2014 Sep 23rd

Speaking of Real Estate Development – This is the News Here in Hoboken

The City of Hoboken posted the below information about the Monarch project on its FaceBook Page:

The City of Hoboken is continuing to oppose, through a variety of means, Shipyard Associate’s attempts to develop residential buildings on a waterfront pier, known as the Monarch project, in place of promised recreation amenities. In particular, the City is highly concerned about public safety issues associated with waterfront pier development from the well-documented flood hazard threats posed by major storm events such as Superstorm Sandy.

flooded pier

THIS IS WHERE APPLIED WANTS TO BUILD!!!

The City of Hoboken is legally challenging the Monarch project on several fronts:
1. The City is appealing to the appellate court the decision by New Jersey Department of Environmental Protection to approve a permit for the Monarch project.
2. The City is appealing the Superior Court’s decision regarding the Hoboken Planning Board, which rejected Shipyard’s application to amend a prior Development Agreement until all legal issues were resolved.
3. The City is fighting a lawsuit in federal court filed by Shipyard challenging the City’s flood hazard protection ordinance which bans the development of commercial and residential development on waterfront piers.
“Hoboken’s flood protection ordinance and our opposition to this project are in line with Governor Christie’s veto of state legislation that would have allowed new construction on existing piers in the Hudson River,” said Mayor Dawn Zimmer. “We will continue to vigorously defend the City’s interests and hold developers accountable for their promises.”
County Freeholder Meeting on Monarch – Tuesday, September 23rd
Separate from the City’s legal challenge, the Hudson County Board of Chosen Freeholders will hold a special meeting at 6:00pm on Tuesday, September 23, 2014 and vote on whether or not to uphold the Hudson County Planning Board’s denial of Shipyard’s application for the Monarch project. The meeting will take place on the 3rd floor of the Administration Building Annex located at 567 Pavonia Avenue in Jersey City. Concerned members of the community are urged to attend and voice their opinions.
Background on Monarch Lawsuit
The City of Hoboken filed suit in 2012 in order to enforce the 1997 Developer’s Agreement between Shipyard, the Planning Board and the City that provided for the construction of a multi-phased, mixed use project along the waterfront, including over 1,000 residential units. According to the Agreement, Shipyard agreed to construct three tennis courts on a waterfront pier as the last phase of the development. Shipyard has financially benefited from development of more than 1,000 residential units, however in 2012, the developer unilaterally decided to abandon the public recreation improvements and replace it with two 11 story residential buildings, known as the Monarch project.

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2014 Sep 22nd

Jersey City is Getting all the Good Press about Real Estate Development

I’ve been telling my investor buyers for months now, that Journal Square is the next hot thing.  No, it does not look that way today but that is the key to real estate investing.  Get in before the neighborhood changes.  And change, it is a coming.

brunch

Downtown Jersey City is still in flux and getting better every day.  I saw some gorgeous units at the Boniface Lofts last night right near Newark Ave and the heart of the now-thriving commercial hub near Grove Street.  A historic church has been converted with a focus on retaining the character of the original building and reusing materials.  Prices are still well under $1,000 a square foot, a bargain compared to Brooklyn.

The entire scene downtown JC is coming alive.  Barcade, of Williamsburg provenance, has opened on Newark Ave., Thirty Acres is getting tons of great press, with the kind of interesting menu that simply is not to be found in Hoboken.  It all makes me want to move there.

Posted by Lori Turoff | Currently 2 Comments »

2014 Sep 21st

Wanna see What Luxury Living Looks Like in Hoboken

I don’t usually write about listings, especially my own, but this one is too good to pass up.image

It’s the southeast corner penthouse at the new 1450 Washington St. building which is part of the Toll Brothers Harborside community. Aside from incredible views, which mostly will continue to exist even after 1450 Hudson goes up, it has a private roof deck with a killer stone kitchen. Come by our open house today from 1 to 3pm and say hello to the Turoff Team (minus the best part – Velvet).

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