I don’t think that’s how it works, I’m sure everything coming to the site to finish this tower is already financed to go up
From the 9th, showing good progress.
(x-post from u/Oron Zchut on SkyScrapercity.com)
First glass going in today on the garage/podium. Looks really good so far, especially since this is just the garage section.
Tower should rise quickly now too!
Great shots, jc
Facade is going up!
Hi, I’m new here! I have been interested in the development of Jersey City since last year and now I have finally signed up!
Welcome to the forums Seabass!
Hey guys. Thanks for very much for the updates. Heard that the starting price for a 1br is high $800k (didn’t ask the area)and $1.5mil for 2BR (area between 1100-1200 sqft). IMHO, the prices are outrageously expensive, even after taking into account the amenities (which I thought were very standard). Wondering what you all think about the prices?
Hi Resi. Welcome to the forums buddy!
Your question about expensive condos is a good one. I often find myself wondering how many billionaire buildings the area needs (even if I like how they look on the skyline). Some people argue that creating a surplus of luxury housing could have a “trickle down” effect and improve the housing market for middle and low income. I don’t know if I really believe that myself. Either way, there appears to still be a luxury market so as long as developers keep making tons of $$$$ off of these projects, they’re going to keep building them.
At the end of the day I personally look at it like this;
Even though most people can’t afford to live in these buildings, they indirectly spark further development of the neighborhoods. Development like, tearing down abandoned buildings, developing vacant lots, improving local infrastructure etc.
That’s just my view
I don’t think those prices are unreasonable. This is the tallest (to-date), most luxurious tower in the entire state. It’s meant to compete with Manhattan towers, which are basically the most desirable on the planet. $1.5 million for a new construction 2 bed is pretty affordable for Manhattan standards.
Can most people afford it? Of course not. It’s meant for high-income households. It will obviously mostly be people working in finance and the like, not regular Joes.
Both of you make very valid points
I get that it will be the tallest building, and the architect is great. Of course everyone attaches different value to different things hence opinions differ. My frustration is that from a brief discussion I had with the sales agent, very few tangible benefits are being offered. Amenities are literally the same as my current rental building. Meanwhile, the price per sqft for a starter 2BR is close to a 2.5BR penthouse that sold in 2016. So far, I am disappointed, is all. Going for a viewing in a week or so, will post an update.
P. S. I am not a 100% sure my post belong on this thread. If it is indeed the case, please let me know
I think the effect of new development is complicated and characterizing it as a “trickle down” effect is an oversimplification.
I’ll tell you that in my neighborhood (Journal Square) I’ve seen many old rent-controlled apartments renovated so they could hike the rents to luxury levels. There’s a whole building on Magnolia and Summit that was completely emptied a few years ago for this purpose–I went and saw apartments there, and the asking rents were as high as in the new building at 3 Journal Square (this was before 3JSQ opened).
So the new rentals around here are directly competing against these renovated old buildings–nobody is going to pay the same price for an old apartment with half-assed renovations when they can get a brand new apartment instead. The more competition the landlords have from new construction, the less lucrative it is for them to destroy rent-controlled housing stock through renovation, which means more of it will be available at more affordable rates.
Some people think you can stop gentrification by stopping new construction, but historic neighborhoods where it’s very difficult to build new buildings are some of the most gentrified neighborhoods in the region. If you don’t build enough new housing stock, rich people will eventually renovate the old housing stock–look at Hoboken or Brooklyn Heights, where brownstones that used to be working-class boarding houses with 10 or 20 residents got turned into single-family homes for millionaires.
Anyway, I think it might be a little different with condos like 99 Hudson, because a lot of them are just investment vehicles for foreign wealthy buyers who might not buy at all in the area if these condos weren’t available.
I think the bottom line is that rents and prices will probably keep rising in JC no matter what we do, just because it’s so close to NYC, which is not building anywhere near enough new housing to keep up with job creation and population growth. But at least if you build a bit more, you can stall some of the renovations of existing old affordable buildings and keep those rents reasonable a bit longer.
I’ve been looking to buy in JC too, albeit in a much lower bracket. I will say that the ratio of house prices to rents right now is insanely high and I’m not sure if it makes much sense to buy rather than rent. House prices have been increasing much faster than rents, but is it sustainable?
You have hit the nail on the head. I was really excited to find out a new condo building was getting constructed, but at this price level I will wait for better time to buy.
Thanks for Joining JCHCResi and Seabss_Northnj. Welcome to the YIMBY Family!