Is Downtown Jersey City the next gold mine? I am talking of the Powerhouse District, Exchange Place, Grove St.

Asked by Ram, New Jersey Sun Sep 30, 2007

Any comments if this is the place to put all my savings :-) I see Trump has put his name there...

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Diana Suther…, Agent, Hoboken, NJ
Tue Sep 18, 2012
The Powerhouse Arts District, like many areas in Downtown Jersey City, has incredible upside potential. It was a very "hot area" before the downturn in the market, with many bldgs. having been approved to break ground. Developers held off, but the planned construction in that area is eminent. Toll Brothers is one of the large Developers that will be building to the south of 140 Bay St. The planned construction even includes a performing arts theatre. This high-rise will eventually block some of the light from the south facing units of that bldg.

Overall, investment in Downtown Jersey City is a "no brainer", considering that all of the approved high-rise buildings that will be breaking ground in the next couple of years are all rental buildings. This will bolster the condo market for two reasons: the lack of condo inventory, and the increased density (amount of new residents). After all, renters turn in to buyers at some point and the inventory will be far more limited than what they have been experiencing in the past couple of years. Specifically I think that PAD, as well as Hamilton Park, another area that has a great upside potential and is becoming more and more popular, are areas to really take a look at.

I have been the top-selling new construction agent in Downtown Jersey City for several years and act as Consultant to Developers, both large and small. I have been a resident of Downtown Jersey City since 1990 and am extremely familiar with all areas and buildings in the Downtown area.

Diana Sutherlin
Top Producer, Weichert Exchange Place 2006-2012
Top Weichert New Home Sales Agent Nationwide 2010, 2011
NJAR Circle of Excellence, Platinum Award 2010, 2011
Weichert Chairman of the Board 2010, 2011, 2012
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Irina "Irene"…, Agent, Jersey City, NJ
Sun Oct 5, 2008
I do believe Downtown has amazing potential and the PAD is a great neighborhood that's going through some major changes. My personal advice is if you have the money; don't buy Trump unless you get a steal of a resale. Many people invested in this building hoping to flip (some bought five at a time!) and are now stuck. 140 Bay is incredible unique building, you just have to keep in mind that Fields is building 16 story building across the street, so all the southern expose light will be gone within 1.5 years. Ivy House on Steuben St has some beautiful lofts and Morgan Lighthouse on Morgan St has some large and reasonably priced condos that include a deeded parking spot. There are many projects planned for that small area, I would be curious about the timing as many of them are being delayed due to the credit crisis. Currently there are lofts at 299 Pavonia (Wells Fargo), 205 Hamilton (Park Hamilton), 234 10th Street (Schroeder Lofts), 84 Bright St (Opera House.) Also some of the new construction like Liberty Harbor North, Gulls Cove, Montgomery Greene, Inside A, etc, offer huge floor to ceiling windows and open layouts
Feel free to email me with you criteria and needs and I will point you in the right direction and towards a great investment.

I've specialized in Downtown for over three years and I can certainly be a great guide.
Irene Barnaby
Real Estate Specialist
Weichert Million Dollar Sales Club
Weichert Realtors
273 Grove St
Jersey City, NJ 07302
Cell: 973 885 3961
Office: 201 333 4443 x 266 Office
Fax: 800 831 9207
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Chawenshi, Both Buyer And Seller, Jersey City, NJ
Tue Jul 8, 2008
Good point about Trump! Personally I think the Powerhouse Arts District is the best value in JC right now. Paulus hook is a great neighborhood but I believe it has reached its limit in terms of price. PAD is the next neighborhood that will blow up in a similiar fashion. If you look in terms of price per square foot you cannot beat the PAD neighborhood right now. Not to mention the appreciation potential in 5 years when PAD truly fleshes out... There is no question in my mind. As an investment I am currently looking at Waldo lofts, but if you can afford Trump go for it :) Best of luck!
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Stacy, Home Buyer, Jersey City, NJ
Tue Jul 8, 2008
Yes Yes Powerhouse Arts District. It is better than Exchange Place. The PAD has just started undergoing development and this is the time to buy. I found a great unit in Waldo Lofts that I am thinking about making an offer on and I have searched all of downtown Jersey City. This seems to be the best value for what I am actually getting in square footage and future appreciation value. It's right next to the Grove St Path and all the restaurants and the Hudson River (I like to walk along the water). I really feel this is the time to get in before the actual new construction buildings go up and hot retail space moves in.
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