Thoughts on The Lenox Condos and its immediate area in Union City (Hoboken: low income, renting)

[Richard Kim]

Originally Posted by slaggy

Uhhh you sound like a sales rep from the Lenox.

Anyhow as I had stated in my previous post.

Look at the amount of tax you must pay.

The Lenox Availability - Emil Ratti

Isn't there a 5 year tax abatement?

[usmcnyc]

Any more feedback from new owners in the building or people living in the area? The more opinions/perspectives, the better

Where's the best place to get a Cuban Sandwich around there? I haven't had one since they closed down a place around my old way about 2 yrs ago (those were some official sandwiches!)

[slaggy]

Originally Posted by Richard Kim

Isn't there a 5 year tax abatement?

Yes but its percentage based.

I believe first year is 0% of total.
2nd year 20%
3rd year 40%
4th Year 60%
5th Year 80%

Or the first year could start at 20% instead of 0%.
Don't recall what the sales people mentioned.

In either event ,each year owners will be paying
more per year for cost of living. With tax maxing out
in years 4 or 5.

[amcjap]

The best Cuban sandwich anywhere, is at a little dive on 56th & Palisades called La Pola.

[usmcnyc]

thanks amcjap, i'm gonna give that a try. Anything closer to The Lenox though?

[todd72173]

SOunds like if you are cuban or Latino...Move on in!!!!

[DessertRat]

Originally Posted by slaggy

Yes but its percentage based.

I believe first year is 0% of total.
2nd year 20%
3rd year 40%
4th Year 60%
5th Year 80%

Or the first year could start at 20% instead of 0%.
Don't recall what the sales people mentioned.

In either event ,each year owners will be paying
more per year for cost of living. With tax maxing out
in years 4 or 5.

Right, and in my case, the rising amount per year didn't seem to be the tax amount, because as far as the payments were being calculated, they kept going up. It should have topped out in the 5th or 6th year if that was the source of it (on the 30 fixed that we were looking at). And of course, it wasn't claimed as such, either--it seemed to be some mystery charge for which an attempt was made to ignore questions about it.

[usmcnyc]

DessertRat, the reason there's no solid tax info is because the building hasn't been officially assessed yet. So all the numbers you see in the sales office are estimates. So the figures are give or take. So assuming you purchase a unit and after the assessment your taxes are $400 a month, then with the abatement you would pay $75 the first year...then $150 the second year, then $225 the third year, etc, etc...up until you hit the official $400 on the 5th year. Then the abatement is over and you just go by whatever the assessment is. Hope this makes some sense....or if im wrong someone please correct me but this is how I understand it.

[Neo123]

Hi,
I have question for those who recently bought a place at Lenox. If u guys don't mind can u share how much per sqare feet did u end up paying. Please mention if it was NJ(West) or NY(East) facing. FYI I am paying 300$ on West side. Thank you.
Neo

[Neo123]

Also how much rent can one expect in terms of $/sq feet on West and East side. Thanks.
Neo