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Once people feel really safe like they do in many areas of NYC, then I can see it booming. But realistically that will take adding 1,000 cops, not cuttimg hundreds. And possibly the 3rd Infantry and some tanks.
I agree. It looks good in the pictures and there are some impressive buildings, but there's a lot of poverty surrounding it. I have gotten into Newark Penn Station late at night a few times and you walk past a ton of homeless people sleeping on the lawns of really nice office buildings. And there's hardly anyone else around. Its pretty odd. Plus you got the massive crime problems and the fact that its no longer in good hands politically.
Quote:
Originally Posted by stradivarius
I hope that for the sake of Newark, in the year 2034, I'll be kicking myself, saying, "Man, I should have invested in Newark real state 20 years ago."
Thanks for posting the pics.
Its a big city. I expect the area near penn station and military park will likely transition into a nice urban neighborhood over time. It has too many positive forces in the general vicinity that arent going anywhere not to (Penn station, Prudential center, NJ PAC, major employers, Seton Hall, Rutgers, military park, etc).
Hoboken had a lot of opportunity for regular people, investors, business owners, etc to buy a 3-4 unit building, fix it up and make a good buc. Newark has a lot of large, crappy apartment complexes and businesses that are going to have to be demolished, which makes it very difficult for an individual.
I agree. It looks good in the pictures and there are some impressive buildings, but there's a lot of poverty surrounding it. I have gotten into Newark Penn Station late at night a few times and you walk past a ton of homeless people sleeping on the lawns of really nice office buildings. And there's hardly anyone else around. Its pretty odd. Plus you got the massive crime problems and the fact that its no longer in good hands politically.
Its a big city. I expect the area near penn station and military park will likely transition into a nice urban neighborhood over time. It has too many positive forces in the general vicinity that arent going anywhere not to (Penn station, Prudential center, NJ PAC, major employers, Seton Hall, Rutgers, military park, etc).
Hoboken had a lot of opportunity for regular people, investors, business owners, etc to buy a 3-4 unit building, fix it up and make a good buc. Newark has a lot of large, crappy apartment complexes and businesses that are going to have to be demolished, which makes it very difficult for an individual.
But the same can be said for New York with the Homeless....its a city...they tend to gravitate near transit... Theres not much you can do about that and for the most part at least in New Jersey they don't seem to attack anyone. Everyday I'm harassed by Homeless in New York , its rare outside a few areas in Urban Jersey for some reason. But that doesn't stop people from visiting those areas...
Most of the Downtown is stable and secure crime wise as its patrolled by the police , Downtown Security which is paided by the local businesses. A lot of the older buildings in Downtown are being renovated and turned into office space or residential housing. The ones that can't are being demolished and built on....Parking lots are being bought up and built on.
But what I am not understanding, is that not all of Manhattan or even Jersey City has been gentrified yet, yet now the wave is skipping over certain parts and just heading to Newark. What does Newark have to bring these gentrifiers in, in the first place? Do some NJ residents just hate NYC or something and refuse to go there no matter what?
I get that there is a demographic shift of people moving back into the cities, but in the region, NYC is the city. Anyone who is looking to make the move looks at NYC first. The only reason why you gentrification in Hudson County is proximity to NYC, and yet not all of the viable areas of Hudson County have gentrified.
If people, who the investors think will move into Downtown Newark are being priced out of the NYC gentrification wave, then are they even going to be the Return on Investment these investors are hoping for?
Land in NYC is *VERY* expensive and getting more dear each day in Manhattan and parts of Brooklyn and Queens. Staten Island is a different story because, well it is an island. Bronx is getting there but not quite. Long story short the low hanging fruit has been picked. Now developers have to hustle and try to cobble together lots and or air rights to build something.
As demand rises it is pushing land prices in say Manhattan to astronomical levels. Which in turn limits development to nothing but luxury housing or *VERY* wealthy housing because it is the only thing that will return a decent amount per square foot.
Newark like Hoboken, Jersey City and a few other areas close to the Hudson offers relative inexpensive land with easy access to lower and mid-town Manhattan.
With the original Hipsters being priced out of places such as Williamsburg they might as well go to Newark as the train ride back into the city is probably equal but they will find their money perhaps can go further.
There are several positive aspects specific to Newark that are drawing in new residents and encouraging investment. First of all, Newark has a very robust transportation network. Between the airport, the seaport, the northeast corridor, the highways, the subway, and other rail lines Newark is a very easy place to get to. Now that cities in general are becoming better places to invest one of the fundamental aspects that helps with revitalization is good transportation.
Second, Newark has a huge college presence. 50,000 college students go to school in Newark making it the fifth largest college town in the northeast, ahead of Baltimore. As of right now this market is extremely underserved and developers have found a lot of success catering to this market.
Third, Newark's art scene, which has been growing for a few decades, recently reached a tipping point where it is getting much more attention on a regional and even national stage. The Dodge Poetry festival, which is the largest poetry festival in North America, moved to Newark recently and will again be held in Newark this October. Many of the city's flagship art galleries are undergoing major expansions. Here is an article about one such expansion: Gallery Aferro announces plans for major expansion in downtown Newark | NJ.com
Nothing's being skipped in Manhattan as far as I know; even in Upper Manhattan you've got gentrification going on. Eventually if it continues you'll have islands of NYCHA housing and that's it.
As you say, the big city around here is NYC. Downtown Newark has something much of JC doesn't: easy access to NYC. It also has its own downtown but as in Hoboken, that's secondary.
I work up there, I do not see it. In fact, they have been saying it was going to be gentrified years ago, and it still has not happened.
Land in NYC is *VERY* expensive and getting more dear each day in Manhattan and parts of Brooklyn and Queens. Staten Island is a different story because, well it is an island. Bronx is getting there but not quite. Long story short the low hanging fruit has been picked. Now developers have to hustle and try to cobble together lots and or air rights to build something.
As demand rises it is pushing land prices in say Manhattan to astronomical levels. Which in turn limits development to nothing but luxury housing or *VERY* wealthy housing because it is the only thing that will return a decent amount per square foot.
Newark like Hoboken, Jersey City and a few other areas close to the Hudson offers relative inexpensive land with easy access to lower and mid-town Manhattan.
With the original Hipsters being priced out of places such as Williamsburg they might as well go to Newark as the train ride back into the city is probably equal but they will find their money perhaps can go further.
Yes, but seeing some of those images, makes me wonder how much money is put in there to build that stuff. If they are targeting those that are being priced out of even the Bronx or Yonkers or every other town in Hudson County, I just did not see how they will make any return on investment.
There is nothing much to do at newark. Weekend it is dead and even afterhours it is not even close to Hoboken in terms of night life.
Well sure weekends and non event nights in Newark are dead right now but it won't be like that forever. The same could've been said about downtown during the daytime a few years ago but the increase in pedestrian activity shows that, that is changing. The Ironbound already has a decent nightlife and downtown is seeing a noticeable uptick in the amount of restaurant openings. It is a long process and it won't happen overnight but if you compare downtown Newark today to downtown Newark five years ago, it is certainly becoming much more active.
Nice to see NJ's biggest city making a comeback. University city is actually not too bad, I have been there a few times at night and was never threatened. I am only worried about the other sections.
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