Phase 1 1980-1985.

In the early 1980’s the economy was terrible, decades of neglect left most of Jersey City looking like a waste land.  However this was all about to change.  in 1985, Samuel LeFrak, owner of LeFrak Organization, who at the time was largest developer of affordable housing in NYC including LeFrak City in Queens.  He looked across the Hudson river, where some saw a dump, he saw “Wall Street West”. The $10 billion project led by real-estate tycoon and Simon who would own the Newport Centre..  If you have looked at the current average rent in Newport, let’s just say his bet has paid off.

Phase 2- 1986-2015.

This combined with Americas economy turning for the better, would pave the way for decades of underrepresented growth and redevelopment.  With the explosion of construction in Jersey City and it’s Hoboken neighbor especially within the last ten to fifteen years.

Phase 3- 2016-present.

It’s a cautionary tale of gentrification, luxury condos, beautiful brownstones, converted warehouse space and Victorians that are strikingly similar to Brooklyn.  Most locals are familiar with JC’s sections of Newport, Jersey City Heights, downtown, but Jersey City’s Bergen-Lafayette and Journal Square neighborhood are even booming.  With great mass transit options including a light rail station, commuting to the city very quick.  The prices of homes are considerably less than other sections of Jersey City that we previously mentioned.  All of these factors are making this area popular for singles and more and more families.  

Talk about diversity, everyone is getting their slice of the American pie.  Jersey City is clearly one of the most ethnically diverse cities in the world.  JC boasts a large amount of immigrants from India, Vietnam, China, Philippines, Cuba, Puerto Rico, Pakistan, Bangladesh, Italy, Egypt, Morocco, Dominican Republic, Nigerian, Kenyan and African American.

*As of 2010 US Census
Photo by Veronica Benavides on Unsplash

The majority of the building here have great bones and in some cases you could even get a yard, eat your heart out  NY.

During the early 2000’s while Hoboken and waterfront area of Jersey City were increasing in property value, not much was made of Bergen-Lafayette or Journal Square.  However, now that those areas are all bought up its these  area have seen large increases in property value and                                                        construction activity.

Neighborhoods in Jersey City

NAME MEDIAN ZHVI
Downtown Jersey City $684,200
The Waterfront $651,100
The Heights $370,100
Hackensack Riverfront $305,000
Journal Square $299,400
McGinley Square $290,200
West Side $252,100
Greenville $232,300
Bergen-Lafayette $209,500

 

In 2014, Paul Fireman proposed a 95-story tower for Jersey City that would include a casino. The project, which endorsed by Mayor Steve Fulop, would cost an estimated $4.6 billion. In February 2014, New Jersey State Senate President Stephen Sweeney argued that Jersey City, among other distressed cities, could benefit from a casino—were construction of one outside of Atlantic City eventually permitted by New Jersey.  Until that is finalized and built 99 Hudson will be the tallest building in JC.

With all of tis growth and construction, most experts agree that Jersey City will surpass Newark as the most populated city in NJ in the 2020 census.

If you have visited the area in 2018, you have noticed the cranes over Jersey City looks like Dubai in 2004.  99 Hudson Street is approximately 45 stories in this image.  Upon completion it will be 79 stories and by far the tallest building in New Jersey, dwarfing the near by Goldman Sachs building.  It’s New Jerseys way of telling New York, we have arrived!