Submitted by Particular-Nerve7625 t3_yc0up7 in jerseycity
How is the building? Is it worth it?
Comments
bodhipooh t1_itkzq3t wrote
This is totally on point. I lived here for almost 9 years. Really, really liked it for the community and friendships I cultivated while there. But, I was renting from an owner who eventually sold his unit not long after I moved out. As a condo project, it is a failure. They had horrendously bad luck in terms of timing but didn't do themselves any favors by the way they were running the place.
When the economy took a dive and the housing bubble deflated, they were still in the process of building out the place, but had already sold many units. Everything came to a grinding halt in that area. They couldn't move the units they had ready, and you could tell they were struggling to keep the project moving along. The few signs of gentrification in the area just stopped and disappeared (RIP MAE) and then they had the brilliant idea to change their business model and decided to turn the remaining of the project into rentals. Well, rentals have a whole slew of requirements different than condos, particularly because by then new building code changes had been implemented. Getting existing units modified to satisfy rental build codes to get proper COs was a bitch. I know for a fact that a bunch of units were inspected over, and over, and over until they were finally approved and certified. And, because they couldn't move units fast enough, the crunch must have been brutal, because they started renting out to really sketchy people, and the place became a revolving door of randos who would move in and move out in short periods. It was a real shame, because it really had an impact on the small community that was already developing there. It also didn't help that the property manager was a super young, and green, lady who had good intentions but was way over her head. After a while, I moved out and I haven't kept up with the latest developments, but I really, really liked the place and I feel it had great potential.
Particular-Nerve7625 OP t1_itld91s wrote
Thank you for the help! That’s unfortunate. Any chance it turns around in the future or just a lost cause under current management?
bodhipooh t1_itlhdp3 wrote
I don't know any of the recent details, gossip, or prospects. I moved out ~8 years ago. But, for certain, they are struggling where others have managed to come in much later and do much better. That says something.
Hopefully someone else with more recent first hand experience can chime in. Like I said, I really liked that place while I lived there.
throwawayinjsq t1_itlu8b1 wrote
Just to clarify, the developer ownership percentage only impacts conventional loans not ARMs. The ownership percentage of the developer is currently around 27% and the usual threshold for convention loan is 25% so do w that what you will. The building itself is really convenient and the community is really nice w more young families moving into the building. But yea it’s definitely still pretty affordable compared to the other condos in the areas.
Perps_MacAbean t1_itkn60c wrote
Are you looking for horseshoes? A stove? Help us out here
Cuprunnethover2022 t1_itkw3yk wrote
The developer owns a huge number of units still, making it hard to get a mortgage and making it hard for owners to make any positive changes since the developer's vote will win every time. Do your research, there is a reason this building has not gone up in value as much as others.