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Archived Posts from "'Real Estate'"

More Hoboken Waterfront Towers Coming?

Monarch at Shipyard still on the radar in Hoboken

The political battle known as Monarch at Shipyard, though local courts gave the “green light” for the project earlier this year – debate still rages on.

Most people who live in the vicinity oppose the plan and feel it’s too much, and would hurt property values. While other residents actually support it, saying that having the piers “brought to life” would actually improve the city.

Monarch at Shipyard debate continues in Hoboken NJ

Mason to Freeholders: “Reject the Monarch”

Councilwoman Beth Mason called on the Hudson County Board of Chosen Freeholders to vote against a controversial development plan because she feels that will adversely impact the Hoboken community. Hudson County Freeholders will vote on whether to uphold the county planning board’s rejection of the project at their next meeting on October 28, 2014.

The Monarch project includes plans to build two high-rise towers located at Sinatra Drive and Shipyard Lane in Hoboken. This is in direct opposition to the city’s and the developer’s original intention for the area, which was to create a waterfront walkway, tennis pavilion with several courts, and parking.

“The proposed site for the Monarch project was originally designated for public use, including a waterfront walkway, tennis courts, and additional parking for all residents to enjoy,” said Councilwoman Mason. “Replacing those plans with two high-rise towers will negatively impact Hoboken residents by putting an additional strain on our roadways, sewage, and public transportation systems. We must remain focused on improving our residents’ quality of life, and that is why I am calling on Hudson County Freeholders to vote down the Monarch project.”

Mason, who represents Hoboken’s 2nd Ward on the City Council, has been a leading advocate for constituents who are opposed to the project. She recently asked Hudson County Freeholders to host its October meeting in Hoboken, making it easier for the residents who will be impacted by the project to attend.

Earlier this year, Mason met with members of New Jersey’s congressional delegation to talk about the negative impact the Monarch project would have on the Hoboken community. And now, she’s calling on both federal and state officials to join residents in opposing the contentious project.

“The people of Hoboken and the county planning board have made it clear that this project is not in the best interest of our community,” said Mason. “I hope that our federal and state elected officials will join us in opposition of the Monarch project.”

Mason will be organizing residents to attend the October meeting. She is committed to ensuring that her constituents are represented fairly and that their voices are heard by Hudson County Freeholders prior to the vote.

Click to see original Monarch Updates…

8th & Jefferson: For Sale!

Corner retail spot at 732 Jefferson in Hoboken for sale

Did you know that the location known as 732 Jefferson St. (at 8th & Jefferson) is for sale?

That’s right. For a mere $1.7 million bucks, an 1875 square foot sliver of Hoboken can be YOURS! The two businesses located there are The Blowout Zone (4 years left on lease), and one of the last remaining “dive bars” in Hoboken – DC’s Tavern (2 years left on lease). But is it worth it? See below for our armchair mathematics!

8th & Jefferson for sale in Hoboken NJ

$1.7 mil only worth it if you REDEVELOP!

Let’s take a look at some numbers here.

This spot generates about $100k in rental revenue annually ($85k after overhead).

So that means that if you have the luxury of paying CASH in full – it would take at least a full 20 years to see a “return on your investment” (ROI). 100% insanity! And if you had to get a mortgage on the property, keeping the status quo would take 50 or more years to “get into the black.”

It’s obvious the property owner just wants a payday – and hopes an overly-optimistic developer will buy the property, wait four years to get the tenants out, and push for some kind of profitable upgrade.

Whether it’s more condos above (with street-level retail), or some other kind of revenue-generating upgrade is unknown in this city. Because some folks with grand dreams get crushed by the city, and other good businesses also leave Hoboken in frustration due to the psychopathic ineptitude over at the zoning and planning boards at city hall.

The listing agent is Keller Williams.

One thing for sure. If this property sells – that pretty much guarantees DC’s bar will be gone forever. Even if they keep retail on-board, the rent would likely triple – meaning that an old-fashioned watering hole could never survive.

Pack your bags, people – Hoboken is changing!

NJ Transit Rail Yards Plan

NJ Transit / Hoboken Terminal Yards Redevelopment Plan update

We’ve been covering the NJ Transit Rail Yards “redevelopment plan” for the past six or seven years. And this political football topic has been around for more than 15 years! And look – still nothing done! Yet they keep talking about it as if it’s going to happen “any day now!”

We’re here to tell you it’s NOT.

Hoboken Yard Redevelopment Plan 2014 dog and pony show

Hoboken terminal plan is just rhetoric (and bad ideas!)

There’s yet another meeting dog and pony show tonight at City Hall to “discuss” this “plan.” Countless other “sideshows” disguised as “community input meetings” have been held over the years. These accomplish a few goals.

  • Make the community feel as if their input matters (it rarely, if ever does)
  • Give attention to politicians, make them appear competent, knowledgeable
  • Mask incompetence, divert spotlight from failed promises

Why the plan will not happen any time soon

This political football pipe dream may seem within touch for some people, but the reality is that it is nowhere near close to happening. It’s all rhetoric.

For one, before any building is built – a TON of infrastructure work has to be completed.

PSE&G is in the midst of ripping up streets all over town. They “project” they’ll have the “upgrades” down in two or three years (not including any unforeseen “discoveries” and other un-planned for circumstances). Any projection from a public utility can easily be doubled. So say five years is more realistic.

And that doesn’t include any of the work that United Water needs to do as well.

Add in a healthy mixture of legal battles, environmentalists, hearings, a revolving door of politicians, elections, unforeseen weather events, economic intangibles, and scandals – and I’d be very surprised if anything is even started by the year 2025.

