The Abbey in Hoboken, NJ

You want to live in The Abbey in Hoboken, NJ?

How many of you would be okay with living in a former Hoboken church? You ever thought of what goes on behind the scenes at The Abbey on Hudson Street? This well-known structure has been around for a very VERY long time… and now at least one unit has “come to the market” courtesy of Hudson Place Realty.

Now you can see what it looks like on the inside!

The Abbey in Hoboken NJ Hudson Street Church

Is $3300 a month for a modest 2br apartment fair?

Not sure what to think of this property. For $3300 a month (about $40k post-tax per year), you can live in this “dramatic” duplex on one of the best streets in the Mile Square. How does that make you feel? Warm and fuzzy? Scared and reluctant? Anyway – here’s the pitch from the Realtor:

“Dramatic duplex in the Abbey, a converted church on beautiful Hudson Street. Original cathedral windows, vaulted ceilings, skylight & patterned inlaid hw floors. Chef’s kitchen w/ Bosch micro, range and oven, Fisher Paykel frig and Miele DW. From the kitchen is an open pass-through to an elegant, separate dining area. Baths completely redone w/ travertine marble, cutting edge vanities & soaking tub. Great closet space and laundry just outside your front door. Parking space available for additional fee. Pets ok with fee.”

This place really shouldn’t get more that $1900 a month a max, but because it’s “special” will certainly get tons of viewers. Perhaps they’ll have an ounce of common sense in their reserves, or they’ll just get wrapped up in the “frenzy” of Real Estate. We’ll see what happens to this “historical” property five years out…

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13 Comments on "The Abbey in Hoboken, NJ"

Esquire
Member
Esquire

Since when are landlords running charities? Being a landlord is a JOB, and one of the main points of having a job is making money. As stated before, the market dictates the price. If the asking price is too high (I don’t think it is–1900 is clearly comment bating) then nobody will rent it and the landlord will either (a) lower the rent, or (b) wait until someone is willing to pay 3,300 and will lose out on the months of potential rent while he waits.

@shootyz23 — What is fair? Fair value? Well, the market dictates that. And as for Washington Street, if the landlords are asking too much, which is leading to empty storefronts, then the market will put them back in line when their property remains vacant.

@Spoon — You are spot on about a surging Jersey City. There have been a lot of articles in the Times and other media lately about how JC is the new alternative to Brooklyn and Manhattan. I haven’t seen any about Hoboken. JC and its new mayor are attempting to make it a cool place to live. Hoboken, on the other hand, with its massive apartment buildings and chain stores, is trending towards the cookie cutter.

shootyz23
Member
shootyz23
In what post did any person say that a landlord was running a charity? Really, where? No Where. I never stated landlords should not make money off their investment, in fact if you reread the post you will clearly see that I stated “I do not begrudge a profit at all”. I think that clearly shows I agree with your point of making money. I agree, $1900 is comment baiting…that was not posted by shootyz! What I do not agree with is the stock, short-sighted “the market dictates xyz” response. If you do not agree that markets can be influenced by wealth, then all I can say is that you are simply wrong. [quote comment=”221504″]Since when are landlords running charities? Being a landlord is a JOB, and one of the main points of having a job is making money. As stated before, the market dictates the price. If the asking price is too high (I don’t think it is–1900 is clearly comment bating) then nobody will rent it and the landlord will either (a) lower the rent, or (b) wait until someone is willing to pay 3,300 and will lose out on the months of potential rent while he waits.@shootyz23 — What is fair? Fair value? Well, the market dictates that. And as for Washington Street, if the landlords are asking too much, which is leading to empty storefronts, then the market will put them back in line when their property remains vacant.@Spoon — You are spot on about a… Read more »
lacie
Member
lacie

Chef’s kitchen? Do realtors even know what they’re talking about anymore? Real cooks hate electric. Maybe if you specialized in microwave dinners, this is the kitchen for you.

whineanddineinhob
Member
whineanddineinhob

Realtors are the equivalent of what recruiters were to a serviceman. They both tell you exactly what you want to hear til they get you.[quote comment=”221487″]Chef’s kitchen? Do realtors even know what they’re talking about anymore? Real cooks hate electric. Maybe if you specialized in microwave dinners, this is the kitchen for you.[/quote]

bwahuh
Member
bwahuh

Of course it’s fair, the market dictates what a landlord can charge. Like it or not Hoboken has become an incredibly desirable location for those working in Manhattan yet wanting to escape the city. This specific apartment is nicely appointed, in a desirable location and in a unique building. Find me a place as nice as this one for 1900 bucks and I’ll eat my hat. Until then what is the point of complaining about rent prices? Hoboken is expensive and will continue to get more expensive. Get over it.

shootyz23
Member
shootyz23

Thanks Adam Smith!

