There are countless of new developments that could be found all around Manhattan. From the large Hudson Yards complex, the Central Park Tower, and the 53W53 building, there is no shortage of developments in the concrete jungle. However, just across the river, unbeknownst to most people aside from those living in the area, the so-called Jersey Gold Coast, is a hotbed of developmental growth. Not to be confused with the original Gold Coast, found in Australia, the Jersey Gold Coast a number of cities bordering the Hudson River, reaching from Bayonne to Englewood Cliffs.
While these new developments vary, multi-family homes reign supreme on the Gold Coast, with multi-use apartments and condos being built left and right. According to research done by magazine The Real Deal, “Over the course of the next few years, the towns along the Gold Coast, which include Jersey City, Hoboken, Weehawken, West New York and Edgewater, are expected to add just shy of 9,000 new apartments, riding a wave of demand that has been growing since 2010.” Although these numbers are large the expansion continues at an incredible rate, with no stop in site. The expansion of the surrounding areas near New York City plays into its often labeled nickname the “Sixth Borough” of New York. How intertwined the region is to New York, from the transportation, the people, and the overall culture, characterizes its moniker.
|Credit: Hudson Waterfront-The New Jersey Gold Coast (Wikipedia)|
According to real estate economist, Ryan Severino, he stated that, “The Jersey Gold Coast is attracting more residential development, due in great part to its proximity to the high-pay professional employment centers of midtown and lower Manhattan.” A reasoning behind this is for taxes. Residents of New Jersey pay a relatively smaller tax than those in New York. Further, the size of apartments in New Jersey provide a bit more living space over the popular yet miniature New York apartments.The idea of starting a family can also factor into the decision to move from Manhattan to New Jersey. The Gold Coast, while very urbanized, features many suburban areas.
While this vast growth of multi-family homes up and down the coast bring in thousands of new residents, there is also fear there will be a reverse effect. There is also that this rapid advancement of multi-family may lead to one too many, where there are more homes being built then are being rented. This can lead to many of the homes sitting empty and thus begin to lose value. An over saturation of the market, so to speak. As we stated in a previous article (Oversaturation in Multi-Family Developments?), apartment values last year were up 12%, this year, after a couple of months, the values are only up two percent, which is causing some rents to soften. While the dip has been small, causing very little to worry, the thought will always be there as the developments continue.
|Credit: Hudson Exchange West Website|
Although all these coastal cities have faced increased developments, one city has stood out the most. In the same Real Deal article, writer Rich Bockmann states, “Most of the recent development has been, and will continue to be, centered in Jersey City, where trendy new shops are popping up and an industry-friendly mayor is using tax incentives to encourage developers to put shovels in the ground.” Jersey City, for the most part, has been the epicenter of this development. The growth in residential buildings, such as condos, has created an estimated 6% population increase, bringing in about 14,000 people. A surge in residents this large hasn’t been seen in Jersey City since the 1930s. With these influx of people coming to live in Jersey City, it is expected that it will take over Newark as the most populated city in New Jersey this year. From residential developments such as 99 Hudson Street, Hudson West Exchange, Urby Harborside, and Journal Squared, Jersey City is the central hub for this expansion, providing an estimated 5,460 housing units among these four alone.
|Credit: The Critique Blog (Owner Cheng “Terry” Tan)|
With the ever changing scenery of Jersey City, it is beneficial to appreciate what is there before it’s gone. One of these examples is the popular location, The Golden Cicada Tavern. While the Golden Cicada is currently closed, the bar will be hosting an event held by the Gold Coast Network. The networking event, scheduled to take place on May 5 at 6pm, will be open to all Jersey City locals. Owner Cheng Tan, also known as Terry, will also be there, perhaps serving the famous fire water. Feel free to invite anyone friends as well. Check out more info about the even at Gold Coast Network
The Golden Cicada Tavern site is ready to be developed. Please contact event organizer, Kamran Mirza, of BLVD Realty, if you wish to get a head start on the details. For a full aerial view of the location check out the video below. BLVD Realty is a young business that is located at 234 York St. in Jersey City, New Jersey. BLVD Realty Group is the premier luxury and commercial real estate firm in the city. We specialize in providing our clients with the boutique look and feel coupled with a very strong team of professionals. Visit blvdjc.com for countless real estate services. Services offered are land acquisition, project management, project analysis and financials, and rental and sale of assets among many others.
Featured Image Credit: Curbed New York