Gold Coast Renaissance (Take #3)

From the NYT:

Have New Yorkers finally discovered Jersey City?

As property values soar even in Brooklyn neighborhoods once viewed as on the fringe, New Yorkers are looking across that other river that separates Manhattan from the rest of the world: the Hudson. And some of them are heading to Jersey City, which has a flintier personality than Hoboken, its preppy neighbor to the north. New Jersey’s second-largest city, it now has a branch of the popular Williamsburg arcade-bar Barcade; farm-to-table restaurants; and a new mayor who worked for Goldman Sachs, served in Iraq and rappelled down a skyscraper.

Jersey City has long attracted the Wall Street crowd to its splash of waterfront high-rises that promise cheaper rent and a speedy ride to Manhattan. But for years, the rest of the city was an afterthought with a reputation for high crime, failing schools and a lack of night life. But as the economy and housing market improve, other Jersey City neighborhoods are enjoying newfound attention, with boutique storefronts opening and New Yorkers steadily moving in.

“Jersey City is good for 30- to 40-somethings who aren’t interested in hanging out in Williamsburg anymore,” said Kevin Pemoulie, the former chef of Momofuku Noodle Bar, who last year along with his wife, Alex, opened the restaurant Thirty Acres in the Van Vorst Park neighborhood. He, like many others who have moved to Jersey City, also liked the in-transition quality of the area.

With New York City rents reaching new highs, housing prices by comparison are still reasonable in Jersey City. The average rent here was $1,900 a month during the second quarter of the year, according to data provided by Trulia. In early July, the average listing price for a home downtown was $604,000 and in Hamilton Park was $426,000, according to data provided by Liberty Realty.

Richard LeFrak, chief executive of the LeFrak Organization, which began developing the Newport neighborhood in 1986 when it was rail yards and warehouses, is one who has noticed a change. “I would say, in the last three years, when you say you live in Jersey City,” he said, “people don’t look at you like there’s something wrong with you.” In the next decade, LeFrak plans to add condos, a hotel and an outdoor swim club to Newport.

“Brooklyn is just ridiculous — it’s expensive,” Mr. Pemoulie said. “It’s frustrating to be there. All of my friends ended up moving out.”

Indeed, some parts of Brooklyn have even eclipsed Manhattan in rent prices. The average rent for a one-bedroom in Williamsburg in July was $3,155 a month, a price point rivaling those of many Manhattan neighborhoods, according to a market report by MNS. Even less-developed Brooklyn neighborhoods are commanding a premium: in Bushwick in July, the average rent for a one-bedroom was $1,900.

Still, for many New Yorkers, crossing the Hudson is a psychological hurdle, even if Jersey City now has a Two Boots Pizza and a coffee shop that serves Blue Bottle Coffee.

“The PATH train is like the train to Hogwarts,” said Kip Jacobson, 41, alluding to the “Harry Potter” series. Mr. Jacobson moved to the Van Vorst Park neighborhood from Williamsburg a year ago with his wife, Samantha, and their young son.

Developers are building, and not just along the waterfront. Citywide, 2,610 units of housing are under construction and 11,405 more have been given the green light, according to the mayor’s office. In fact, the city has enough developable land available to fill all of Hoboken, which is one square mile. But the construction is still not keeping pace with demand. In July there was only a two-month supply of available homes downtown, according to Liberty Realty.

“If you see a vacant building in Jersey City,” said Joseph V. Covello, the owner of Liberty Realty, “someone is bidding on it or renovating it.”

This entry was posted in Economics, Housing Recovery, NYC, New Development. Bookmark the permalink.

97 Responses to Gold Coast Renaissance (Take #3)

  1. Closet Racist in London says:

    Frist

  2. anon (the good one) says:

    Grim, what’s up w my post?

  3. Juice Box says:

    If you move to the Van Vorst neighborhood you can get your spirits from Clot. Just be sure not ask for a 40oz ot look like Snookie.

  4. Brian says:

    NJ Transit didn’t follow its own storm plan

    http://www.northjersey.com/news/bergen/NJ_Transit_didnt_follow_its_own_storm_plan.html?page=all

    Newly released internal documents show NJ Transit had a plan in place for moving railcars and locomotives to higher ground as Superstorm Sandy approached, raising further questions about why the agency left hundreds of pieces of equipment in low-lying locations in the storm’s path, resulting in millions of dollars in damage.