We are all aware of market dynamics.

That being said, it is just self interest to charge this amount for a converted church. Of course, some schmuck will rent and yes, the landlord will celebrate that the market allowed for this. However, with the fantastic wealth some have in the NYC area, they can dictate the market (think NY Yankees). So, in a broader sense, NO, it is not fair to the Hoboken community in general.

Take a look at Washington St……..looks like broken teeth with all the shops closing and reopening………invisible hand calls the shots, but does not mean that it is responsible behavior. This landlord greed is ruining this city, its a shame really because it is a very community oriented city….it reeks of opportunism and greed…….so I guess to some degree you are right, will certainly get more expensive. Thank you landlords!!![quote comment=”221484″]Of course it’s fair, the market dictates what a landlord can charge. Like it or not Hoboken has become an incredibly desirable location for those working in Manhattan yet wanting to escape the city. This specific apartment is nicely appointed, in a desirable location and in a unique building. Find me a place as nice as this one for 1900 bucks and I’ll eat my hat. Until then what is the point of complaining about rent prices? Hoboken is expensive and will continue to get more expensive. Get over it.[/quote]

spoon
Member
spoon
without knowing the landloards monthly costs its just assumption that it’s landloard self interest. The landloard may only be making a few hundred bucks per month. Even if the landloard was making over a thousand a month per apartment if he can find someone to pay that so be it. He took the risk, investment and gamble into the church to convert it to an apartment. Investments a lot of times impact social dynamics and the stakeholders in a community. The government should not step in and interfere. If someone can’t afford Hoboken there is the Heights or Union City a town over. Take a bunch of loans out, put a lot of time into something and trust me you’ll also want to get top dollar for all of that work and risk you put into it. Easy to criticize from the peanut gallery. if anything washington street is improving. Bars that upgraded are making other bars upgrade to compete, (the caveat being Maxwells closing. That is a damn shame. I loved that place). Actual stores people want to shop at are moving in. Jersey City is coming on strong and if Hoboken doesn’t keep in the arms race it will get passed in 10 years time. Survival of the fittest towns. Trust me I’m far from rich (just trading hours for dollars) but to be jealous of what other people have or envious of their situation will just eat you from the inside out. Someone can afford that church… Read more »
shootyz23
Member
shootyz23
It is a safe assumption that the monthly cost to maintain a rental unit in no way approaches the cost to rent the property in most cases in Hoboken. Most rental units (not this one as it is new build, but we are speaking of the rental stock as a whole) in Hoboken have been owned for quite a long time (as you eloquently and correctly stated in your response to Whine re: subsidized/reval). I do not begrudge a profit at all and am not in the slightest “jealous or envious”. Why is this always assumed……just respond to the comment….don’t chuck mud. I fully agree with the reval, time to be fair. You are correct and stated it better than I, investments do impact the social dynamics. Sometimes for the better, sometimes for the worse. I happen to think this is for the worse. As I indicated, some schmuck will rent it but I feel it is ultimately irresponsible and greedy. It is akin to science in my eyes…”just because we could, does not mean we should”. At what point did my post indicate I wanted to “live in a Greenwhich Village Brownstone and date a model and go to cool parties and not work…….. look upon that and bitch and moan”.. Chucking more mud…..believe me, my financial position is quite far from the peanut gallery. Wealth dictates social dynamics far more than governmental regulations…..after all, how many in the government are not wealthy? They are one in the same.… Read more »
bwahuh
Member
bwahuh
Well said spoon.[quote comment=”221491″]without knowing the landloards monthly costs its just assumption that it’s landloard self interest. The landloard may only be making a few hundred bucks per month. Even if the landloard was making over a thousand a month per apartment if he can find someone to pay that so be it. He took the risk, investment and gamble into the church to convert it to an apartment. Investments a lot of times impact social dynamics and the stakeholders in a community. The government should not step in and interfere. If someone can’t afford Hoboken there is the Heights or Union City a town over.Take a bunch of loans out, put a lot of time into something and trust me you’ll also want to get top dollar for all of that work and risk you put into it. Easy to criticize from the peanut gallery.if anything washington street is improving. Bars that upgraded are making other bars upgrade to compete, (the caveat being Maxwells closing. That is a damn shame. I loved that place). Actual stores people want to shop at are moving in.Jersey City is coming on strong and if Hoboken doesn’t keep in the arms race it will get passed in 10 years time. Survival of the fittest towns.Trust me I’m far from rich (just trading hours for dollars) but to be jealous of what other people have or envious of their situation will just eat you from the inside out. Someone can afford that church apt.… Read more »
whineanddineinhob
Member
whineanddineinhob

