Showing posts with label Real Estate. Show all posts
Showing posts with label Real Estate. Show all posts

Wednesday, January 1, 2020

Weehawken Luxury Apartment Project Secures $100M in Financing

GlobeSt.com, 5-Dec-19
By John Jordan

The Harbor 1500 riverfront apartment project has secured $100 million in financing from M&T Bank.

The 236-unit apartment building extends 765 feet into the Hudson River, developed by Hartz Mountain Industries and The Maxal Group. The financing came in the form of a $100-million syndicated loan from M&T Bank for the project that was completed in July.

The Harbor 1500 project marks an additional phase of Hartz Mountain Industries’ Lincoln Harbor Complex, which features a recently constructed Whole Foods Market, residential and office space as well as retail, hospitality, and service businesses. Apartments at Harbor 1500 are now available for lease.

Formerly serving as an office building and pier that provided warehousing and transshipment, the redeveloped Harbor 1500 property offers approximately 30,000 square feet of amenity space including a sky pool, spa, BBQ with bar seating, sunset lounge, fitness center, indoor and outdoor yoga studios, cinema screening room, children’s playroom, as well as rooftop decks offering views of the New York City skyline and George Washington Bridge. “Having developed over 1,500 residential units over our history, we’re committed to providing residents with well-located, luxury rental communities that offer shorter commutes and a wealth of amenities,” says Gus Milano, president and COO of Hartz Mountain Industries. “We are excited to have closed on this financing with M&T Bank and The Maxal Group, which brings us another step closer to fulfilling that commitment.”

Sunday, January 7, 2018

Avora Buyers Reap Benefit of Weehawken Tax Cut
NorthJersey.com, 5-Jan-18

Weehawken Township recently announced an historic reduction in its property taxes, lowering the rate from 2.23 percent to 1.49 percent — one of the lowest along the New Jersey Gold Coast.

Slated to take effect in 2018, the new rate is quickly reverberating throughout the region as buyers factor in the significant cost savings it will yield over the length of their home ownership.

At Avora, Weehawken’s signature new condominium building which features 184 waterfront residences, unobstructed views of midtown Manhattan and an impressive amenity offering, purchasers will enjoy up to $96,190 in savings over a ten-year period on a new two-bedroom residence priced at $1,225,620.

“Weehawken had already emerged as the destination of choice for condominium ownership based on its spectacular waterfront setting, access to Manhattan via the in-town Port Imperial Ferry Terminal, and considerable open and recreational space along the riverfront,” said Gabe Pasquale, senior vice president of Sales and Marketing for Landsea Homes, which is developing Avora. “The very attractive new tax rate enhances Weehawken’s desirability and further differentiates it from other options along the Gold Coast by creating significant and long-lasting financial savings. It’s already had an impact on buyers who were still exploring other possibilities but decided to move forward at Avora.”

With the first phase of homes already sold out at Avora and a number of residences in the second phase under contract and scheduled for delivery in the first quarter of 2018, taxes clearly aren’t the only determining factor in choosing its incomparable resort-like lifestyle.

Named “Community of the Year” by the New Jersey Builder’s Association, Avora was designed by world-renowned architects IBI Group to take full advantage of its waterfront location with a multi-tiered, stepped-back design that maximizes views of midtown Manhattan and the Hudson River.

Residents will have access to a full suite of lifestyle amenities, including a luxurious lobby with concierge, private screening theater, business center, elegant boardroom, a grand salon lounge with a bar and catering kitchen, on-site pet grooming, and a state-of-the-art strength and cardio fitness center. A third-floor landscaped outdoor plaza features a pool, spacious sun deck, lounges, grilling areas and a fire pit – all set against the backdrop of the Manhattan skyline. A secure parking garage and bicycle and resident storage will also be available.

The iconic 11-story building features a collection of one-, two- and three-bedroom residences, as well as a limited offering of duplex Penthouses, currently priced from the $800,000s to more than $4 million. Dramatic finishes and appointments include nine-foot ceiling heights, chef’s kitchens with stainless-steel appliances, and designer spa bathrooms with porcelain countertops, European-imported stone finishes and limestone baths. Many residences offer balconies and terraces with panoramic New York City views.

Monday, October 9, 2017

Wilson School Returns to Weehawken

Woodrow Wilson to reopen for classes, rec activities after renovations
Hudson Reporter, 1-Oct-17
By Hannington Dia

Weehawken's Woodrow Wilson School officially returned to the township's possession, ending a 19-year shared services agreement with Union City to house the latter town’s gifted students in the campus.

Wilson – which is currently closed -- will undergo renovations over the next 12 to 18 months, according to Weehawken Mayor Richard Turner. During the work, it will serve as a community center for the town, hosting small recreational events and community play groups. When it’s fully renovated, it will probably be a public school building and still maintain community recreation uses, Turner said.

Hudson Theater Works, a performing arts group in town, is set to be the first community group to perform at the school later in October.

However, “The first thing is, it's going to remain as a school,” Turner said. “The school system will make a decision as how to utilize it. The superintendent will be making a recommendation to the school board about future use.”

Other schools in the district also open their campuses to the community for certain events.

Renovations

The renovations will include work to the school's bathrooms, repairing its exterior lamps, replacing the classroom and hallway doors, and installing security vestibules, according to Superintendent of Schools Dr. Robert Zywicki.

Eighteen months ago, the township finished canopy work on the school.

“I've toured the building a couple of times, and it needs some work,” Zywicki said. That work will also include installing interactive smart boards in the classrooms to bring Wilson up to speed with its sister schools.

“We want it to have the same consistency as our other buildings,” Zywicki said. “It needs to meet the same technology standards.”

Previously, Union City maintained the school, Turner said. “They did everything, they did repair work. But now it needs major work.”

Usage

The superintendent is assessing numerous factors to decide how it will be used as a school.

“We're going to look at our enrollment trends,” Zywicki said. “We're looking at our needs for early childhood and our needs for special education. Based on that study, I will make recommendations to the board.”

Zywicki said this will take at least six months. According to Turner, the super should make his recommendation by September of 2018 at the latest.

