Any updates on Shore Club? (Info Needed)

[NSK]

Does any one know the status of shore club after the approval of the abatements...

I would like to know when we'll know about the prices, completion dates etc. Any Info would be appreciated.

[Humanoid]

Any developments in that area? Has anyone heard news on the Shore Club? When does it go on sale?

[Scott]

Why don't you call up Lefrak's office and ask them directly? :rolleyes:

[Humanoid]

I don't feel like calling Lefrak :) Besides, they will give me only official information and it is remotely possible that someone here has more knowledge on the subject.

[mrsean]

I called the sales office in February (b4 the abatement) and they said that we should know something by April. I will try to call tomorrow and get an update.

[Sonia]

As soon as I have information, I will share it!

[cornerhound]

The part of the street beyond the entrance to the Jefferson Garage has been blocked off. I think that suggests that some sort of construction activity is going on or about to take place.

[mrsean]

Ok, so I went over to the sales office today to beg and plead for a date when we will see floorplans and/or pricing. The lady at the front desk very nicely said that they had no further information at this time. However, she did give me a flyer (basically adverstising the architect firm) with a weblink on it. You can register to be on the "prospective buyers" list there.

The link is http://www.shoreclubatnewport.com

She made it seem like the flyer was already distributed to us residents, but this is the first time that I'm seeing it. Did anybody get one under their door or at their building yet?

From reading the website, apparently the first tower is going to be 28 stories. I could have sworn that I heard 16 or 18 before.

[mrsean]

Here is a link to the architect's website to give you some idea of what Shore Club might resemble.

http://www.pagesteele.com/residential.html

[Sonia]

Mr.Sean,

We originally heard 22, this building keeps getting taller! By the way, I heard the architects are a top of the line Canadian firm, with a renowned international reputation.

[mrsean]

Yeah, Sonia. Most of the buildings on their site are in Toronto. I really like their funky Cineplex Odeon design too bad ours around here don't look that art deco.

[Guest]

What price range do you think they are going to go for ?

This would be a fun excercise to see who gets the closest ......

1 Bed ?
2 Bed ?
3 Bed ?

On the webite the price range you can select starts at 300,000+

Who's gonna start the price game ?

[Gaga]

studio 350k - 400k
1br 400k - 500k
2br 500k - 600k
3br 800k - 1.2m

[wiley]

1br 450k - 600k
2br 550k - 850k
No idea on 3br and studio

I used Maxwell Place at Hoboken's price ranges 4 months ago as reference. At MP, 1br ranged from 450k - 650k; 2br 550k to 975k, 3br from 1 million. These are 4 months ago's prices. Should be around 10% more now. Shore Club should be priced at a discout to MP.

[NSK]

You are assuming prices are going up!! I would say that before long, prices will certainly start stagnating and at certain places are likely to fall heavily (Williamsburg for one). If the supply increases way over demand in the waterfront area (downtown JC, newport and hoboken), it's a distinct possibility for our area as well. It's just a matter of time.

As for me, if the prices for 2BR are above 500k here (as it is likely to be), I won't even consider it.

[Sonia]

Relax guys,

The initial offering will be priced below market.

[wiley]

You are assuming prices are going up!! I would say that before long, prices will certainly start stagnating and at certain places are likely to fall heavily (Williamsburg for one). If the supply increases way over demand in the waterfront area (downtown JC, newport and hoboken), it's a distinct possibility for our area as well. It's just a matter of time.

As for me, if the prices for 2BR are above 500k here (as it is likely to be), I won't even consider it.

I was seriously considering buying last year. I looked at a 2br at James Monroe with good view of the skyline which asked for 525k. I left within 2 min because, no offense to residents to JM, (1) I didn't like the building (2) that apartment was ... just ugly. I am reading from this board that 2br at JM are now asking for over 600k, surely different ones but still.

I am not very bullish on real estate. As a matter of fact, I think Hoboken has the highest downside risk of all areas for reasons that the 1-sq mile up there is enjoying the spillover effect from Manhattan which is a global market while Hoboken is only a local market. I stop here or I will spend an hour typing my view on real estate.

However, if any 2br along along the waterfront is priced at around 500k, I want to buy two of them.

[wiley]

Relax guys,

The initial offering will be priced below market.

Sure, absolutely. Maxwell Place's offer prices were estimated to be about 15 - 20% below market, and you can see the ranges I quoted earlier. Those were the first phase below market offer prices.

[NSK]

Wiley, I know that the prices sound insane now... And they are insane. I passed up an opportunity to buy a 2BR co-op apt. in Chelsea (19th St. and 8th Ave) for $420,000 in 2002. I had just started my job and had no money and no credit rating. That was a good price. While the prices have been going up for the last few years, they can't keep going up forever. Reality will catch up. Historically, as an investment, real-estate ranks pretty average over longer time horizons when compared stocks.

