Author Topic: Curbed: Mapping Jersey City's Tower-Tastic Residential Building Boom  (Read 3872 times)

Offline MA

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Jersey City sees big building boom
« Reply #5 on: 04-16-2015, 12:28pm »
Jersey City sees big building boom
By Terrence T. McDonald | The Jersey Journal
on April 16, 2015 at 8:07 AM, updated April 16, 2015 at 8:09 AM

Jersey City is about to get a lot more crowded.

The city is expecting nearly 3,000 residential units to come online before the end of the year, while developers are expected to break ground on another 3,000 in the next 10 months. The new additions will include a 950-foot condominium tower on Hudson Street that will be the tallest building in New Jersey, a 50-story high-rise outside the Grove Street PATH station and a 448-unit tower in Liberty Harbor North that will rise 44 stories.

And the changes aren't only in the Downtown, where most of the new large-scale development has taken place for the last three decades. Hundreds of units are set to go online by the end of the year on Senate Place, just south of Canco Lofts, and at the Beacon.

Developers Eric and Paul Silverman have been building in Jersey City for over 30 years -- before it was cool. The brothers' new building, Charles and Co., a 99-unit Grove Street building with office and retail space, is opening this summer. Eric Silverman told The Jersey Journal the city's newest boom is part of a global trend of more people choosing city living over suburbia. More than that, he said, Jersey City is special.

"People have finally recognized that Jersey City has a lot of natural assets: good architecture, a good grid pattern, the multiple modes of transportation," he said. "It has everything."

Elli Klapper, of real-estate firm CBRE, which helped to broker a $19.5 million deal for a 4-acre site on the West Side that could be home to nearly 600 units, called Journal Square "the next frontier" for developers and wealthy investors.

"The hottest place for New York City money," Klapper told The Jersey Journal, "is in Jersey City."

[...]

By next year, Mayor Steve Fulop says, the city will be the largest in the state. Jersey City has seen building booms before, but Fulop said this one is different because it is "benefiting every neighborhood."

Less lucrative tax abatements for Downtown residential buildings are allowing the city to grow its rateable base, he said, leading to more residents sharing the tax burden. And more lucrative tax deals for developers outside of Downtown, which was home to the city's last building boom, are helping lure developers to build elsewhere in the city, he said.

Fulop, elected mayor in 2013, is putting the pace of development in Jersey City at the top of his list of accomplishments. And, as he eyes a run for governor in 2017, he has been contrasting the city's economic strength with the state's financial woes.

"It's safe to say our success cannot be matched anywhere else in New Jersey," Fulop said Feb. 24 in his State of the City address.

Not everyone defines continued development as success. Visit a Planning Board meeting where developers are seeking city approval to build towers and you'll hear homeowners expressing fear that an influx of new residents will exacerbate parking, traffic and sewer problems, or that longtime residents will get priced out as luxury housing expands from the Downtown into Journal Square and beyond.

Donal Malone, an associate professor of sociology and urban studies at Saint Peter's University, said those fears are justified. Malone said the rapid pace of development threatens to replicate what's happened in cities like New York and San Francisco, where low- and middle-income residents are struggling to find affordable places to live. It could also threaten local businesses, he said.

[...]

Malone said a better way to develop Jersey City without pushing out lower income residents would be to work with midsize developers and nonprofits instead of going after boldfaced names like Jared Kushner, who is set to build residential towers on the site of the old headquarters of The Jersey Journal and on the long-vacant lot across the street.

"The model is top-down development," Malone said. "But if you leave it to a relatively free market, it's always going to go to the most profitable housing, and that is luxury."

City officials scoff when they hear these complaints, and they point to small residential buildings like the 56-unit Kennedy Lofts on Newkirk Street -- where monthly rents start at $1,500 for a studio apartment -- as evidence that Jersey City isn't focused solely on large-scale, luxury towers. Read more

Offline Soshin

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Grove Street PATH Station, 8.35AM, January 17th 2017.