History

Woodrow Wilson originally opened in 1928, serving kindergarten through eighth grade. However, during a school reorganization around 1997, the town realized it didn't have enough students to fill the campus. Officials closed down the school soon after.

“The school didn't really have many children to start with,” Turner said. “Our student population was much lower at the time. So we reorganized, and we made Webster School a [Pre-K] through second grade school, Roosevelt School third through sixth grade, and moved the seventh and eighth grades into the high school. So we didn't need Wilson School.”

But Weehawken is luring families back to town, and the population of public school students is growing. “Families are buying homes because it’s a great town, it’s a clean town, and we have a great school system,” Turner said.

Union City's needs

However, Union City, which was renovating its Gilmore School on Kerrigan Avenue, needed more space for its students. “Union City is an Abbott District,” Turner said. “They were renovating a lot of their schools, and building new schools. They needed a place to put their gifted and talented kids.”

After Wilson's initial closure, “we were exploring what to do with it,” Turner said. “Some people wanted to sell it, some people wanted to make condos, some people wanted to keep it as a school. While we were having that debate, Union City came forward and said, 'Gee, we would like to rent it.'”

Though the lease agreement was originally for five years, Union City kept on renewing through the years, paying Weehawken $1 million annually in rent.

Of the Wilson building, Turner said, “It's a beautiful building. We're not going to open it up for big events, because the parking is so tight in the neighborhood. No concerts or anything like that.”

He added that the Weehawken Free Public Library, which is located near the school, could host some events in the school's auditorium.

The Hudson Theater Works will be performing Shakespeare's MacBeth at the school from Oct. 12 through the 28. Visit http://www.hudsontheatreworks.com/ for more information.

Tuesday, November 22, 2016

Weehawken Mansion Listed for $11.9M Could Set Hudson County Record

nj.com, 7-Nov-16
By Vicki Hyman
One of Weehawken's grandest homes, positioned on King's Bluff with ornate interiors and sweeping views of New York City, has hit the market at a whopping $11.88 million, according to its Trulia.com listing. That's almost double the 2014 sale price of its neighbor, which held the record for the most expensive sale in Hudson County until earlier this year.

If the Weehawken home, with an imposing facade anchored by Doric columns, a widow's walk and a glass-domed conservatory with wrap-around windows facing the Hudson, sells for anywhere near asking, it will easily surpass the current Hudson County record-holder, an 8,000-square-foot Hoboken townhouse that underwent a high-end renovation and sold for $6.5 million in May.

The 6-bedroom home on Hamilton Avenue, near the site of the 1804 Alexander Hamilton-Aaron Burr duel, is loaded with rococco architectural flourishes, including gold appliqued molding, stained glass windows, ceiling frescoes, elaborately carved fireplaces and pediments and marble and herringbone floors. It also has updated kitchens and bathrooms.

The property was once part of a large estate owned by banking magnate James Gore King, and his children sold off the parcel that would become King's Bluff beginning in 1894 and 1895, according to Lauren Sherman of the Weehawken Historical Commission. This home was built around 1900. (The exact location of the duel is believed to have been blasted away during the construction of a railroad line at the bottom of the Palisades.)

The current owners bought the home in 2009 for $3.8 million, records show. Property taxes are $42,862 a year. Steven Shaw of Coldwell Banker has the listing.

The next priciest listings on the market in Hudson County are another Weehawken home atop the Palisade cliffs, this one built in the 1970s with seven bedrooms and a pool, and Giants quarterback Eli Manning's Hoboken condo in the Hudson Tea building, which has languished on the market for a year and a half. Both are listed at $5.2 million. 

Sunday, March 22, 2015

Weehawken's 12 Highest Assessed Properties

NJ.com, 11-Mar-15
By Kathryn Brenzel
Over the past year, Weehawken's waterfront has grown--and so has its average property tax bill. 
The average bill was $12,250 in 2014, a nearly $2,000 increase from the previous year and the highest in the county, according to data released by the state Department of Community Affairs.
Mayor Richard Turner told The Jersey Journal that the average is "skewed" by the waterfront. "If you get rid of the waterfront, we wouldn't be highest," he said.
Over the past year, a number of new large-scale projects have joined the township's waterfront--such as The Estuary--meaning that there are more, higher- assessed properties to spike the average, Turner told NJ Advance Media.  
"The average tax bill is meaningless to the average homeowner," he said. "We have a booming waterfront, so it skews all the numbers."
A majority of the highest assessed properties are located along the Hudson River, according to the township tax assessor's office. The top two assessed properties are 1000 and 1200 Harbor Boulevard, massive 10-story office buildings at Lincoln Harbor.
The buildings--whose central tenant is banking giant UBS --are owned by Hartz Mountain Group, which started buying up property along the waterfront in 1985, said Allen Magrini, senior vice president of land use and development at Hartz. He said the waterfront has dramatically changed in the last 25 years, transforming from a train terminal to a destination that is accessible by ferry, light rail, bus and car. He said Hartz's two office buildings are largely responsible for the change.  
"They were the anchors. They allowed us to bring a lot of the infrastructure that wasn't there," he said. "Those buildings were really the catalysts."
NJ Advance Media obtained a list of the highest assessed properties in Weehawken through an Open Public Records request to the township tax assessor's office. Here are the top 12, rounded to the nearest decimal:  
1. 1000 Harbor Boulevard:$80.5 million1000 and 1200 Harbor Boulevard are two 10-story office buildings in Lincoln Harbor. These blue glass buildings, owned by Hartz Mountain Group, are home to several different restaurants and businesses, including UBS.  
2. 1200 Harbor Boulevard: $53.8 million 

