What is happening at 75 Park Ln aka Park & Shore?

Submitted by donnie_trampovic t3_10nxhx4 in jerseycity

I see like 30 listings on Zillow. Is it mass exodus of residents? Is it developing still selling new old stock? That building always seemed half occupied but didn’t have as many active listings. I begin to wonder if there’s actually something wrong with the building or people can’t afford to live there anymore due to property tax hikes.

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objectimpermanence t1_j6bjreb wrote

Whoever owns those units don’t seem too desperate to sell. The asking prices on those units are still very near the top of the market in terms of $/square foot, yet the finishes are just a step above ordinary. The neighborhood isn’t that great either. Lots of construction around and kinda desolate at times.

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datatadata t1_j6f4ai5 wrote

AFAIK, Shore is sold out while Park is not. I don’t think it’s as bad as 50% occupancy you are suggesting but they still have stock esp the larger units that are crazy expensive

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pixel_of_moral_decay t1_j6fdf5l wrote

Buildings sell in waves. What you’re seeing is likely a new wave of units put up for sale.

How large a wave is depends on market environment. They don’t want to flood the market.

And there’s still a lot of delays on things like appliances, so doing this might also be impacted by units that don’t have fully fleshed out kitchens.

And no buyer of new units will buy without knowing the max # they can sell at once. That heavily impacts the value of your unit and if it would even be possible to sell. You may not get a mortgage either if the number is too high since the lender could be stuck with it. Or take a heavy loss.

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