But, hopefully some of us remember the bust years in NYC (early 90s) when they used to auction apartments off! I was hunting for and recently found a history of real estate mkts in the U.S. and I second your opinion that real estate is not for "investment" over a longer time horizon. If one wants to settle down and buy a place to lve, it's an entirely different story (even then within bounds - monthly rental to monthly cost of owning).

Looking at the housing prices for the last 100 years, I am shocked at what has happened to the prices in the last five years (even taking into account population growth, cost of building and interest rates among others). It is like a rocket taking off; Just reminds me of the stock market bubble of years past. Of course, the bubble in real estate mkt behaves differently than the stock mkt...

Here's an Image file I posted sometime ago, showing NYC as a potential bubble spot (source: Businessweek):
http://newportwaterfrontassociation.org/bb/showthread.php?p=8892#post8892

[wiley]

NSK, I share my thoughts in the more appropriate thread under "Is it a seller's market."

[dinz]

Are these guys open for business as of date ? I like to go over and talk to them to discuss a potential investment in a one bed room apt , in the shorefront property that is to come up.How should I get abt it ? do they have a contact address/phone to meet prospective buyers, or are discussions intiated thro a realtor? Pls advise>..

[Humanoid]

Any news?

According to Newport master plan, Shore Club will include 12 buildings: http://www.newportnj.com/pdf/3d_newport.jpg

Here, only 2 buildings were discussed. If they are planning to build all 12, I expect that area would be full of noise and dust for good five years...

[mrsean]

Hey Sonia,

Perhaps you could ask your pal Jamie when the new sales office is expected to open? My guess is that if they are building a separate new office rather than using the current one, then these condos will be very expensive. On the other hand, they do have to sell 400+ units so maybe extra exhibition space may be needed.

Thanks!

[Sonia]

Folks,

We know how excited everyone is, as we wait with baited breath for the initial offer, but we must wait a bit longer for the prospectus to be available. In the meantime, you can login to www.shoreclubatnewport.com, and register your interest.

We promise, we will announce the initial offering as soon as we know the scheduled date!

[Scott]

My guess is that if they are building a separate new office rather than using the current one, then these condos will be very expensive.

The condos are gonna be expensive anyhow. I knew that there's no way they would use the current office for Shore Club. A walk this afternoon just confirmed that. The Shore Club sales office is at the corner of Washington Blvd and Newport Pky.

[07310]

The condos are gonna be expensive anyhow. I knew that there's no way they would use the current office for Shore Club. A walk this afternoon just confirmed that. The Shore Club sales office is at the corner of Washington Blvd and Newport Pky.

I wouldn't be surprised if they start $650-750 psf.

[mrsean]

I wouldn't be surprised if they start $650-750 psf.

Oh my god. Your going to make me pass out! I've been living in this area for more than 30 years and if someone had told me 10 years ago that a person would actually be willing to pay a million dollars to live JC (let alone 3 million!), I would have laughed in their face.

Amazing....

[Humanoid]

What is more amazing that this area was undeveloped for decades...

[spirit]

Just saw floor plans (http://shoreclubatnewport.com/). Quite horrible. Specially the diagonal design from one side. What would be the sense of odd-shaped rooms?

The building does look pretty from the outside but I am not sure it had to have this crazy diagonal style.

The bedrooms are tiny and all the apartments with more rooms are tucked away from the river!

Judge for yourself.

[Shudigidi]

I somewhat agree with Spirit. All the 2 beds have very small living rooms. And I am sure all 3 beds will be priced very high. I liked the layout of three bed though.

[Humanoid]

Diagonal wall/window style will allow for more panoramic view of Manhattan.

Any news on the pricing?
Most of the apartments will have a view on south tower construction for several years to come. I wonder if they have taken this into account when creating price list...

What special offer will be extended to Newport residents?

[djcasava]

Humanoid: How do you know that the north tower will be constructed first?

Does anyone know where exactly this building will be? Is there an empty lot for this...or did they take down an existing building? Can anyone give me a landmark? Thanks.

[Humanoid]

Humanoid: How do you know that the north tower will be constructed first?

Does anyone know where exactly this building will be? Is there an empty lot for this...or did they take down an existing building? Can anyone give me a landmark? Thanks.

My mistake: South goes up first.
Step by red buildings (Jefferson & Madison?) you won't miss the construction site...
Looks like the new sales office has model apartment, complete w/ kitchen, windows and balcony.

[mrsean]

Just saw floor plans (http://shoreclubatnewport.com/). Quite horrible. Specially the diagonal design from one side. What would be the sense of odd-shaped rooms?

The building does look pretty from the outside but I am not sure it had to have this crazy diagonal style.

The bedrooms are tiny and all the apartments with more rooms are tucked away from the river!

Judge for yourself.

Well I understand why the bedrooms should at least be away from the river as the Hudson can be quite noisy in the A.M.

As for the building design:

Exterior: Gorgerous Interior: Hideous and uninspiring

In fact, I happen to like the layouts of some of the Towers of Americas building better. It's hard to believe that the same person who designed the exterior also did the interior. I don't know where to start with my complaints. My studio has more closet space than some of these 1 bedrooms.