3. 300 Boulevard East: $49.3 millionThe office building overlooks the entrance to the Lincoln Tunnel, and has multiple tenants. The building functions as a data center and telecommunication facility.
4. RiversEdge, 1500 Avenue: $35.6 million This 236-unit luxury apartment building opened in 2009. It is one of several of Mack-Cali Roseland's projects at Port Imperial. The developer just opened another building nearby, RiverParc. 
5.The Estuary, 1600 Harbor Boulevard B: $27 millionDevelopers Roseland and Hartz Mountain opened the first of its three buildings in April 2014. Building B was the second phase of the luxury apartment complex. 
6. 1919 Park Avenue: $23.9 millionThis office building is located next to 300 Boulevard East, and is home to a number of businesses, including CenturyLink. 
7. Sheraton Lincoln Harbor Hotel, 500 Harbor Boulevard: $22.4 millionThe Sheraton Lincoln Harbor Hotel is located along the waterfront, just steps from the ferry and a light rail station.    
8. The Estuary, 1600 Harbor Boulevard building A: $22.3 million

9. The Estuary, 1600 Harbor Boulevard building C: $21.9 million

10. The Avenue Collection, 700 Avenue at Port Imperial: $18.1 millionThis is the future sight of the third building to be constructed as part of the waterfront condominium community, The Avenue Collection. In July 2014, developer Lennar opened the first of its planned five buildings at Port Imperial. Condos in the seven-story, 74-unit condominium building, 1000 Avenue, range from $1.1 million to $3.9 million, according to the community's website. The second building, 1200 Avenue, is already under construction. 
11. 1500 Harbor Boulevard: $11.8 millionLocated at Lincoln Harbor marina, the office building is home to the Lincoln Harbor Yacht Club. 
12. Tower Plaza, 4100-4106 Park Avenue: $8 millionThis shopping center lies in the shadow of the iconic water tower and includes a Pathmark, an A&P, a Supercuts and several other businesses.

Tuesday, November 25, 2014

$6.2M House Sells in Weehawken

Hudson Reporter, 23-Nov-14
By Carlo Davis

Historic mansion was most expensive sale in county history

At the turn of the nineteenth century, Weehawken’s wooded bluffs were home (8 Hamilton Avenue) to a secluded ledge accessible only via the Hudson River, where gentlemanly duels continued long after they had become illegal. In 1804, Aaron Burr and Alexander Hamilton engaged in a famed conflict there that resulted in Hamilton’s untimely death.

Now, the quiet residential neighborhood of Weehawken known as King’s Bluff boasts exclusivity of a different kind. The houses on Hamilton Avenue, King Avenue, and Kingswood Road offer nonpareil views of the New York City skyline and prices to match.

Last month, a 7,200-plus-square-foot house in King’s Bluff sold for $6.2 million, netting the record for the most expensive single-family residence sale ever in Hudson County, according to data from the Hudson County Multiple Listing Service.

A New York Post article suggested that an “unnamed top fashion family” had purchased the property.

According to Francesco Mazzaferro, the Hoboken-based Coldwell Banker real estate broker who represented the buyer in the deal, a combination of commanding views and ultra-luxury accommodations made the property at 8 Hamilton Ave. exceptional.

Above the rest

The large white house at the bend in Hamilton Avenue was built custom to the specifications of its original owners in 1950. The structure spans two plots of land, 6 and 10 Hamilton Ave., and takes ample advantage of the extra space. “It was not an investment to them,” said Mazzaferro.

According to state property tax records, the house was recently sold by the trust of John D. and Bella Ross to Hudson Mgmt Group LLC. Mazzaferro refused to comment on the identity of the buyer.

The original owner’s unique specifications called for four bedrooms, three of them master suites with ensuite bathrooms and large walk-in closets. The residence also boasts an elevator, library, kitchen, dining room, media room, double garage, and a living room with 22-foot high ceilings.

Still, the main attraction of the property is unquestionably the view. 8 Hamilton Ave. protrudes out farther than any of its neighboring structures to sit directly on the edge of the King’s Bluff cliff, allowing a clear, unencumbered panorama from the George Washington Bridge to the Verrazano Narrows Bridge.

“That’s the beauty of the home,” said Mazzaferro, “because it’s private, it’s at the end of the street, and it’s stunning.”

Hamilton-Burr

For a house with such intrinsic aesthetic value, the strange historical asterisk that is the Burr-Hamilton duel is just the icing on the cake. Still, Mazzaferro said the seller of the house told him and his clients explicitly that 8 Hamilton Ave. lay on the site of Weehawken’s former dueling grounds.

As with so many other facts about that fateful July morning in 1804, the exact location of the duel may never be known definitively.

Historian Charles Whitfield described the site in 1874 as a natural ledge six feet wide and 11 paces long, hidden among cedar trees at the base of the bluffs some twenty feet above the water. By the time Whitfield’s book was published, the exact location of the ledge had already been obliterated to make way for the New York and Fort Lee railroad. The Hudson-Bergen Light Rail follows the same alignment cut by those tracks in 1870.

A monument in honor of the duel now stands on the Hamilton Avenue terrace just a handful of houses north of 8 Hamilton Ave., but even it states that the actual dueling pitch lays somewhere below the site.

“I don’t know if it was a marketing skill,” said Mazzaferro’s of the seller’s certitude about the site. “I don’t think so, but it has to be somewhere around that property.”

Gold Coast real estate

Proud though he is of the record sale of 8 Hamilton Ave., Mazzaferro suspects that it won’t hold the top spot for long. The Gold Coast residential market has seen steady growth since 2009, he said, and “all the signs are there” for that growth to continue.

If recent history is any indication, the next record for a single-family home sale in Hudson County will likely come from another property in King’s Bluff. The record that 8 Hamilton Ave. broke this year was set by a house just blocks away at 83 Kingswood Road, which sold for $5 million in 2012.

Sotheby’s International Realty associate Donna Reid, who closed the deal on 83 Kingswood Road, said, “When you’re standing on top [of King’s Bluff], you feel like you’re on top of the world.”

According to projections by the Liberty Board of Realtors, the average residential deed amount in Hudson County has increased almost $38,000 in just the last year.

For Mazzaferro, the culprit is a perfect combination of low inventory and growing demand. Among prospective home-buyers, Mazzaferro sees a roughly equal mix of New York City expats and New Jersey suburban pioneers.

For those leaving Brooklyn and Manhattan, said Mazzaferro, the prospect is “more square footage for equal or lower price,” not to mention the income tax savings some New Yorkers can accrue by moving to New Jersey.

