What Next? (1400 Hudson Street)

1/12/2010 Update:

[Continuing the second week of the “What’s Next for Hoboken?” series here on Hoboken411…]

I stumbled across this post from over a year and a half ago – and decided to “bump” it as part of the the “what’s next” series. One, because there is still no action on it – and two that I’ve heard that many residents in nearby buildings are still under Toll Bros. administration since they have to wait for the rest of the property to be finished to take over as the condo association. Lastly – I heard that Toll is considering changing these pending new condos into rentals instead.

5/16/2008:

Back in March, I wrote a story about “The Future of North Hoboken.”

Hoboken 1400 Hudson St.

Well it seems as if Toll Brothers is moving forward with the lot behind City Bistro, in front of the Hudson Tea Building. Here’s what we have in store (occupancy expected sometime in 2010.)

PHOTO GALLERY (HOLD MOUSE OVER IMAGE TO NAVIGATE – 7 PHOTOS IN THIS SET)

Building and Residence Features:

  • 13-story multi-level new construction elevator building with 200+ condominiums.
  • Concrete and Steel Construction .
  • 9′ ceilings throughout.
  • Oversize bay windows in many residences.
  • Landscaped community rooftop deck with swimming pool, hot tub, outdoor lounge area, and landscaped lawn.
  • Private rooftop garden cabanas and terraces available with spectacular NYC views.
  • 37,000 SqFt of convenient on-site stores and restaurants.
  • Two story fitness center with yoga room.
  • Exclusive residents’ club.
  • Children’s playroom.
  • 24 hour attended lobby.
  • Free shuttle service to Hoboken PATH.
  • On-site parking available.
  • Private storage units available.
  • W/D in each unit.
  • Luxury gourmet kitchens with European-style cabinetry and granite countertops.
  • KitchenAid stainless steel appliances with gas cooktop.
  • Kohler fixtures in bathrooms.
  • Balconies/Terraces in many residences.

Pricing:

Taxes: Taxes estimated to be assessed at approx 1.3% of the purchase price
Maintenance Fees: Monthly fees have not been determined yet. Average maint fees for buildings like this in Hoboken is approximately $0.55 to $0.60 per SqFt.
Prices: Prices have not been determined yet. Current average pricing for properties in this area of Hoboken is approximately $600 to $800 per SqFt.

12 Responses

  1. rag246 says:

    Welcome to north Newport!

  2. homeboken says:

    Any current Hudson Tea residents out there? I would imagine that this new project is not very popular with HTB owners.

    It looks like the 70% or so of the South facing units in the original HTB are going to be viewing a construction site for 2 years.

    The current view is a sweeping shot of Hoboken, which will be totally obstructed.

  3. whewwhewwhew says:

    500-600 more people for the cops that hide on 14th Street to ticket as they try to get to work!

    Kings profit margins just went up 50%!

  4. hobokenj says:

    Guess this dispells some of the thoughts that Hoboken real estate is going to the crapper. Not that Toll Brothers hold the magic eight ball but for them to go forward with such a massive project they must have done research and feel they can still rent or sell these units. God they ruined uptown with these giant buildings.

  5. rag246 says:

    [quote comment=”83273″]Guess this dispells some of the thoughts that Hoboken real estate is going to the crapper. Not that Toll Brothers hold the magic eight ball but for them to go forward with such a massive project they must have done research and feel they can still rent or sell these units. God they ruined uptown with these giant buildings.[/quote]

    Just as Tool Brothers got caught with their pants down in FL, they will overbuild here and repeat the “how could we have known” shrug when the sales volume dries up.

    The Hoboken I moved into is long gone. I miss it already.

  6. moe says:

    [quote comment=”83273″]Guess this dispells some of the thoughts that Hoboken real estate is going to the crapper. Not that Toll Brothers hold the magic eight ball but for them to go forward with such a massive project they must have done research and feel they can still rent or sell these units. God they ruined uptown with these giant buildings.[/quote]

    A couple of mistakes:
    1 – They could sell these units at 300/sq foot and still make money. Remember that maxwell places was initially priced at 500/sq foot and they paid quite a bit for that property. This land came with Hudson Tea so their cost is a lot lower.

    2 – Public builders can do 2 things. Build or quit. If they quit, everyone gets fired. Therefore, they build. If things get better, they make lots of money. If not, at least they kept their jobs for a couple more years. Thus, this construction should not be viewed as an endorsement of the market.

    3 – This is not a big project for toll. The land doesn’t need much preparation, nor do utilities need to be built out. All they need to do is throw up the structure. Plus, they already have the staff and since most of the early construction is done on Maxwell, they can roll them over to this project.

    4 – They have the zoning. Once you get it upzoned to include everything you want, you would be foolish to not start building. They also have the mayor on their side. No point in wasting that friend, especially since he is up for reelection next year.

  7. YipYap says:

    They must be planning on renting these units not selling them.

  8. homeworld says:

    Other than a little plaza across from the Soverign, it looks like they have about 99% lot coverage.

  9. westy says:

    You would think they could have come up with something less generic. The buildings are boring.

  10. hobojoe says:

    Yeah, but as Dave Roberts would tell us, the fact that these buildings all appear to have green-dyed mohawks more than makes up for the 99% lot coverage.

  11. el norte says:

    Hoboken is for sale. Like the rest of the united states of america. Determine who is getting rich, and find the sellers. Mostly lawmakers, a.k.a. politicians.

  12. oceanbloo says:

    I wouldn’t say that Toll ruined uptown. The Tea buildings have been there 100 years. They certainly look better now than they did 10 years ago. Maxwell Place was built on a junky factory site, so that wasn’t exactly resident-friendly open space. And the community certainly gets more out of Maxwell Place now (though not enough!) in the way of the waterfront park and “lawn” than while the factory was still there. So I see these things as an improvement.

    I’m a little surprised they are going ahead with the project, though. Things aren’t looking that good in the market.

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