The Hudson Reporter
R EAL
S pring ri g E S TTA TAT TE Guide 2018
2 • The Hudson Reporter Real Estate Guide ~ Spring 2018
VA N TAG E J C . C O M
BOLDER LUXURY
B I G G E R S PA C E S
L U X U R Y R E N TA L S I N J E R S E Y C I T Y
BEST VIEWS
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The Hudson Reporter Real Estate Guide ~ Spring 2018 •
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HOME for
EVERYONE Be a part of a vibrant community
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By Marilyn Baer Reporter Staff Writer
hether you are a young college graduate ready to start your career in the Big Apple or a new family looking to make a forever home Hudson County, with parks, views, and transportation far and wide, offers all you need and more. Families can take advantage of ever expanding recreational activities, and local educational options and adults can enjoy the rich culture of the local art scene and gourmet eateries. As more people fall in love with Hudson County, developments are rising both on the waterfront and further inside, to meet the growing
Cover Photo By Al Sullivan
4 • The Hudson Reporter Real Estate Guide ~ Spring 2018
demand. And locations from West New York to Bayonne are a bargain compared to those with a smaller footprint in Manhattan.
better investment
Residents get more for their money on the west side of the Hudson River as homes go for a median price of $469,000, whereas the median price of homes currently listed in Manhattan is $1,695,000. Those who might be looking for an investment should strike while the iron is hot. Hudson County home values have gone up 15.7 percent over the past year and Zillow predicts they will rise 6.1 percent within the next year. Those not quite ready to be tied down to a forever home who want to try the rental market won’t be disappointed either. In Hudson County the median monthly rent has reached $2,195 while the median monthly rent in Manhattan is over $1,000 more at $3,945. Buildings are moving fast as people pounce on the opportunity to live in Hudson County. For example, Soho Lofts in continued on page 8
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Jersey City’s flourishing rental market, have achieved a level of leasing velocity not seen on New Jersey’s Hudson River Gold Coast in recent memory. In fact, the industrialinspired community recently experienced an enormous surge of activity that netted nearly 80 homes reserved in a four-week period alone, something that’s typically only witnessed during a grand opening phase, according to developer Manhattan Building Company. The impressive rush in interest has propelled the collection of 377 loft-style apartments towards the notable mark of almost 60 percent leased in the first four months of availability.
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resort style amenities
Why go on vacation when your home has everything you need, want, and adore? This is the vision of developers who are doing more than just providing a space to sleep but rather are opting to create entire communities in their buildings. Developments are creating self-contained neighborhoods and communities with amenities such as health clubs, pools, classes, movie theaters, and meeting space. Soho Lofts on Sixteenth Street is designed to continued on page 10
The Hudson Reporter Real Estate Guide ~ Spring 2018 â&#x20AC;˘
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provide renters a socially-infused urban lifestyle. The professionally-decorated communal spaces radiate a chic and trendy feel that’s on par with fashionable resort destinations and designer five-star hotels. Found within the industrial-inspired community are contemporary lounges, a retro arcade, gaming areas and a tech lounge. The community also offers fully-equipped demonstration kitchen and a private party room, surround sound media room, and private conference rooms, children’s playroom, dog grooming suites, state-of-the-art fitness center with ten-person sauna and indoor/outdoor yoga room. If this isn’t enough, it also offers valet parking and a 24hour concierge. Projects such as Urby near the Jersey City waterfront are also offering a communal kitchen, rooftop barbecue, heated outdoor pool and lounge, fire pit, and fitness classes. That building is steps from a light rail stop. The new Vantage in downtown Jersey City by Fisher Development Associates is also achieving the sense of community as the building offers a full suite of indoor and outdoor social and recreational amenities including a 24-hour concierge, cyber café, state-of-the-art health club, children’s playroom, business center, conference room, screening room, dining area and an enclosed parking garage. SOHO LOFTS, JERSEY CITY
More breathtaking, a sixth-floor outdoor amenity deck features a zero entry swimming pool, lounge, landscaped area, and full-court basketball court, while the Vantage Point Sky Lounge on the 45th floor offers a social space with incomparable views. Some developments even go a step further by providing shopping amenities on the premises.
