Will it sell? Plot on 14th & Clinton

5/22/2009:

will-it-sell-14th-and-clinton-parking-lots-hoboken-nj

What Real Estate bubble?

Hoboken411 reader John sent this Real Estate link for a property on 14th & Clinton Streets.

After selling my mansions in the tropics, I’ve been a bit out of the loop when it comes to Real Estate listings… maybe someone can explain why this is listed as “vacant lot,” but goes on to describe:

“Fantastic 50 unit development opportunity with approvals in the North West section of Hoboken. The beautiful Marchetto & Assoc. designed building will be comprised of 20 live/work space units, 30 residential units, and one commercial artist studio all within 6 stories. The bldg. supports parking for 76 vehicles and common rooftop terrace. Some units will have private terraces and roof decks. Also avaiable for lease at $20K per month NNN long term lease.”

Does this mean that for $7.5 million I can buy the property, THEN pay to have this “pre-approved” building design constructed?? Wouldn’t that be another $5-10 Million?

Forgive me if I’m just not seeing it – I think I’m overwhelmed with vitamins since I began juicing daily.

why-isnt-this-harbor-house-lot-used

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4 Comments on "Will it sell? Plot on 14th & Clinton"

ahobokenguy
Member

The “Harbor” has been closed for a few weeks. I always thought their property was owned by the city/state/county/ other public entity. Maybe that is just the physical buildings and property across the street from the lot. I wouldn’t be surprised if they went up for sale soon as well. Maybe that lot was a lease.

Also not sure how that property is currently zoned. looks like mixed use from the existing designs. Condos next to the bus lots, nice!

I am surprised we haven’t seen a Harbor update on 411.

elainetyger
Member
elainetyger

That land is currently the parking lot and picnic area for the halfway house. What happens to the halfway house when the land is sold? Will there be a tunnel through the complex basement for the half-criminals to get to the basketball court?

sonofagunk
Member
sonofagunk

that’s $150K just for the land for the 50 units.

Isn’t the city going to take the land over anyway?

NewarkNick
Member
NewarkNick

It’ll never sell for that much. You always have to start high to get to the price you’re ok with.

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