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The project is going to consist of three towers, and a mix of office, residential, and retail, although the project will be chiefly residential, with 2,000 new units. One of the main components is a large plaza occupying a portion of the lot, providing a focal point for public gathering and much needed open space in an area that is densifying quite rapidly. As development pressures continue to rise, Jersey City should continue gaining substantial verticality. It will be interesting to see whether Brooklyn and Long Island City answer their competition across the Hudson River with supertall developments of their own.
Most importantly, the project shows that supertall residential developments are becoming increasingly feasible even outside of Manhattan. While the project's construction is by no means a guarantee and it appears to still be in the proposal phase, regional demand for new construction is extremely high, with the wealth of the New York metropolitan area allowing new towers to rise so high (views are one of the drivers for highrise demand, and the sweeping vistas from the tops of these towers will be extremely impressive).
i hope there is the demand to fill those 2,000 units.
Theres too much supply and not enough demand in this region which why prices are so high....this should take a small bite out of out of the demand. To put a huge dent you need at least 30,000 apartments / Condos.
Theres too much supply and not enough demand in this region which why prices are so high....this should take a small bite out of out of the demand. To put a huge dent you need at least 30,000 apartments / Condos.
excuse me?
that seems like the opposite of the theory of supply and demand.
that seems like the opposite of the theory of supply and demand.
Well I guess you haven't seen the recently Harrison Development , or Jersey City Developments or Long Island City or Downtown Brooklyn....these buildings are filling up with 4-8months...
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