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Rents are cheaper compared to Brooklyn and Hoboken. It's very easy to walk anywhere in this town. There's a ton of commercial space ( possible future boutiques, cafes, galleries.) You can be in Manhattan in a relatively short amount of time. The views are great especially from some of the building rooftops. Because WNY is perched on a cliff you can get a pretty cool view of the city or of a sunset. Lots of potential for some cool rooftop spaces. So my question to you: Is West New York destined for gentrification or not? And if so , why hasn't it happened already?
In the long-term? Probably, as all of Hudson County becomes more and more integrated and developed. Why hasn't it happened yet? Mainly because Journal Square's gentrification is just getting going. Affordability, PATH access, and proximity to waterfront JC make JSQ the main target for development right now. Once Jersey City is more fully gentrified, I think' you'll see the rest of Hudson County follow eventually.
I'd also argue that many towns in North Jersey offer similar qualities (walkable downtown, ample commercial space, mass-transit access to NYC), and not all of them can develop at once.
Well, you can split up WNY into three parts basically.
River road already has been gentrified and there's always been money and a solid middle-class population on and near Boulevard East. The only place really left to gentrify is the interior, and eh, I don't see that changing tremendously. If and when new immigration from Latin America drops off either a new immigrant group will move in or if not then the place will slowly become higher income as the current residents establish themselves more and more and fresh lower-income immigrants stop arriving in bulk, but I don't see the sharp change of the current population being replaced wholesale that you do in Brooklyn and JC/Hoboken. Also, above the cliffs it's pretty universally built up -- I don't know where you'd even put new condo buildings or whatever.
Transporation is answer you are looking for. Reason why certain parts of Brooklyn became gentrified quickly (think DUMBO, Downtown Brooklyn) and still is gentrifying (think Bushwick) is because of easy/fast access to city via MTA. Parts of Brooklyn that doesn't have such access (think Red Hook) is taking much longer to gentrify.
This applies to NJ as well and its why JC is booming due to Path. Next stop for full blown gentrification train is areas along Path train, JSQ area and Newark. Not surrounding towns by tunnel or JC/Hoboken like WNY, Union City, etc.
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