Fire – 11th and Bloomfield

A fire started this morning shortly before 6am on the southwest corner of 11th St. and Bloomfield.

It had apparently started in the basement and began traveling up the walls to the first floor.
This particular building was under the process of being gutted and had only one occupant, who was able to escape out the rear fire escape. From what I understand she’s being treated by Union City medical and being transported to St. Mary’s. Probably smoke inhalation.

Firefighters had a difficult time because of the thick smoke conditions and limited oxygen supplies, but it appears to be under control at this time.

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Wednesday, September 13, 2006 11:44 am

Ahh, but it is. Different units are at market rates within the building, and those are the ones that I have renovated. In addition, I have commercial space on the first floor which pays the mortgage and then some. So, any amount above that is just icing on the cake.
However, in the case of the vacant unit, it makes no sense to make the investment in renovating it where I cannot recapture that money. Instead, I am left with a vacant unit that costs me less to leave vacant and remove the headache of a tenant in an apartment that needs constant maintenance in its current state. I use it instead for storage.
If it weren’t for the handcuffing that the current rent control allows, there wouldn’t even be a hesitation about renovating the unit and investing the capital. Again, some thought needs to go into revamping the existing rent control laws to allow for realistic increases to the legal rent after an extensive renovation has taken place.

Wednesday, September 13, 2006 10:36 am

There was a post by an alleged Hoboken Fire Department member between my posts 11 and 12. I haven’t even figured out how to edit or delete my own posts, so I assume Hoboken 411 did so. Any reason?

Has anyone heard of the results of the fire investigation? That post said it would only take a couple of days for the determination of the cause of the fire.

Also, rapperd, you state above “Case in point, the apartment I have that is vacant is going to stay vacant indefinitely.” but you also say that you bought the place a couple of years ago as investment property. How can you afford to keep putting money into this property (property taxes, heat so the pipes don’t burst, mortgage payments assumedly) without getting any rent? Sounds like a waste of a lot of money to spend it on this “investment” that isn’t producing anything…

Wednesday, August 30, 2006 10:03 am

Yeah, it’s a tough line to walk sometimes… Particularly with oil prices skyrocketing. That’s just another factor that most tenants don’t consider when they rant about how necessary rent control is- remember who is paying for all that heating oil in many of the buildings in hoboken that have radiators. I can’t raise the rents to cover the doubling of the cost of oil. There are many things that people don’t consider when they discuss this topic. It’s better to see it from both sides before trying to preach about it- then you’d understand it better and maybe even have some sympathy for landlords who do try to follow the rules that handcuff them…… Especially when you have tenants who pay $450 a month, and those are the ones who complain the most. Forget Hoboken, where can you find a decent 1000 sq foot apartment ANYWHERE near a major city for that amount?

Tuesday, August 29, 2006 5:49 pm

rapperd—As one who was a landlord for 3 years (and hated it!) I say, good for you for being so honest–there should be more like you! As to those who think that landlords are making huge profits on a monthly basis–not always the case. We we were landlords, we had to rent the house for less than the mortgage payment. The advantage to this–negative amortization–in other words, we could recoup some of the loss at tax time. However, it does mean that every month we would have to come up with the difference between the rent and the mortgage payment (plus we used a property manager and had to pay a percentage of the rent to them). Taking a loss is all well and good if you’re wealthy and look at your property as a long-term investment. However, for us we sold the property as soon as the housing market started to rebound and we made a very small profit which wasn’t taxed since we had lived in the property for 2 of the last 5 years. We could have hung on to it longer and gotten a bigger profit as housing prices were skyrocketing. However, we then would have lost a good chunk of that profit to taxes. So don’t think that all landlords are making a bundle each month. Remember the South Bronx? In the 70s lots of landlords walked away from their buildings due to rent control. Heating costs were going way up and the landlords were… Read more »

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