Also, I would like them to address sound-proofing and the PSE&G problems that TOA renters are currently experiencing.

[Scott]

Just saw floor plans (http://shoreclubatnewport.com/). Quite horrible. Specially the diagonal design from one side. What would be the sense of odd-shaped rooms?

The building does look pretty from the outside but I am not sure it had to have this crazy diagonal style.

The bedrooms are tiny and all the apartments with more rooms are tucked away from the river!

Judge for yourself.

Some of the two bedrooms have open kitchen right by the door?! What the hell are they thinking?

[smp9778]

Some of the two bedrooms have open kitchen right by the door?! What the hell are they thinking?

Same bad kitchen design that you have in Towers of America. A large, square kitchen with cabinets on three sides, and open fourth side, no place for a table and chairs, and way too many cabinets for anybody to ever use.

I didn't look carefully, but I expect the bathrooms also resemble mine: a large square bathroom with no logical place to put a trash can.

[wiley]

I am not complaining. After having checked out the website and the pictures, it is very obvious that the Shore Club is no where near as luxury as the Maxwell Place in Hoboken. Not even close. No way it can ask for 600 - 700 per sq ft.

[neptune]

I have a concern that no one seems to have mentioned: Are those condos going to be built in the same manner that the Tower of Americas Towers?
If so, then I would not buy any of them.
It may be "acceptable" to hear everything form the apartment next to you and above you ( and I mean EVERYTHING! If you see what I mean...), but for someone to spend more than $500,000, Soundproofing is a MUST.
I sincerely hope that the management has learned from their previous "go for cheap" policy.
We will soon see how they proceed. I am not relying on management on this. Once you brought your unit, that's it!
If the construction is well done, I will be interested in buying.
Any feedback? Sonia, would you know?

[Humanoid]

Another issue is heating/ac/ventilation.

Will there be central heat/ac? Will the windows open?

[mrsean]

I have a concern that no one seems to have mentioned: Are those condos going to be built in the same manner that the Tower of Americas Towers?


I mentioned this 6 posts earlier. Look up.

Anyhow, I will to reserve further judgement until we hear prices, but I'm about 95% sure already that I will be looking elsewhere for a new home.

I wish they had submitted the floor plans to us (i.e. potential buyers) for an opinion first. Right now, they have all the makings for an upscale "housing project".

[GWer]

Can any Feng Shui master give some clue? I'm concern with the nearby Holland tunnel, the ventilation building, also the shape and layout of the apartment.

Thanks!

[cancerdotcom]

a road going down a hill into your front door is hopeless

a 4 lane tunnel and a 12 lane highway bearing down your throat

is hopeless but????????

it goes under us.............have to check the books

i am sure we can find a master or two who could "see the light"

of positive feng shui here

c.c

[Jay3]

Its funny how in the animation scenes they leave out the shadow of the exhaust vents for the holland tunnel...

Air quality around us is bad.

[cancerdotcom]

is the sales office opening tomorrow?

when do we get the prices?

[Cleo]

Sonia said we have to wait for a prospectus, when will that be available?

[dennjny]

The sales office has yet not opened. Do you know when it will actually open. I keep hearing "next week" but am yet to see "that" week.

Also, any updates on the pricing?

[JM Resident]

Still have not received any e-mails about the sales office opening. Passed it yesterday and it looks like the office is ready for opening. Hopefully it won't take another week of waiting...

[mrsean]

I did some quick sleuthing today by asking when the Shore Club sales office would open at the Newport sales office.

Apparently, the S.C. sales office will open in mid-July. Shortly before or at that time, Newport residents who registered on their website will receive an email asking for certain information to be faxed over. How quickly you get your info to them will then determine when you can get an invitation.

Good luck folks....

[JM Resident]

Any chance of getting preliminary pricing at this point? I assume the prices will be significantly higher than what similiar apartments are going for in the James Monroe. It would be great if there's a Newport resident discount.

[cancerdotcom]

thats a pretty good assumption

unless lefrak is planning to build a slum and pump in some holland tunnel air

[cancerdotcom]

yo whats the deal already

[cricket]

i've seen the brochure - they announce prominently that the site has been blessed in feng shui ceremony by www.punyin.com and layouts have positive feng shui design.
i am not a master by any means , but i have enough knowledge to notice that most of north facing units have bathrooms (toilets) in south-east corner(money/wealth) - which is a BIG no-no: money flushed down the toilet. the saleswoman was rather surprised to hear it - she said it obviously did not deter any chinese customers....anybody in the know noticed that?

[cornerhound]

Can any Feng Shui master give some clue? I'm concern with the nearby Holland tunnel, the ventilation building, also the shape and layout of the apartment.

The site has been blessed by Feng Shui master Pun Yin. Supposedly it will incorporate some features that she recommended:

http://www.punyin.com

Is she good?