Observer Highway Hoboken proposed traffic jam squeeze

Why the plan (in general) is a bad idea

Let’s say they “break ground” tomorrow (they’re not), only for sake of discussion. We think this plan is another one of those Utopian “pies in the sky.” Urban planners all over the world have a massive track record of failure to plan for growth appropriately. Not just here in Hoboken, but everywhere. Highways too narrow, bridges & tunnels too small, over-developing in climatologically risky areas, etc.

In this case – they want to redesign the downtown area with a full suite of accouterments that are currently ranking high (in terms of progressive “buzz.”) Like bike lanes, “eco-friendly” drainage, pedestrian (homeless) piazzas, green roofs, and all the other lingo. Missing from that batch of fuzzy feel good propaganda is a healthy dose of logic and reality.

Another big part of progressive plans like these are “traffic and pedestrian safety measures.” Including speed bumps, curb cutouts, special lanes for bicyclists, handicapped people, and so on. They also like to throw in “traffic calming” features as well, which slows movement. Let’s sum up what would really happen if they built this massive project as proposed today:

  • Traffic bottlenecks will drastically get worse (even with fancy signals and timing mechanisms).
  • Minor incidents will now result in catastrophic delays in terms of the effects they’ll have on volume.
  • Desperate drivers will seek alternate routes – quite possibly increasing volume on streets that normally don’t experience it.
  • Adding offices, jobs, and residential units will only compound the problem (i.e., people still love cars).
  • And most importantly – parking will get even MORE difficult.

It sure would be nice if someone stood up and said “wait a minute, are we really thinking this through?”

Sucks that only profit and political scores are the lone things that result from projects like this. All that happens is that (realistic) issues are “kicked down the road” and become someone else’s problems (sort of like how every headache in Hoboken today was effectively caused by someone else 10, 20 or 100 years ago).

Click for previous NJ Transit Plan updates going back to 2008…

Hoboken Paint & Hardware

Hoboken Paint & Hardware closes after 23 years (doubled rent!)

Another long-time Hoboken business is now gone. Hoboken Paint & Hardware at 316 Washington Street is officially closed. Gotta love the way “mayor” don Zimmer is going out of her way to keep great businesses in town. As chain store after chain store open, what made Hoboken unique with places like this, close up shop. “Great Downtowns” my ass!

Hoboken Paint and Hardware closing

They had everything you could possibly need for the upkeep of your home or apartment. Little nuts & bolts. Light bulbs. Tools, fasteners, hooks, paint, and much more. And they were the ONLY Hoboken hardware store open on Sunday. Now if you need an emergency part or plumbing supply – you’ll have to figure out how to get to Home Depot.

The rent apparently was doubling to around $20,000 per month. But I’m sure if an Apple store opens up there, most of you will be thrilled. Because what more do you need in life? /sarc.

If you happen to be walking by and they’re open – everything inside is 50% off.

Hoboken Paint and Hardware doomed thanks to zimmer

Description: Paint & Hardware. Essentially vacant now.
Address: 316 Washington St, Hoboken, NJ 07030
Telephone: 201-222-0003

259 First Street Action

New building taking shape at 259 First Street in Hoboken

259 First Street Hoboken NJ Real EstateFor a few blocks along First Street in Hoboken, it doesn’t always look promising – mainly due to the fact that this area gets crushed during any major rainfall or hurricane. It’s knocked out quite a few shops, including community food staples like Filippo’s Pizza. But that doesn’t keep people from trying, as a totally brand new building was erected at 259 First Street (and stretching all the way across the block to Newark Street.

Supposedly, the ground floor retail section already has a tenant, and is expected to be a new restaurant.

The rest of the building apparently includes a handful of condos (3) and the rest is to be “office space.” That’s one trend that seems to be growing in town – is small offices for rent. I suppose entrepreneurs find Hoboken attractive, especially with it’s easy commute to and from Manhattan.

Stay tuned!

Description: Mixed-use building
Address: 259 First St., Hoboken, NJ 07030
Phone: N/A
Online: N/A

List It Realty

List It Realty – Hoboken, NJ – 50 Harrison Street

List It Realty, LLC is a relatively new Real Estate Broker in Hoboken that is continuing the trend that you don’t need a $300k a year corner retail spot to help connect property buyers and sellers anymore.

Like AVENUE Residential, which also follows the “small office in the back of Hoboken” Realtor model – Broker Nicholas Luberto, Jr. seems to be making a pretty decent splash here in town. We see more and more of his signs going up by the week.

List It Realty Hoboken NJ For Sale

How far will the “tiny” broker model go in Hoboken?

Do you think this new model is threatening the “big wigs” of Hudson County Real Estate like Coldwell Banker, Keller Williams, or Halstead Property?

Or are these agents/brokers just sick of giving half their commission away to someone else – and would rather have a small brokerage in order to have the opportunity to take more of the sale?

Perhaps this also gives them leverage in lowering their commission rates in order to lure customers who want the exposure without having the headaches of selling FSBO?

Nicholas says: “Our strong commitment to work ethic, marketing strategies and expertise provides a full range of services all under one roof, which makes our agency stand above.”

Good to know that other agencies have terrible work ethic, shitty marketing plans, and total lack of expertise… Go check out List It Realty’s website for more ground-breaking information.

List It Realty Hoboken NJ For rent

Description: Realtor
Address: 50 Harrison Street, Suite 203D, Hoboken, NJ 07030
Phone: (201)942-9922
Email: NLuberto@ListItNJ.com
Online: listitnj.com