shopping nearby
Developers are making it easier for residents to get what they need nearby by continually creating mixed-use developments with residential units on top floors and retail on bottom ones. JMF Properties, the redeveloper of a major portion of the Military Ocean Terminal in Bayonne, will develop a mixed-use community there. The new development will consist of 200,000 square feet of commercial space, 500 residential units along the
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waterfront, 150,000 square feet for a Costco Wholesale Club, and 80,000 square feet for a Village Shopping Center. Just a few miles north in Hoboken, developers have announced rebooted plans to turn the Wonder Lofts building into a $120 million residential and retail complex allowing new residents to shop just steps from their own elevator. The building, which was originally built in 1909 and was used as an industrial facility that produced Wonder Bread among other local businesses, when complete will include 89 luxury residential units with more than 10,000 square feet of indoor outdoor amenity space, on-site parking and a retail space fronting Clinton Street.
soak in the sun
Municipalities throughout the county are striving for more green space within concrete jungles where children can play and adults can picnic or soak up some vitamin D. The County Park System encompasses 616 acres of active and passive recreation VANTAGE, JERSEY CITY
space and include amenities such as picnic areas, playgrounds, multipurpose ball fields, tennis courts, basketball courts, bocce courts, tracks, and dog parks. County parks include the Steven Greg County Park in Bayonne, the Laurel Hill Park in Secaucus, and the James Braddock Park in North Bergen, Lincoln Park and more. The Stephen Gregg County Park and Lincoln Park received $1.77 million from the county for renovations including renovations to the Stephen Gregg County Park’s picturesque pond. Hoboken has just announced a final design for a new 6-acre park in the town’s northwest, which will hold over a million gallons of stormwater during heavy rain events. Currently, a temporary popup park sits on the site, allowing for the land to be used during the planning process. In Hoboken’s southern end, the city opened another resiliency park and is looking to expand it. The 2-acre Southwest Park will hold 200,000 gallons of storm water runoff. Hoboken has also made investments in the Madison Street Park which will include a
continued on page 16
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YOU’RE HOME
Harrison Urby 777 S 3RD Street Harrison NJ
Jersey City Urby 200 Greene Street Jersey City NJ
Staten Island Urby 7-8 Navy Pier Court Staten Island NY
@URBYLIFE 12 • The Hudson Reporter Real Estate Guide ~ Spring 2018
The Hudson Reporter Real Estate Guide ~ Spring 2018 â&#x20AC;¢
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ELEVATE YOUR PERSPECTIVE.
P R E M I E R C O N DOM I N I U M S SA L E S
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EXCLUSIVE MARKETING & SALES: THE MARKETING DIRECTORS Equal Housing Opportunity. The units or interests in the development are offered to the public and are sold or alienated without regard to marital status, sex, race, color, creed, religious principles, national origin, ancestry, affectional or sexual orientation, or any other basis prohibited by the Law Against Discrimination (N.J.S.A.10:5-1 et seq.).The artist representation of the EXLOGLQJ DQG DQ\ GHVFULSWLRQ RU GHSLFWLRQ RI LQWHULRU GHFRUDWLRQV ´ QLVKHV DSSOLDQFHV IXUQLVKLQJV RU H[WHULRU SKRWRJUDSKLF YLHZV FRQWDLQHG KHUHLQ DUH SURYLGHG IRU LOOXVWUDWLYH SXUSRVHV RQO\ DQG PD\ EH PRGL´ HG DOWHUHG RU FKDQJHG 7KH FRPSOHWH RIIHULQJ WHUPV DUH LQ WKH 3XEOLF 2IIHULQJ 6WDWHPHQW DYDLODEOH IURP 6SRQVRU 6SRQVRU PDNHV QR UHSUHVHQWDWLRQ RU ZDUUDQWLHV H[FHSW DV PD\ EH VHW IRUWK LQ WKH 3XEOLF 2IIHULQJ 6WDWHPHQW DQG 3XUFKDVHU DFNQRZOHGJHV DQG DJUHHV WKDW LW KDV UHOLHG RQO\ RQ WKH WHUPV RI WKH 3XEOLF 2IIHULQJ 6WDWHPHQW
redesign, renovation, and general upgrade of old equipment to make better use of the limited park space. In western Hoboken, a different 2-acre flood resiliency park is being built as part of a 30-year PILOT agreement between the city and developer Bijou Properties. The park will include a playground and 6,835-square-foot public gym and the capacity to retain 450,000 gallons of storm water. Last year the Bayonne City Council also approved funds for renovations to Collins Park which include a new playground and a larger dog park. Jersey City has also begun to undergo a park master plan for Leonard Gordon Park which will provide vision for the redesign of the space.
