The Beacon - Jersey City

I actually got to know the area well years back, before the conversion. The conversion itself seems to be pretty nice. Nothing blow-away, but the buildings have nice bones, and they have a lot to work with. Amenities look good (though I wonder how crowded they'll be given the size).

That being said, it is VERY inconvenient for transportation. Any time they have to resort to "shuttle", you're looking at some commuting issues. Having to wait for a bus to get you to the path (and worse if you then need a train) will be an issue. Now, try that at 2am on Saturday night, when the schedules don't match up. I know they're trying to build a "city" out of it, but you are talking a very disconnected city. The surrounding area is only so-so. You're not walking to much.

So, in terms of prices, its certainly cheaper than much of JC, but it SHOULD be (and likely even cheaper). The crash has already hit NJ, and I think there will be too many units to sell 'em all. When any amenities/retail get delayed, then we might really see some price changes. I figure these will go for significantly less in a year. Too many of 'em, and too far from everywhere else.

Great - thanks for your insights. I was really lured by the terraces....a beautiful prewar apartment with a penthouse-like terrace. But, you're right about it being risky. I believe they have 1200 units planned, and only 315 completed - and of those 315 condos - about 30% had to be converted to rentals (though they are now beginning to market them again for sale). I'll keep an eye on it...but if a majority of the 900 remaining units go rental, it could compromise the stable community they are trying to achieve. And I'd hate to be stuck trying to sell a condo that is located in a development with a 35 percent owner-occupancy rate....financing would be non-existent.

Now if I could just find a 'Beacon-like' project in Manhattan. Oh yeah, and afford it!

I am not trying to be rude as I visited this development a year and a half ago. The surrounding area needs a little work. The make it seem like you can do all your shopping, hobbies, day care all within the beacon. Its like living in a bubble only when you go to the surrounding area there is nothing good i.e. Bars, Food Markets etc.

Wow, I did not realize there was THAT much inventory. Those are some big buildings.

Marco is right... that neighborhood needs some work. Get off the grand street exit on the turnpike, and you run right into some major projects and interesting streets. There used to be a Fortune 500 company headquartered right there (yes, weird, but it was an old drug company that was since bought) and their parking lot had barbed wire around it. And you would hear gunshots middle of day.

The neighborhood has improved some, but you're still talking about one of the less gentrified areas of JC. And without ANY other development around there, that thing is going to be an island. Not the reason you move to the NYC metro area in my book...

how much are they asking PSF?

Pricing is roughly $500/SF. And the quality is exceptional - think the Four Seasons. But, as mentioned, it is an all-inclusive Four Seasons - and one will find very little appealing outside its razor wired gates. Even so, this world needs pioneers and I'm an advocate for restoring/reusing historic buildings. I think this developer took a big risk and has done all of the right things - so I've scheduled an appointment for Saturday to look at a couple of units. I'll leave my checkbook at home....

Given you are at suburban commuting times - and NJ is already tanking - I think $500 psf for whatever type of construction is just too much...

Though, if it gets down to $300 psf, maybe Manhattanites will start picking up weekend spa homes.
;-)

Here's a link to the building in StreetEasy NJ:

http://www.streeteasy.com/north_jersey/building/50-baldwin-ave-jersey_city

The building is in the heart of a ghetto. You will need to pack some serious heat if you plan to go out after 7 pm!

My friend is an owner in this building. The amenities are terrific, but costs have gone through the roof- and are not transparent since the sponsor is controling everything and not providing much in the way of information. The common charges have gone up a few times since my friend signed the contract and I imagine more are under way. His apartment is beautiful and he has made many friends in the building, but there is also a large population of renters in the building that clearly don't care about the investment many owners have put into their homes.

A very ironic aspect to the building is that recently Verizon Wireless filmed a commercial on the first floor (a few feet from my friends door) touting the quality of the network, and Verizon cellular service is inconsistent, weak and sometimes non-existant in my friends apartment- only feet from where the commercial was shot. This is the commercial being aired recently with the young twin boys (mimicking The Shining).

As to the ghetto aspect, my friend and other residents were rather insistant that I take a cab back to the PATH station rather than walking late at night- apparently the area around the complex is still pretty bad. My friend feels much safer walking around my neighborhood at night than he does his own (I live in West Harlem). The latest update is that the Projects next door are going to be dismantled, and right now they have already stoped renewing leases...although I am not sure how JC will proceed considering that such much of the cities local economy relies on the investment banks.

All in all, I love the apartments and the amenities, but whomever buys in this complex must understand that while there are some great aspects to it, there are also signficant tradeoffs that need to be dealt with. Personally, I think I got a much better deal in West Harlem- I don't value the amenities enough to justify the high prices they are asking and the high common charges.

Ok, if this isn't clear... this is one of the worst neighborhoods in Jersey City (a city with a lot of bad neighborhoods).

Its great that you have amenities, but the kind of buyer willing to pay $$$ for amenities isn't looking in the ghetto.

I'm not quite sure what the target market of this building was supposed to be. In the end, I don't think there was one. There was a building that could be converted, and the developer thought that ANYTHING would sell in 2007. Except its 2008 now. And I don't know who is supposed to buy these...