My boy was at an open house for one of the condo developments on 138th. nikka said the place was crowded with potential buyers. Wouldn't be surprised if they're sold out by now.
Webster Ave also seeing new developments around Tremont and Fordham.
Cost of living in NYC :merchant: Can YOU afford it?
- Thread starter JordanWearinThe45
- Start date
My boy was at an open house for one of the condo developments on 138th. nikka said the place was crowded with potential buyers. Wouldn't be surprised if they're sold out by now.
Webster Ave also seeing new developments around Tremont and Fordham.
tremonthustler1
aka bx_representer
But nobody's really out here buying spots like that. The value of that area is depressed already.
UpAndComing
Veteran
My mother is gonna give over the family house to me, so I don't have this problem 
Maybe not now. But once the L line to Williamsburg goes down in 2018. Those businesses and transplants are gonna find another convenient place to live with train access(and guess where that would be above ^^^^) . That neighborhood is over without the train access downtown.
And I eat out to lunch EVERY DAY
I make a fraction of that and live fairly well, just don't get to Dave much. No section 8 or anything like that.
This post isn't exactly NYC. But it's defiantly affecting the overall metro too according to this article. 
10 Reasons THIS Is the Next Hot NYC Metro Neighborhood
10 Reasons THIS Is the Next Hot NYC Metro Neighborhood
First, it was Williamsburg, the home of the hipsters. Then Long Island City, Queens. Now the South Bronx. The quest for the next New York City neighborhood never ends.
To make matters worse, over the past year and change, foreign investors have set New York City prices on fire, making the Big Apple literally a non-starter for new investors.
The outer boroughs (i.e. everything New York City, except Manhattan) prices are insane, with people actually getting priced out of Brooklyn.
But that doesn’t mean that the New York City metro is out of deals.
Just 10 minutes from the World Trade Center in Lower Manhattan, Jersey City’s Journal Square neighborhood is undergoing a dramatic transformation, creating fertile ground for upstart investors to pocket big gains.
(In fact, in less than six months, a recent triplex acquisition has appreciated by nearly 75%. We have a three-unit mixed-use going on the books — we foresee refinancing at a 50% gain here, based on the NOI.)
The evidence of gentrification is evident: new retail, new faces, and new developments are going up daily. As a result, so are surrounding property values. (Read more here — Journal Square then and now.)
Here are 10 reasons why Journal Square is the next booming Northeast real estate market.
1. The Beacon Effect
A stone’s throw from Journal Square, “The Beacon,” a 1,200-unit luxury development spread across 2M square feet of residential and retail space, has helped kick off a redevelopment resurgence in the neighborhood.
As a result, working professionals from Manhattan have started to come over, changing the scope of the neighborhood dramatically. The property opened in April and it’s already changed the rental and sales levels in the surrounding areas.
Related: Real Estate News Roundup: Most Expensive U.S. Markets Have Appreciated 2x as Fast as Least Expensive in Past 30 Years
2. 2016 is BOOMING
The Beacon Developers, including the Kushners, have broken ground on Jersey City projects, with 30% short-term appreciation projections. With new projects projected to finish, Mayor Fulop expects Jersey City to surpass Newark as the state’s most populous city by the end of the year.
3. The City of Jersey’s Redevelopment Plans
Jersey City has kickstarted developments in and around Journal Square. Here are some of the highlights:
4. The City’s Grand Plans to Redevelop McGinley Square
At the nearby McGinley Square area, there are currently plans in place to erect THREE high-rises with Class-A multifamily units. In addition, a new university will be built with the aim to “transform” McGinley Square, as they so modestly put it.
In addition to the three high-rises, ground has broken on a new plaza, including a movie theater.
Here are full plans from the city.
5. Comps Suggest Further Growth
Because of the new properties, price levels are literally changing every day. Twelve months ago, I viewed a Class-A 2-bedroom unit, which then went for $1,600 a month.
Here are comps for condos at the Beacon — sales and rentals — which sits directly across that unit, a significant driver of the rental market boom in the area.
Sales comps
Via: The Beacon Jersey City
Rental comps
Via: The Beacon Jersey City
6. The Retail Factor
In the surrounding neighborhood, bars have started to open to provide an alternative to nearby Hoboken. In addition, a Burger King, Popeyes, Subway,Starbucks (and we know what Starbucks does to property prices), Taco Bell, plus several commercial banks have opened in the area.
Related: The Big Difference Between Those Who Tank & Those Who Survive in Down Markets
7. Properties Appreciate Daily
We recently picked up a remodeled triplex, vacant, in the area for $750k through a broker — no off-market, under-the-table wheeling and dealing. Just a regular ole transaction.
