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AlfredoCustard t1_jdk2ojl wrote

1 bedroom 2.5k

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Top_Ad7068 t1_jdkff9k wrote

That’s actually less than I would’ve expected.

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RKO36 t1_jdkanh1 wrote

The three words I came to this thread to try and find.

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GhostOfRobertTreat t1_jdkrfhe wrote

Pricey for Newark but we need some pricey buildings. There’s also like 70 units of income-restricted housing in there.

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Marv95 t1_jdl29vi wrote

It ain't pricey for that location. Between Penn Station and the arena.

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sutisuc t1_jdt93dk wrote

Why do you think we need pricey buildings?

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GhostOfRobertTreat t1_jdtepel wrote

Downtown Newark needs more wealthy people to help spur local businesses. The city has a lot of affordable and middle-income housing (though not enough of that is new) but it doesn’t have much in the way of actual luxury buildings.

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ISGQ t1_jdl8urx wrote

Honestly, how in the world are they going to fill that building at NYC/Hoboken/JC price points given the plethora of cheaper and other options popping up in Newark?? Are there really that many people wanting to overpay in Newark or am I just crazy?

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recnilcram OP t1_jdmhd2y wrote

That's JC/Hoboken price points 2-3 years ago. Would probably go for $3,500 for a 1 br there now, will it would be $5k+ in Manhattan or Brooklyn.

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ISGQ t1_jdmovpd wrote

Depends where in those locations you are, but you can definitely find reasonable one bedrooms under 3k in all of those places. I’m struggling to wonder who the many people are who will find that a substantial enough “discount” to merit spending an hour and $6-11 round trip getting to the city every time they want to go. My guess is if this recession fully materializes, these new buildings are going to have a very hard time filling up and we’ll see covid-like deals to get people in

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recnilcram OP t1_jdn5i6o wrote

Certainly the market is ready to tumble, and that will hopefully stabilize this obscene surge.

A luxury building in Newark is attractive to professionals who work in NJ but want access to the benefits of Jersey City and NYC. I work in towns throughout NJ, and I can get to most of them by train or bus while still being 25 minutes from the city. A similar building in JC by Hoboken Terminal is gonna fetch even more given it's adjacent to NYC with views of it and retains access to the NJT train network.

The development market in NYC and JC are very saturated (JC beating out Manhattan recently for thr most expensive rental market in the country), so the capital is flocking to new grounds, even Newark's immediate suburbs are getting a lot of activity now.

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Newarkguy1836 t1_jdo48rl wrote

I always frown when I see montclair, Bloomfield trying to look like Newark ,when for decades they have rejected annexation into Newark, because they didn't want to become dense like Newark.

When Newark hemorrhaged residents, these towns mocked it & marketed themselves as non urban alternatives (if the right complexion!). Now that Newark is growing again they want to usurp it's development.

But look how they interestingly ignore Irvington Center. That's because Irvington has no train station. That proves the developments are not for us minorities regardless of whether we are uppity or not. It's all meant for the New Yorkers that want to come West.

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recnilcram OP t1_jdo6bmc wrote

Yup, white people in the US will not dare step foot on a bus, let alone live without their creature comforts. East Orange is getting a lot of development now...but it's all for New Yorkers. The brochure I got in the mail features a train at Secaucus Junction and a view of the NYC skyline.

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Newarkguy1836 t1_jdr5vdn wrote

I know right? It's hilarious. Even the Gomes website in Newark it's no different the same thing you see with the vermella. All these developments have websites that feature nothing more than random stock images of young 20 something people smiling, eating over a rooftop bar/ barbecue fire pit or random photos of the New York skyline. You nailed it!

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_whatalife t1_jdo9kmj wrote

It’s $152 for a monthly pass and 20 minutes from midtown. It’s probably quicker to midtown than part of JC by path (and more comfortable a ride).

You also have phenomenal access to EWR, Amtrack and getting anywhere in NJ (compared to getting out of the JC area).

To your point, having hundred of apartments for lease at once, they may not all rent out right away and have to drop the price, but from what I hear all these new luxury rentals lease out without much of a problem, hoping this one will be no different.

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aTribeCalledLemur t1_jdqpf40 wrote

A full amenities building would be more expensive in JC. 2500 for a one bedroom is the going rate for a modern building in Newark/Harrison. It gives access to the PATH train for cheaper than JC which is how they try to price.