feed the soul
Hudson Countyâ&#x20AC;&#x2122;s attractions are endless and offer something for everyone. Whether your mind seeks educational enrichment at the Hoboken Historical Museum, continued on page 18
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the Bayonne Museum, or the Liberty Science Center, you are always sure to learn something new as every town has a story tell. Other attractions include Pole Position Raceway, Skyway Golf Course, the Lincoln Park Fountain, and Spirit of New Jersey cruises in Jersey City; Bayonne’s Tear Drop Memorial; Sinatra’s home, Carlo’s Bakery, and Pier A Park in Hoboken. Hudson County certainly has a passion for the arts scene and hosts everything from murals in Jersey City and Weehawken to artist communities and galleries showcasing local talent. If you seek live entertainment, no need to look elsewhere. The Park Theater in Union City and the Union City Performing Arts Center offer a wide variety of entertainment, music, and dance, while street fairs feature the work of many fine local artists.
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The Mile Square Theatre in Hoboken offers a variety of world class production even with Broadway actors. Other entertainment and cultural staples include community events such as street fairs, concerts, innovation expositions, Shakespeare in the Park, and movies under the stars.
anywhere you want anyway you want
Whether you’re commuting on public transportation or you choose to drive yourself, Hudson County has all the easy access you need to New York and other areas of the state. Hudson County’s public transportation options include the PATH train, with stations in Jersey City and Hoboken to midtown and downtown Manhattan. Hudson County also houses large train terminals in Hoboken and Secaucus where NJ Transit trains wait to shoot you to other municipalities without dealing with the headache caused by traffic. The Hudson Bergen Light Rail runs along the river with stops
in North Bergen, Union City, Weehawken, Hoboken, Jersey City, and Bayonne. Buses crisscross the county with several bus stops and terminals and the NY Waterway offers a ferry service to the city from Hoboken, Weehawken, and Jersey City. NY Waterway is making there service even more cost effective by adding weekend ferry service with reduced rates at the Hoboken NJ Transit Terminal and at Harborside and Paulus Hook in Jersey City. “We want to show our commitment to the people of Hoboken and Jersey City by expanding service to these fast-growing communities and expand on our family-friendly way to experience all of the wonderful things New York City has to offer,” said company owner Arthur Imperatore. Last March the ferries announced they would operate every 20 minutes between 9:54 a.m. and 8:48 p.m. between Midtown and Downtown Manhattan and the Hoboken and Jersey City terminals. According to a press release trips from Hoboken NJ Transit Terminal, Harborside in Jersey City, and the Paulus Hook in Jersey City to West 39
Street will cost $6 per trip. Harborside to Brookfield Place/Battery Park City will cost $5 per trip. Kids under five years old ride free on all routes, when accompanied by an adult. Kids under 12 ride free on NY Waterway ferries during the summer and the Holiday Season from Thanksgiving to New Year’s and on three-day Federal Holiday weekends such as Martin Luther King Weekend and President’s Weekend. Many Hudson County residents also take advantage of Uber and Lyft. But those not wishing to increase their carbon footprint can also opt for bike sharing programs offered in Hoboken and Jersey City, which will be expanding, to Guttenberg and North Bergen.
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