In weeks, it appreciated by $50k — while still vacant, as The Beacon had just opened. Now, since we bought it, a Citi Bike station — known as the “gateway to gentrification” — has opened right outside the door.
8. Cap Rates Indicate There are Still Deals to Be Had
Nationwide, Class A cap rates range from 4.8%-5.5%, with NYC and Northern Jersey sitting between 3.75%-5%.
Via: U.S. Capital Markets Report
If you use the triplex deal as a benchmark, judging by current NOI and a 5% cap rate — standard for the NYC Metro — the current valuation of the property is $1,296,000 — with room to grow as the area continues its daily gold rush.
That’s a ridiculous 73.3% ROI in less than six months.
Some more numbers to consider:
In other words, while NYC’s cap rates hover around 3-4%, there are still deals to be had looking East.
9. The NYC-PATH Factor
As NYC rental prices continue to skyrocket, working professionals are being priced out of Manhattan, Brooklyn, and even Queens.
With the PATH, the commute to Manhattan is shorter, and it’s directly linked to the Subway. (You can use your Subway card for the PATH and vice versa.)
10. MTA-PATH Integration?
Via: Regional Transit Diagram
This year, the long-awaited WTC PATH station opened, creating an iconic link between Jersey City and Lower Manhattan. According to rumors, thePATH stations will be incorporated into the MTA Subway map — a move that could boost real estate prices by another 30%, according to developer Jared Kushner.
10 Reasons THIS Is the Next Hot NYC Metro Neighborhood
10 Reasons THIS Is the Next Hot NYC Metro Neighborhood
First, it was Williamsburg, the home of the hipsters. Then Long Island City, Queens. Now the South Bronx. The quest for the next New York City neighborhood never ends.
To make matters worse, over the past year and change, foreign investors have set New York City prices on fire, making the Big Apple literally a non-starter for new investors.
The outer boroughs (i.e. everything New York City, except Manhattan) prices are insane, with people actually getting priced out of Brooklyn.
But that doesn’t mean that the New York City metro is out of deals.
Just 10 minutes from the World Trade Center in Lower Manhattan, Jersey City’s Journal Square neighborhood is undergoing a dramatic transformation, creating fertile ground for upstart investors to pocket big gains.
(In fact, in less than six months, a recent triplex acquisition has appreciated by nearly 75%. We have a three-unit mixed-use going on the books — we foresee refinancing at a 50% gain here, based on the NOI.)
The evidence of gentrification is evident: new retail, new faces, and new developments are going up daily. As a result, so are surrounding property values. (Read more here — Journal Square then and now.)
Here are 10 reasons why Journal Square is the next booming Northeast real estate market.
1. The Beacon Effect
A stone’s throw from Journal Square, “The Beacon,” a 1,200-unit luxury development spread across 2M square feet of residential and retail space, has helped kick off a redevelopment resurgence in the neighborhood.
As a result, working professionals from Manhattan have started to come over, changing the scope of the neighborhood dramatically. The property opened in April and it’s already changed the rental and sales levels in the surrounding areas.
Related: Real Estate News Roundup: Most Expensive U.S. Markets Have Appreciated 2x as Fast as Least Expensive in Past 30 Years
2. 2016 is BOOMING
The Beacon Developers, including the Kushners, have broken ground on Jersey City projects, with 30% short-term appreciation projections. With new projects projected to finish, Mayor Fulop expects Jersey City to surpass Newark as the state’s most populous city by the end of the year.
3. The City of Jersey’s Redevelopment Plans
Jersey City has kickstarted developments in and around Journal Square. Here are some of the highlights:
- 1,838 luxury apartments in three towers on the Northeast side of the Journal Square PATH hub
- Just South of the transit center, 733 residential units in two towers
- Across the street from that,741 units in a 72-story tower
4. The City’s Grand Plans to Redevelop McGinley Square
At the nearby McGinley Square area, there are currently plans in place to erect THREE high-rises with Class-A multifamily units. In addition, a new university will be built with the aim to “transform” McGinley Square, as they so modestly put it.
In addition to the three high-rises, ground has broken on a new plaza, including a movie theater.
Here are full plans from the city.
5. Comps Suggest Further Growth
Because of the new properties, price levels are literally changing every day. Twelve months ago, I viewed a Class-A 2-bedroom unit, which then went for $1,600 a month.
Here are comps for condos at the Beacon — sales and rentals — which sits directly across that unit, a significant driver of the rental market boom in the area.
