Leasing Sign up at Shaq IISubmitted by recnilcram t3_1211bdb in Newark
ISGQ t1_jdl8urx wrote
Reply to comment by AlfredoCustard in Leasing Sign up at Shaq II by recnilcram
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?
recnilcram OP t1_jdmhd2y wrote
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.
ISGQ t1_jdmovpd wrote
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
recnilcram OP t1_jdn5i6o wrote
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.
Newarkguy1836 t1_jdo48rl wrote
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.
recnilcram OP t1_jdo6bmc wrote
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.
Newarkguy1836 t1_jdr5vdn wrote
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!
_whatalife t1_jdo9kmj wrote
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.
aTribeCalledLemur t1_jdqpf40 wrote
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.
eucalyptushoney007 t1_jdmbef9 wrote
People will pay for the amenities and security
Marv95 t1_jdpd1ge wrote
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.
Newarkguy1836 t1_jdo3p4q wrote
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.
GhostOfRobertTreat t1_jdoo870 wrote
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.
Newarkguy1836 t1_jdr67hj wrote
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
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