Now that we're looking for a new backyard in our own backyard we thought we'd share the good and bad of what we've been finding on the lowdown downtown.
The good news is across the street from us, as we watch 77 Hudson and its rental counterpart 70 Greene get glassed in with each passing day, (today's progress from our window, pictured) its seeming less and less like the tomb in The Cask of Amontillado and more and more like a viable living option. Never mind the fire, the suicide, the record fines, the rental tower - they're not apartments, they're rental luxury homes - is now advertising leasing for Spring 2009 and the going rate's supposed to be $4 a square foot. And for those wondering who's getting in on the ground floor by, umm, getting in on the ground floor, rumored tenants from realtors include a project from The Tropicana (hell, why not The Chelsea?) and an off-shoot of Nobu. Whether they're seeking the building out or the building is seeking them out we don't know but the latter seems more likely. It's also rumored to be the home of Jersey City's third Starbucks.
The bad news is at everyone's least favorite downtown building, Trump Jersey City. Whether or not you know this, it's not so much New Yorkers moving over here as foreigners and all along they've been banking on the Trump name. Apparently they don't know The Donald lends it out to everything from bottled water to beef and that it's a Trump project in name only until they tour before closing, crossing their Ts and dilating their eyes. What's going wrong? We've learned they're too in debt to start the second tower (pictured) and unsold apartments are already showing signs of wear and tear they're acknowledging to buyers they don't have the means or supplies to repair. And while some buyers now want out, those already moved in are turning to rent out their apartments at $3 a square foot on Craigslist despite not being able to offer all the amenities the building promises. (Completed surrounding buildings average $2.50 a square foot.) The Trump building is looking more and more like a headstone for Jersey City's highrise boom.
However all hope is not lost. As we write this, a wiser group of foreign investors, a Chinese family sitting to our left right now at Starbucks is going over plans with their architects for razing and raising a seven story building around Newark and Columbus, ready to move forward with ten one bedrooms and three bedroom penthouses disguised as two bedrooms with dens to get them past the planning board to quell their fears about density and which isn't as much their concern as whom they're commissioning for the building's mural. And people thought the downtown arts district was a lost cause.
It's really no suprise that Metro Homes is holding off on the second Trump tower - that's been stated almost from the beginning that it will not begin until the first tower is completely occupied.
The suprise comes by hearing that unoccupied units are falling into disrepair, and that the full amenities are not available yet.
Trump is too much, it's ashame that he gets all the glory for having all of these buildings, while the developers are hurting. Obviously it wasnt part of the agreement - but it'd be nice if he put some equity into the building and he was hurting too along with the developers who just paid him money.
Posted by: Andrew | August 21, 2008 at 05:44 PM
Amazing how many people loathe the Donald. Pure envy and mean spirited attacks merely because the man is a billionaire.
Has he broken any laws? If so put him on trial and throw his butt in jail if he is found guilty. Otherwise quit your whining about one of America's greatest success stories.
Posted by: Joseph | August 24, 2008 at 11:02 AM