Sales comps
Rental comps
6. The Retail Factor
In the surrounding neighborhood, bars have started to open to provide an alternative to nearby Hoboken. In addition, a Burger King, Popeyes, Subway,Starbucks (and we know what Starbucks does to property prices), Taco Bell, plus several commercial banks have opened in the area.
Related: The Big Difference Between Those Who Tank & Those Who Survive in Down Markets
7. Properties Appreciate Daily
We recently picked up a remodeled triplex, vacant, in the area for $750k through a broker — no off-market, under-the-table wheeling and dealing. Just a regular ole transaction.
In weeks, it appreciated by $50k — while still vacant, as The Beacon had just opened. Now, since we bought it, a Citi Bike station — known as the “gateway to gentrification” — has opened right outside the door.
8. Cap Rates Indicate There are Still Deals to Be Had
Nationwide, Class A cap rates range from 4.8%-5.5%, with NYC and Northern Jersey sitting between 3.75%-5%.
If you use the triplex deal as a benchmark, judging by current NOI and a 5% cap rate — standard for the NYC Metro — the current valuation of the property is $1,296,000 — with room to grow as the area continues its daily gold rush.
That’s a ridiculous 73.3% ROI in less than six months.
Some more numbers to consider:
- At a 4.5% cap rate, the value jumps to $1.44M.
- At 3.75%, the lower end of the NYC market, the value jumps to $1.73M.
In other words, while NYC’s cap rates hover around 3-4%, there are still deals to be had looking East.
9. The NYC-PATH Factor
As NYC rental prices continue to skyrocket, working professionals are being priced out of Manhattan, Brooklyn, and even Queens.
With the PATH, the commute to Manhattan is shorter, and it’s directly linked to the Subway. (You can use your Subway card for the PATH and vice versa.)
10. MTA-PATH Integration?
This year, the long-awaited WTC PATH station opened, creating an iconic link between Jersey City and Lower Manhattan. According to rumors, thePATH stations will be incorporated into the MTA Subway map — a move that could boost real estate prices by another 30%, according to developer Jared Kushner.
id live in nyc if i could live in a decent 1 br apt/condo
living in these old ass decrepit buildings or living with roommates
my cousins bytch ass lived across the street from prospect park where they got some museum or library, was paying 1500$/month for a 1 br. fukk him
shyt was hella nice
living in these old ass decrepit buildings or living with roommates
my cousins bytch ass lived across the street from prospect park where they got some museum or library, was paying 1500$/month for a 1 br. fukk him
shyt was hella nice
MalikX
Superstar
Chicago is definitely a place i'm eyeing. As with anything, when people run, that's when you buy. Chicago is the best bargain in America in terms of a large city. You can legit buy a 2 bd condo for like 240k near downtown. Where else can you do that? Definitely not in no fukking New York. These white people gonna buy up half the city, push all the poor blacks to downstate Illinois, Missouri, Indiana and Wisconsin and it's going to be another city where blacks missed out.
CookisaCac
I aint lyrical
40k per month? You better off being Bill Gates. But you know they won't allow brehs to have access to that type of lifestyle
Dorian Breh
Veteran
Afford it? 
Got my main spot in the Upper West where wifey stay at. Neighborhood a little slow but decent restaurants
My trap spot downtown where I be doin the after parties and i can bring hoes thru. I keep my party drugs there cuz my German shepherds be nosy as shyt and I'm not tryna come home to an overdosing dog
Also wifey got a bit of a habit especially since she don't do shyt else all day so it's better if it's away from her
And im payin for my Trini side bytch spot but that shyt in Flatbush so it's basically like her landlord payin me that shyt so cheap
So yea I can afford living in the city. What's up? You want me to put you in touch w my broker?
Got my main spot in the Upper West where wifey stay at. Neighborhood a little slow but decent restaurants
My trap spot downtown where I be doin the after parties and i can bring hoes thru. I keep my party drugs there cuz my German shepherds be nosy as shyt and I'm not tryna come home to an overdosing dog
Also wifey got a bit of a habit especially since she don't do shyt else all day so it's better if it's away from her
And im payin for my Trini side bytch spot but that shyt in Flatbush so it's basically like her landlord payin me that shyt so cheap
So yea I can afford living in the city. What's up? You want me to put you in touch w my broker?
BlackDiBiase
Superstar
dope i had a chance for a NY move dont know where but it was a big african district part, the womans first apartment in brooklyn is my price range anyway but i wouldnt live there. i can double up with ease and get a seperate room/living room.
CookisaCac
I aint lyrical
What that woman is paying for, im paying $700 less for more/better looking apartment here in Austin
Bell Steiner Ranch Rentals - Austin, TX | Apartments.com
New York is laughably overrated/overpriced. Even if I was a millionaire