  5. Dan in debt says:

    The funny, scary or sad part of the Jersey City upswing I read about a year or two ago is that New Yorkers who ended up moving to Jersey City saw what a cesspool the Jersey City schools were and they organized and got some seats on the school board to get the corruption out and better schools in.

  6. Painhrtz - Disobey! says:

    Anon your a d!ck and the filter figured it out

  7. Ben says:

    I love how the New York crowd loves to invade places like Harlem, Brooklyn, and Jersey City, then try to convince the other yuppies that its upscale. What’s next, lofts in Washington Heights?

  8. grim says:

    What, no love for Yonkers?

  9. grim says:

    5 – I’d imagine it’s only a matter of time until the Hoboken school rankings improve simply due to the impact of gentrification, combined with a demographic shift that includes school age kids (which is inevitable).

    I’d imagine the price of real estate in Hoboken would skyrocket if they were able to get their schools into the top 50 (hell, even the top third).

    I think Hoboken is better poised to achieve this than JC is.

  10. grim says:

    If anyone looked at the census data, the change in demographics in Hoboken from 1990 to 2000 to 2010 is astounding. Huge influx of white and asian, huge outflow of latino, and a stable population of black residents (but falling as a % of overall population due to growth).

    Population
    1990 – 33.4k
    2000 – 38.6k
    2010 – 50k

    Demographic Breakdown 1990/2000/2010 (net change 1990-2010)
    White – 79%/80.82%/82.24% (+14.7k)
    Asian – 4.4%/4.31%/7.12% (+2.1k)
    Latino (of any race) – 30%/20.18%/15.2% (-2.4k)
    Black – 5.5%/4.26%/3.53% (flat)

  11. Fast Eddie says:

    So, what we’re really saying is that Hoboken is racist? ;)

  12. joyce says:

    No one will be held accountable

    Brian says:
    August 20, 2013 at 8:01 am
    NJ Transit didn’t follow its own storm plan

    http://www.northjersey.com/news/bergen/NJ_Transit_didnt_follow_its_own_storm_plan.html?page=all

    Newly released internal documents show NJ Transit had a plan in place for moving railcars and locomotives to higher ground as Superstorm Sandy approached, raising further questions about why the agency left hundreds of pieces of equipment in low-lying locations in the storm’s path, resulting in millions of dollars in damage.

  13. Kevin says:

    Hoboken is definitely racist. My mixed friend wasn’t allowed in a bar there because “he was wearing sneakers.” We pointed out the many white people just a few feet in the door wearing sneakers, and they still refused. That place is closed now, but its not the first time he has been hassled.

  14. Brian says:

    Comittees and Hearings! We will talk about this!

    Senators call for transit hearing to question why agency didn’t follow storm plan

    http://www.northjersey.com/news/NJ_lawmakers_consider_hearing_on_why_NJ_Transit_ignored_hurricane_plan.html

    State legislative leaders are considering holding a special oversight hearing to find out why NJ Transit ignored its own emergency plan and allowed railcars and locomotives to remain in low-lying areas as Superstorm Sandy approached, resulting in roughly $120 million in damage.

    Reacting to a report in The Record on Monday, Senate Majority Leader Loretta Weinberg, D-Teaneck, said she wants a special legislative hearing to find out why the agency did not follow its “Rail Operations Hurricane Plan,” which called for moving rail equipment worth millions of dollars to higher ground in the event of a hurricane or severe tropical storm.

    Sen. Robert Gordon, D-Fair Lawn, the chairman of the Senate Legislative Oversight Committee, said the issue “cries out for oversight.”

  15. Anon E. Moose says:

    Kevin [13];

    I get that it’s a haze, but why would anyone want to buy $14 drinks from a place that abuses them for the privilege?

  16. xolepa says:

    Hoboken. Hmmm. So why is it an Abbott District?

  17. Juice Box says:

    Hoboken is just like toilet waiting to overflow. They spend 24k per student, and the ones that do graduate well their average SAT math scores were 385 and verbal is 380 so would you like fries with that?

  18. Brian says:

    To get laid.

    15.Anon E. Moose says:
    August 20, 2013 at 10:19 am
    Kevin [13];

    I get that it’s a haze, but why would anyone want to buy $14 drinks from a place that abuses them for the privilege?

