The New Gold Coast

From the WSJ:

Jersey City’s Housing Boom Expands

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 units—which 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 family—are 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.”

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

69 Responses to The New Gold Coast

  1. Mike says:

    Good Morning New Jersey

  2. It all works. Until it doesn’t.

  3. anon (the good one) says:

    people will be on the streets by June. iPhone 6+ will be their prefered mode of comunication

  4. grim says:

    3 – $2 million to live in a 5br/4ba 4,000 square foot (livable) historic masterpiece on almost unheard of 3 and a half acres in North Jersey? To live in a house with actual historic significance – Van Saun and General Marquis de Lafayette’s headquarters, and not just an old house? It is highly probable that Washington had met with Lafayette in this house, and perhaps Alexander Hamilton and maybe even Benedict Arnold. Realize there are very few truly historic properties that are still residences, and especially so livable ones. The only more significant property in this area would be the Dey Mansion, which served as Washington’s headquarters in 1780. (Which I will be building a replica of in the future, I’ve promised that to myself, funny that folks still drool over this style of house, nearly 300 years later).

    Now, $2 million? I haven’t walked through it, but likely it is overpriced, it’s location will hold it back, for sure. I think it could easily get $1.5 million.

  5. grim says:

    Bear killed a guy in West Milford this weekend? Wow.

  6. Fast Eddie says:

    “Millennials don’t want to work in suburban office campuses,” said Mr. Hughes. “They want edgier environments.”

    Please interpret this statement for me. Irony and creative sarcasm is highly recommended.

  7. nwnj says:

    #7

    That goes to show the old adage is right. You don’t have to be able to run faster than the bear to avoid being mauled, you just have to be faster than the slowest person who your with.

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  9. Toxic Crayons says:

    Video Statement from the children of Charlie Vacca…the instructor accidentally killed by 9 year old NJ girl visiting an Arizona gun range.

    http://lambergoodnow.com/

  10. Ottoman says:

    6- so you agree with me that it’s grossly overpriced, unless you’re going to claim 20-25% off is just a trim. But thanks for the realtor speak on condition and rarity trumping location. This is definitely not a “historic masterpiece” and for 2 mill, the lack of kitchen pictures (except a partial one that is somewhat troubling) and the Home Depot retaining wall pavers speak to a “Passaic County” esthetic that might not appeal to someone looking for a true historic home in anything close to that price range. They did a good job of making a rare 1700s house look like a ubiquitous 1920s colonial revival with that addition, I’ll give them that. And three acres you can’t subdivide might as well be 1 acre especially given the proximity of the very average houses on either side and behind and across the street.

    I am fully aware of the historic house market in NJ, my own house predates the Revolution. And there are plenty of historic homes still around though you do have to come out my way–southern Morris, northern Somerset to have your pick of them. These people would have been better off moving an antique home to a higher value town and neighborhood, or keeping this house much simpler and under a mil. And speaking of Washingtons headquarters, someone did build a reproduction of the one in Morristown out on Glennons Farm Rd in Tewksbury back in the 90s. They did a nice job.

  11. painhrtz - whatever says:

    Eddie they wnat to dodge gunfire, hookers, and drug dealers on the way to their barista job while they hammer away at their artisanal mayonnaise recipes at night. It is the man’s fault for not understanding their passion, besides this neighborhood will come around when more beardoes move in.

  12. anon (the good one) says:

    “It’s a hard question to answer. Earlier this week, US Census Bureau found that 45.3 million Americans are still stuck in poverty. About 14.7 million of them are children. Average household income hovers around $51,700 – which is how much Americans were earning back in 1995. Yet even as 14.5% of Americans meet the actual definition of living in poverty, only about 7% of them will define themselves as lower class.”

    @GuardianUS: You tell us: are you really a middle-class American? http://t.co/JmTrlkoJAz

  13. Michael says:

    Fossil fuels will soon by on their way out as the go to source of energy. It’s only a matter of time.

    http://www.nytimes.com/2014/09/22/us/heirs-to-an-oil-fortune-join-the-divestment-drive.html?partner=rss&emc=rss&smid=tw-nytimes&_r=0

  14. jj says:

    I have a picture of the most CRAZY CRAZY CRAZY Historic house on the Market today.

