55 Caven Point Avenue, Jersey City, NJ List Price: $2.52 Million Part of the Canal Crossing Redevelopment Plan Area
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1 55 Caven Point Avenue, Jersey City, NJ List Price: $2.52 Million Part of the Canal Crossing Redevelopment Plan Area Presented by Thomas Kluth 1 Marine View Plaza, Hoboken, NJ Office: (201) Mobile: (646)
2 Table of Contents Overview. 3 Property Description. 4 Project Financials The Canal Crossing Redevelopment Plan 6 Maps. 7 Area Attractions 8 Demographics 9 Comparable Developments.. 10 Map of Comparable Developments Company Profile 12 Appendix 1: The Canal Crossing Redevelopment Area Plan 13 Appendix 2: New Yorkers Discover Jersey City. 18 Page 2
3 Overview The subject property at 55 Caven Point Avenue in Jersey City, NJ sits within The Canal Crossing Redevelopment Plan Area, an 111 acre mixed-use redevelopment area, which was approved by the Planning Board on September 4, The Plan allows for high-density residential development of four to eight stories on the property. Additional information on the plan is provided in the Appendix. Jersey City has seen improved demographics, with population expansion and increases in household incomes. It s proximity to New York City, relatively lower cost of living (see Appendix for New York Times article comparing relative housing costs), and improved quality of life have contributed to increased real estate investment in the area. The City of Jersey City has supported many redevelopment efforts through zoning changes, use of variance approvals, and tax abatements. Both locally- and globally-oriented investors have participated in these redevelopment efforts. Recent projects have included the Canco Lofts (Russia-based investors), The Beacon (the nation s largest historic residential restoration project), and China Construction America s (China-based investors) purchase of a 1,000 unit development site for $68 million. Aerial view of the subject property, facing directly south (property highlighted in yellow) Page 3
4 Property Description List Price: $2.52 Million Street Address: 55 Caven Point Avenue City: Jersey City State: NJ Zip Code: Block: Lot: 2 Assessed Value: $132,800 Taxes: $9, Acerage: Square Feet: 36,884 Current Use: Industrial Proposed Use: High-Density Residential Excerpts from City of Jersey City tax map 243 (subject property highlighted yellow) Page 4
5 Project Financials The development project delivers a return on investment of 235% and a project IRR of 45% over a 5 year period. Project financials are provided for a high-density residential rental building constructed on the lot and sold upon completion. Land Construction Total Equity $1,260,000 $3,067,683 $4,327,683 Project Costs $1,260,000 $10,297,476 $11,557,476 Total $2,520,000 $13,365,159 $15,885,159 Building Sale $26,043,581 Profit $10,158,422 ROI 235% IRR 45% Initial Investment $1,260,000 Call for additional details. Page 5
6 The Canal Crossing Redevelopment Plan A new transit-oriented neighborhood within the City of Jersey City, The Canal Crossing Redevelopment Plan Area is approximately 111 acres in area and is located in the southeastern section of the City of Jersey City. It was formed from the southern portion of the Morris Canal Redevelopment Area and a portion of the Claremont Industrial Redevelopment Area. The Canal Crossing Redevelopment Area is now a separate distinct redevelopment area within the City of Jersey City. The Planning Board approved The Plan September 4, The plan envisions a neighborhood incorporating the best principals of sustainable development. It is the intent of The Plan to provide for a diversity of uses, and also a diversity of housing and building types. Much of the Area is envisioned as being low to mid-rise in scale and character, four to eight stories. Some high-rise structures, ten to sixteen stories, will also be allowed in areas closer to the light rail stations and surrounding the Town Square. Source: Adapted from the Jersey City Redevelopment Agency website. Page 6
7 Maps Regional Map The subject property is a 15 minute drive from Lower Manhattan, through the Holland Tunnel, and from the Newark International Airport. It sits in the middle of Hudson County, NJ, the most densely populated county in the United States. Jersey City has seen better than average population and income growth. Neighborhood Map The subject property sits at the entrance to the NJ Turnpike Extension, close to the Garfield Station of the Hudson-Bergen Light Rail, and steps from Liberty State Park and Liberty National Golf Course, home to PGA tour events. An additional Light Rail Station is proposed along the southeast side of the redevelopment area by Caven Point Avenue. Liberty State Park Page 7
8 Area Attractions The area is rich in attractions. These world-class Jersey City attractions are within walking distance of the Canal Crossing Redevelopment Area. Both Ellis Island and the Statue of Liberty require ferry access that leaves from Liberty State Park. Liberty State Park Statue of Liberty Liberty Science Center Ellis Island Page 8