  19. The Original NJ ExPat says:

    overly conservative assumptions. haha:

    The two pension funds that represent Detroit’s city workers and retirees are challenging the way the city’s emergency manager has calculated their unfunded liabilities, leading to a possible showdown in federal bankruptcy court over whether the city’s financial position is as dire as state officials are claiming. The two funds have long maintained they were relatively well-funded using accepted actuarial projections. But the city, under the control of emergency manager Kevyn Orr, in July argued that the projected shortfall of the funds is at least $3.5 billion, more than five times previous estimates. Now, as pensions, unions and residents rushed to meet a Monday deadline to oppose the Chapter 9 bankruptcy proceedings—the largest-ever municipal filing—the pensions are saying the emergency manager relied on a report that used overly conservative assumptions on the returns the funds earn on their investments, which led to the ballooning of their projected shortfall.

    http://online.wsj.com/article/SB10001424127887324747104579022781831032554.html

  20. The Original NJ ExPat says:

    [19]…I guess the pension funds are saying this isn’t the end of the road…yet. We can still do a lot of can-kicking.

  21. chicagofinance says:

    Hoboken’s problem (at least several years ago) was a rise in population, but it was mostly singles and DINKs…..anyone between ages 5-22 who lived there was a punk or a Steven’s student…..the problem was that the BOE had a bureaucracy and teaching force for a four year high school of over 1,000 and the classes kept shrinking each year. Lay off administrators and teachers? hell no, they gave breaks to JC Heights families to come down the cliff to add extra students….sneaking them under the table……I assume that must have changed a bit…..

    Juice Box says:
    August 20, 2013 at 10:34 am
    Hoboken is just like toilet waiting to overflow. They spend 24k per student, and the ones that do graduate well their average SAT math scores were 385 and verbal is 380 so would you like fries with that?

  22. joyce says:

    How does this affect the restructuring? I don’t have access to WSJ so I assume the article is just bickering over the plan rate of return assumptions, right? and not the actual amount/value of assets remaining. Are the pension assets off limits to other creditors making claims? (i thought not but unsure) I could see it being in the pensioners benefit to have the fund overstated on one hand, and understated on the other… depeneding on which bankruptcy provisions will ultimately be ignored and which ones will be enforced.

    The Original NJ ExPat says:
    August 20, 2013 at 10:42 am
    overly conservative assumptions. haha:

    The two pension funds that represent Detroit’s city workers and retirees are challenging the way the city’s emergency manager has calculated their unfunded liabilities, leading to a possible showdown in federal bankruptcy court over whether the city’s financial position is as dire as state officials are claiming. The two funds have long maintained they were relatively well-funded using accepted actuarial projections. But the city, under the control of emergency manager Kevyn Orr, in July argued that the projected shortfall of the funds is at least $3.5 billion, more than five times previous estimates. Now, as pensions, unions and residents rushed to meet a Monday deadline to oppose the Chapter 9 bankruptcy proceedings—the largest-ever municipal filing—the pensions are saying the emergency manager relied on a report that used overly conservative assumptions on the returns the funds earn on their investments, which led to the ballooning of their projected shortfall.

    http://online.wsj.com/article/SB10001424127887324747104579022781831032554.html

  23. Anon E. Moose says:

    Joyce [23];

    Do a Google search for the title of the article (with or without quotes). Click the link from Google to the article. WSJ will let you read the article if the referring site is Google.

  24. anon (the good one) says:

    this would not be happening if we had more guns on the streets

    @NewsBreaker: NEW PHOTO: Five people shot in Uptown Chicago; follows bloody weekend where 6 died, nearly 30 hurt http://t.co/vQVTlyto8e -@ABC7Chicago

  25. anon (the good one) says:

    @ianbremmer: Guns per 100 residents
    1 US 94.3
    2 Serbia 58.2
    3 Yemen 54.8
    4 Switzerland 45.7
    5 Finland 45.3

  26. joyce says:

    25-26
    Remove the top five or ten cities’ data … and then recalculate all the violent crime statistics. Let me know what you find.

  27. grim (9)-

    No way. Two things will never change about Hobroken:

    1. The whole town is flood zone. Most folks learn this the hard way.
    2. The number of barcrawling rowdies who will puke on your car every weekend shows no signs of abatement.