    Ruddy Valentino was known to be the most proflic sex symbol of all time thousands of women threw themselves at his coffin and were faining in mass hsysteria when he died.

    We all know he had a Beverly Hills Mansion where he threw famous Hollywood Parties. We also all know he had a second Mansion in Bayside Queens on the Water where he threw famous parties for the movie folks, vaudville folk and broadway folk in NY.

    However, it was heavily rumoured that his two wives were his “Beards” and that he was gay he also had no children. There was a third secret house where he took his gay lovers to in private.

    The house that was for sale was 1 Demott PlRockville Centre, NY 11570

    Valentino owned it and proof is on the title. Owner selling bought it like 60 years earlier and was an estate sale.

    Crazy house as it is listed as a four bedroom and upstairs house is completely rotated so back left corner of house has a large huge master bedroom with windows facing the water so no one can look in. The other bedrooms are smaller and dumpier you can see in from street. It also has a balcony deck upstairs looking at the water.

    Strange house as it was not built at all for a family. Totally build for the big master bedroom upstairs facing water and the private deck. Supposedly they listed it as the other Valentino house. I was a little creeped out by the history of house.

  15. Ragnar says:

    #3, #6,
    What bugs me the most about this listing is the incompetent and massive overuse of HDR (high dynamic range) processing that gives the home an unearthly glow, as if the wood was caked with radium.

  16. jj says:

    http://www.zillow.com/homedetails/1-Demott-Pl-Rockville-Centre-NY-11570/31248022_zpid/

    Now if you look close at the house it faces the mill river, across street from house you see a stretch of swampy land between river and road. Well house has land on other sided deed to house even though it is non-buildable but being deeded Valentino had a no tresspassing sign. On other side of river back then was marsh land

    Whole thing creeped me out a little, who wants a bedroom where some guy snuck in hundreds of man for secret man love. Creepy.

    Amittville Horror and Joe Rifkin house historical value type house

  17. Michael says:

    So how much do you think it should go for? IMO, you are acting like fast eddie. Do you think they should just give it away? Looks like a pretty well done “LARGE” historic home on a large piece of land. I think you are being a little too critical. If it’s a true historic home, should it only hold value based on the surrounding homes? This is not a normal home. You are not going to find a neighborhood of high end historic homes in north jersey, I don’t know what you are trying to get at. Also, what’s wrong with wayne? It’s a great town. Does it have to be filled with 4 million dollar homes to be nice?

    Ottoman says:
    September 22, 2014 at 9:35 am
    6- so you agree with me that it’s grossly overpriced, unless you’re going to claim 20-25% off is just a trim. But thanks for the realtor speak on condition and rarity trumping location. This is definitely not a “historic masterpiece” and for 2 mill, the lack of kitchen pictures (except a partial one that is somewhat troubling) and the Home Depot retaining wall pavers speak to a “Passaic County” esthetic that might not appeal to someone looking for a true historic home in anything close to that price range. They did a good job of making a rare 1700s house look like a ubiquitous 1920s colonial revival with that addition, I’ll give them that. And three acres you can’t subdivide might as well be 1 acre especially given the proximity of the very average houses on either side and behind and across the street.

    I am fully aware of the historic house market in NJ, my own house predates the Revolution. And there are plenty of historic homes still around though you do have to come out my way–southern Morris, northern Somerset to have your pick of them. These people would have been better off moving an antique home to a higher value town and neighborhood, or keeping this house much simpler and under a mil. And speaking of Washingtons headquarters, someone did build a reproduction of the one in Morristown out on Glennons Farm Rd in Tewksbury back in the 90s. They did a nice job.

  18. grim says:

    17 – Concur, to be period correct, would require a rather sizable dose of belladonna for the habitant to see the house in that way.

