Canco Lofts, Journal Square

[Kindelan]

Is this not America? Do we not depend on the invisible hand of the market to make these kinds of adjustments? Where is the outrage against government handouts?

[nikki]

My understanding is that home buyers have a hard time getting mortgages for units in new condo developments.

If that's the case, and that's what's holding up the sales of Canco units, maybe the city could try this: instead of offering richer abatements, figure out some kind of new mortgage program designed for people who want to buy units in new Jersey City condo developments.

Or alternatively, the developers could lower the prices to meet market demand.

I think they're seizing on the opportunity created by the JSQ Tower developers renegotiation of their abatement.  The Canco loft developers have already laid out a significant initial investment and have little to show for it.

Lowering the taxes may help somewhat but I think ultimately the price is what is dissuading buyers. 

[alb]

Trouble in paradise?

Developer seeks better tax deal for Canco Lofts
by Ken Thorbourne
Tuesday June 10, 2008, 2:24 PM

My understanding is that home buyers have a hard time getting mortgages for units in new condo developments.

If that's the case, and that's what's holding up the sales of Canco units, maybe the city could try this: instead of offering richer abatements, figure out some kind of new mortgage program designed for people who want to buy units in new Jersey City condo developments.

[MCA™]

Trouble in paradise?

Developer seeks better tax deal for Canco Lofts
by Ken Thorbourne
Tuesday June 10, 2008, 2:24 PM

With only 40 out of 202 condo units projected to be substantially complete by September under contract, developers of the Canco Lofts in Jersey City were back before the City Council last night seeking an even sweeter tax-abatement deal than the one they received two years ago.

In April 2006, New York-based Coalco received 30-year abatements for new condo owners at the renovated factory in the shadow of Pulaski Highway on Dey Street, who would pay the city 16 percent of the value of their units as payments in lieu of taxes.

But with a slumping real estate market and the reality of attracting buyers to an off-the-waterfront location that's not very close to a PATH stop settling in, Coalco developers told council members they need a better break.

"We know you are not obligated the change the terms of the abatement," said James McCann, Coalco's attorney. "The problem is they can't sell units."

Coalco wants to keep the 30-year duration of the abatement, but change the PILOT to 10 percent for the first ten years, 12 percent for the next ten years, and 14 percent for the last ten years.

"It would help tremendously (with sales)," said Mikhail Kurnev, Coalco president, told council members at last night's caucus. "We have a lot of traffic that comes to the sales center . . . The problem is the real estate taxes."

Council members, scheduled to vote on the changes tomorrow night, seemed open to the developer's plea, especially since the city has been inking deals with similar PILOTs for more than a year.

But Ward A Councilman Michael Sottolano suggested a "check valve" that would up the percentage of the PILOTs if economic conditions improve.

McCann countered that condo abatements are "self-correcting" since the more units sell for, the more money the city makes. Kurnev said he dropped the price of units and is now selling studio to 3-bedroom apartments for between $350,000 and $450,000. The project calls for a total of 551 units.

The meeting grew testy when the subject of the city's relatively new "project labor agreement" came up.

The developer balked at signing on to the apprentice program, which calls for hiring 20 percent Jersey City residents in construction jobs, since his construction contracts are already in place. Nonetheless, he agreed in writing to hire 10 Jersey City residents over the next three years.

Ward D Councilman Bill Gaughan suggested a better plan would be to give the city $150,000 over the next three years to help run the program.

Ward E Councilman Steven Fulop objected to Gaughan's attempt to, as he put it, "shake down" a developer.

"That's a bad word to use," Gaughan exploded. "Don't use 'shake down.' I resent his comment."

The council is scheduled to meet tomorrow, 6 p.m., at Middle School 4, 107 Bright St.

[MCA™]

Developer puff piece in the Paramus Post:


Jersey City American Can Co. Condo Conversion launches sales
By Mel Fabrikant
Thursday, January 17 2008, 09:40 PM EST
 
– Iconic Development is Jersey City’s Largest Single-Building Industrial-to-Residential Conversion –

Canco Lofts, the condominium conversion of Jersey City’s landmark American Can Co. factory, has announced the commencement of sales for the first 101 condominiums available in Phase I. Canco Lofts has been open for tours and previews to the public over the past few months, generating an outpouring of buyer interest with several thousand people having visited the eclectic Canco Lofts Sales Center.