Even the most luxurious properties in Hudson County are deals compared to the deep end of the pool in Manhattan. For example, Forbes reported that single-floor “simplexes” in 520 Park Ave., one of the new luxury skyscrapers being built around Central Park, will start at $16.2 million (the asking price for the three-floor penthouse apartment is $130 million).

But just as many of Mazzaferro’s clients are suburban dwellers seeking the quick New York commute offered by Hudson County’s PATH train, busses, and ferries. “When you start having kids,” he said, “even though it’s nice to live in suburbia, you realize that your commuting time is so long that you spend less time with your family.”

Another key factor is interest rates, which have been kept artificially low by the Federal Reserve since the recession hit in 2008. Reid said as long as the rates stay low, encouraging buyers to sign mortgages, prices will continue to rise.

At home in Hoboken

Mazzaferro cited Hoboken as a perfect microcosm of the Hudson County high demand real estate market. Though waterfront properties like Maxwell Place and the Hudson Tea are currently the hottest properties on the market, prices are rising around the city as development expands into the Western Edge and North End and buyers seek out Hoboken’s combination of quaintness and urbanity.

“I lived with a view for maybe 10 years,” said Mazzaferro, “and you become numb after a while.”

Though Mazzaferro currently lives in West New York, he was introduced to Hudson County through Hoboken, where he was an owner of La Scala Restaurant for 13 years before jumping into real estate.

“People like the quaintness, the brownstones, sitting on your doorstep, knowing all your neighbors,” he said. “I grew up in a small little town [in Calabria, Italy] where everybody knew each other, so I appreciate that.”

Saturday, November 22, 2014

From 1994 New York Times Article - Living In/Weehawken

By BRET SENFT
September 25, 1994

The thin trees rustle their protection above the neighborhood called the Shades and rise up the cliffs toward the rest of Weehawken: the Heights and the Bluffs, sitting at varied altitudes ascending north along the Palisades.

It is quiet in the Shades, where reeds break through the sidewalks and tidy two-family houses are passed to the next generation of McLaughlins (many of the clan moved here from Manhattan's Hell's Kitchen in the 1950's) and other families on its four short streets in from West 19th Street and the waterfront. Kelly Devaney, whose husband, Christopher, is the eighth child of Rosemarie Devaney, nee McLaughlin, of adjacent Chestnut Street, said: "We're all still very close, everybody. It's all very family oriented -- you know you're very secure down here."

While the insular nature of the Shades is extreme, similar feelings are echoed throughout Weehawken, where lifelong residents of German, Irish and Italian heritage have been joined by an increasing Hispanic population, now at over 40 percent. The entrance to the Lincoln Tunnel and the views along the Palisades cliffs -- the George Washington and Verrazano-Narrows Bridges and the Manhattan skyline across the Hudson -- have a magnetic hold on its residents. Its location means easy access to New York, without having to be there.

It has been prized real estate since the Dutch bought it from the Lenni Lenape Indians in the early 1600's, and it was still pastoral in 1804 when Aaron Burr killed Alexander Hamilton in a duel on a grassy shelf near the shoreline. (A bust of Hamilton, and the boulder on which he fell, is set atop the cliffs just south of Hamilton Park on Boulevard East).

Development took the form of mansions built in the early to mid 19th century along the bluffs. There was a restaurant in a Rhenish castle on the hilltop and, for a brief decade in the 1890's, an ornate amusement resort. Nothing remains from that era except the Italianate brick water tower on Park Avenue. Its accompanying reservoir was replaced in 1981 by a Pathmark supermarket and a Little League baseball field.

From the early 1900's to 1929, housing for working people filled in the town. One-family houses were divided into income-producing units in the Depression, and again in the early 1970's against the increased tax burden after the collapse of the waterfront's rail and ship yards.

In the Heights, two-family row houses line Gregory Avenue (backing onto the cliffs), with two- and three-family houses on the cross streets west to Palisade Avenue. Fred and Marianne Lorenz raised their three children in a two-family house on Oak Street; when their daughter gets married next year, the couple will move in upstairs. The Lorenzes recently bought a three-family house for their sons, one a local fireman, the other a computer graphic illustrator in Manhattan, on Palisade Avenue between Dodd and Jane Streets for $223,000: two family units for the sons, a third for income.

"It's about four blocks away," said Mrs. Lorenz, who was born here, like her father before her. "You can walk back and forth. You know, you really feel your roots here." As for the ethnic mix in the community, she said: "Our family was Irish-Italian and I have neighbors who are Cuban, South American, Italian, German, Puerto Rican -- and everyone's interested in having a nice neighborhood. Everyone gets along fine."

Richard Barsa, finance manager for the LDDS Corporation, a telecommunications company, grew up on Gregory Avenue; his mother is still there, the house overlooking the remaining town reservoir.

The Barsas moved out of town for a while when things were not going well for Weehawken. In 1981, a waterfront development scandal led to the conviction of Mayor Wally P. Lindsley for attempted extortion, and wrangling between the Town Council and school board led to contested school budgets and loss of state certification in 1984. Mayor Richard F. Turner has restored municipal services and stabilized town government and the school district has its certification back.

Mr. Barsa and his wife, Diane (born and raised on Boulevard East), left for Rutherford with their newborn son. "But it was too quiet," Mr. Barsa said. "Too suburban." Returning in 1986, they bought a three-family house uptown on Louisa Place for $290,000, then a three-family on Bonn Avenue in the Bluffs in 1993 at foreclosure for $290,000.

Mrs. Barsa, a real estate broker, said that homes in the Bluffs usually ranged from $300,000 to $1 million or more. "But there are very few homes for sale," she said. "And if it's priced fairly, once it goes on the market, it goes immediately."

Apartment rentals range from $650 for a one-bedroom in the Heights to $1,800-plus for a three-bedroom with fireplace, stained glass and original woodwork in the Bluffs. There are perhaps a dozen co-op and condo buildings. However, "the market for them is very slow," Mrs. Barsa said, "And when they sell, people are taking a loss."