  19. Ragnar says:

    JJ,
    Or you can buy Danny Kaye’s old house in Beverly Hills. Maybe Divine’s old house in Baltimore would be a cheaper way to treasure Hollywood cream filled magic.

  20. The Original NJ ExPat says:

    They want to work in a Brooklyn coffee house, is what they mean.

    “Millennials don’t want to work in suburban office campuses,” said Mr. Hughes. “They want edgier environments.”

  21. The Original NJ ExPat says:

    [13]&[23] pain – I didn’t mean to steal your answer.

  22. Michael says:

    A friend of mine quit teaching at a north jersey public high school to work at starbucks. God knows how bad the state of education will be down the road if people are leaving a so called ” great job” to work at starbucks. Pretty sad.

    The Original NJ ExPat says:
    September 22, 2014 at 10:52 am
    They want to work in a Brooklyn coffee house, is what they mean.

    “Millennials don’t want to work in suburban office campuses,” said Mr. Hughes. “They want edgier environments.”

  23. Michael says:

    19- Also, if you are looking for value when buying a home, do not look for an historic home. You will get anything, but value. These are people that have money and are willing to spend it to get a piece of history. It’s like a painting. Only a wealthy individual with money to blow will pay 50 million for a piece of history.

  24. The Original NJ ExPat says:

    The Passion of the Fruit toots.

  25. nwnj says:

    #24

    You must be friends with some brain dead people.

  26. Ragnar says:

    Any chance the friend was caught in a car with a student and decided to quietly voluntarily change careers rather than do the standard union-backed fight to stay teaching? Or maybe just decided that he/she hated teaching?

  27. The Original NJ ExPat says:

    Passion Fruit’s friend probably thinks like he does and that inflation will make him rich, so why work 180 days a year while you’re waiting for your wealth to arrive.

  28. Libturd in Union says:

    Perhaps his teacher friend mistook star bucks for bit coins?

  29. MikeNJ says:

    Re: JC, I have been working here in JC for over 8 years and there have been a few mini booms in that time but nothing comes close to what is occurring now. I am at the waterfront just north of Exchange and all the available land is quickly disappearing. Even the lot next to the Trump apartments is finally undergoing its long planned Phase 2 work. The lot next to my building on Hudson will be new rentals. This is going on and on for blocks well into JC proper. What a dead area this has been forever and all of sudden the apartments are coming – lets hope we get some decent bars to go after work next! There is a new Beer Garden opening right on the water across the street from me. Very interested to see if it can sustain itself.

  30. Ragnar says:

    I finally found the scientific description of the problem describing our most notorious posters: the”Dunning-Kruger Effect”

    http://peyser.sewanee.edu/Sites/215%20Behavior%20Modification%20for%20Sustainability/Quiz%203/Readings/UnskilledAndUnawareOfIt.pdf

    People tend to hold overly favorable views of their abilities in many social and intellectual domains. The authors suggest that this overestimation occurs, in part, because people who are unskilled in these domains suffer a dual burden: Not only do these people reach erroneous conclusions and make unfortunate choices, but their incompetence robs them of the metacognitive ability to realize it. Across 4 studies, the authors found that participants scoring in the bottom quartile on tests of humor, grammar, and logic grossly overestimated their test performance and ability. Although their test scores put them in the 12th percentile, they estimated themselves to be in the 62nd. Several analyses linked this miscalibration to deficits in metacognitive skill, or the capacity to distinguish accuracy from error. Paradoxically,
    improving the skills of participants, and thus increasing their metacognitive competence, helped them recognize the limitations of their abilities.

  31. Bystander says:

    Maybe his granny owns the Starbucks and is giving him 20% off lattes.

  32. clotluva says:

    33. Or in the words of Bertrand Russell:

    “The trouble with the world is that the stupid are c*cksure and the intelligent are full of doubt.”

  33. Xolepa says:

    To Grim, re distilleries:
    My oldest and DIL came back from visiting Western NY where they had stopped at a freshly minted distillery – Myer Farm. They brought back Gin, Vodka and Whiskey. I’m not much of a Gin guy, but the vodka was surprisingly smooth and the whiskey was out of this world. Try to grab a sample and compare.