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Marv95 t1_jdpd1ge wrote

Those cheaper options aren't in prime locations like this one.

If people are willing to overpay in Austin with no real mass transit, some will be willing to overpay here.

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Newarkguy1836 t1_jdo3p4q wrote

People with enough income rent is the least of their issues will pay for any convenience. They'll pay just the living new building. Don't pay for the Skyline View. They'll pay for the amenities. Somebody will always be willing to pay the price because they'll like it. We need these individuals in Newark. Newark prospered in the past Century because business people not only made their business in the city, but they also lived in the city.

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GhostOfRobertTreat t1_jdoo870 wrote

Who would pay $1.2M for a single family home in Newark? Some guy did. A few hundred people are going to move in there.

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Newarkguy1836 t1_jdr67hj wrote

Somebody who appreciates architecture and has the money. Just the fact a home sell for 1 million in Forest Hill instantly bumps up the value of surrounding properties from the positive vibe. That wasn't some average home it was a mansion from the early 20th century with unique architecture. It's the kind of home you'd find in Millburn or Lywellyn Park

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cmonsquelch t1_jdr3ciw wrote

600 sqft mind you. Every new development is renting out the smallest apartments and charging a premium.

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1Pichi t1_jdkh3or wrote

I was hoping g they were going to put a videos screen on the front

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Fakeout_Takeout t1_jdm56av wrote

That door frame honestly needed to be that size just so the man who paid for the building will fit in if he ever chooses to not go to it

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Grand_Contact_7004 t1_jdl1109 wrote

Do you guys know if any units are subsidiaries ?? I’m lookin for a place but can’t afford

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Ironboundian t1_jdltolk wrote

Yea e-mail Compliance@gershengroup.com for the affordable units at 777 mccarter

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mdt2113 t1_jdmhztc wrote

I wonder if it will fill up. 1180 always seems to have vacancies. The more moderately priced teachers village never seems to. Let’s see

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felsonj t1_je8frwk wrote

As far as I know, Eleven80 is at or near capacity this past year. Vacancy rates under 3% are considered full / frictional vacancy only.

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xmrseanx t1_jdl8dpc wrote

This building looks like American Dream mall before the all-white paint job. Bleech!

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eucalyptushoney007 t1_jdmbbyl wrote

I love the smell of gentrification and top shelf coffee in the morning

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bigjoe13 t1_jdmjzeh wrote

S.Klein was vacant for 37 years. Hanhes vacant for 30. Come on fam, people Keep talking about gentrification and not the 40+ years of blight after the riots. Lack of business means lack of jobs means lack of family to support. Same shit they talked about in 1986 is on the table today. SMH.

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Newarkguy1836 t1_jdr6pek wrote

The people crying about justification are the same people who laughed and mocked the idea of people building in Newark because "it was such a dump". When the Bayonne boxes first came up they laughed and said "they'd get burnt down soon by the locals, who in their right mind would build in Newark?"

The same people who said I want to get out of Newark are now crying about getting pushed out of Newark. I called these people "the ghetto Lobby". A group of confused miserable citizens that are spiteful and jealous of everyone else who is better off.

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eucalyptushoney007 t1_jdmn0d8 wrote

I think some gentrification is good I’m not mad honestly but it still is what it is..and I never hear about units available based on income.

Units starting at 2.5k means everything market rate so just giving out of state people vs local chance

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recnilcram OP t1_jdn5z0p wrote

Yeah we're talking about the commuter-oriented downtown with various vacant buildings. Of course it affects the market, but there is no direct displacement going on, and the city needs the population and property taxes to support the city as a whole.

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Marv95 t1_jdpdhs1 wrote

Gentrification means people are being displaced. Who is being displaced? Nobody lives downtown (unless you can afford to).

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Newarkguy1836 t1_jdr7ed8 wrote

Newark does not have the housing stock that attracts people to bump out current residence. Newark is a city of wooden tenements just like Boston. It is not a city like New York and Philly where you have blocks and miles of uniform brick and Brownstone Rowhouses. The development in Newark is taking place where vacant and parking lots currently sit. Once you get 100% buildout in downtown, and that won't happen for years, then you'll see gentrification into the lower income surrounding neighborhoods. That's at least 20 years away.

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