On Boulevard East, said Norma Costa of the local Action Agency real estate firm, prices average $70,000 for a studio to $115,000 for a two-bedroom co-op. Recent listings at Gregory Commons, a 177-unit condominium in a converted factory atop the Heights with Manhattan views, include a one-bedroom duplex for $169,000 and a two-bedroom penthouse duplex at $225,000.

The town is nearing completion of a $4.7 million restoration of the sidewalks and parks along the boulevard; likewise, a $1 million program of new sidewalks and vintage street lamps for Park Avenue, the commercial strip of bodegas, stationery stores, and supermarkets along Weehawken's western border. (For most goods and services, including movie theaters, residents go to nearby towns and shopping malls.)

Restoration of the boulevard provides better access to the skyline views, and zoning ordinances restrict the height and size of buildings on or below the cliffs. Thus, Hartz Mountain's 95-acre Lincoln Harbor development on the southern waterfront includes no commercial towers but two 10-story office buildings that house Paine-Webber's back office operations along with Houlihan's, a food court and a Ruth's Chris Steak House in its base. Nearby is a Ramada Suite Hotel with Mezza Luna restaurant and, at water's edge, the new Chart House on the site of the former Shanghai Red's seafood restaurant.

A 250-slip marina is next to the Riva Pointe condominium on a 1,000-foot pier, which has 145 units, a health club and a parking garage. One-bedrooms are $171,900 to $189,900; two-bedrooms, $219,900 to $260,000.

To the north, Port Imperial is where the developer Arthur Imperatore planned to build his "Venice-on-the-Hudson." His vision included a convention center and commercial and residential complex, but market forces have limited the reality to a 300-slip marina, Arthur's Landing waterfront restaurant (in a converted warehouse, serving New American cuisine) and, on the north end, a 90-tee, two-tiered, all-weather driving range.

There had been ferry service in some form since 1700 until the late 50's. In 1986, service was reinstated with Mr. Imperatore's New York Waterway, with continuous five-minute river crossings seven days a week, from 6:45 A.M. to midnight for $4.50 each way or $140 for a monthly ticket.

In May, Mr. Imperatore sought a reassessment on Port Imperial, receiving a $4.1 million award from the New Jersey Tax Court. Should the town lose its appeal, Mayor Turner said, it will mean a 5 percent tax increase, a town hiring freeze and cutbacks on some programs.

The school system, 70 percent Hispanic, according to Superintendent Joseph Wisniewski, has three elementary schools, with a seventh grade for all students in Woodrow Wilson Elementary School on Hauxhurst Avenue, and Weehawken High School, on Liberty Place. There are 1,252 students systemwide. Gifted children enter the academically talented program in fourth grade, attending Roosevelt Elementary School on Louisa Place.

In 1993, a $3 million bond was approved for renovations and educational technology, providing CD-ROM and interactive video in the high school computer lab, elementary school learning centers, and computer clusters in each classroom.

"I found the school system better here," said Evelyn Rodriguez, president of the Parent Teachers Council in Woodrow Wilson Elementary School, which two of her three children attend. Her family moved here from the Bay Ridge section of Brooklyn 10 years ago.

"Here there are like 20 kids per classroom, totally different from where I was raised," she said. "There are no guns and everybody knows everybody. I never had that growing up."

In the fall of 1995, New York University plans to open a $4 million to $5 million complex of playing fields with bleachers, clubhouse and locker rooms on nine acres donated by Port Imperial and Lincoln Harbor on the waterfront as part of a quid pro quo for project approval. The facility is to be used jointly by the university's teams, the school system and residents.

The university is also providing four annual scholarships to Weehawken graduates. "We think it's a very promising relationship we've entered into in Weehawken," said Lee Frissell, director of field projects at the university's School of Education.

On the Market
* Renovated brick town house, potential 2-family, at 592 Gregory Avenue, $169,000
* 2-family, 17-room center-hall colonial at 126 Hauxhurst Avenue, $329,000
* 2-family brick Victorian, Manhattan skyline view, at 869 Boulevard East, $695,000
POPULATION: 12,385 (1990 census)
AREA: 0.8 square miles
MEDIAN HOUSEHOLD INCOME: $39,337 (1990 census)
MEDIAN PRICE OF 2-FAMILY HOUSE: $203,000
  TAX ON MEDIAN PRICE HOUSE: $4,122
  ONE YEAR AGO: $202,000
  5 YEARS AGO: $227,000
MEDIAN PRICE OF 3-FAMILY HOUSE: $243,000
  TAX ON MEDIAN PRICE HOUSE: $4,935 
  ONE YEAR AGO: $234,000
  5 YEARS AGO: $272,000
MEDIAN PRICE OF A 2-BEDROOM CO-OP: $38,000
MEDIAN PRICE OF A 2-BEDROOM CONDOMINIUM: $130,000
MEDIAN RENT FOR A 2-BEDROOM APARTMENT: $1,100
PUBLIC-SCHOOL EXPENDITURE PER PUPIL: $6,624
DISTANCE FROM MIDTOWN MANHATTAN: 3 miles
RUSH-HOUR COMMUTATION TO MIDTOWN: 10 minutes via N.J. Transit ($1.90) or mini-van ($1.75) to Port Authority Bus Terminal; PATH trains ($1) from Hoboken; 5-minute ferry service ($4.50) from Port Imperial to 38th Street and 12th Avenue (complimentary bus service to midtown locations)
GOVERNMENT: Mayor (Richard F. Turner, ) and five-member Council, elected to four-year terms; Council elects mayor and deputy mayor from ranks.


Sunday, August 31, 2014

Chinese company says it's planning 200-unit condo complex on Weehawken waterfront

Chinese company says it's planning 200-unit condo complex on Weehawken waterfront
The Jersey Journal, 26-Aug-14
By Ron Zeitlinger

A Chinese home builder has plans to develop a mid-rise, 200-unit luxury condominium complex on the Weehawken waterfront, company officials said in a news release.

The Landsea Group said the Weehawken project is part of a $1 billion investment in the three of the countries largest housing markets -- New York, Los Angeles and San Francisco.

