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Thread: Jersey City Rising

  1. #5341

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    anyone know how leasing is going at Journal Squared?

  2. #5342
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    According to jerseydigs today, 200 out of 538 apartments are rented at Journal Squared. A month and a half ago, they claimed 122 apartments were leased.

  3. #5343

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    not knowing anything about real estate, are 200 rented out of 538 units available a good, average or weak response at this time?

  4. #5344

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    That's close to 38% occupancy since mid March when the first residents moved in. I would think it's a good thing, especially since I think they priced high and have the flexibility to bring down "net effective rent" through incentives (they have been offering 1 to 2 months free rent), maybe waiving the annual amenity fee or something like that to sweeten the deal?

  5. #5345
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    Urby Harborside also reported 38% occupancy today. I think it started leasing a week or two earlier than Journal Squared:

    http://rew-online.com/2017/05/18/mac...-unusual-urby/

    It seems Journal Squared is priced just about right at a roughly $300 discount on 1-BR's compared to Harborside.

    While I'm sure J2 is offering concessions, I doubt they're much deeper than Harborside, which is reportedly offering 3 months free on 2-yr leases, waived amenity fees, and 6 months free parking.

  6. #5346
    Forum Veteran West Hudson's Avatar
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    Quote Originally Posted by Hamilton View Post

    While I'm sure J2 is offering concessions, I doubt they're much deeper than Harborside, which is reportedly offering 3 months free on 2-yr leases, waived amenity fees, and 6 months free parking.
    Wow. And I thought Newport was offering bargain deals!
    Last edited by West Hudson; May 18th, 2017 at 10:20 PM.

  7. #5347
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    It's just what I heard from someone who went to look at a unit near when it started renting, so take it with a grain of salt. An interesting tidbit buried in the press release I posted above, BTW:
    Roseland acquired its partners’ interest in Plaza 8 & 9, thereby converting this premier waterfront development site from 50 percent to 100 percent ownership. This site could contain up to 2,000 units and is directly adjacent to Urby.
    Plaza 8/9 is the parking lot site between Hudson St, 2nd St, and Harborside Pl (north of the Harborside terminal buildings and south of Avalon Cove) near the waterfront. That's in addition to the 2,358 total units projected for Urby at full build-out (the current building has 762 units). In a couple of decades this neighborhood could be bustling and very vibrant, if good urban planning principles are used.
    Last edited by Hamilton; May 20th, 2017 at 04:39 PM.

  8. #5348
    Forum Veteran West Hudson's Avatar
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    Thumbs up Newport Associates Proposes Two 10-Story Buildings on 18th Street

    Following right up from their proposal at 700 Washington Blvd, it looks like Newport Associates is proposing nearly 260 additional apartments split between two ten-story buildings that would sit between 18th Street and the Light Rail. It looks like they're partnering with another developer on 854 Jersey Ave...perhaps Manhattan Building Co. (?)

    From the Planning Board agenda:

    18.Case:P17-033
    Preliminary Major Site Plan
    Applicant:Newport First Equities Limited Partnership
    Review Planner:Maryann Bucci-Carter, PP, AICP
    Attorney:James C. McCann, Esq.
    Address:854 Jersey Avenue
    Block:6002
    Lot: 10
    Zone:Jersey Avenue Light Rail Redevelopment Plan
    Description:Construct 10-story new mixed-use residential building with 119 dwelling units and 14.000 sq. ft. of commercial space.
    Deviation/Variance:None


    19.Case:P17-032
    Preliminary Major Site Plan
    Applicant:Newport Associates Development Company
    Review Planner:Maryann Bucci-Carter, PP, AICP
    Attorney:James C. McCann, Esq.
    Address:659 Grove Street
    Block:6002
    Lot: 8
    Zone:Jersey Avenue Light Rail Redevelopment Plan
    Description:Construct 10-story new mixed-use residential building with 139 dwelling units, 12,500 sq. ft. of commercial space.
    Deviation/Variance:None
    Last edited by West Hudson; May 31st, 2017 at 08:16 PM.

  9. #5349

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    any updates on 99 Hudson? still u/c?

  10. #5350
    Forum Veteran West Hudson's Avatar
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    Still U/C...construction at all of the major condo building sites (99 Hudson, Park + Shore, 10 Provost) is crawling along though. I think 99 Hudson is up to only its third floor, while Park + Shore don't even have their foundations complete, and 10 Provost continues to rise very slowly. There has been a really small crew working on each of for the past few months, so it seems like they aren't in any sort of hurry to get these buildings up...if you compare 10 Provost to 90 Columbus (a rental tower), which started construction around the same time, 90 Columbus is at 40+ stories while 10 Provost is only at 6 stories.

  11. #5351
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    ^^^ In a Mack-Cali report someone posted on another website, they said that lots of projects are 'slowing delivery of inventory' in response to concerns about oversupply.

  12. #5352
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    Thumbs up Harborside Plaza 4

    Mack-Cali details plans for new office tower with SJP Properties
    OCTOBER 25, 2016


    A rendering of the proposed Harborside 4 tower within Mack-Cali Realty Corp.’s office and residential complex in Jersey City. — Courtesy: Mack-Cali Realty Corp.

    By Joshua Burd

    Mack-Cali Realty Corp. has taken the wraps off its plans for a new 1.2 million-square-foot office tower that it hopes to build in Jersey City under a joint venture with SJP Properties.