Japanese train station during rush hour


« Last Edit: 03-13-2015, 12:55pm by MCA »
"god hates you. you will all go to yuppie hell. in yuppie hell there is no starbucks or hole foods or sushi bar. in yuppie hell you will work 16 hours a day in a bodega. in yuppie hell your car will not start when the sweeper is coming down the street. in yuppie hell your doorman will terrorize you and have sex with your wife or husband...when you are at work....in the bodega. in yuppie hell you will go to the laundromat and lose your last quarter in a broken washing machine. in yuppie hell you will buy all your food and clothing at the 99 cent store. in yuppie hell there are no cell phones, you will use a pay phone. a filthy pay phone".      -   Cat_Man Dude

Offline MA

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Jersey City development boom reaching new heights
« Reply #3 on: 03-13-2015, 12:44pm »


Jersey City development boom reaching new heights
By Terrence T. McDonald | The Jersey Journal
on March 13, 2015 at 11:17 AM, updated March 13, 2015 at 11:34 AM   

JERSEY CITY -- Jersey City is about to get a lot more crowded.

The city is expecting nearly 3,000 residential units to come online before the end of the year, while developers are expected to break ground on another 3,000 in the next 10 months.

The new additions will include a 950-foot condominium tower on Hudson Street that will be the tallest building in New Jersey, a 50-story high-rise outside the Grove Street PATH station and a 448-unit tower in Liberty Harbor North that will rise 44 stories.

And the changes aren't only in the Downtown, where most of the new large-scale development has taken place for the last three decades. Hundreds of units are set to go online by the end of the year on Senate Place, just south of Canco Lofts, and at the Beacon.

Developers Eric and Paul Silverman have been building in Jersey City for over 30 years -- before it was cool. The brothers' new building, Charles and Co., a 99-unit Grove Street building with office and retail space, is opening this summer. Eric Silverman told The Jersey Journal the city's newest boom is part of a global trend of more people choosing city living over suburbia.

More than that, he said, Jersey City is special.

"People have finally recognized that Jersey City has a lot of natural assets: good architecture, a good grid pattern, the multiple modes of transportation," he said. "It has everything."

Elli Klapper, of real-estate firm CBRE, which helped to broker a $19.5 million deal last month for a 4-acre site on the West Side that could be home to nearly 600 units, said Journal Square is "the next frontier" for developers and wealthy investors.

"The hottest place for New York City money," Klapper told The Jersey Journal, "is in Jersey City." Read more
 

Offline MA

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Wall Street Journal: Jersey City's Housing Boom Expands
« Reply #2 on: 09-22-2014, 05:24pm »
Jersey City's Housing Boom Expands
New Residential Construction Has Spread to Downtown and Journal Square
By ROLAND LI
Sept. 21, 2014 10:57 p.m. ET

Jersey City's residential construction boom is spreading beyond its waterfront area to neighborhoods farther inland where planners and developers have long dreamed about building with little to show for it until now.

In August, for example, Kushner Real Estate Group and National Realty Advisors broke ground on the first of three planned towers at a giant development in Journal Square, known as Journal Squared, which will have a total of 1,840 units and 36,000 square feet of retail. Builders are currently excavating and underpinning the project's foundation.

"We really believe in the market," said Jonathan Kushner, president of Kushner Real Estate Group, citing Jersey City's transit options and growing night life.

Also in the Journal Square area, renters will soon start moving into Kennedy Lofts, a converted office building. There is already a waiting list forming for the unitswhich run from $1,500 a month for a studio to $2,100 for a two-bedroom, says Heriberto Camacho, with Keller Williams City Life Realty.

Other Journal Square projects are close to moving forward. A venture of developer Kenneth Pasternak and Kushner Cos.a different branch of the Kushner familyare planning to convert the building that used to house the Jersey Journal, into a mixed-use project including rental apartments.

That same group also is purchasing a huge site across the street from the Journal building. It is approved for a tower that could soar 60 stories.

"We see some of the same dynamics of Brooklyn here at half the price point," said Mr. Pasternak, whose real-estate company is named KABR Group.

Overall, Jersey City is seeing a record level of new apartments being built. There are 5,609 units this year under construction in the Journal Square and downtown areas compared with 3,009 last year and 5,122 in 2008, which had been the peak year until now, according to statistics provided by the mayor's office.