  34. Ben says:

    A friend of mine quit teaching at a north jersey public high school to work at starbucks. God knows how bad the state of education will be down the road if people are leaving a so called ” great job” to work at starbucks. Pretty sad.

    Let me guess. Starbucks put a six figure offer on the table right?

  35. Michael says:

    Doesn’t teaching have one of the highest turnover rates out there? It might even be the highest for white collar careers. Guess my friend is not the only one who thinks it is not worth it. He basically said he is a manager/mentor/cop/data man/parent/psychologist/role model and he couldn’t take it anymore. He said he being held accountable for kids that don’t care.

    I couldn’t believe it either when he told me, but he said he has only one life to live and was not wasting it on this. Is he smart or an idiot for doing this…I have no idea. I just have to think the job can’t be that great if you have people leaving for Starbucks. Why would he do that if the job was really so great? Makes you think.

    Ben says:
    September 22, 2014 at 1:53 pm
    A friend of mine quit teaching at a north jersey public high school to work at starbucks. God knows how bad the state of education will be down the road if people are leaving a so called ” great job” to work at starbucks. Pretty sad.

    Let me guess. Starbucks put a six figure offer on the table right?

  36. Michael says:

    Come on now. I did not say inflation will make you rich. I said not keeping up with inflation means you are losing money and will eventually make you broke.

    One guy invested his money into an inflation hedge and bought a home in 1970 for 60,000 in Ridgewood. In 2000, he goes to retire and sells that home for 1 million.

    Another guy kept his money under the bed for 30 years. His 60,000 is still all there. He didn’t lose anything except for the value that it can buy. So he might not think he lost money, but he can’t buy a home for 60,000 in Ridgewood in 2000. So he lost a ton of value. He now needs one million of those dollars to buy the home.

    So he technically did not lose money, but lost value. This is why I take out massive cheap low rate loans when the conditions present themselves. I take that money and put it into an inflation hedge (real estate). This way I create VALUE from inflation by making it easier for me to accumulate more dollars on a fixed value loan.

    So no, inflation doesn’t make you rich, it does the opposite, unless you know how to take advantage of it. Make it work for you, not against you.

    The Original NJ ExPat says:
    September 22, 2014 at 12:08 pm
    Passion Fruit’s friend probably thinks like he does and that inflation will make him rich, so why work 180 days a year while you’re waiting for your wealth to arrive.

  37. mike (32)-

    It will bury Zeppelin Hall…as long as they have glass mugs and toss out the projectile-vomiting Hoboken crowd.

    “There is a new Beer Garden opening right on the water across the street from me. Very interested to see if it can sustain itself.”

  38. Anon E. Moose says:

    Rags [33];

    I see along of Dunning-Kruger Effect at the poker table. From Wiki:

    Dunning and Kruger proposed that, for a given skill, incompetent people will:
    1. tend to overestimate their own level of skill;
    2. fail to recognize genuine skill in others;
    3. fail to recognize the extremity of their inadequacy;

  39. The Original NJ ExPat says:

    Passion Fruit – I bet your serve and volley sucks. Slow mind = slow feet.

  40. Anon E. Moose says:

    Michael [39];

    This is a weak argument, or at least an incomplete one. Who’s worse off, the 2007 buyer at the peak of the bubble, now down ~25% on their real estate, or someone who sat in cash for ~5 years while the carnage unfolded?

  41. Ben says:

    Doesn’t teaching have one of the highest turnover rates out there? It might even be the highest for white collar careers. Guess my friend is not the only one who thinks it is not worth it. He basically said he is a manager/mentor/cop/data man/parent/psychologist/role model and he couldn’t take it anymore. He said he being held accountable for kids that don’t care.

    It has a high turnover rate because of the amount of people that can’t hack it. Incompetent teachers drop like flies in their first three years. A few manage to squeak by and earn tenure destroying the reputation of the rest of us.

