Archive for category apartments
Have you heard the terms ultra luxury and uber luxury? Do you have any idea what the difference is? They both sound like degrees of luxury that I cannot afford. Uber as defined by internetslang.com means ultimate or best. So, uber luxury would then be defined as the ultimate or best in luxury. Ultra luxury is defined by yourdictionary.com as providing an extremely high degree of luxury.
In any case, recent developments in downtown Jersey City have been described using these two adjectives. As New Yorkers exit the city, looking for newer and better places to live, they just might find what they are looking for on the West side of the Hudson River, more specifically in rental units in Jersey City.
Downtown Jersey City is considered to be the area Southeast of Monmouth St and 9th St. It’s a little difficult to give you the exact boundaries because the area is shaped a little like the state of Louisiana. Basically, the area consists of Hamilton Park, Historic Downtown, and Paulus Hook.
In this area alone, there are or have been at least a half dozen new developments in the last few years. In 2016, it was announced that Strategic Capital would be moving forward with developing an ultra-luxury condo project called Park and Shore at 75 Park Lane in Jersey City. Recently, there has been mention of a new multifamily mixed use building at 110 First Street in Jersey City, called TheOne, that is supposed to be ready for move in around the middle of May or beginning of June.
Advertised as New Jersey uber luxury rentals, VantageJC, should have the first phase of their complex ready for occupancy in the spring. Phase one will be a 44 story tower with about 450 rental units, an onsite garage, and a 5 story podium base that will eventually connect to the phase two tower.
Most of these New Jersey ultra luxury rentals that are being developed in Jersey City will come with Manhattan style amenities, and have views of the Hudson River, lower Manhattan, and Liberty State Park.
As I sit here thinking about retirement, I can only wonder if I have made the right investment choices throughout my working career. Is investing in IRA’s and contributing to my companies 401K plan going to be enough? Is it too late to look at investing in real estate as a source of income after I retire?
If I purchase a condo or co-op now, it would likely take me 15 years to pay it off. That would be just in time for me to retire. Depending on my purchase price, and the condition of the area that I purchase in, I could likely get $2000 a month in rental fees.
With the money coming in from my fort lee rentals, plus my retirement benefits, I think I could just barely squeek by. Keeping in mind, I would need to put away 10% of the monthly rent I receive from a tenant, and put it towards maintenance and upgrades to my property.
Now, granted, my investment property isn’t going to be anything like those new Bergen County luxury buildings that are going up in Fort Lee. If I would have invested properly from the time I was in my early 20’s, maybe my retirement benefits could get me a year at The Modern in Fort Lee. That place is like a luxury vacation rental. I was checking it out, and am impressed with the how they incorporated all of the exterior amenities into the cost of the apartment.
Modern luxury apartments
Just in case you are unaware, The Modern is a brand new luxury hi-rise at 800 Park Ave in Fort Lee. The 47 story glass tower offers studio, 1-, 2-, and 3-bedroom apartments for rent. The apartments have open floor plans with 9 ft ceilings, floor-to-ceiling windows (with solar shades), white oak hardwood floors, large kitchens with stainless steel appliances and quartz countertops.
As if the units are luxurious enough, the benefit package you get will astound you. Starting with the interior amenities, you have a resident lounge with 2 large screen TV’s, a mini movie theater, a golf simulator (which I don’t understand), and a fitness center with spin bikes, Life fitness equipment and free weights.
Outdoors they have a swimming pool, a playground for kids, basketball and volleyball courts, and a large green lawn with a giant screen tv.
Studio apartment rentals start around $2400, 1-bedrooms for just under $2900, and a 2-bedroom will cost you a minimum of $3990 per month.
There are many hi-rise luxury apartment buildings being developed in New Jersey. It could be due to the lack of available space just across the river in Manhattan. This leads to more industry competition, and in some ways benefits the consumer.
In order to stay competitive, the leasing companies need to add additional benefits to attract tenants. A couple of benefits that attract the most consumers, in my opinion, would be a swimming pool and a fully equipped fitness center. Other benefits that are nice, would be a game room, screening room, and children’s playroom. I am just not sure how much use I would get out of them.
One of the buildings I am referring to is the new development at 110 First Street, Jersey City, NJ. Built in 2015, The One Jersey City, has a long list of tenant benefits including a state-of-the-art fitness center, yoga studio, swimming pool on the roof deck, small movie theater, golf simulator, playroom for the kids, an outdoor deck with cabanas, fire pits and bbq grills.
The fitness center has cardio equipment, free wights, brand name exercise equipment and a yoga studio. The complex is currently offering complimentary yoga classes for its residents. While the pictures on the website of these apartments with fitness center in New Jersey makes the area seem a bit small, I found a video that gave me a better idea of just how much room is in the fitness center.
As I read through the information I have given you, it may seem like I only care about what luxuries the apartment is offering. Some people may think that is a bit shallow or pretentious. Let me assure you that I am also concerned with the actual living conditions of the building. I am not one to need fancy things. I grew up the middle child in a middle class family in the Midwest.
To me, the rental rates are reasonable for the amount of space you get with each different floor plan. For a 600sqft Studio apartment, you will pay just over $2900 a month, a 750sqft one bed/one bath starts at under $3000 and goes as high as $3300, and you could rent a 2 bed/2 bath that is 2078sqft for $4500 a month.
How many years have you lived in New York or New Jersey? How long has it been since you redecorated your house or apartment? I don’t know about you, but when it comes to interior design, I would have no clue what looks good and what looks gaudy.
Since my wife studied architecture in college, I rely on her to give our place the kind of modern look that she feels comfortable with. Just in case you need to do some renovating or redecorating, I looked up a few architect companies in the Fort Lee, NJ area that might be able to help you with your Fort Lee, NJ apartments.
The first one I found was Mirek Lewandowski. With over 18 years of experience in architectural and interior design, he has plenty of experience to help you with your project. Licensed to practice in New Jersey, New York and Pennsylvania, his office is in Sussex NJ. His firm has many good references at homeadvisor.com.
The second firm I looked at is William G. Severino Architect. They are located in Bergen County, NJ.They work on both commercial and residential projects. They can build you a new home from the ground up or give you an addition/renovation to your current home. They use the latest in materials and procedures to give you an energy efficient and sustainable solution.
One of their current renovation projects is a five story, 30,000 sqft warehouse, and an adjacent three story, 5,000 sqft warehouse. Commercial spaces will be on the ground floor and the basement, and 15 residential apartment units on the upper floors. The renovation includes exterior upgrades, complete interior renovations with new vertical circulation systems, electrical, & plumbing.
George Hodosh Associates is an architect firm with over 25 years of experience in design and construction management. Specializing in residential and commercial additions and alterations, as well as, interior design and construction supervision.
Number 4 on my list is GARY SEGAL ARCHITECT, LLC. Specializing in unique new construction, smart and functional renovations, and creative interior design for single family homes. Gary Segal has over 25 years of architecural experience. With a design philosophy focusing on the successful combination of aesthetics and functionality. He is well known for his ability to combine the comforts of modern design with “old world” European style using environmentally friendly methods and materials.
The fifth architect company I found is Elkus Manfredi Architects. This is an architectural firm working out of Boston, Massachusetts. Currently they are working on a 47 Story Glass Tower in Fort Lee, New Jersey called The Modern. This a luxury building that is the home of Fort Lee, NJ apartments. You can check out the link to the communities website at rentthemodern.com if you would like to see a sample of their work.
If you live in New York or New Jersey, check out any one of these companies and I am sure you will be satisfied with their results.