    “I’d imagine the price of real estate in Hoboken would skyrocket if they were able to get their schools into the top 50 (hell, even the top third).”

  28. expat (20)-

    Detroit’s pension managers are going to generate those outsized gains by investing in Nigerian Letters.

  29. chi (21)-

    JR Smith is my new hero.

  30. Comrade Nom Deplume, drinking at the beach and posting right now says:

    I brought it up, so I should update it . . .

    http://www.bloomberg.com/news/2013-08-20/cruz-renounces-canadian-citizenship-amid-2016-speculation.html

    That is all well and good for him. But I would not counsel any private citizen to give up what could prove to be a valuable asset.

  31. Juice Box says:

    re# 31- if he gets the nod do we invade Canada and Cuba simultaneously?

  32. Ted Cruz reminds me of a bad used car salesman.

  33. He could be the Warren Harding of our generation.

    I will vote for Cruz if it appears he can hasten the collapse of everything.

  34. Waiting In Rent says:

    Hey everybody thanks for the comments on the Geothermal. Didn’t think about the water table being an issue. I was assuming vertical drilling, but I also like that looping design from http://www.agreenability.com/.

    The house is a colonial, with room in the attic and the basement for distribution units, so I figure we would run the ducting along the walls in the attic (Dutch colonial, so I’m only loosing some storage space in the attic and the basement is unfinished).

    I need to get some quotes for the geothermal and the high-velocity and do the comparison. The house is already converted to natural gas, so heating should be cheap.
    Thanks for the input.

  35. Anybody as smart as Cruz who is itching to pander to the mouth-breathing, red meat segment of the Retaliban party against his better judgment is my kind of antichrist.

  36. Brian says:

    That is true, therefore, instead of having state legislators pass laws ban or restrict access to legal gun owners, they should instead support vigorous prosecution of criminals who use guns illegally.

    Not further restrict legal owners of guns.

    Do you get it now?

    25.anon (the good one) says:
    August 20, 2013 at 11:21 am
    this would not be happening if we had more guns on the streets

    @NewsBreaker: NEW PHOTO: Five people shot in Uptown Chicago; follows bloody weekend where 6 died, nearly 30 hurt http://t.co/vQVTlyto8e -@ABC7Chicago

  37. Ragnar says:

    Scrapple, with JC hot is it time for you to get back into RE?

  38. Ragnar says:

    I think drug legalization would bring down gun crime a lot. Hardly ever see Walmart clerks shooting down Kmart clerks on the job.

  39. grim says:

    35 – Everyone I’ve ever suggested to look at the high velocity air condition units has come back to me and said the prices were astronomical, sometimes twice the cost of a standard duct install. These were all victorians, with no space to actually install ducting without losing closet space, or requiring chases/bulkheads to be built out from the walls, built out third floors so no room for an attic unit. Not to mention that many of them still required damaging walls to install the ductwork, this is a big problem if you have plaster.

    Spend enough time in old victorians in Montclair/Glen Ridge/Maplewood, and the new common thread across them is they all have mini split systems. Five years ago, they all had window air conditioners. At least they got rid of the ugly window units that were warts on the outside of the house, but they traded them for the warts inside.

    Spoke to a buddy of mine that does some rehab work, and he said that ceiling installed “cassette” mini split units are becoming very common place now, these guys have the split unit installed in the ceiling, and look similar to a standard large AC return register.

    Some photos for example:

    http://www.fujitsugeneral.com/cassette.htm
    http://ecomfort.com/mini-split-ceiling-cassette-units-338/

    The nice thing about these units is that you don’t have the big split AC unit on the wall. Again, these are used in “challenging” situations, not where some other method is easier to employ. (second floor of a 3 floor home, with no attic – what do you do? Lose all your first floor closets, rip out flooring/ceiling on two levels?).

  40. grim says:

    The house is a colonial, with room in the attic and the basement for distribution units, so I figure we would run the ducting along the walls in the attic (Dutch colonial, so I’m only loosing some storage space in the attic and the basement is unfinished).

    By the way, high velocity makes no sense in this case. Install a two unit central AC system, one unit in the attic, one in the basement. Second floor will have it’s own unit, registers and returns all in the ceilings, don’t touch the walls at all. Basement unit can have registers come up through the floor, as well as provide AC for the basement if you wish to finish that in the future.

