1 bedroom 2.5k

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

A MONTH?

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

And the front still not finished lol

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

Leasing now but move in date is probably sometime this summer like June.

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

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

How do I get in any of the low income units?

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

That would be cool

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

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?

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

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

It’s usually a lottery. I’d call the number on the building and ask.

You can also reach out to the City’s affordable housing office here: https://www.newarknj.gov/departments/affordable-housing

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

People will pay for the amenities and security

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.

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

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.

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

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

KEEP BUILDING NEWARK!!!

I was just about to ask this.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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

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!

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

Haha🤣😂

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.

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.

Why do you think we need pricey buildings?

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.

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