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Jodi Stasse, president of Princeton-based Stasse & Co
Jersey City’s residential market remained strong throughout the downturn and has seen an increase in traffic and contracts for Q1, says Jodi Stasse, president of Stasse & Co, which is responsible for the sales and marketing efforts at some of Jersey City’s most high-profile residential developments, including CANCOlofts, Trump Plaza Residences, and the Residences at Dixon Mills. We snapped Jodi outside of Dixon Mills, a residential conversion from buildings built by Joseph Dixon in 1847, which were used to manufacture a range of products, including the Dixon Ticonderoga pencil. (Having traumatic flashbacks to elementary school?) The five separate buildings were converted to apartments in the late ‘80s and have since been redeveloped by Robert Martin Co and GoldenTree InSite Partners into 350 condos available from mid-$200k.
CANCOlofts, Jersey City, NJ
Jersey City’s residential pricing has stabilized and incentives have been slightly reduced as inventory is absorbed, Jodi says. The demographic continues to be young professionals that are first-time buyers and want to take advantage of the current real estate environment and financing programs. For one, the 202-unit CANCOlofts (a redevelopment of the American Can Co factory, the birthplace of the tab-topped beer can) offers a variety of financing options, and has been approved by the FHA and Fannie Mae. It also has a 30-year tax abatement, which means lower property taxes for owners. Its single-floor and duplex-penthouse lofts start at $360k SF (the largest duplex is only $545k) and range in size from 1,016 to 1,500 SF. Design and lifestyle are also important to new buyers, she tells us. CANCOlofts has more than 10k SF of amenities, including a resident’s lounge, fitness and business centers, pet services, and a public park.
Trump Plaza Residences, Jersey City, NJ
Many of the buyers are from the Jersey City rental community and are actively looking to purchase real estate in the neighborhoods they already live in, Jodi points out—but it’s also been a good option for NYC renters. “Compared to NYC, Jersey City provides spectacular square footage and lifestyle at an amazing value,” she says. One such buyer at Trump Plaza Residences, above, is Dipali Jain, whose family not only purchased a home there, but rented retail space for her dental practice, ROAR Dental. They had lived in Manhattan and then moved to Jersey City, where they rented for 10 years before buying a home for their expanding family. Trump Plaza Residences has one-bedroom homes starting in the mid-$400ks, two-bedrooms starting in the mid-$600ks, and three-bedrooms and penthouses (pricing upon request, thank you). It’s also FHA, Fannie and Freddie approved, with a 20-year tax abatement.
Downtown Manhattan
Besides its proximity to Manhattan (check out the Downtown Manhattan views that we snapped from Trump Plaza Residences),Liberty State Park is only minutes away and the Jersey Shore, a train ride. Jodi says Jersey City is growing—the sale of 70 and 90 Hudson Street (the highest PPSF sale and third-largest office sale in NJ’s history) alone shows the strength and value of the city. She says that Jersey City will be able to quickly absorb the new construction inventory in the marketplace, and she’s already been contacted by several developers looking at various land opportunities for retail and residential developments. And congrats to Jodi—after we met with her, the New Jersey Builders Association named her “Marketing Director of the Year” at its annual awards banquet.