    After alluding to the plans in recent months, the company offered new details about the partnership on Monday as it announced its leasing activity for the third quarter. The new building will be known as Harborside 4, transforming what is now a parking lot within the company’s office and residential complex along the Hudson waterfront.

    The developers will require anchor tenants in order to break ground.

    “We chose SJP, who will be an equity partner in the proposed venture, because Steve Pozycki, the founder, is a master builder with an unmatched record of building iconic structures on time and on budget,” Michael DeMarco, Mack-Cali’s president and chief operating officer, said in a prepared statement. “The project only gets built if we achieve substantial preleasing at our desired rates. We believe tenant demand is there today, as is our ability to finance and add an additional equity partner, if necessary.”

    SJP has developed some of the state’s most iconic office buildings in recent years, including Panasonic’s three-year-old North American headquarters and Prudential Financial’s new tower, both in Newark. The developer is also behind the three-building, mixed-use complex in Hoboken known as Waterfront Corporate Center.

    Mack-Cali and SJP are now soliciting tenants for the site, which is across Hudson Street from Harborside buildings 1, 2 and 3 and adjacent to building 5. Nearby, Mack-Cali and Ironstate Development are building a 769-unit residential tower known as URL Harborside.

    For Mack-Cali, the joint venture comes after more than a year of refocusing its efforts on the Hudson waterfront, where it owns 4.3 million square feet of office space. The real estate investment trust recently relocated its headquarters to Harborside 3 from its longtime suburban home in Edison, and it has announced plans to spend $50 million to $75 million to transform its footprint in Jersey City.

    But Mack-Cali has already seen success along the waterfront, which was highlighted Monday as it announced its latest leasing results. The company signed new leases at Harborside 2 during the summer with Omnicom, a global advertising and marketing firm, and Zurich American Insurance for a total of more than 144,000 square feet.

    And the Hudson waterfront represents the tightest submarket in the state. Average asking rents in the submarket were $36.10 per square foot to end the quarter, according to Newmark Grubb Knight Frank, while availability fell to 12.2 percent from 12.8 percent.

    All told, Mack-Cali inked 62 leases during Q3, totaling 664,490 square feet for its office and flex commercial holdings, according to a news release. Nearly 299,000 square feet or 44 percent of that activity came from new leases.

    At quarter end, its core, flex, and waterfront properties were 90.3 percent leased across 19.8 million square feet.

    The company’s overall percentage leased when including non-core assets was 87.7 percent through September, up 1 percentage point Q2. Mack-Cali also said its Q3 leases reduced 2017 expirations by almost 100,000 square feet to 2.9 million square feet.

    Mitchell Rudin, Mack-Cali’s CEO, said the company executed 218 leases totaling 2.5 million square feet through the first nine months of this year. That total includes 830,000 square feet of new leases.

    “We are pleased with the significant leasing momentum we’re seeing across our portfolio, particularly along the Hudson River Waterfront, where occupancy achieved 95 percent,” Rudin said, later adding: “We continue to be focused on core markets and key properties with an eye toward transforming these assets with first-class amenity packages.”

    https://re-nj.com/mack-cali-details-...jp-properties/

    =-=-=-=-=-=-=-=-=-=-=-=-=

    June 1, 2017


    Rendering Credit: FXFOWLE Architects

    https://jerseydigs.com/jersey-city-r...lans/#comments

  13. #5353

    Default One Journal Square

    Well this sucks. Tax credits stimulate development.

    WeWork out, Jersey City Kushner project loses state tax break


    Updated on June 9, 2017 at 2:50 PM Posted on June 9, 2017 at 12:57 PM




    BY TERRENCE T. MCDONALD

    tmcdonald@jjournal.com
    The Jersey Journal

    JERSEY CITY -- With the loss of investor and anchor tenant WeWork, One Journal Square, the two-tower project being developed by Kushner Companies and KABR Group, has lost a $6.5 million annual state tax credit, WNYC reports.

    New Jersey awarded the tax break in November 2015 but WeWork missed a May deadline for extending the tax credit and so did not meet the terms of its approval, according to WNYC.


    WeWork, a trendy co-working start-up, was the subject of local controversy last year when one of its executives trashed the city during a real-estate confab in Manhattan. The man, who later left the company, said about Jersey City, "it doesn't have vibrancy, it's not cool, it's got no vibe."


    The company later decided to end its partnership with One Journal Square.

    Kushner Companies recently told The Jersey Journal that it downsized its initial plans for One Journal Square, set for a long-vacant lot across the street from the old Jersey Journal building (which Kushner Companies and KABR Group purchased in 2012).


    "Earlier this year, we looked at the market and decided on a more conventional project, which we think strengthened our proposal," its spokesman said. "We are committed to moving ahead with this meaningful investment in the long-term future of Journal Square."

    The $821 million project was dealt a blow in May when Mayor Steve Fulop announced he would not support a 30-year tax break proposed by the developers. The deal, which would include $30 million in city-issued bonds, must still go before the City Council for approval. A date for that vote has not been set.

    Terrence T. McDonald may be reached at tmcdonald@jjournal.com. Follow him on Twitter @terrencemcd. Find The Jersey Journal on Facebook.


  14. #5354
    Forum Veteran West Hudson's Avatar
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    Well, although this project was certainly hyped up alot, at least they didn't have another false groundbreaking at the site. Maybe this one will get started next cycle (?)

  15. #5355
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    Default 99 Hudson Construction Update

    From this morning:


















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