Landsea founder and Chairman Tian Ming was scheduled to visit the Weehawken site, which was not identified, on Monday, company officials said in the news release. He said the development there will overlook the New York skyline.

"This visit marks the advent of Landsea as an American homebuilder," Ming said in a statement. "We have already established our presence in Asia and Europe, but there is no better housing market than the United States, where home ownership will always be a part of the american dream and a cornerstone of economic prosperity."

Weehawken Mayor Richard Turner said today he is unaware of the company's plans to build on the waterfront. Last month Lennar officially opened the Avenue on the Weehawken waterfront, a seven-story, 74-unit condo building at 1000 Avenue at Port Imperial.

The Landsea developments in the U.S. will be overseen by the Landsea Holdings Corp., a subsidiary created to manage the U.S. projects, officials said.

Officials said the homes will be built by local companies using domestic materials, and will "cater to American tastes, comfort and satisfaction."

Tian said Landsea also plans projects for Boston and Washington, D.C.

Landsea founded in 2001 and bills itself as one of China's premiere "green" homebuilders, constructing residences with systems for rainwater retention and passive geothermal heating and cooling.

The company is also a founding member of China Green Building Council, and a member of the German Sustainable Building Council and the U.S. Green Building Council, officials said.

Wednesday, August 20, 2014

Concerned Citizens Group Challenges Overdevelopment on Boulevard East

Concerned Citizens Group Challenges Overdevelopment on Boulevard East
Hudson Reporter, 17-Aug-14
By Art Schwartz

“So many local people are concerned about threats to the quality of life in this area,” said Joshua Breakstone. “That includes parking up and down the Hudson, the transportation system, overcrowding, the loss of views, of space, of light, the pollution caused by jitneys taking care of the overflow that can’t be handled by the buses.”

Breakstone is the organizer of Concerned Citizens for the Preservation of Quality of Life Along the Palisades. The group was formed to raise awareness about what they perceive as egregious overdevelopment along the Gold Coast, specifically in the region of Boulevard East.

“These developers come in and they come up with these proposals and then you have a group of local people coming and fighting them,” said Breakstone. “Or worse, not knowing and not fighting, and then everyone runs around later asking what can we do, when it’s too late.”

Recognizing that a handful of disgruntled neighbors don’t wield the influence of an organized association with a broader geographical base, his group – “Concerned Citizens” for short – want to bring together residents from various communities with similar issues.

“We are an organization of local people who are working together to preserve the quality of life we cherish along the Palisades from North Bergen to Weehawken,” reads a handout from the group.

To this end Breakstone has taken to the streets with other volunteers, including his wife, to solicit signatures for a mailing list and petition.

“We’re up to between 600 and 700 people,” he said.

Meridia Le Boulevard

The Concerned Citizens group was initially launched in response to one particular development proposal.

“We are specifically trying to fight as much as we can the proposal for between 66th and 67th Street on Boulevard East. It’s a proposal for a 13-story, 157 unit building,” said Breakstone.

The proposed building, known as “Meridia Le Boulevard,” in West New York, would require numerous variances to zoning ordinances.

“Legally speaking, the zoning says if you do not have 40,000 square feet the height limitation for a building is a townhouse,” said Breakstone. “They have 20,000 feet and they’ve proposed 13 stories.”

A full list of the variances that Breakstone says would be required is listed on his website at www.concerned-citizens.net.

The property in question is the site of a former service station, directly across the street from the Versailles hi-rise. The proposal will be coming before the West New York Zoning Board on Thursday, Sept. 18 at 6:30 p.m. in the Town Hall.

It is Breakstone’s intention to show up with a large contingent of concerned citizens to make a statement against the proposal.

“We would like to be able to go to our Board of Commissioners, the governing body in West New York, and say ‘These people are voting in the election in November, and we want to know how you feel about promoting these sorts of projects’,” said Breakstone. “To put pressure on elected officials who don’t seem to be hearing or responding to the needs of the people.”

“Our solution would be to have people in our local governments who are not just promoting a shortsighted agenda of build-build-build and grow-grow-grow,” he continued. “And then if we can elect officials who are responsive to these sorts of questions, then perhaps we can move on to having a legislative solution, more strongly-written regulations on overdevelopment, size, and mass of buildings coming in. Maybe get people with creative solutions to overcrowding and traffic.”

Anti-development?

Of course, by protesting against neighborhood development, the group runs the risk of being labeled exclusionary, of trying to keep others from enjoying the same local benefits they currently enjoy.

“We are not anti-development,” Breakstone said. “This gas station where they’re going to build [in West New York] – we can’t wait for something to come there. But the way that these proposals are pushed through, they are so far beyond the statutes.”

“These limits were put in for very good reasons,” he continued. “These are not local developers. They should have to adhere to our local standards. We would love to see legal development. This is open for townhouses, which is in keeping with what exists in the neighborhood.”

“I’ve heard that people in Weehawken who can’t get on buses because they’re overcrowded are now taking buses to North Bergen, then getting on buses up there and passing by Weehawken again to get into the city,” he said.

“The lifestyle here, when I moved from New York – and this is the story of 75 percent of the people who live in the area – we thought it was going to be open space and beautiful views, where we could own a car, and have an easy commute to New York,” said Breakstone. “And all of that is being rapidly lost due to overdevelopment.”

Concerned Citizens can be contacted at ccpp1@optonline.net.

Thursday, February 27, 2014

Foreclosures Surging in New York-New Jersey Market

Bloomberg, 26-Feb-14


The epicenter of the U.S. foreclosure crisis is shifting to New Jersey and New York, threatening a housing rebound in one of the country’s most densely populated areas. 


“It is really a delayed reaction in New Jersey and New York,” said Michael Fratantoni, chief economist for the Mortgage Bankers Association in Washington. “Loans that were made pre-crisis have been in this state of suspended animation for a number of years. And now, we are beginning to see the pace of resolution pick up.”

Filings Plunge
In January, the number of New York foreclosure auctions reached 527, the highest monthly level since October 2010, according to data firm RealtyTrac. Foreclosure filings in New York City increased 30 percent to 15,993 in 2013, a three-year high, according to RealtyTrac.

