JERSEY CITY | Projects and Construction thread - Page 52

bossabreezes · #**1021** Posted **Jan 26, 2021, 4:55 PM**

I wonder how the post-covid real estate market will look in JC.

I own property there and from what I've seen, prices are down around 15% for sales. It seems less negatively impacted than New York City proper in this department, but still not good.

I wonder if all of this construction is going to cause a glut, or if after the pandemic has passed things will roar back and create even more demand. Hoping for the latter. The whole NYC urban market is very depressed right now and don't want to see that hold for long.

I invested in JC because I truly think it's a gem and offers shorter commutes to Manhattan than most places in NYC, as well as seeing the potential for great increase in valuation over the next 2-5 years. Hopefully I wasn't wrong, lol.

C. · #**1022** Posted **Jan 26, 2021, 5:54 PM**

Quote:

Originally Posted by bossabreezes

I wonder how the post-covid real estate market will look in JC.

I own property there and from what I've seen, prices are down around 15% for sales. It seems less negatively impacted than New York City proper in this department, but still not good.

I wonder if all of this construction is going to cause a glut, or if after the pandemic has passed things will roar back and create even more demand. Hoping for the latter. The whole NYC urban market is very depressed right now and don't want to see that hold for long.

I invested in JC because I truly think it's a gem and offers shorter commutes to Manhattan than most places in NYC, as well as seeing the potential for great increase in valuation over the next 2-5 years. Hopefully I wasn't wrong, lol.

There's the joke that when a New Yorker moves to Jersey City, their friends will never visit them again. Jersey still has a bad reputation to the average New Yorker, but as more businesses open and more people move to Jersey City, that reputation will change.

It's hard to have a glut of housing in a metro area of 20 million. Jersey City is one of the best places to live in the metro area when you consider cost of living and commute times to Manhattan. I think in 5 years, things will be better than ever. There just needs to be enough housing being built for all income levels in order to help keep things affordable for long-term residents so they're not displaced.

On a side note, Pre-pandemic, this article was bringing in tons of people from NYC that would normally never set foot on this side of the Hudson. Once here, they realize it's not that bad and a whole lot less expensive.

citybooster · #**1023** Posted **Jan 27, 2021, 2:26 AM**

I love all the high rise news, but I'm so with C on just how much Jersey City stands to gain in the next few years as we wind away from the worst of COVID-19. Love the Bergen Avenue news, in fact love the pie being shared all through Jersey City. Not just a downtown, waterfront or even Journal Square thing but ALL neighborhoods. And yes, hopefully more will be done on building a lot more affordable units going forward, as everyone benefits rather than just the professionals and investors.

C. · #**1024** Posted **Jan 27, 2021, 2:53 AM**

Quote:

Originally Posted by C.

I just wanted to share this friendly 8-storey building planned for Bergen Ave.

https://data.jerseycitynj.gov/api/da...ral_plans_pdf/

Can someone take a screenshot of the first page and post it?

Existing
---------
3 floors
33 feet
~6,000 sqft retail
~18,000 sqft office uses
0 parking

https://www.google.com/maps/@40.7298...7i16384!8i8192

Proposed
---------
8 floors
92 feet
5,990 sqft retail
48,545 sqft residential for 50 units
0 parking
"historic" facade retained

There are a bunch of sites throughout Jersey City that would benefit from this type of intensification. That's 50 more homes where none existed before.

Image is from here https://data.jerseycitynj.gov/api/da...ral_plans_pdf/

C. · #**1025** Posted **Jan 28, 2021, 3:33 AM**

A new 18-storey building rendering of 198 Academy can be found here: https://data.jerseycitynj.gov/api/da...final_rev_pdf/

Also, another cool 8-storey 51 unit building across the street from 900 Bergen
https://data.jerseycitynj.gov/api/da...site_plan_pdf/

C. · #**1026** Posted **Jan 28, 2021, 3:45 AM**

C. · #**1027** Posted **Jan 28, 2021, 3:48 AM**

^ I feel like there is a lot more under construction and some should be moved up to topped out. Can anyone assist?

Oron Zchut · #**1028** Posted **Jan 30, 2021, 3:27 AM**

Personally, I haven't seen many changes from what you have posted. Here's a few, at least:

175 Second Street - complete and leasing

407-413 Summit Ave and 144 First St - both of these are in excavation

30 Park Lane North may be in site prep.

C. · #**1029** Posted **Jan 30, 2021, 1:28 PM**

Quote:

Originally Posted by Oron Zchut

Personally, I haven't seen many changes from what you have posted. Here's a few, at least:

175 Second Street - complete and leasing

407-413 Summit Ave and 144 First St - both of these are in excavation

30 Park Lane North may be in site prep.

Updated Thanks.

Also adding 44 Newkirk as a stalled proposal - 15 stories
https://uforma.com/projects/44-newkirk/

C. · #**1030** Posted **Jan 30, 2021, 1:37 PM**

Journal Square Urby 571-577 Pavonia

Quote:

Journal Square Urby will soon break ground following approvals from Jersey City’s Division of Planning. Located at 571-577 Pavonia Avenue, the building will rise 25 stories and contain a mix of rental apartments, amenity spaces, and dedicated office space for the on-site leasing team.

From HLW Architects and Amsterdam-based design studio Concrete, the building will contain 340 market-rate apartments that range from studio to three-bedroom spreads. Ironstate Development is working in collaboration with Panepinto Properties and Kimmel LLC to fund and complete the new development.

