Home Buying in Jersey City>Question Details

Vm61, Home Buyer in Jersey City, NJ

2600 Kennedy Boulevard in JC?

Asked by Vm61, Jersey City, NJ Thu Jul 17, 2008

I'm considering the purchase of a beautiful apt in this building, but get conflicting reports about its possible resale value and issues that may exist with special assessments. Does anyone know more about this building or what's going on with that scaffold that's been there for ages?

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I have #8H listed in the building and a have pretty good insight of the situation from my seller. The damage to the facade was due to the lack of expansion rods during the construction of the building. So over the years, as the building began to settle some cracks occured in the facade. Other damage is from the normal wear and tear of over 7 decade old building. So far they have replaced damaged beams and repointed/replaced significant number of the damaged bricks in the facade.
Due to unfortunate circumstances (project delays, etc.) the company that was originally contracted has been fired and the condo association has decided to go with a new vendor who has quoted a time frame of 6-7 months for completing the project (weather permitting). The building has issued a new special assessment to cover the costs of completing the work.
In the case of 8H the seller has already paid the initial assessment and will pay the second assessment at closing. As I mentioned earlier, all work is expected to be complete in 7 months and the scaffolding will be removed. You will be getting the benefits of all the work performed on the building with without the cost.

It is a beautifully elegant pre-war building, in a great location and with a strong condo association. The units are very spacious and the noise insulation is terrific. Plus, where else can you get a fully renovated 1218sqft condo with wraparound NYC views for $289,000? So there are some great deals to be found in there.

Please feel free to contact me with any additional questions you might have,
Thank you,
Irene Barnaby
0 votes Thank Flag Link Sun Jul 26, 2009
You should ask your agent to get information about whether the unit you are interested in purchasing has paid off their assessment or will give a cash credit to the buyer (potentially you) at the time of closing so that your financial exposure/risk is $0. This is a beautiful building, they refer to it as The Riverside Drive Bldg in Jersey City. Because it was built by the former Mayor no expense was spared and it really is a gem, you can google Frank Hague for some interesting info. Older buildings have problems but so do new ones. I have worked in property management for close to 4 years now and have seen brand new development condos with leaking roofs, elevators that need to be repaired, etc. I believe that when the market rebounds the apartments in this building and other gorgeous area buildings will see their values go back up.
0 votes Thank Flag Link Sun Jul 26, 2009
Stay away. Though the building is beautiful inside especially the marble entryway/foyer the special assessment on the building are ridiculously high.
0 votes Thank Flag Link Wed Mar 18, 2009
You should ask your agent. This is a very interesting building, built by the infamous Frank Hague (long-time mayor, former posterchild for political corruption. There was a book about him on the NYT Bestseller List a couple of years ago: The Five-Finger Discount). He had the top 2 floors as his residence/office. It was divided into several condos years ago. Like with many older buildings, some problems have arisen that require remediation. The listing agent should be able to provide you with current info on the scaffolding. It has been up for a while. Keep in mind that sometimes it takes a while to figure out what a problem is, then collect estimates to repair it, THEN have the problems repaired.

Joan Prout, MBA
Broker Associate
Jersey City, NJ
Web Reference: http://www.JoanProut.com
0 votes Thank Flag Link Thu Jul 17, 2008
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