Almost 10,000 cases in New Jersey headed to a sheriff sale in 2013, 47 percent more than the year before and the highest level since 2009, according to the New Jersey Administrative Office of the courts. Across the country, repossessions fell 31 percent in 2013 to the lowest since 2007, according to RealtyTrac.

The difference in New York and New Jersey stems partly from a foreclosure process that requires court approval before lenders can seize homes. It takes 1,029 days on average to foreclose in New York, the longest timeline in the U.S., followed by New Jersey at 999 days and Florida, at 944 days, RealtyTrac data show.

Delays were worsened by negotiations between top banks and state attorneys general over alleged foreclosure abuses that ended with a $25 billion settlement in 2012. Superstorm Sandy, which damaged homes and businesses in coastal northeast communities in 2012, also slowed the process.

New York Trailing
The real estate markets in New York and New Jersey are trailing the rest of the country as a result. Prices in New Jersey, the most densely populated state, climbed 2.9 percent in the fourth quarter from a year earlier, compared with a 7.7 percent jump for the U.S, the Federal Housing Finance Agency said yesterday. New York values rose 3.7 percent.

California prices surged 19.5 percent and Arizona’s gained 15.2 percent. These states do not have a judicial foreclosure process.

“Price increases that are occurring in the rest of the country are not likely to happen in the New York-New Jersey area, with the potential inventory that can come at any time,” said Lawrence Yun, chief economist of the National Association of Realtors.

“When one sees a price increase in Phoenix or many other parts of the country, one can assume it’s a genuine increase from falling inventory,” he said. “If it happens in Edison, New Jersey, or Long Island, New York, one has to ask, ’Is this for real or just temporary?”

Commission Income
Jon Pardi, a 62-year-old resident of Edison, is among those facing eviction after he stopped making house payments in mid-2012. Last month, a judge gave Pardi six months to generate enough income so that he could work out a modified payment arrangement with his loan servicer, Ocwen Financial Corp. (OCN), or lose his home to foreclosure, he said.

Pardi said he could no longer pay his loan because his commission-based income as a mortgage broker dropped to $20,000 a year from a peak of more than $100,000. Having little confidence in New Jersey’s housing market rebounding, and the career prospects for loan officers, Pardi is training to become a holistic nutritionist.

“My odds are down but the chances of saving my home aren’t zero,” Pardi said. “If I start making money again, everything changes. But if jobs don’t come back for me, and for my country, then it’s going to keep moving in a down direction.”

Ocwen, which declined to comment on specifics of the case, citing privacy considerations, said it hasn’t made a decision and hasn’t received the necessary documentation from the borrower.

Ocwen Response
“Ocwen has been working hard to provide a modification or other resolution for this borrower,” since the servicing of the loan was transferred late last year from the prior servicer, the company said in an e-mailed statement.

Phyllis Salowe-Kaye, executive director of New Jersey Citizen Action, said many borrowers who aren’t paying their mortgages don’t put that money aside.

“Some people put money away, but most people are not paying for their house because they don’t have it,” Kaye said. “Why they don’t have it is often due to lack of employment or underemployment.”

Moving Quicker
Lenders in New Jersey are pushing cases through more quickly and it now takes about two months to process final judgments against delinquent homeowners, compared with a backup of nine months a few years ago, said Kevin Wolfe, assistant director of the Civil Practice Division in the Administrative Office of the Courts.

The Office of Foreclosure, which reviews case files before they can move to the final step of sheriff sale, has added four permanent staff members, six law clerks and 10 case analysts since 2012. It previously had seven employees.

“We are staffed up to move these cases faster,” Wolfe said. “But the other reason cases are moving more quickly is that lenders have improved their foreclosure practices and worked out logistics with their law firms and, as a result, they’re geared up to handle foreclosures more efficiently.”

Private-equity firms such as Blackstone Group LP (BX) -- which helped drive up prices by buying thousands of single-family homes to rent in Arizona, Nevada, California and Florida -- have steered clear of the Northeast. Large investors favor markets with newer construction and demographic growth rather than the Northeast’s aging homes and higher property taxes, said Sam Khater, senior economist for CoreLogic.

Hedge Funds
Some hedge-fund investors are instead purchasing delinquent mortgages in the New York and New Jersey area. They are discounted because of the legal delays, said Jeff Taylor, managing partner at Digital Risk, a mortgage-risk analytics firm.

The investor strategy is to avoid court delays by modifying loans, and if that’s not feasible, to pay homeowners to handover keys or sell for less than what’s owed, Taylor said. That may help flush out the pipeline of delinquencies.

“The sooner that this inventory that has been pent up gets to the market place the quicker you’re going to see more home price appreciation,” Taylor said. “It gets the overall real estate market healthier quicker.”

Housing inventory remains tight in the U.S., with a 4.6 month supply in December, according to the National Association of Realtors. New Jersey had a 6.6 month supply, the New Jersey Association of Realtors data show. A six-month inventory is considered equilibrium between buyers and sellers.

Urban Areas
While investors may help the market, they are generally avoiding hard-hit neighborhoods in cities such as New Jersey’s Newark, Irvington, Elizabeth, Trenton and Camden, according to Jeffrey G. Otteau, president of Otteau Valuation Inc. in East Brunswick. About 21 percent of New Jersey foreclosures are in urban areas and another 18 percent are in towns hit by Sandy. Only 4 percent are in the southern suburbs and 2.5 percent in the northern ones, Otteau said.

“There is a crisis, and where that crisis will play out is in inner, urban neighborhoods where unemployment is highest, credit scores are lowest and investor appetite is non-existent,” Otteau said.

Eminent Domain
Newark, the state’s most populous city, and nearby Irvington are considering plans to use government power to seize underwater mortgages to help homeowners reduce debt and avoid foreclosure. The cities are researching a program that would offer fair-market value for the loans and reissue them to homeowners who can afford to keep making payments at the lowered amount.

Many largely black and Hispanic communities in New Jersey and elsewhere were targeted for predatory loans during the boom, said Linda E. Fisher, law professor at Seton Hall University, who is helping the cities research the eminent domain proposal.

