JC market “still very strong.”

From the Jersey Journal:


Who says the real estate market is cooling off?

It’s still red-hot on the Hudson County waterfront, where a high-roller has purchased two condos on the top two floors of a Jersey City development at a whopping price tag of just more than $6 million. It’s believed to be the highest price paid for a condo in the city’s history.

Even if sold separately, either likely would have fetched more than $2.3 million, the previous record for a condo sold in Jersey City.

The unnamed buyer reportedly plans to merge them into a lavish two-story penthouse at the top of the 49-story building. Once completed, the two-story penthouse will measure 4,188 square feet. That translates to roughly $1,400 a square foot.

The purchase was made at K. Hovnanian’s 77 Hudson St. development. The developer announced the sale last week but refused to divulge any details about the buyer – only about the development itself.

“The sophisticated design, hotel-quality amenities, luxury materials and finishes at 77 Hudson are exactly what buyers are seeking,” said Tom Graham, of K. Hovnanian Homes, in a press release boasting about the sale.

Gershon Adjaye, a broker who deals with high-end real estate in Hudson County for Keller-Williams, said the price per square foot is on the high end in the county – but it’s still a steal compared to prices in the New York City market.

“The truth is the square foot price is still much less expensive than penthouse condos in New York, which don’t offer the same views,” said Adjaye, who is not associated with the sale.

Approximately 50 percent of the 100 residences released already have been sold, ranging in price from the upper $400,000s to $6.07 million. Thirty percent of sales have been broker generated.

“The waterfront is an extension of the New York market, and that is still very strong,” said Jersey City Housing and Economic Development Corporation Acting Director Bob Antonicello, who defined the waterfront as everything east of Marin Boulevard. “The waterfront has now become separate part of the city, with very little linkage to the rest of the city.”

The previous record of $2.3 million was the price of a penthouse condo sold at the Beacon, the site of the old Jersey City Medical Center.

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2 Responses to JC market “still very strong.”

  1. ARG says:

    Damn. Maybe Hoboken Won’t cool off.

  2. jcer says:

    Don’t worry it’s Jersey City! And once manhattanites realize thay can very easily be mugged and strange homeless people walk around at night, businesses only last 6 months or only operate for the businesses(i.e no weekends, not late at night), they will be out of there. JC lives and dies by Jr. bankers who are getting laid off left and right.

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