Exodus to… Union City?
“A Window of Opportunity”
The article touches on the “brave” developments happening in Union City (which is even more densely populated than Hoboken), the demographics, retail environment, and proximity to New York City.
One of the developments mentioned is The Thread building.
They said that the affordable prices, modern amenities and stunning views have helped the building almost sell 50% of the units already. Even more compelling is the fact that Union City property taxes are incredibly low compared to Hoboken (under $900 a year for a one bedroom!) Here’s an excerpt:
Using Hoboken’s property taxes as a competitive edge
“We designed the units to be competitively priced,” Kizel said, adding that it is cheaper than similar units in Hoboken and Jersey City.
The building’s amenities include community rooms that have a country-club feel, with pool and card tables, flat-screen TVs, and a bar; a gym; and modern appliances and ornamental lighting inside the homes. Union City’s people are an industrious lot, Wainstein said, as most of the 200 businesses in its urban enterprise zone are family-owned retail establishments, like clothing and food stores, pharmacies, and gift shops. The 3.5 percent sales tax in the zone helps draw business also from neighboring cities, and the city’s multiethnic demographic makes for diversity in shopping alternatives, he added.
“It seems Union City will become like Hoboken soon enough,” Olmo said. “People moving into Union City don’t want to spend the money on Hoboken, where [property] taxes are high.”
What are your thoughts? Would YOU move to Union City?
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