9 Demographics Population Jersey City s population has been expanding over the last 30 years, as a result of the city s successful focus on redevelopment of blighted areas. Population has grown five times the national average over the last decade. Median household income, once trailing the national average, has grown rapidly and now exceeds the national average. While the poverty rate is still higher than for the nation, poverty has been reduced, a trend that is opposite to what is happening nationally. Jersey City, NJ United States Pct. Change Pct. Change Population 240, , % 307, , % Median Household Income $37,862 $54, % $41,262 $48, % Percent Below Poverty 18.6% 17.5% -5.9% 12.2% 15.1% 23.8% Income Distribution Jersey City s household income is distributed across all income bands. Fifty-five percent of households in Jersey City make more than $50,000, compared to just 24.8% across the United States. Households in Jersey City have greater purchasing power than across the nation. Jersey City, NJ United States Less than $20, % 39.8% $20,000 - $50, % 35.4% $50,000 - $100, % 18.2% Greater than $100, % 6.6% Page 9
10 Comparable Developments The following real estate developments provide valuable comparable information for the Canal Crossing Redevelopment Plan Area. These developments are in similar areas geographically and appeal to a similar demographics. Rent per square foot is provided for recent 2013 rentals. Detailed information on the 2013 rentals is provided in the Appendix. The Beacon 4 Beacon Way Average Rent Per Square Foot 1 Bedroom 2 Bedroom $28.22 $24.58 Canco Lofts 50 Dey Street Average Rent Per Square Foot 1 Bedroom 2 Bedroom $26.20 $25.62 Port Liberte 23 Chapel Avenue Average Rent Per Square Foot 1 Bedroom 2 Bedroom $27.66 $23.19 Average Rent Per Square Foot Across Three Developments 1 Bedroom 2 Bedroom $27.36 $24.46 Page 10
11 Map of Comparable Developments Page 11
12 Company Profile About Since 1995, has been clearly recognized as one of the leading real estate offices in the area. By staying ahead of the curve regarding the internet and other technology, as well as providing innovative training, Liberty Realty continues to be a leader in customer satisfaction. Whether a client is buying, selling or renting, is capable of giving the best possible service and achieving the most impressive results. Why Should You Work With? Reputation and #1 Status For more that 18 years has developed a reputation for providing clients with the highest level of professionalism and Integrity. This has allowed Liberty Realty to achieve #1 MLS rankings in Hudson County. National Association of Realtors (NAR) All Liberty Sales Associates belong to the NAR. This ensures that all sales associates abide by the Realtor Code of Ethics. Both sellers and buyers find the Code of Ethics to be quite reassuring. Acting in a fair, professional and ethical manner can only inspire confidence. The Code is your assurance of dealing with a professional who has your best interest in mind. Top Rated Websites is proud to own the most popular website in the entire region. In addition, owns many other popular domain names as well as dozens of Recent Investment Sales as seen an increase in investment sales over the last 12 months, due to the following: more agents selling commercial properties banks are lending more interest rates are still historically low at the beginning of the next investment cycle the economic outlook is improving Sales Associates are well qualified in all aspects of the real estate market. We believe in using all of our expertise and resources when working with clients and we make sure that all of our offices work together to provide the best results. Confidence and trust are at the top of our list and we work to ensure that each client is satisfied with s service and results. neighborhood websites. This powerful internet presence drives an enormous amount of business to. Exposure invests heavily in marketing/ advertising, internet exposure and name recognition. Video marketing and cable television round out a balanced marketing plan. Network Strength There are over 350 Sales Associates eager to use our resources to spotlight your property, providing a substantial network of potential investors or home buyers. High Standards selects the most qualified Sales Associates to join the team. Integrity, professionalism and quality care are the standards that Liberty believes in. Page 12
