Archived Posts from "'Real Estate'"

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

The Continental

The Continental – 715 Grand Street – Hoboken, NJ

Well – Grand Street between 7th and 8th has reached a mini-milestone as of late. The building that replaced the knocked-down Mike’s Unfinished Furniture at 715 Grand, is nearing completion of the exterior – and has a name: The Continental.

The Continental apartment Hoboken NJ Grand Street

What is The Continental Hoboken billing itself as?

“A boutique, high-end condominium building conveniently located within a quiet neighborhood in midtown Hoboken. Amid parks and schools, The Continental features generously sized two, three and rare four bedroom residences ranging in size from 1,327 sq ft up to 2,778 sq ft. What truly distinguishes The Continental from all else on the market is that each of its fourteen units has been uniquely designed with meticulous care for varied tastes. Discerning buyers with specific spatial and layout needs will appreciate the specialness of each unit. Some layouts provide 17’ ceilings, mezzanines and duplexes.

Others feature unusually large private terraces that range from 700 to 1,000 sq. ft. High-end finishes are elegant and very modern. The Continental, available for residency in the fall of 2014, will also provide its own parking garage.”

The Continental Hoboken NJ Condo

If you want “in” at The Continental – they’re going FAST!

Of the 14 two, three and four bedroom units at The Continental Hoboken, nine have been spoken for, and five remain for sale as of last month.

What’s left are just a few two and three bedroom models ranging from $1.0 million to $1.4 million in price, and between 1300 and 1900 square feet. All six models with outdoor spaces are under contract. Sorry!

I can only imagine what the four bedroom 2700 sq. ft. models with outdoor patios sold for. Had to be closer to $3 million!

Plus – the parking spots are offered at “only” $40,000 each.

Hopefully all the mercury is gone from the lot across the street. Good luck future residents of this block!

Description: Residential condominium with terraces and garage parking.
Address: 715 Grand Street, Hoboken, NJ 07030
Phone: (201)420-7393
Email: continentalhoboken@gmail.com​
Online: continentalhoboken.com

8-10-12 Paterson Avenue

Dangling carrot: 8-10-12 Paterson Avenue in Hoboken, NJ

Wow, for at least the last six or seven years, all sorts of “dangling carrots” have been tossed around in regards to the Southwest portion of Hoboken. From new residents getting promised parks “any day now,” back in 2007, and still to this day in 2014 – with a property owner touting this “approved” project at 8-10-12 Paterson Avenue.

This is the site of the doomed J&D Provisions deli.

A developer (with an apparently already approved building design) is touting these three existing lots “directly across” from “the already approved family-friendly Hoboken Park.” This building would have space for 12 “luxury” condos ranging from 1100 to 2200 sq. ft.

8-10-12 Paterson Hoboken NJ

Problem with “family friendly park” is that it’s all just “talk”

No parks in Hoboken NJ all talkSee, for starters, I know people can be “hopeful” that a park will be built, but the land has not been paid for yet. And money has not been allocated to even build the (less than) one-acre “park.” So at this point with no “shovels in the ground,” it’s still just a parking lot.

Furthermore – even if it DOES get built in this decade, it is slated to be the equivalent of a pedestrian plaza where area workers *might* have lunch at on nice days. You can barely house a hot dog vendor in a space that small. Would any parents risk crossing the highway to have their toddler play on a tiny patch of grass soaked with dog urine? Can you possibly even “make a day” of eating a hot dog and playing horseshoes?

And what about those two properties that refuse to move? How hilarious is that? Boy, those two ugly abodes would get an instant landscaping upgrade!

Lastly – even though they’re about to start replacing old wooden sewers under the adjacent street – that is barely scratching the surface of any real flood mitigation that is required in that area. If the planets aligned perfectly – you’d still end up paying $25 million for a patch of grass no different than the joke of a park uptown in the Shoprite parking lot.

Translation: Don’t hold your breath. At least not under “Mayor” Don Zimmer’s administration.