    Is it worth it? In dollars….no. Contrary to popular belief, most teachers are hovering around 50k. Is it rewarding? Definitely. Just not in your wallet.

  42. Michael says:

    At present time, absolutely. When this inflation kicks it up a notch ( I know it’s in control now) house prices (not values) will be well over 2007 prices. Unless you really think deflation will occur (long shot) chances are you can never lose on real estate if you hold long enough. It might not go up in value, but price rise is inevitable in my opinion. It’s like expecting to see a dollar menu available at fast food restaurants in 20 years. Not happening.

    Anon E. Moose says:
    September 22, 2014 at 5:36 pm
    Michael [39];

    This is a weak argument, or at least an incomplete one. Who’s worse off, the 2007 buyer at the peak of the bubble, now down ~25% on their real estate, or someone who sat in cash for ~5 years while the carnage unfolded?

  43. Michael says:

    Please demonstrate evidence of a slow mind.

    The Original NJ ExPat says:
    September 22, 2014 at 5:12 pm
    Passion Fruit – I bet your serve and volley sucks. Slow mind = slow feet.

  44. turdblossom, pretty much all of your posts here are evidence of brain death.

  45. Juice Box says:

    Wonder what Putin’s reaction is going to be another ICBM test?

  46. Comrade Nom Deplume, a.k.a. Captain Justice says:

    I was driving out 202 in Hunterdoom about two hours ago, and in a development called Hunters Crossing, I saw a virtual first responders convention. State and local cops had it closed off, and all I saw inside was a parking lot of fire trucks and other emergency vehicles.

    My first thought was “damn, guess they found Clot’s basement pipe bomb lab.”

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  49. plume (50)-

    No basements in Hunter’s Crossing.

    “My first thought was ‘damn, guess they found Clot’s basement pipe bomb lab’.”

  50. Comrade Nom Deplume, a.k.a. Captain Justice says:

    [53] clot

    “No basements in Hunter’s Crossing.”

    Well, that explains the container you purchased and the backhoe you rented.

  51. Comrade Nom Deplume, a.k.a. Captain Justice says:

    The Big Four and White Shoe Attorney’s Full Employment Act:

    http://www.treasury.gov/press-center/press-releases/Pages/jl2645.aspx

    Treasury’s “wall” here sort of reminds me of this.

    http://www.youtube.com/watch?v=iXKZicmIwiM

  52. The Original NJ ExPat says:

    Authorities apparently attempted to “shoo” the bear away by throwing, literally, sticks and stones. He wouldn’t leave, so then they shot him. I thought it would have been automatic that the bear would be put down immediately. Liberals.

    http://www.foxnews.com/us/2014/09/23/rutgers-student-believed-killed-by-new-jersey-first-fatal-bear-attack-in-150/

  53. Toxic Crayons says:

    56 – State DEP says NJ averages 1 bear attack/year.

  54. The Original NJ ExPat says:

    European markets down pretty big. I figure Yellen has already fired up her Fed Ameritrade account buying SPY. Probably a good day to buy FAS.

  55. The Original NJ ExPat says:

    [56] LOL – I like the little wall commercial. So is the Treasury notice just window dressing?

  56. Let’s dress anon in a bacon suit and put him out for a bear.

  57. Toxic Crayons says:

    60 – After he was eaten, the state would probably ticket him for feeding the bears.

  58. Libturd in Union says:

    I didn’t think bears liked spicy food.

  59. Toxic Crayons says:

    Reading the laws on defensive “bear spray” in NJ and essentially it is illegal because NJ restricts possession of defensive chemical sprays by volume. You cannot possess more than 3/4 of an ounce at a time.

  60. Libturd in Union says:

    As someone who has hiked over half of the Appalachian Trail, it’s pretty easy to avoid being eaten by bears. Don’t get between a cub and its mother. Hang your food high up in a tree at night. If you do encounter a bear, make a lot of noise. They are more scared of you then you are of them. If one does start after you, drop your pack. In most cases, the bear will stop to rip open your pack to get to your food. Never look a bear in the eyes as they see it as a challenge.

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