13 Appendix 1: Canal Crossing Redevelopment Plan The full Canal Crossing Redevelopment Plan can be provided upon request or is available from the Jersey City Redevelopment Area website: Included here are map excerpts from The Plan. Page 6 (above): Concept Plan overview of the boundaries, the block structure, and names of streets, both existing and proposed. Page 14: Proposed Block Map and Permitted Uses overview of permitted uses by block that has been proposed. Page 15: Proposed Block Map Superimposed Over Existing Parcel Outlines shows how the subject property falls within the proposed block structure. Page 16: Proposed Block Map Superimposed Over Existing Parcel Outlines highlights the subject property. Page 17: Building Height Regulating Plan overview of building height proposed for The Plan Area. Page 13
14 Source: Canal Crossing Redevelopment Plan, adopted January 28, 2009 Ord , Division of City Planning, Jersey City, NJ. Proposed Block Map and Permitted Uses Page 14
15 Source: Canal Crossing Redevelopment Plan, adopted January 28, 2009 Ord , Division of City Planning, Jersey City, NJ. Proposed Block Map Superimposed Over Existing Parcel Outlines Page 15
16 Source: Canal Crossing Redevelopment Plan, adopted January 28, 2009 Ord , Division of City Planning, Jersey City, NJ. Proposed Block Map Superimposed Over Existing Parcel Outlines Subject property highlighted in yellow Page 16
17 Source: Canal Crossing Redevelopment Plan, adopted January 28, 2009 Ord , Division of City Planning, Jersey City, NJ. Building Height Regulating Plan Page 17
18 Appendix 2: New Yorkers Discover Jersey City The New York Times August 15, 2013 New Yorkers Discover Jersey City By RONDA KAYSEN Have New Yorkers finally discovered Jersey City? As property values soar even in Brooklyn neighborhoods once viewed as on the fringe, New Yorkers are looking across that other river that separates Manhattan from the rest of the world: the Hudson. And some of them are heading to Jersey City, which has a flintier personality than Hoboken, its preppy neighbor to the north. New Jersey s second-largest city, it now has a branch of the popular Williamsburg arcade-bar Barcade; farm-to-table restaurants; and a new mayor who worked for Goldman Sachs, served in Iraq and rappelled down a skyscraper. Jersey City has long attracted the Wall Street crowd to its splash of waterfront high-rises that promise cheaper rent and a speedy ride to Manhattan. But for years, the rest of the city was an afterthought with a reputation for high crime, failing schools and a lack of night life. But as the economy and housing market improve, other Jersey City neighborhoods are enjoying newfound attention, with boutique storefronts opening and New Yorkers steadily moving in. The renovated Hamilton Park, surrounded by brownstones, has new landscaping, tennis courts, free Wi-Fi and a playground. Construction is under way for White Eagle Hall, a new arts site downtown. And the Journal Square PATH station plaza will soon be renovated as part of a new development with three high-rises and retail. In a sign that parents from the city have moved in, TriBeCa Pediatrics opened an office in Hamilton Park. Jersey City is good for 30- to 40-somethings who aren t interested in hanging out in Williamsburg anymore, said Kevin Pemoulie, the former chef of Momofuku Noodle Bar, who last year along with his wife, Alex, opened the restaurant Thirty Acres in the Van Vorst Park neighborhood. He, like many others who have moved to Jersey City, also liked the in-transition quality of the area. With New York City rents reaching new highs, housing prices by comparison are still reasonable in Jersey City. The average rent here was $1,900 a month during the second quarter of the year, according to data provided by Trulia. In early July, the average listing price for a home downtown was $604,000 and in Hamilton Park was $426,000, according to data provided by Page 18
19 New Yorkers Discover Jersey City, continued Richard LeFrak, chief executive of the LeFrak Organization, which began developing the Newport neighborhood in 1986 when it was rail yards and warehouses, is one who has noticed a change. I would say, in the last three years, when you say you live in Jersey City, he said, people don t look at you like there s something wrong with you. In the next decade, LeFrak plans to add condos, a hotel and an outdoor swim club to Newport. A year and a half before the Pemoulies opened Thirty Acres, they moved to Jersey City from Williamsburg, shaving $600 a month off their rent. They pay $1,650 a month for a large twobedroom apartment two blocks from the Grove Street PATH station, which has a renovated pedestrian plaza with shops and new residential developments nearby. Brooklyn is just ridiculous it s expensive, Mr. Pemoulie said. It s frustrating to be there. All of my friends ended up moving out. Indeed, some parts of Brooklyn have even eclipsed Manhattan in rent prices. The average rent for a one-bedroom in Williamsburg in July was $3,155 a month, a price point rivaling those of many Manhattan neighborhoods, according to a market report by MNS. Even less-developed Brooklyn neighborhoods are commanding a premium: in Bushwick in July, the average rent for a onebedroom was $1,900 Page 21
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