Jersey City is being bolstered by its proximity and convenient transit options into Manhattan, including the ferry and PATH train. Also, like many other urban areas throughout the country, Jersey City is attracting young people as more rural parts of the state have shed jobs and lost population, said James Hughes, dean of the Edward J. Bloustein School of Planning and Public Policy at Rutgers University.

"Millennials don't want to work in suburban office campuses," said Mr. Hughes. "They want edgier environments."

Until recently, the Jersey City waterfront area, and its downtown just to the west, was the prime beneficiary of the Manhattan spillover effect. Developers have built thousands of apartments and millions of square feet of office space to house Wall Street titans like Goldman Sachs Group Inc. and J.P. Morgan Chase & Co.

New towers are being built near the waterfront by developers including the Kushner-Pasternak group and a venture of Ironstate Development Co., and Mack-Cali Realty Corp.  Numerous new restaurants and bars are popping up in the downtown area including Barcade, an offshoot of the Brooklyn pub, and Thirty Acres, run by a former chef of popular noodle restaurant Momofuku.

"Even 12 months ago, you didn't see the activity in the street that you do now," says Anthony Carrino, whose family is converting the Telco building into 16 loft apartments and two restaurants featuring chef Dale Talde.

But in this boom, development also is spreading inland to neighborhoods that used to be associated more with urban problems than upscale eateries.

One reason for this is that Jersey City Mayor Steven Fulop, who assumed office last year, has made it a priority to attract more development in areas outside the waterfront. He overhauled the city's tax-abatement program by creating a tier system that restricts the length of tax abatements to a maximum of five years for waterfront developments.

More-inland Jersey City neighborhoods can have tax abatements lasting up to 20 years, while new properties in the Journal Square area can have abatements lasting up to 30 years. "We've been proactive in encouraging people to invest in other parts of the city," Mr. Fulop said.

Jersey City neighborhoods that are further inland also are benefiting from an expanding arts scene. Earlier this year, city officials said that AEG Live, a company that books talent, will manage the Loew's Jersey Theatre overlooking Journal Square and that $30 million to $40 million would be spent to overhaul the aging venue.

Mana Contemporary, in converted factory and warehouse space that is off-the-beaten path in Jersey City, also has created a buzz in the arts world. It is a 2-million-square-foot complex of artists, studios, galleries and exhibition space that was developed by Moishe Mana, who is best known for his moving and storage businesses.

In August, Jersey City developer the Shuster Group opened leasing at the Art House, a 119-unit building with paintings for sale displayed throughout the hallways, in the historic Powerhouse Arts district. The building is close to 50% leased, with rents starting at $1,995 a month for a studio.

"There's a lot of forces bringing new population into the area," says Eyal Shuster, founder of the Shuster Group.

Offline MA

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Mapping Jersey City's Tower-Tastic Residential Building Boom
Wednesday, April 30, 2014, by Curbed Staff

Welcome to State o' the Garden State, a Curbed feature in which we explore the new developments in New Jersey neighborhoods across the Hudson from Manhattan. Have a new development you'd like us to consider? Let us know via the tipline.

In five years, the Jersey City skyline will look very different than it does today. More than 20 residential buildings are currently under construction in the 15-square mile city, and most of them are not on the waterfront like they have been in the past, thanks to new tax abatement rules to spur greater investment farther inland. Major real estate developers that traditionally focused on Manhattan and Brooklyn have set their sights on the other side of the Holland Tunnel; everyone from Toll Brothers to the Kushners (the architect and both developers in fighting family) are eager to break ground in JC and take advantage of the strong rental market while stratospheric rates continue to push Manhattanites out of the city.

Following the leads of neighboring Hoboken and the old, artist-filled Brooklyn it calls its muse, still-rugged Jersey City is undergoing a swift transformation that is both market-driven and politically motivated. Brownstones are being restored, new restaurants and cafs are popping up throughout town, and MANA Contemporary is actively luring priced-out painters, photographers and other "makers" to its massive and growing compound that offers the holy grail of cheap rents and huge space. To track the building boom, we mapped 19 new residential developments. Most are in the planning stages or under construction, but a few have recently opened. If you see one we missed, please let us know in the comments section or on the tipline.

Click here to see map

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