    Even going with two units, which will be beneficial from an energy usage perspective (turn off second floor unit during the day), this will be dramatically less expensive than a single high velocity unit.

  41. chicagofinance says:

    WTF?…it sounds like a particle accelerator….

    grim says:
    August 20, 2013 at 12:54 pm
    35 – Everyone I’ve ever suggested to look at the high velocity air condition units

  42. ragnar (38)-

    Hot? Don’t believe everything you read. We do have people bailing out of NYC coming in, but it’s not the teeming hordes that JC and the media want you to believe it to be.

    Bebos still far outweigh the gentry…and Dickinson, Ferris and Snyder are still essentially pre-penitentiaries.

  43. OTOH, we have farmers’ markets, hipsters, restaurants selling $35 plates of food and the sort of attitude you can cut with a knife. Haven’t met any placenta encapsulators, though.

  44. grim says:

    44 – I suppose if the folks that represent the “eat local” trend got together with some folks that represent the “zombies” trend, they’d come up with placenta encapsulation as a great way to capitalize on both of those fads.

    The only thing better than eating local … is cannibalism?

  45. grim says:

    Plenty of placenta eaters in Brooklyn too:

    http://www.brooklynplacentaservices.com/

    Kind of surprised that they only charge $330.

    If I were to try to do this, I don’t think the $330 would even remotely cover the psychological counseling I’d need. And certainly not enough money to hire Anthony Hopkins to be the spokesman I’d want.

  46. ccb223 says:

    Agree that Ted Cruz is the antichrist. A pompous, grandstanding, blowhard. Has complete disregard for the job he was hired to do (govern and pass laws), his sole focus during his first term has been to draw attention to himself. Just because he went to Harvard doesn’t mean he isn’t a complete asshole.

  47. Painhrtz - Disobey! says:

    actually I thought graduating with an advanced degree from Harvard automatically qualified you as an asshole.

  48. Outofstater says:

    Jeez, guys! I gotta eat later! “Must not read njrereport before lunch. Must not read njrereport before lunch…”

  49. The Original NJ ExPat says:

    I thought it was funny to read these quotes consecutively listed at http://www.investmentrarities.com/famous_gold_quotes.shtml

    “Although gold and silver are not by nature money, money is by nature gold and silver.” -Karl Marx

    “Like Liberty, gold never stays where it is undervalued.” -J.S. Morrill

    “Gold is not necessary. I have no interest in gold. We’ll build a solid state, without an ounce of gold behind it. Anyone who sells above the set prices, let him be marched off to a concentration. That’s the bastion of money.” -Adolf Hitler

    “The modern mind dislikes gold because it blurts out unpleasant truths.”-Joseph Schumpeter

  50. chicagofinance says:

    “placenta encapsulation” soylent green?

    grim says:
    August 20, 2013 at 1:12 pm
    44 – I suppose if the folks that represent the “eat local” trend got together with some folks that represent the “zombies” trend, they’d come up with placenta encapsulation as a great way to capitalize on both of those fads.
    The only thing better than eating local … is cannibalism?

  51. grim (45)-

    Eat the neighbors.

    The best neighbor is a roasted neighbor.

  52. The Original NJ ExPat says:

    I found the Morrill quote in the comments of this ZH story:

    http://www.zerohedge.com/news/2013-08-20/gold-flooding-out-london-switzerland-alarming-rate

  53. expat (50)-

    I should change my handle back to Schumpeter. That was one smart hombre.

    “The modern mind dislikes gold because it blurts out unpleasant truths.”-Joseph Schumpeter

  54. chi (51)-

    That’s an insult to soylent green.

    “placenta encapsulation” soylent green?”

  55. In other news, Bebo has been appointed Jersey City’s goodwill ambassador.

  56. chicagofinance says:

    placenta encapsulation process….
    http://www.youtube.com/watch?v=K_MOt4_e3e8

  57. All Hype says:

    @ianbremmer: Guns per 100 residents
    1 US 94.3
    2 Serbia 58.2
    3 Yemen 54.8
    4 Switzerland 45.7
    5 Finland 45.3

    Go Switzerland!!!!!

  58. Painhrtz - Disobey! says:

    Scrap my old neighbors are too old to eat. Fertilizer would be a better use.

