2014 Oct 28th

The Weekly Wednesday Wrap-Up – Hoboken Residential Sales and Activity for the Week of October 29th, 2014

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As of October 29th, 2014:

  • 182 active Hoboken listings
  • 160 Condo & Co-op listings, compared to 169 last week
  • 10 Single-family listings, compared to 11 last week
  • 12 Multi-family listings, compared to 13 last week

This Week’s Residential Property Sales & Activity:

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

 

Studio & 1-Bedroom Properties

58 Active listings

1 New listing

2 Price changes

3 DABOs

  • 358 3rd St., 2L listed Oct 4 for $265K;
  • 72 Park Ave., 4A listed Sept 4 for $505K; reduced Oct 2 to $499K; reduced Oct 15 to $485K;
  • 1021 Grand St., PHG listed Aug 1 for $589K; reduced Sept 19 to $575K;

6 Sold

  • 650 1st St., 3 listed Aug 19 for $325K; sold for $300K;
  • 718 Grand St., 3 listed Jun 20 for $319K; sold for $310K;
  • 416 Monroe St., 3R listed July 3 for $359K; sold for $359K;
  • 812 Grand St., 515 listed Sept 9 for $475K; sold for $493K;
  • 501 9th St., 316 listed Aug 21 for $489K; sold for $511K;
  • 1100 Adams St., 216 listed May 15 for $530K; sold for $515K;

 

2-Bedroom Properties

74 Active listings

6 New listings

6 Price changes

6 DABOs

  • 906 Washington St., 2 listed Oct 11 for $479K;
  • 208 Park Ave., 1R listed Oct. 15 for $549K;
  • 820 Hudson St., C-5 listed Sept 24 for $749K;
  • 659 1st St., 212 listed Oct 14 for $849K;
  • 601 Observer Hghwy., 302 listed Oct 16 for $899K;
  • 1450 Washington St., 311 listed Sept 17 for $949K; reduced Sept 29 to $920K; reduced Oct 13 to $900K;
3 Sold
  • 622 Park Ave., 3B listed July 31 for $400K; sold for $385K;
  • 322 Grand St., 2L/3 listed Aug 6 for $425K; sold for $420K;
  • 452 2nd St., 4 listed Aug 21 for $719K; sold for $712K;

 

3-Bedroom & Larger Properties

28 Active listings

6 New listings

2 Price changes

12 Multi-Family Active listings

10 Single-Family Active listings

2 DABOs

  • 501 Adams St., 1I listed Oct 17 for $735K;
  • 160 8th St., listed Oct 3 for $1.050M;

6 sold

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Posted by Nathan Turoff | Currently 2 Comments »

2014 Oct 28th

Should Hoboken Let Condos be Built On a Pier in the Hudson River?

More important development news.  MEETING TONIGHT at 6pm – at the Wallace School. From the Hudson Reporter website:

‘Hoboken Residents for a Public Waterfront’
Oct 26, 2014 | 358 views | 1 1 comments | 3 3 recommendations | email to a friend | print

Dear Editor: This Tuesday evening, October 28th, there is an important decision that will be rendered relating to the Barry family / Applied Companies’ proposed Monarch development (“Monarch”). The Hudson County Board of Freeholders (“Freeholders”) are holding a special meeting to vote on whether the original Hudson County Planning Board’s (“HCPB”) February 2012 decision to deny the application for Monarch will still stand. The meeting will be held at the Wallace School, at 1100 Willow Ave at 6 pm. The Freeholders have two real choices that night: To uphold or to overturn the original decision. However, the freeholders are considering a third choice, which is to send it back to the HCPB for them to reconsider and render a new decision. About twenty Hoboken residents attended the February 2012 HCPB meeting and witnessed Applied’s presentation on Monarch and the HCPB’s thoughtful, detailed review and denial due to specific concerns about traffic, roadways and safety, incomplete and inaccurate expert reports, and Applied’s unwillingness to respond to questions of the HCPB’s engineering consultant. So Applied’s application was originally denied as a result of their own failures. And now they are potentially going to be given another bite at the apple? Does this seem fair to the Hoboken residents who have unanimously opposed this project in favor of keeping our waterfront public open space? As a matter of law, applicants are not entitled to a reconsideration if their application was denied. So the freeholders should not even be considering this as a choice. If the freeholders do send this back to HCPB for their reconsideration, then the concern is that the HCBP will approve the application either because they may not be as thorough as its first review or may include other considerations that would influence their decision like the potential for further litigation costs they would take on if they deny the application again. The freeholders, by a 5-1 vote, have agreed to hold the meeting in Hoboken given the importance to our community and the freeholders should be commended for this. Unfortunately, because of freeholder Romano’s position on the HCPB, he has been recused and will not be in attendance nor voting that night (he was also recused from the vote to move to Hoboken). What this means is that we are left without direct Hoboken representation on this vote. Given the importance of this to Hoboken, it should be important to Hudson County. Let the Hudson County Board of Freeholders know how important this is to us by sending emails to them via Albert Santos, Clerk to the Freeholders at [email protected] Even more critical, is that you attend the meeting to show the freeholders that Hoboken is in fact represented, that Hoboken opposes this project and that Hoboken does not think it is fair that once again, that the Barry family be rewarded for breaking promises the made to the Hoboken community. I hope to see you at the meeting! Tiffanie Fisher Hoboken Residents for a Public Waterfront

Posted by Lori Turoff | Currently 1 Comment »

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.”

Posted by Lori Turoff | Currently 1 Comment »

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