From NY YIMBY: https://newyorkyimby.com/2020/02/fir...rsey-city.html

C. · #**1031** Posted **Jan 30, 2021, 1:43 PM**

Jersey City Public Safety Building - now 12 floors, 187 feet

https://www.nj.com/hudson/2019/09/je...mlk-drive.html

C. · #**1032** Posted **Jan 30, 2021, 1:55 PM**

Small but interesting one:

https://pathofex.com/12-unit-buildin...e-jersey-digs/

Quote:

A house that is situated near a parking garage entrance in Jersey City was sold for more than $900,000 in March, according to property sales records. Now, the new owner of the site is seeking to demolish the single-family home in order to construct a multi-family residential development.

Tenafly-based Black Iron Journal Square, LLC submitted an application seeking preliminary and final major site plan approval with variances as part of their plans to bring a four-story building to 810 Pavonia Avenue.

The company’s proposal calls for the development to be 44 feet tall and include 12 residential units, all of which would be studios. There would also be 360 square feet of “indoor amenity space,” according to the application, which also listed “n/a” under “total number of affordable housing units created.”

From: https://pathofex.com/12-unit-buildin...e-jersey-digs/

C. · #**1033** Posted **Jan 30, 2021, 2:01 PM**

144 First Street
From: LWDMR.com https://www.lwdmr.com/projects/144-first-street

C. · #**1034** Posted **Jan 30, 2021, 2:04 PM**

165 Newark - Mixed-Use Building (former Barcade spot)

Front Side

Back Side

Images from LWDMR via NY YIMBY

Current Site

From NY YIMBY

https://newyorkyimby.com/2019/08/lwd...rsey-city.html

chris08876 · #**1035** Posted **Jan 30, 2021, 2:09 PM**

Updated the 1st post to include "C"'s latest list (Jan 27th).

The list with the active links/ status in post #1026 can be found in the 1st post of this thread.

C. · #**1036** Posted **Jan 30, 2021, 7:53 PM**

Quote:

Originally Posted by chris08876

Updated the 1st post to include "C"'s latest list (Jan 27th).

The list with the active links/ status in post #1026 can be found in the 1st post of this thread.

Thanks!

Some interesting insights into construction trends using building permit data.

Below are top 10 municipalities from Jan 2020 to Sept 2020. JC is growing quickly at an average of 345 new housing units each month. Not bad for the middle of a pandemic. JC averaged 390 units a month in 2019 and 208 units a month in 2018. It also looks like JC is building much more multifamily units in 2020 than 2019.

Interesting to note that in 2020, 95% of all new housing developments were classified as multi units. In 2019, only 54% of all housing built was reported to be multi-family, but I'm a tad skeptical of the accuracy of the 2019 data for this field.

Between Journal Square and Downtown alone, there are roughly 25,000 units approved that can be built. That represents a 6 year supply of housing units. Also, the number of new units being approved by the planning board each month greatly exceeds the number of building permits issued every month.

Other notable insights is that little Harrison is punching above its weight class. I'm guessing this is all related to the Red Bull arena redevelopment.

Code:

Municipality	Total Units	MF Units	MF Value
Jersey City	3,110		2,960		433,561,369
Harrison town	1,153		1,130		97,726,114
Hackensack	792		787		77,638,475
Newark		949		780		87,997,417
South Amboy	692		687		32,357,866
Secaucus town	642		635		97,749,900
Union township	467		460		24,994,674
Bayonne		389		342		20,606,364
Woodbridge twp	336		310		32,690,812

Oron Zchut · #**1037** Posted **Jan 31, 2021, 8:27 PM**

Quote:

Originally Posted by C.

144 First Street
From: LWDMR.com https://www.lwdmr.com/projects/144-first-street

This is the former proposal for 144 1st. The newer one is by Fogarty Finger
(via New York Yimby)

Also, the 44 Newkirk project is still active - several months ago TRG asked for an extension due to them attempting to purchase and add a few nearby properties to the project.

Here's the rendering from their site:

I see that you actually have it on the list as 44-48 Newkirk, so the one you posted above is either a previous design for the site, or a new one (possible given acquisition of nearby properties).

C. · #**1038** Posted **Jan 31, 2021, 9:54 PM**

Oron Zchut, thanks. The one I posted was probably an earlier version of the design. I'll remove it from stalled.

C. · #**1039** Posted **Feb 3, 2021, 3:28 AM**

New 14 floor, 315 unit building on route 440 across from the Hudson Mall. It also looks like as there will be a prominent retail component as one of the variances being sought is for a 26 foot floor to ceiling height of the retail space when a maximum of 15 feet is permitted. Total height is 160 feet.
https://drive.google.com/file/d/1_L8...dwLm-6jNs/view

It's only a matter of time before the Hudson Mall gets redeveloped. It's much more profitable to have retail on the ground floor and hundreds of rental apartments/condos above than just the retail amongst a sea of parking.

C. · #**1040** Posted **Feb 19, 2021, 3:20 PM**

Planning Board Approves 18-Story Office, Housing Mix Near Journal Square

https://www.tapinto.net/towns/jersey...journal-square

Quote:

Representatives of developer Sachin Gupta’s ownership group, Vaishno Ma Summit Urban Renewal, explained that the 18-story construction project at 198 Academy St. will have 223 apartments and nearly 30,000 square feet for offices. Renderings from the firm Minno & Wasko Architects and Planners indicate that the fourth through 18th floors of the tower are residential, peaking at a rooftop deck for tenants.