  59. Comrade Nom Deplume, drinking at the beach and posting right now says:

    [47] ccb223

    “A pompous, grandstanding, blowhard. Has complete disregard for the job he was hired to do (govern and pass laws), his sole focus during his first term has been to draw attention to himself. Just because he went to Harvard doesn’t mean he isn’t a complete asshole.”

    If I were reading this and didn’t know you were talking about Cruz, I would have thought you were talking about someone else in Washington.

  60. Comrade Nom Deplume, no longer at the beach says:

    Time to correct my handle

  61. joyce says:

    If I were reading this and didn’t know you were talking about Cruz, I would have thought you were talking about EVERYONE else in Washington.

    60.Comrade Nom Deplume, drinking at the beach and posting right now says:
    August 20, 2013 at 2:00 pm
    [47] ccb223

    “A pompous, grandstanding, blowhard. Has complete disregard for the job he was hired to do (govern and pass laws), his sole focus during his first term has been to draw attention to himself. Just because he went to Harvard doesn’t mean he isn’t a complete asshole.”

    If I were reading this and didn’t know you were talking about Cruz, I would have thought you were talking about someone else in Washington.

  62. joyce says:

    correction: I would have thought you were talking about EVERYONE in Washington.

    (I need to learn the HTML tags like crossout and italics)

    62.joyce says:
    August 20, 2013 at 2:02 pm
    If I were reading this and didn’t know you were talking about Cruz, I would have thought you were talking about EVERYONE else in Washington.

  63. Comrade Nom Deplume, no longer at the beach says:

    [58] allhype

    What anon also fails to appreciate is that his statistic, showing that there is nearly one gun per resident (assuming private ownership because if you include police and military, that really blows him out of the water), the other stat oft cited by liberals is that the overall percentage of the population that is packing is actually going down. They posit that we shouldn’t kowtow to gun owners because there are actually less of us but we are buying more guns (probably right). So, assuming that US gun owners are packing a lot of heat per owner, and obviously reasonable foreigners aren’t, Switzerland and Finland may have an equivalent, or even greater per capita percentage of gun ownership than we do!!!!!

    Aren’t statistics fun?

  64. Comrade Nom Deplume, no longer at the beach says:

    [62] joyce,

    Not everyone in DC went to Harvard. But one very important person there did. And the liberals use this fact to bolster their argument that he knows better than the great unwashed masses. Any guess as to who?

  65. Juice Box says:

    Hey the electric transmission lines in NJ are only 85 years old so no need to worry, we need to save our views of the historic old power lines. We don’t need any stinking shiny new power lines.

    http://www.nj.com/morris/index.ssf/2013/08/environmentalists_halt_power_line_upgrade_now_before_damage_to_delaware_water_gap_is_done.html#incart_river_default

  66. joyce says:

    (65)
    Ok then to apply it to everyone, remove the last sentence of the paragraph if you must.

    baa

  67. chicagofinance says:

    Unvarnished racism….

    Bill Clinton foundation has spent more than $50M on travel expenses
    By GEOFF EARLE

    WASHINGTON – Bill Clinton’s foundation has spent more than $50 million on travel expenses since 2003, an analysis of the non-profit’s tax forms reveal.

    The web of foundations run by the former president spent an eye-opening $12.1 million on travel in 2011 alone, according to an internal audit conducted by foundation accountants. That’s enough to by 12,000 air tickets costing $1,000 each, or 33 air tickets each day of the year.

    That overall figure includes travel costs for the William J. Clinton Foundation (to which Hillary and Chelsea are now attached) of $4.2 million on travel in 2011, the most recent year where figures are available.

    The Clinton Global Health Initiative spent another $730,000 on travel, while the Clinton Health Action Initiative (CHAI) spent $7.2 million on travel.

    CHAI also spent $2.9 million on meetings and training, according to the report, conducted by the Little Rock, Ark. Accounting firm BDK CPA’s and Advisors. All three entities have global reach, while CHAI has the most staff.

    It’s impossible to discern from tax filings how the total travel costs were reached, although the former president is known to rack up his personal miles on private jets.

    Wealthy businessman John Catsimatitis has lent aircraft to Clinton and to the foundation multiple times for travel, including Clinton’s recent trip to Africa along with daughter, Chelsea.

