77 Hudson Condos - Jersey City, Exchange Place/Paulus Hook

[real estate wrangler]

77 Hudson in Jersey City is a Massive 420 home condo community one block off of the Hudson river.

A two tower complex encompassing both the 77 Hudson condo community and 70 Greene st (rental building twin).

Known for it's aqua blue facade, view of NC/Hudson River and massive amenities space.

[noons]

Good grab Wrangler.

I see quite a few purchasers not making it to the table, given when the bulk of sales were initially made.

I hope I am wrong.

The whole half rental - half condo thing is very difficult to manage successully.

The only place I know of recently to do this is Grove Point, but they sold in a different market.

Did you see see those land charges

[David Wrenn]

well it looks like Healy and company have stuck by their guns and rejected the 77 Hudson plea for equal treatment/tax abatement to that of Crystal Point.

I posted the link to the article below.
http://www.nj.com/hudson/index.ssf/2...ny_tax_ab.html

[real estate wrangler]

So where does this leave the abatement application process?

Are they dead in the water or are they seaking other avenues to get the abatement approved?

[David Wrenn]

So where does this leave the abatement application process?

Are they dead in the water or are they seaking other avenues to get the abatement approved?

As far as I know they are working on another legal route to get their abatement changed. It is not dead in the water, however I wouldn't hold my breathe

77 Hudson is FHA approved and in other news they have recently become Fannie Mae approved which should be huge for their sales effort.

[Unregistered]

As far as I know they are working on another legal route to get their abatement changed. It is not dead in the water, however I wouldn't hold my breathe

77 Hudson is FHA approved and in other news they have recently become Fannie Mae approved which should be huge for their sales effort.

What does that mean "in other news they have recently become Fannie Mae approved"?
thanks.

[David Wrenn]

What does that mean "in other news they have recently become Fannie Mae approved"?
thanks.

77 Hudson has received phased Fannie Mae approval. In this case in order to receive Fannie approval they had to phase the building, so not the whole building has received this approval. However they do have homes at sale that do qualify.

Fannie Mae approval means that a purchaser can secure a mortgage through many traditional banks, with once the bank has received the "condo questionnaire". When a new construction building is at sale early in the process or before they have sold the required number/have the required occupancy rate etc a purchaser would likely need to use a "portfolio" lender.

Portfolio lenders are banks that don't sell their paper on secondary markets, they hold them. Banks like Met Life, ISB etc can usually service loans if a new building has yet to qualify for Fanni Mae approval and many larger banks like Chase, B of A etc can't because of their governing pre-sale requirements.

[Casa]

From NJ.com - Developer seeks better tax break from Jersey City -- again

"K. Hovnanian is requesting to pay 12 percent during the first six years, 14 percent for the next seven years and then 16 percent for the remaining years."

[downtown]

K. Hovnanian’s high-rise community in Jersey City, 77 Hudson, also won several awards, including Best Logo Design for a Mid-Rise/High Rise Community, Best Brochure for a Community over $550,000 and Best Color Newspaper Ad One-Quarter Page to One-Half Page.

Link

[downtown]

"Last year, Crystal Point's abatement was changed from 20 to 30 years. Instead of paying 16 percent of the project's gross income per year, owners pay 11 percent for the first five years, 13 percent for the next five and 16 percent for the duration.

The City Council backed Mayor Jerramiah T. Healy in October in refusing to grant 77 Hudson the same deal. Healy said the 269-unit Crystal Point complex on Second Street was in a more remote location."

LINK

[Rich]

Is it just me or does 77 Hudson get a bad rap?

Why do people knock it or typically hold it in a negative light?

[real estate wrangler]

Is it just me or does 77 Hudson get a bad rap?

Why do people knock it or typically hold it in a negative light?

I would say yes and no.

When 77 Hudson launched sales, they came priced above the top of the market, and right at the time the market began to crash.

I think some people thought it was an arrogant move.

The prices are more reasonable now due to the amount of negotiation you can typically do there.

Some of the floor plans aren't the most usable layouts. Many of the living rooms are on the small side and some even have columns in the rooms which makes it tough to furnish and eats your usable sq footage.

The amenities are top notch, but you pay for them. The location if you work in downtown NYC is perfect.

I think people still hold the initial pricing and lack of sales over the past few years against them.

I don't think there is anything really wrong with 77 Hudson, it's more of a perception issue I think.