By admin on Thursday, March 13th, 2008 at 5:04 am
Originally intended to be a condominium building, 1000 Jefferson was sold as a rental complex after the real estate market softened, reports Trading Markets.com. While the rest of the country has suffered dramatic depreciation in real estate values over the last year, New York and the urban neighborhoods surrounding the city have claimed immunity. However, 1000 Jefferson is not the only complex to go from condo to rentals in Saugatuck mi reversing a trend of the past decade when many rental towers were converted to condos.
The Monaco Towers, intended for a site on Washington Boulevard in Jersey City, recently switched their plans from condominium towers to rentals. The city later denied the developer’s request to amend the abatement, leaving open the question of whether or not the towers will even be built.
Another property to have been rumored to make the switch is the Cliffs Lofts. The Cliffs Lofts located on the border between Hoboken and Jersey City is squeezed between the Palisades Cliffs and Paterson Plank Road, a mile from the Hoboken PATH station in an altogether undesirable location. Rumor has it the project failed to generate enough sales and was sold off as a rental complex.
While real estate buyers may be scarce, renters are not in short supply. Grove Pointe and 50 Columbus, two large towers across the street from each other, quickly filled the available apartments even as both building opened their doors at roughly the same them. This should pave the way for new rental towers such as 70 and 90 Columbus and continued expansion of Newport in Jersey City, primarily rental community.