Friday, November 16, 2007

Jersey City sales updates

77 Hudson St - This September developer K. Hovnanian opened the sales center for their 42 story, 420 unit condominium tower. The projects one, two, and three bedroom homes are priced from the $500,000s to $3,000,000. A four alarm fire that struck the building in early October is not expected to delay the project.

Trump Plaza Jersey City - The 50 and 55 story buildings of Trump Plaza Jersey City will be New Jersey's tallest residential buildings. With 74 percent of the first tower's 445 units sold as of early September, sales at the second tower are slate to begin in early 2008.

For more information on these, or any other projects, Contact us

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Posted by Andy at 10:16 AM | | Comments  

Thursday, November 15, 2007

Rentals on the Rise

With all the condo conversion over the past decade taking hundreds of rentals off the market, it's no surprise rents in Hoboken are at an all time high. However, with Upper Grand's 1000 Jefferson switching to rental at the last minute, the dearth of new rental construction is coming to an end. With 1000 Jefferson now experiencing brisk leasing activity more of the new buildings you see going up are likely to be rentals.
The buildings going up on 7th St between Grand and Adams and the new Upper Grand building going up south of ShopRite are two buildings designed and being built as rentals. However, other building originally conceived or designed as condos have now switched course as well. Recent additions to the rental supply include Velocity at 6th and Jackson as well as The Cliffs on the west end of town on Paterson Plank Rd. This new supply will likely not lead to lower rents since it will only put a dent in the local rental shortage. Hopefully though, it will at least make the process of finding an apartment in Hoboken a little less painful.

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Posted by Andy at 9:10 AM | | Comments