Fisher is also campaigning with residents on her block in the town of Montclair to encourage the bank, which owns a vacant property two doors down from her, to clean it up and resell it. The house, which has been empty for three years, was stripped of pipes. It attracted squatters who moved in a stove and a flat screen television, she said.

Montclair, home of comedian Stephen Colbert, is a leafy commuter town with hundreds of shops and restaurants accessible by foot.

“Here we are in our middle- and upper-middle-class community and we’re seeing the same problem of poor maintenance by servicers,” Fisher said. “The foreclosure crisis has had ripple effects and it is not limited to poor communities of color where it’s concentrated.”

Forced Move
About a 15-minute drive south of Fisher, a court officer knocked on the door of the two-story home on Newark’s west side that Janet Hopes-Edrington shares with her elderly parents. The officer served her with foreclosure papers. Hopes-Edrington, 50, said she had filed the necessary paperwork to modify the terms of payments with her lender in December and was surprised to learn it was pursuing a foreclosure. Now, she’s contemplating having to move along with her infirm parents.

Hopes-Edrington, who lives on Social Security disability benefits, fell behind on her mortgage after losing her job at the Internal Revenue Service and hasn’t made a mortgage payment since July 2012.

“That’s the thing that’s getting me, I can’t easily relocate,” she said. “I have no idea what I’m going to do.”

Sunday, February 23, 2014

"Avenue Collection" @1000 Port Imperial, Weehawken set to open in July

NorthJersey.com, 20-Feb-14

The Port Imperial area of Weehawken is fast becoming an attractive, chic place to call home. Once devoted to manufacturing, this waterfront area is a vibrant spot being sought out by many professionals and young families who love to be close to New York City.

It's no wonder that Lennar Builders chose such a spot to build a group of five condominium buildings. The first of those buildings - 1000 Avenue at Port Imperial - is slated to open in July.

"The five buildings are part of a collection, very much like a jewelry collection," said Craig Klingensmith, division president of Lennar Northeast Urban. "1000 Avenue at Port Imperial is like a jewelry box, made of glass and showing off the spectacular views of Manhattan."

When coming up with a name for the five buildings, Lennar decided on the address of each building - the first one being 1000 Avenue at Port Imperial. The name of the community is called "The Avenue Collection."

The high-end condominiums sit on the main road that runs in Port Imperial, a transit hub on the waterfront of the Hudson River, across from Midtown Manhattan.

The seven-story building includes nine one-bedroom homes with 1,472 square feet of living space, 42 two-bedroom homes with 1,703 square feet of living space, and 23 three-bedroom homes with 1,979 square feet of living space.

Each unit is one-level, with the exception of seven residences that are two-story. Prices range from $800,000 to $4 million (with an average of $1.5 million). Most residences have balconies or terraces.

"1000 Avenue at Port Imperial is a boutique building," said Klingensmith. "With only 74 homes, it's more intimate and offers more exclusivity with a lower-unit count."

When all five buildings are complete, there will be a total of 670 condominiums.

The residences at 1000 Avenue at Port Imperial feature kitchens outfitted with Spazzi European Cabinetry in a raked wood finish along with a GE Monogram Appliance Suite. There are also under-counter wine coolers in select residences

Kitchen floors are marble, with marble backsplash and granite countertops. There is Brazilian Chestnut hardwood flooring in the main living areas and SmartStrand carpet in the bedrooms. Master bathrooms feature a dual vanity with Kohler sinks and limestone countertops and a Duravit soaking tub.

Klingensmith noted that they are seeing "a real mix of buyers," from empty- nesters to professionals with young children. "We are also seeing an international flavor - people from China, India and Russia."

There has been a migration from New York City - people who work in Manhattan but are choosing to live in nearby Weehawken. There are also many people born and raised in New Jersey.

"Some of the locals work in Manhattan, but an overwhelming number of them work in New Jersey," said Klingensmith. "They work away from the water - about 30 to 45 minutes from here - and have chosen to live on the waterfront because they love being close to the social aspects of the city."

The Avenue Collection is walking distance to the NY Waterways Ferry Terminal - and 8- to 10-minute ride to mid- town New York City - and is accessible to the New Jersey Waterfront walkway.

Building amenities feature a third-floor amenity deck with concierge services, conference room and a fitness center that includes sauna and steam showers, cardio and strength equipment and separate yoga room. A social room with a view of New York City includes a bar, fireplace, multiple gathering areas and catering kitchen. The third-floor Outdoor Plaza has a convenience kitchen, open lawn and planting areas, and seating areas with a fire pit, sundeck and cooling spray area.

The building includes three elevators and a bicycle storage room. There's also an enclosed garage with two parking spaces for select residences.

A unique amenity includes guest suites - available to the guests of homeowners -for $75 a night. "It's a convenient amenity for residents' guests -and it's better than the Sheraton," said Klingensmith.

Tuesday, December 3, 2013

A multimillion-dollar corner in Weehawken NJ goes on the block



CNBC, 3 Dec 2013

A certain street corner in Weehawken, N.J., looks a lot like any other. The difference is that this intersection just across the Hudson River from New York has been immortalized in a painting worth millions.

The work, "East Wind Over Weehawken," by American realist Edward Hopper, is about to go on the auction block for the first time. Such an offering is a rare event, according to Elizabeth Sterling, Christie's head of American Art.

"Hopper was not that prolific in oil painting, and the majority of his works are in [museums]," she said.

Considered one of the great artists of the 20th century, Hopper is known for scenes from the 1930s. "East Wind Over Weehawken," done in 1934, illustrates a desolate street during the Great Depression, with a "for sale" sign and overgrown lawns the focal points.

"East Wind Over Weehawken" is expected to fetch between $22 million and $28 million when it is offered on Dec. 5. And who are the likely bidders?

"We've been seeing international interest, but I think it's going to an American collector—just based on what we've been seeing for past Hoppers," Sterling said. "It's been international participation, but ultimately the highest bidder for the past few years has been American."

Whoever places the winning bid could set a new record for Hopper's work at auction. The previous record, in 2006, was $27 million for his "Hotel Window."