    Default

    New PATH station? When did this come up?

  14. #4604

    Default Jersey City Development rundown 3 25 2015

    Quote Originally Posted by vanshnookenraggen View Post
    New PATH station? When did this come up?
    I would assume that it would be very close to Mana Contemporary, the massive 2 million square foot art storage and gallery building. It would be one of the largest museums in the country if more of it were open to the public, which could happen if there were better access. There is also a large cluster of development across from it, with some recent projects already built there and a LOT of potential for more. As long as they don't go crazy, they could get a lot of passengers for very little money.

    I did a very long Jersey City photo tour on the 25th (last Wednesday) and posted for every other city except JC, so here are the images.
    http://urbanismvsmodernism.blogspot....l?view=sidebar

    3 Journal Square


    Journal Squared






    Former City Center Towers, still no movement on revived project, but they keep replacing that dumpster...


    Site of 500 Summit Street, the potential 42 story tower with a cliffside park


    This is the street level view from the bridge. Almost every unit that actually faces Downtown and Manhattan will have priceless views.


    The old building at Grove Street has been removed.


    The Jersey Avenue condos




    A side project on "Maxwell Alley"




    If there were ever a single image to describe Jersey City development, it would be this.


    144 Newark Avenue


    Mcdonald's building renovation


    70-90 Columbus




    The Charles&Co building, also known as Majestic II




    After a rather illegal demolition and little work for several years, it appears something is happening at 54 Bright Street.


    Liberty Harbor's newest addition








    Does anyone know if work will restart at this site, directly adjacent to the Marin Boulevard Light Rail station?


    The massive 33 Park








    Site of 99 Hudson Street, the 990 foot Chinese apartment tower


    The "Waterfront" hotel


    URL Harborside








    Trump Plaza II




    Marbella II


    Soho West (Next to Cast Iron Lofts)





  15. #4605
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    Default

    Wow that URL building went up quickly...

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