Monday, November 25, 2013

Connecting Jersey City Heights to Hoboken

Ogden Ave, New York and Wester Ave, look like Hoboken back in the mid 80's.  The seeds of gentrification are really starting to grow.  Ogden Ave has beautifully renovated large spaces.  Do you want 1500 to 2000 square feet with parking and outdoor space and you don't want to spend $2MM for Hoboken or downtown JC?  JC Heights may be a good choice.  With the 9th Street elevator connecting the Heights to the 9th St Light Rail and now newly installed steps connecting JC Heights to the 2nd Street Light Rail, JC Heights may be a good choice.

The 100 Steps linking the Jersey City Heights to Hoboken are now complete and are open to the public starting.

The project was a restoration of the original Franklin Street Steps which were built more than a century ago and torn down in the 1990s. To make the steps useable again, workers had to construct a structural steel stairway descending from Franklin Street to Mountain Road at 100 Paterson Plank road, where the Cliff Condominium complex is located.

Funding for the project included the original developer’s contribution of $250,000; a Department of Transportation grant from the Transportation Trust Fund for $300,000; a revision to the Developer’s Agreement that authorized a special assessment for an amount not to exceed $257,000. The remaining costs, $389,345.20, were paid by the city.

Brass Works Urban Renewal agreed to construct the 100 Steps walkway up the Palisade as part of a deal in which the city allowed it to convert a warehouse into a luxury condominium project, now known as The Cliffs.  Brass Works Urban Renewal is held in Trust as part of the Metro Homes real estate investment trust.

Over the subsequent years, the project’s initial estimated cost of $250,000 ballooned to about $700,000 as it was delayed, and city officials became concerned that Brass Works would not complete the walkway. With that in mind, the Jersey City, City Council unanimously approved an amendment to the agreement with Brass Works that puts the responsibility of building the 100 Steps on the city, not the developer.

The move will allow the city to take advantage of a $300,000 grant for the project from the state Department of Transportation (DOT), and it will also receive a payment of $143,117 from Brass Works, which is what remains of the developer’s initial $250,000 commitment. The city then will have to raise the final $256,833 on its own.

232 Ogden is a great example of how Ogden Ave and the Heights are gentrifying.... Back in 2010, 2000 - 2500 square feet for ~$750,000, with parking and outdoor space.  What are they worth now?  Call me if you'd like to know... 201-240-6832.

Information provided by Donna Antonucci
Associate Broker