    Clinton sometimes uses Catsimatitis’ Boeing 727, opting on other flights to use a smaller Gulfstream jet.

    “I don’t think it’s necessarily their go-to plane, because the 727 is a pretty big plane. It all depends where they’re going and what they’re doing,” said a Catsimatitis spokesman.

    Sometimes Clinton uses the plane at a discount rate for the foundation, and sometimes Catsimatitis donates the flight time to the charitable foundation, which has a variety of programs to improve global health and improve conditions in Haiti and other far-flung locales.

    According to previously undisclosed data provided by the Clinton Foundation, presidential trips accounted for 13 percent of the 2010 travel budget and 10 percent of the 2011 travel budget.

    That puts Bill Clinton’s single-year travel tab for 2011 at more than $1 million. A foundation official wouldn’t say how many presidential trips occurred in that time frame.

    The remaining travel paid for an array of foundation travel, with nearly 60 percent soaked up by the health access initiative, and about 5 percent going to the Clinton global health initiative, including flying students to attend Clinton Global Initiative University.

    A Climate Change Initiative took up 12 percent of travel in 2010 and 11 percent in 2011, although the program accounts for a much smaller fraction of foundation revenues. A foundation official said that’s because the program employs many overseas staff and domestic staff doing transcontinental travel.

    Clinton made reference to foundation overhead in an “open letter” posted on his foundation’s web site – mentioning an outside review that called for “stronger management staff” and blaming his own efforts to keep costs down.

    “The review told us that my passion to keep overhead costs down – at about a low

    8 percent for most of the last decade, rising only to above 11 percent in 2012 as we invested to support our growth – had gone on too long and that the Foundation needed better coordination without dampening the entrepreneurial spirit that infuses all our initiatives,” he wrote.

    The sky-high travel costs come after a report revealed some of the foundation’s high-flying ways, including letting actress Natalie Portman fly first class with her pooch to a foundation event.

  68. Brian says:

    If I’m not mistaken, most of the weapons in Switzerland are “assault rifles”.

    58.All Hype says:
    August 20, 2013 at 1:53 pm
    @ianbremmer: Guns per 100 residents
    1 US 94.3
    2 Serbia 58.2
    3 Yemen 54.8
    4 Switzerland 45.7
    5 Finland 45.3

    Go Switzerland!!!!!

  69. Brian says:

    They’ve fought it every step of the way. It’s really getting tiresome.

    Pretty sure those lines were there way before the Delaware water gap was even a National park.

    66.Juice Box says:
    August 20, 2013 at 2:10 pm
    Hey the electric transmission lines in NJ are only 85 years old so no need to worry, we need to save our views of the historic old power lines. We don’t need any stinking shiny new power lines.

    http://www.nj.com/morris/index.ssf/2013/08/environmentalists_halt_power_line_upgrade_now_before_damage_to_delaware_water_gap_is

  70. Anon E. Moose says:

    Juice [66];

    This was in the sidebar of the story you linked.

    http://www.flickr.com/photos/98202924@N04/9555136495/

    “Most Talked About”. Look at those comment counts spin like slot machine reels. Who says newspapers are a dying business?

  71. Anon E. Moose says:

    ChiFi [68];

    No, that’s a piece critical of Hilary Clinton; its sexist, not racist.

    Someone at Nat’l Rev Online wrote that he was so tired of being called a racist for opposing Obama that he’s almost looking forward to a Clinton administration so he can be called a sexist instead.

  72. Juice Box says:

    re# 71 – Hey when google went dark what else can you read while sitting on the can? Might as well dust off that old copy of Sports illustrated.

    “According to Printing Industries of America, the U.S. printing market declined from nearly $175 billion in 2007 to about $145 billion by 2011. Optimistic forecasts show print growing by perhaps 2% a year in nominal terms. Other scenarios project a decline of as much as 30% to 40% within the next five or six years. It should be noted that the more optimistic forecasts include packaging, while the more negative figures are based solely on commercial printing. ”

    http://www.businesswire.com/news/home/20130820006099/en/Research-Markets-Defining-Understanding-Communication-Platform-Trends

  73. Painhrtz - Disobey! says:

    chifi 68 that is a lot of fat chicks

  74. The Original NJ ExPat says:

    68 used to be JJ’s favorite position with fat chicks. It’s just like 69 except he owes them one.

