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mooseLimbsCatLicks OP t1_iw2hs4s wrote

Ive seen other multimillion dollar apartment listings and this one just seems way more unique, and the huge patios are just special.. I would totally buy this if I won the lottery.

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pitpatpit t1_iw2j79v wrote

Very nice but wish the ceiling height was higher

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Jazzlike_Drawer7174 t1_iw2kxrq wrote

Haunted like The Shining

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kushNation141 t1_iw2mhbg wrote

So is the other Hague Building @ 2600 JFK

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nolaughingzone t1_iw31yk7 wrote

Whats the story - can you share please? I used to live there

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onoir_inline t1_iwcsb6y wrote

Wait, I haven't heard about the Hague. What kind of haunting?

At this point I've heard so many stories about the Beacon that it's just common knowledge haha

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PostPostMinimalist t1_iw2lh7r wrote

RE taxes would be about $4400/month without (or after) the abatement.

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PixelSquish t1_iw3dut6 wrote

Yeah but then you'd be stuck living at the Beacon. Would way rather spend that money downtown, or spend less in the Heights and still be happier and have money leftover.

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mooseLimbsCatLicks OP t1_iw3imt6 wrote

In the heights you would have a whole building for that price. Wonder what it would buy.

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PixelSquish t1_iw3q62v wrote

You could buy right on Ogden with city views. The mayor's house is super pimped out, I think he paid just over 2 for it. But that place has a roof pool. It's quite luxurious.

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mooseLimbsCatLicks OP t1_iw3r94m wrote

I looked on Zillow out of curiosity.. there’s only a few high price places, some unique and luxurious. Some are just multi unit buildings..

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PixelSquish t1_iw3tfig wrote

Yes for 2.5 million in the Heights it should mostly be multi-unit buildings/investment properties. Homes that expensive are just not very common up here. 2.5 million downtown will get you a sick brownstone, and the Heights is not near those price points.

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HobokenJ t1_iw3m2n7 wrote

Beautiful apartment, but... you'd be living at the Beacon.

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JEVoorhees t1_iw2xtx6 wrote

In the background, looking East toward Manhattan, and Hoboken and Jersey City are in the foreground. At center, from left to right, are New Jersey Turnpike Newark Bay-Hudson County Extension Bridge Structures N7.93W, N7.90E, N7.24, N7.13 and N6.49, left to right. Continuing out of the photo, to the right, are Structure Nos. N5.56A, N5.56B, N5.34, N4.52, N4.12, N3.73, N3.00, N2.01E, N2.01 (Bay Bridge), N2.O1W, N0.75, and N0.28D/C/B/A at NJTA Interchange 14 at EWR. Thanks for paying attention and your voluntary boredom!

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brook_lyn_lopez t1_iw6vop0 wrote

If I had the ability to buy a 2+ million dollar place, I don’t know if I would want to be living at the Beacon.

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zjuka t1_iw30o0g wrote

Yeah, I dunno, the pool is a little small… /s

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a_teletubby t1_iw7f782 wrote

Why would you wanna live in one of the rougher neighborhoods in JC if you have 2 million?

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SonOfMcGee t1_iw3a9gp wrote

I wonder if this is where nurses would go to jump.

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mooseLimbsCatLicks OP t1_iw3mndh wrote

At one point it was the biggest hospital in the world. My dad was a surgeon there when it was still open

Edit: google says third largest medical facility in world at its completion in 1941

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jae34 t1_iw46ozu wrote

Sounds like a good deal until taxes

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tdrhq t1_iw2msb3 wrote

And... this is why my property taxes are going up. I'm subsidizing a 2.5m home.

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Successful_Pen_2387 t1_iw2r1fc wrote

Abatement doesn't mean its free. On the city website it says pays ~22k per year. I'd suggest the owners dont send kids to school so you are in no way subsidizing them.

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[deleted] t1_iw2wwd4 wrote

22k a year is what a home assessed at 1.4m would generate in property tax at the 2021 rate. At the 2022 rate it'd be a home assessed at just over a million.

That shortfall is made up by ordinary homeowners.

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objectimpermanence t1_iw31gwn wrote

The Beacon is not exactly in a prime location. These buildings probably wouldn’t have been redeveloped back then without the abatements. Or the project would’ve been seriously scaled back.

Read up on the history of the condos at the Beacon. Here’s one story about it.

Sales started shortly before the financial crisis in 2008. For years, they had a tough time selling units even with the tax abatement. Units were selling at auction at deep discounts.

They may not have gone ahead with the rest of the project or delayed it indefinitely without abatements, which would mean lost revenue for the city.

Construction jobs and PILOT revenues (i.e., the $22k/year from this penthouse unit) are better than a massive complex of abandoned buildings that contribute nothing to the city.

It would be a different story if you were talking about some of the waterfront high rises with generous abatements, like 77 Hudson or Crystal Point. Those building are in much better locations and probably would have quickly sold out once the economy recovered even without abatements.

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mooseLimbsCatLicks OP t1_iw3mwlm wrote

Very reasonable take and nice breakdown. Love Reddit for the good discussions you get

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[deleted] t1_iw99kw9 wrote

It's not a history if it stops at 2012. They got a further $33m in tax breaks in 2013 and in 2018 Fulop tried to take away the abatements for four of the buildings because they weren't in compliance with the agreement.

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Successful_Pen_2387 t1_iw37lkq wrote

When the sale goes through the abatement paid will go up as well. We can check next year.

If JC never had abatements most of the downtown gentrification just wouldn't have happened. Ordinary homeowners would be paying much much more.

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badquarter t1_iw7xijp wrote

And here’s the thing.. before it was an apartment, it was contributing nothing to the tax pool.

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tdrhq t1_iw7xrxj wrote

But now they're taking the benefit of local schools and roads, but not paying their fair share for them.

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Blowmewhileiplaycod t1_iwjqf8w wrote

Someone in that condo isn't likely to be sending their kids to the public school system...

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