Once completed, Canco Lofts -- Jersey City’s largest single-building industrial-to-residential conversion at one million square feet -- will house 551 authentic loft residences as well as 10,000 square-feet of lifestyle amenities, a signature mediateque lobby designed by the renowned Manhattan-based architectural studio LOT-EK and an onsite parking garage.

“We have already experienced heavy demand for the residences at Canco Lofts – the conversion of one of Jersey City’s most well-known landmark structures -- as this development is the only residence of its kind in Jersey City offering authentic loft residences and progressive architectural design,” stated Edward Yorukoff, director of Marketing for Canco Lofts. “Buyers who want to purchase a distinctive condominium unlike any other in the New York metropolitan area will find their perfect fit at Canco Lofts.”

Over 80 percent of the residences in Phase I at Canco Lofts are already under reservation before sales have even started, a testament to the unique architecture and competitive pricing that characterizes this iconic Jersey City condo conversion.

Construction is well underway at Canco Lofts, with delivery for the residences in Phase I scheduled for summer of 2008. Phase 2, which consists of the 101 condominium residences in the building’s third tower, is expected to be delivered in the fall of 2008.

Canco Lofts is the first development in what will be a newly revitalized neighborhood on Jersey City’s West End. In addition to the conversion of the American Can Co. building, two parcels of land adjacent to the building’s site have been approved for conversion from industrial to residential use.

“Canco Lofts will set a new standard for architectural distinction and urban lifestyle-enhancing amenities for today’s residential development,” stated Mr. Yorukoff. “Additionally, the revitalization of this building and adjacent properties signals the start of a new and vibrant neighborhood for Jersey City in an area that was for year underutilized.”

Canco Lofts developer Coalco New York is retaining and renovating the building’s key industrial elements, including its intricate art deco façade, grand-scaled windows and soaring ceiling heights that range from 14 feet to over 27 feet in the building’s prized two-level penthouse residences.

One-, two-, and three-bedroom true loft designs will feature exposed slab ceilings; eight-foot doors; wide plank, white oak floors; bold mushroom-capped columns and energy-efficient double-paned windows that provide panoramic views of Jersey City and Manhattan’s bustling cityscape. Loft prices range from $350,000 to $850,000.

Kitchens are outfitted with gleaming white-lacquered cabinetry, architectural backsplashes, engineered stone countertops, undermounted sinks, task lighting and integrated appliances including stainless steel gas ranges, concealed microwaves, dishwashers and refrigerators.

Bathrooms feature oversized showers, added-depth soaking tubs, white Caesarstone vanity tops, Italian tile floors and cove lighting that streams down walls of imported glass mosaic tile.

The approximately 10,000-square-foot Canco Lofts Residents’ Club will house a full-size fitness center with cardio and weight training equipment as well as a studio for yoga and Pilates and a half-basketball court. A children’s play center, screening room, pet park and pet spa, game room for billiards and video games and an event room with outside terrace complete the community. Residents will also be just a short elevator ride away from their cars within an easily accessible heated garage.

Conveniently located near the Journal Square PATH station, Canco Lofts offers immediate access to both downtown and midtown Manhattan. Residents will also have shuttle service from Canco Lofts to the Journal Square Path station.

Canco Lofts is located at 50 Dey Street in Jersey City, N. J. For more information about Canco Lofts visit http://www.cancolofts.com. To schedule an appointment to tour the Sales Center and model residences, call (201) 876-8686.

