Saturday, February 4th, 2012

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North Hoboken Makeover?

rockefellerThe Rockefeller Group, an international development real estate firm that owns Rockefeller Center in the City is quietly buying several uptown buildings between 14th & 17th Street from Grand St. to Park Ave in Hoboken.  You may know this area by the Burlington Coat factory, the Stahl Soap factory, and the Macy’s Parade staging warehouse are current tenants.  This is great news to Hobokenites looking to reshape that section of the city.

In the event that Hoboken approves a petition to dictate real estate rezoning ordances to a redevelopment zone, eminent domain, and tax deals, you could very well see a massive development of 300 condos, 1.8 million square feet of office space, and 85,000 square feet of retail space.  The $1.1 Billion project could bring as many as 5,000 permanent jobs and 1,000 jobs during construction. 

The city of Hoboken is said to be excited about redeveloping the northern entrance to Hoboken adorned with beautiful architecture, office space, and the benefit of convenience to public transportation and Lincoln Tunnel access.  As construction progresses, NJ Transit could build a light rail station on 17th St. 

An amazing fact that is being acknowledged is that one city block in Hoboken brings in $75,000 of tax revenue if left unbuilt.  A fully developed block brings in over $2.1 million in tax revenue.  This would obviously ease the pain of all Hoboken taxpayers.

If the development is a go, it is not expected to open its first doors for approximately 5 years, however although not a short term benefit, the impact of long term benefits are substantial to the city of Hoboken. 

In the downturn is when the smart companies such as Willow and Rockefeller start planning and executing on projects that have potentials. This location, despite how it currently looks now does have a lot of potential. For one, it’s sitting next to the planned 10 acre 1600 Park Avenue park. It is also literally one stop away from Port Authority making it less than 10 min away from Time Square. In addition, it sits right next to a potential light rail station at 17th street and it is two blocks away from the UBS building ferry at Weehawken. If the UBS office building can do well in Weehawken, there is no reason why this building won’t be able to succeed.
We like the idea of this project and also the timeline factor.  Rockefeller has the money to do this and they will in our opinion.  They will time the market and hope for a grand opening during the next confidence-driven real estate era.

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