NJ Gold Coast Apartments Continue to be Developed... and NJ Get's Its Own High Line!
If current trends continue, more and more people may be looking at the NJ Gold Coast as a more affordable place to live, and it appears that developers are already gearing up for an influx of new residents. What is the Gold Coast? It's a series of cities and towns in Hudson and Bergen counties that skirt the Hudson River, from Bayonne, up to Fort Lee.
According to several recent reports, Manhattan rental apartments aren't getting any cheaper--the AVERAGE Manhattan apartment rented in January cost an astonishing $3,225 per month--and it doesn't seem like there will be any sort of relief to anytime soon: as the Wall Street Journal noted, 2012 will only see about 2,230 newly constructed Manhattan rental apartments come on to the market, the fewest in the last seven years.
Now, that's not to say that you can't find lots of great Manhattan rental apartments, in great neighborhoods, at prices that you can afford.... but it does mean that, if you're feeling frustrated, it might also be a good idea to expand your search to other areas. Like, for instance, the New Jersey Gold Coast.
As the New York Times reported last month, northern New Jersey has been flooded with new rental apartments these past few years, with several thousand more Jersey City rental apartments, Hoboken rental apartments, and Weehawken rental apartments in either the construction or planning stages right now.
And many of these are large, luxury rental apartments: two- and three-bedroom units in buildings loaded with such amenities as rooftop decks--sometimes even with outdoor pools!--hot tubs, fitness rooms, children’s playrooms, screening rooms, Wii game centers, and the like.
And though all of this expansion and redevelopment and construction in the area has, inevitably, been accompanied by an increase in prices--rental rates rose some eight percent in Hudson County as a whole over the last 12 months--the average monthly rent in these increasingly attractive neighborhoods currently sits at about $2,600, markedly lower than what's going on across the Hudson River.
Unsurprisingly, much of the recent development of Northern New Jersey rental apartments has been on or near the waterfront, in neighborhoods such Jersey City, Hoboken and Weehawken, but in what was once Harrison's industrial center, now called Harrison Station, there has been considerable activity as well, especially since the completion of the Red Bulls MLS stadium.
And in other Northern New Jersey news, the region seems like it might actually get its own High Line-ish Park, as the final legal and financial hurdles look to have been overcome in order to begin transforming the Sixth Street Embankment in Jersey City into an elevated public greenway.
The sandstone-and-granite structure, built in 1902, stretches a half-mile through several of Jersey City's neighborhoods, and would mimic the High Line in its design (contemporary and friendly) and landscaping (minimal, using local grasses and trees). And at more than 25-feet-high in certain places (it's wide, too--100-feet wide, in fact, much bigger than most of Manhattan's High Line--allowing for the possibility of bike paths in addition to areas for strolling and relaxing)--this "NJ High Line" would afford Jersey City rental apartment residents excellent skyline views.