[worm]

I don't know, but it seems strange to me that anyone chosing to live in Jersey City even gives a shit about the air quality.  I mean let's face it, most of us are either  A. living on top of a chromium dump; B.breathing in the ongoing mulch fire; C. inhaling the industrial fart coming from Elizabeth or D. sucking in the sweet smell of raw sewage from downtown.
The Canco lofts are pretty convenient when it comes to commuting to manhattan and that's really what the real estate market is catering to.  The traffic coming off of 1/9 ain't great, but it's no worse than the traffic near the holland tunnel or the traffic on Broadway near 42nd.  People looking to move here will balance their toxic air supply with organic milk and bottled water from fiji.

[Soshin]

There are plenty of luxury apartments along the West Side HWY, and I haven't read about this being a problem. I don't know all the factors to the pollutant particles to make comparisons, but I would be surprised to lear there is a  dramatic or any difference at that quadrant where Canco is versus 10th St downtown JC, or any building off the West Side Hwy. It would not be my first choice for a home, but different strokes for different folks.  Hopefully, it will turn out to be a good project and ultimately improve the neighborhood and quality of life in that neighborhood. The web page does a not job of making it all look nice.   

I agree that there are also issues on the West Side HWY but it seems to me that since you have the waterfront down there and the cars tend to be moving as opposed to jammed up (most of the time that is, please, no stories of how you spent 3 hours in a jam between Housten and Canal).

The Luxury CANdo factory is stuck next to an almost permanent traffic jam, some of which is elevated so it's almost right outside your window.  It is also surrounded by old industry and the waste that comes with that.   They do have waterfront but we are talking the Hackensack here, a river that is slightly nicer to look at than the rivers of ectoplasm in Ghostbusters 2.

I wish them well but I definitely wouldn't want to live there, I like breathing too much....

[SamS]

There are plenty of luxury apartments along the West Side HWY, and I haven't read about this being a problem. I don't know all the factors to the pollutant particles to make comparisons, but I would be surprised to lear there is a  dramatic or any difference at that quadrant where Canco is versus 10th St downtown JC, or any building off the West Side Hwy. It would not be my first choice for a home, but different strokes for different folks.  Hopefully, it will turn out to be a good project and ultimately improve the neighborhood and quality of life in that neighborhood. The web page does a not job of making it all look nice.   

My only real thought on this is the fact that it is right by the turnpike and the 1&9.  You can block out the noise with some good windows but you can't block out the dirt and soot, not to mention the car fumes.  Imagine paying a lot of money to live in a place where you can't open the window because the air is so bad your goldfish will get ashtma!

[Soshin]

My only real thought on this is the fact that it is right by the turnpike and the 1&9.  You can block out the noise with some good windows but you can't block out the dirt and soot, not to mention the car fumes.  Imagine paying a lot of money to live in a place where you can't open the window because the air is so bad your goldfish will get ashtma!

[SamS]

Its my opinion that it's a desperate attempt at some edgy, extreme art statement, working off of the whole industrial thing.

[NON]

Its desperate.

could you clarify, sam?

[SamS]

Its desperate.

Post your thoughts and reviews on the American Can Company / Canco Lofts in the Journal Square section of Jersey City.

Canco Lofts
Sales Center
50 Dey Street
Jersey City, NJ 07306
(201) 876-8686
info@cancolofts.com

[NON]

I've been trying for a while to read the whole message in the neon letters. Anyone know what it is?

I thought it was a big art installation, but seeing their website, now I think it's just pretentious.

it is both a big art installation, and pretensious. All at the same time.

 

[glx]

You can actually get a great view of it from the off-ramp for Exit 15X (the Secaucus Junction exit) on the Turnpike.

[MCA™]

It is an art installation, called IT IS GREEN THINKS NATURE EVEN IN THE DARK.

The website looks like it's been totally redone since I looked at it a few months ago. At least the contact address has been corrected. It used to say "Jersey City, NY".

[WookieWife]

I've been trying for a while to read the whole message in the neon letters. Anyone know what it is?

I thought it was a big art installation, but seeing their website, now I think it's just pretentious.

[MCA™]

Post your thoughts and reviews on the American Can Company / Canco Lofts in the Journal Square section of Jersey City.

Canco Lofts
Sales Center
50 Dey Street
Jersey City, NJ 07306
(201) 876-8686
info@cancolofts.com
Map it

• Tweet