2014 Oct 28th

City of Hoboken Announces New Plan for Redevelopment at Hudson Yards – That’s By NJ Transit Tracks

yard

The City of Hoboken is introducing a final draft for the Hoboken Yard Redevelopment Plan which will be considered on first reading by the City Council at their next meeting on November 5, 2014. If approved by the Council, the plan would then be reviewed by the Planning Board. The Planning Board would provide a recommendation to the City Council, which would then hold a final vote to consider adopting the Plan.

The City’s revised Plan calls for a baseline 2.176 million square foot mixed use project with an additional 125,000 square feet of commercial space permitted if the commercial space is architecturally creative and designed to LEED Gold standard. Two-thirds of the overall plan is for office space and one-quarter for residential space, with the remainder for retail space. The plan would create a true mixed-use project that will significantly diversify the local economy, support local businesses, and revitalize the Hoboken Terminal area and Observer Highway area – an essential gateway to Hoboken.

“This plan represents the results of an extensive City Council and community process to find consensus,” said Mayor Dawn Zimmer. “It is my hope that all of the parties will objectively evaluate this project and move forward in the best interests of our State and our City.”

The public is invited to view the plan, plan presentation, economic analysis, and overview of changes compared to the 2012 draft plan at the following links:

Economic Viability

The City’s Economic Analysis, conducted by Freeman/Frazier & Associates, Inc., a highly regarded and experienced New York City-based firm, makes clear that the implementation of the Plan is economically viable. The economic experts considered, among other factors, the value of the land, soft costs, construction costs, flood resiliency costs, relocation costs, infrastructure costs, and the fair market value of the residential, retail, and office space improvements. They concluded that the “cash flow model indicates that the IRR [Internal Rate of Return] of the project will be 12.9%” which “is at the high end of the minimum range of pro forma rates of return in the New York – New Jersey Market as reported by the ‘Realty Rates’ survey in the 3rd Quarter of 2014.” This is a conservative estimate that does not include the additional 125,000 square foot density bonus.

The proposed project will create thousands of construction and permanent jobs, bring new companies to New Jersey, and add millions of dollars of revenue for the State of New Jersey.

“While NJ Transit will not receive the enormous revenue that it hoped to receive when it originally proposed its 9 million square foot plan back in 2008, it will receive a fair return on its real estate asset enabling it to make overdue and vitally necessary improvements to its Hoboken facilities,” added Mayor Zimmer. “Hoboken is the 4th most densely populated City in the country, so we are quite sensitive to the burden that excessive new residential density would place on our City’s infrastructure.”

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Posted by Lori Turoff | Currently 1 Comment »

2014 Oct 25th

The Hoboken & Downtown JC Open House Google Map for Saturday, October 25th & Sunday, October 26th, 2014

 

Courtesy of the Turoff Realty Team

No need to register! No form to fill out!

Just click on the map below to see every Open House in Hoboken this weekend:

hoboken-open-house

Click HERE to see the Downtown Jersey City Open House Map

When you look at the maps, place markers are color coded:

  • Studios & 1BRs are red
  • 2BRs are green
  • 3BRs & Bigger are yellow
  • New listings are marked with a Push Pin icon (in the same color scheme.)

Click the “Address”, “Price” “Bed” or “Details” columns to sort the list of open houses in ascending or descending order.

Click on the location marker for:

Posted by Nathan Turoff | Currently No Comments »

2014 Oct 22nd

The Weekly Wednesday Wrap-Up – Hoboken Residential Sales and Activity for the Week of October 22nd, 2014

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As of October 22nd, 2014:

  • 193 active Hoboken listings
  • 169 Condo & Co-op listings, compared to 162 last week
  • 11 Single-family listings, compared to 9 last week
  • 13 Multi-family listings, compared to 14 last week

This Week’s Residential Property Sales & Activity:

  • 14 DABOs (Deposit Accepted By Owner and Under Contract) vs. 15 last week
  • 19 Sold vs 18 last week
  • 40 New listings vs. 19 last week
  • 14 Price changes vs. 10 last week
  • 0 expired listing vs. 1 last week

 

Studio & 1-Bedroom Properties

63 Active listings

14 New listings

5 Price changes

3 DABOs

  • 420 Madison St., 8(4R) listed Oct 15 for $349K;
  • 315 Willow Ave., 1 listed Oct 6 for $359K;
  • 1500 Hudson St., 3C listed Sept 4 for $569K;

9 Sold

  • 235 Monroe St., 8 listed April 24 for $242K; sold for $242K;
  • 119 Clinton St., 1R listed May 6 for $309K; reduced Aug 11 to $299K; sold for $287K;
  • 358 14th St., 1 listed June 20 for $375K; sold for $375K;
  • 211 Adams St., 6 listed June 11 for $379K; sold for $379K;
  • 80 Park Ave., 2F listed June 11 for $390K; sold for $390K;
  • 400 9th St., W3L listed Aug 13 for $500K; sold for $495K;
  • 2 Constitution Ct., 408 listed May 27 for $540K; sold for $510K;
  • 83 Monroe St., 3D listed July 7 for $525K; sold for $515K;
  • 1125 Maxwell Ln.,. 220 listed Aug 20 for $749K; sold for $806K;

 

2-Bedroom Properties

81 Active listings

17 New listings

1 Price change

7 DABOs

  • 906 Washington St., 2 listed Oct 11 for $479K;
  • 1007 Willow Ave., 4 listed Oct 15 for $525K;
  • 800 Jackson St., 504 listed Sept 22 for $589K;
  • 1320 Bloomfield St., 3B listed Oct 15 for $619K;
  • 1200 Grand St., 408 listed Sept 30 for $650K;
  • 1028 Hudson St., 2 listed Oct 9 for $699K;
  • 1500 Washington St., 5B listed June 5 for $825K; reduced July 14 to $795K; reduced Sept 24 to $785K;
10 Sold
  • 333 Adams St., 3 listed July 23 for $480K; sold for $462K;
  • 812 Grand St., 517 listed Sept 3 for $579K; sold for $565K;
  • 830 Monroe St., 4B listed June 5 for $596K; reduced June 25 to $585K; reduced July 23 to $579K; sold for $565K;
  • 611 Madison St., B listed Aug 26 for $545K; sold for $587K;
  • 729 Madison St., 4D listed Aug 5 for $600K; sold for $595K;
  • 635 6th St., 3A listed April 29 for $555K; sold for $601K;
  • 704 Bloomfield St., 2 listed Aug 12 for $575K; sold for $603K;
  • 116 Madison St., 2 listed May 5 for $675K; sold for $670K;
  • 1300 Grand St., 406 listed May 29 for $645K; sold for $675K;
  • 1100 Adams St., 315 listed July 14 for $765K; reduced July 29 to $759K; reduced Aug 4 to $739K; sold for $739K;

 

3-Bedroom & Larger Properties

25 Active listings

9 New listings

8 Price changes

13 Multi-Family Active listings

11 Single-Family Active listings

4 DABOs

  • 700 1st St., 10W listed Sept 19 for $629K;
  • 501 Adams St., 1I listed Oct 17 for $735K;
  • 306 6th St., 4 listed Oct 14 for $1.199M;
  • 809 Hudson St., listed Aug 6 for $2.999M;

0 sold

Posted by Nathan Turoff | Currently 3 Comments »

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