  75. Statler Waldorf says:

    A 22-year-old college student was gunned by teenagers “for fun.” CNN omits the race of the killers. I guess the facts didn’t fit the preferred narrative.

    http://www.cnn.com/2013/08/20/justice/australia-student-killed-oklahoma/

    The ‘mainstream’ media is dead.

  76. Statler Waldorf says:

    This is exactly why The NY Post, et al, exist, because the “real” media filter inconvenient facts that don’t fit the preferred narrative…..

    Photos surface of teens who ‘shot college baseball player dead as he was jogging because they were bored’
    http://www.nypost.com/p/news/national/police_australian_player_killed_J8hM1jhw9Us1DltFFWCGQM

  77. nwnj says:

    #77

    When I read stories like that, the Brazil option starts to sound better and better.

  78. Juice Box says:

    # 77 – NPR played the violin – “The 15-year-old’s mother is in jail. The 16-year-old last year dealt with the death of his stepfather and brother”.

    I checked city data there is a small group of Obama’s sons in that town about 3%, and it is a one horse town a veritable nowhere’s ville. I am not surprised about the bordom, but heck when we were bored teens we didn’t carry illegal guns on open fire on joggers.

  79. nwnj says:

    Doesn’t surprise me one bit that the bleeding hearts are trying to spin the story into a societal failure. “It’s the guns.” “It’s the justice system.”

    F- that. There are some people who are so value deficient they are beyond hope.

  80. Dan in debt says:

    What will the next liberal saying be? “The gun made me buy the bullets”

  81. nwnj (78)-

    Dude, in Brazil the authorities round up street urchins and execute them.

  82. In preparation for the World Cup, they’re going into the favelas and bulldozing everything in sight.

  83. note to self: still don’t have enough .223.

  84. nwnj says:

    It’s a good thing there are abbots in NJ, or that type of thing could happen here. Oh, right….

    Paterson police arrest two men for National Night Out murders

    Johnson was shot and killed before midnight near the intersection of Godwin Avenue and Auburn Street during a basketball game there…

    http://www.nj.com/passaic-county/index.ssf/2013/08/paterson_police_arrest_two_men_for_national_night_out_murders.html#incart_river_default

  85. nwnj says:

    #83

    That would be harsh, I’m thinking forced sterilization or permanent internment for multigenerational degenerates.

  86. I’m surprised fatal shootings in Paterson even make the newspaper.

  87. cobbler says:

    chi: what is your opinion of preferred stocks of mortgage REITs (that for the last few days are selling below liquidation value – NLY, etc.)?

  88. Anon E. Moose says:

    Hey, Michael (we all know you’re still lurking);

    Remember the study about $34k per year in income being top 1% world-wide? Lo an behold, a new study of US welfare benefits puts NJ as 5th most generous in the nation, with a benefit package valued at $38,728 per year (up over $5k, after adjusting for inflation, since 1995). We’re so rich, even our poor people are rich!

    http://www.nypost.com/p/news/opinion/opedcolumnists/when_welfare_pays_better_than_work_GGZfz3wTztSW3BoMxn2VrI
    http://object.cato.org/sites/cato.org/files/pubs/pdf/theworkversus.pdf

  89. Michael says:

    90- Key to that Cato bs study is a mother with two children. What that highlights, is how pathetic of a job the private industry is doing in providing jobs that people can survive on in our high cost of living state. What I draw from the study is that if you are a single mother with two kids, and making 38,000 tax free, you are dead poor in our state. Welfare is dead poor, it’s not providing luxuries. If welfare is so appealing, why don’t you quit your job, sell your assets, and donate it to a charity. Then you can see the luxurious life you will be living with two kids making 38,000 a year in our state. You will be killing it!!

    That report actually highlights how pathetic teacher salaries are. I though you guys said teachers are overpayed?? Single parent household, with two kids, making 55,00o a year as a teacher will put you at the equivalent level of a welfare reciepient with two kids in a single parent household. (after taxes, that 55,000 will be around 38,000)You guys just don’t get it. Under 100,000 family income in northern nj is a joke!!! This isn’t Idaho.

  90. Comrade Nom Deplume, no longer at the beach says:

    [93] Michael

    Hey, look who’s back!

    Word of advice: pace yourself.

  91. Comrade Nom Deplume, no longer at the beach says:
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