That’s exactly the point shootyz23 is making! Those wanting to “escape the city” and flock here have reallly nothing to look forward to but higher rents. Think they’ll retire here? Think they’ll last 10 years? They’ve probably invested all they have only to be pushed out later. Now the mayor of Egg Harbor this week being forced to move as the property revals in his town tripled his taxes and he can no longer afford to live there. Sound familiar? Make sure you re-elect the current fool, and shorten the years you’ll live here.[quote comment=”221484″]Of course it’s fair, the market dictates what a landlord can charge. Like it or not Hoboken has become an incredibly desirable location for those working in Manhattan yet wanting to escape the city. This specific apartment is nicely appointed, in a desirable location and in a unique building. Find me a place as nice as this one for 1900 bucks and I’ll eat my hat. Until then what is the point of complaining about rent prices? Hoboken is expensive and will continue to get more expensive. Get over it.[/quote]

spoon
Member
spoon
Anyone who has thier taxes jump a considerable amount due to a tax revaluation is because they were underpaying taxes for probably decades. Everyone knocks Wall Street but at least Wall Street is required to Mark to market their investments quartlery for financial reporting purposes. Hoboken hasn’t marked to market the value of its properties for decades. So of course you are going to see a massive increase in what you should have been paying since you haven’t had your property marked to its actual market value. Basically everyone else in town is subsidizing your tax bill. It’s actually not fair to everyone else. town’s do not mark to market often because it’s expensive to do so and a pain. People need to bug you at home and it’s over a million bucks in Hoboken to do so. That Abbey apartment in the city would probably go for 4,500 if it was in the vilage. Tack on NYC taxes on your salary and the low 3,000 price looks like a bargain. You pay what the market will give you. I rented my hoboken apartment out for 3,300 before the recession. During the recession only 2,600 and now it’s back up to almost 2,900. The market dictates all of this. I think people forget that Landloard’s have bills to pay too. taxes, HOA, Mortgage, stuff breaks. most are breaking even if not losing money on being a landloard. [quote comment=”221485″]That’s exactly the point shootyz23 is making! Those wanting to “escape the… Read more »
Drex357
Member
Drex357
Spoon – The way real property taxes work, I don’t think frequent valuation is really necessary. That’s because, at least as I understand it, the total budget requirements from taxes are spread “ad velorem” over the total value of all the property in the town so as long as all the valuations are based on the same moment in time, everyone gets allocated their fair share, whether all the properties were undervalued (resulting in a high ratable) or overvalued (resulting in a low ratable). And the folks who significantly improve their property between these valuations don’t really escape either because that is one of the principal purposes of the building permit process (to tag the added value to your assessed value). As for mark-to-market accounting, that worked really well in the financial meltdown in 2008, didn’t it? And that $3300/month probably looks pretty reasonable to all the folks who are paying $3600 or more for their cookie cutter 2 beds in the Shipyard buildings.[quote comment=”221489″]Anyone who has thier taxes jump a considerable amount due to a tax revaluation is because they were underpaying taxes for probably decades.Everyone knocks Wall Street but at least Wall Street is required to Mark to market their investments quartlery for financial reporting purposes.Hoboken hasn’t marked to market the value of its properties for decades. So of course you are going to see a massive increase in what you should have been paying since you haven’t had your property marked to its actual market value. Basically… Read more »
shootyz23
Member
shootyz23

Another fine example of why we need rent control in Hoboken, who would dare argue that a mere part of a church converted to a 2 bedroom is NOT worth $3300 a month? Makes me laugh.

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