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View Full Version : TJ Going Condo?


dmarse1062
April 11th, 2006, 02:57 PM
In passing, someone mentioned to me that TJ is going Condo. Would anyone happen to know the validity to such comment?
smp9778
April 11th, 2006, 08:43 PM
It's going to need a lot of renovation if that's the case. Also why wouldn't they pick one of the buildings with better views (more $$$ at sale)? And there are affordable/subsidized units in that building which I believe were built with a 25 or 30 year subsidy back in 1987. Kind of hard for me to believe.
Lenin
April 12th, 2006, 10:55 AM
I would think it's a virtual impossibility.

Anyone over 52 can stay on as a renter for 40 years (NJ law) and that amounts to a LOT of people who have to be bought out in a building with 300 apartments.

PLUS the building was built with a grant from Jersey City...with stipulations.
07310
April 12th, 2006, 01:13 PM
There's always a few people who hope they're in the right place at the right time to get a deal on an insider price on a conversion. That's never going to happen to to the rental buildings. If LeFrak wants more condos he has plenty of land to build em.
PTMG
April 12th, 2006, 10:35 PM
That rumor probably started because of renovations in TJ. I guess some people find it hard to believe that Lefrak would do something nice to the rental buildings without the intention of converting them. I don't really see it happening, especially considering that the rental market is hardening while the condo market is softening.
Jay3
April 13th, 2006, 12:21 AM
That rumor probably started because of renovations in TJ. I guess some people find it hard to believe that Lefrak would do something nice to the rental buildings without the intention of converting them. I don't really see it happening, especially considering that the rental market is hardening while the condo market is softening.



the condo market is softening?
07310
April 13th, 2006, 08:56 AM
the condo market is softening?
The market for new construction is still strong, people are willing to pay to be the first owner. The market for older units has softened a bit, it hasn't dropped, prices have remained firm, it's just not red hot like it was last summer. This year is still supposed to be a very good year for RE sales.