Buying in Downtown Newark

[TonyStarksNJ]

Harrison is prob a better bet if you're looking for upside.

[vision33r]

Originally Posted by QueensKid

Hi everyone -

I'm curious to know if anyone has any insight to some of the condos located in downtown Newark within walking distance of Penn Station. I recall one on Mulberry Street right across from the Prudential Center.

The access to Manhattan is great, the prices are low, the area is pretty safe (unlike other parts of Newark)--I'm intrigued.

Let me know if you know anything about the buildings in and around Penn Station.

Thanks!

Join the armies of gullible buyers in hope of gentrifying Newark. Good luck.

[GiantRutgersfan]

Originally Posted by vision33r

Join the armies of gullible buyers in hope of gentrifying Newark. Good luck.

I tend to agree. Not gonna happen.

I went for an interview at BOA in Downtown Newark a few years ago. Someone had broken into a walkway connecting it with another building over the weekend and smashed a bunch of windows. Mindless vandalism. The bums sleep outside of the train station and are all over the place at night too. Its not like they are really even putting any effort into transforming the downtown area.

The HOA's are going to be very high in Newark too. Not too mention that even if the downtown area does gentrify to some extent, it will be a very small part of a big city. You will be the ones who "can afford" to pay more in property taxes. I wouldnt have confidence in the electorate of Newark voting in reasonable politicians either. They could very well go back to a Sharpe James type.

[66nexus]

Originally Posted by GiantRutgersfan

I tend to agree. Not gonna happen.
Its not like they are really even putting any effort into transforming the downtown area.

Valid points on one hand, but on the other hand I disagree with the above on the mere presence of several developments; all of which are within walking distance from one another.

I would point out the Rock Plaza lofts, Teacher's Village, Indigo etc. The Courtyard was just finished within the last year along with a few others. For a city like Newark that isn't small news. The problem I see with any aggressive gentrification in Newark is the fact that it's moving at a snail's pace.

With all this said, I wouldn't recommend to the OP of purchasing downtown at this time. If the OP was seriously committed, I would definitely say rent for a year and see if it's somewhere you won't get tired of. Despite investment, downtown isn't for everybody, but it's leaps and bounds ahead of itself 10 years ago.

[nybbler]

Originally Posted by GiantRutgersfan

You will be the ones who "can afford" to pay more in property taxes.

An important point. Newark has basically zip in the way of ratables, and very high rates. So to attract development they give tax abatements. When those abatements expire, those properties will become a large percentage of the taxable property in the city. Think the city government can avoid killing the golden goose? I doubt it.

[openheads]

Originally Posted by vision33r

Join the armies of gullible buyers in hope of gentrifying Newark. Good luck.

They said the same thing about Jersey City's waterfront.