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mooseLimbsCatLicks OP t1_iw2hs4s wrote

Ive seen other multimillion dollar apartment listings and this one just seems way more unique, and the huge patios are just special.. I would totally buy this if I won the lottery.

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pitpatpit t1_iw2j79v wrote

Very nice but wish the ceiling height was higher

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PostPostMinimalist t1_iw2lh7r wrote

RE taxes would be about $4400/month without (or after) the abatement.

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ihatetictoc t1_iw2lwsi wrote

Are 👻included in the amenities?

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khalibthegreat t1_iw2lysb wrote

Drop tile ceiling for 2.5 million. No thanks.

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tdrhq t1_iw2msb3 wrote

And... this is why my property taxes are going up. I'm subsidizing a 2.5m home.

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[deleted] t1_iw2wwd4 wrote

22k a year is what a home assessed at 1.4m would generate in property tax at the 2021 rate. At the 2022 rate it'd be a home assessed at just over a million.

That shortfall is made up by ordinary homeowners.

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JEVoorhees t1_iw2xtx6 wrote

In the background, looking East toward Manhattan, and Hoboken and Jersey City are in the foreground. At center, from left to right, are New Jersey Turnpike Newark Bay-Hudson County Extension Bridge Structures N7.93W, N7.90E, N7.24, N7.13 and N6.49, left to right. Continuing out of the photo, to the right, are Structure Nos. N5.56A, N5.56B, N5.34, N4.52, N4.12, N3.73, N3.00, N2.01E, N2.01 (Bay Bridge), N2.O1W, N0.75, and N0.28D/C/B/A at NJTA Interchange 14 at EWR. Thanks for paying attention and your voluntary boredom!

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zjuka t1_iw30o0g wrote

Yeah, I dunno, the pool is a little small… /s

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objectimpermanence t1_iw31gwn wrote

The Beacon is not exactly in a prime location. These buildings probably wouldn’t have been redeveloped back then without the abatements. Or the project would’ve been seriously scaled back.

Read up on the history of the condos at the Beacon. Here’s one story about it.

Sales started shortly before the financial crisis in 2008. For years, they had a tough time selling units even with the tax abatement. Units were selling at auction at deep discounts.

They may not have gone ahead with the rest of the project or delayed it indefinitely without abatements, which would mean lost revenue for the city.

Construction jobs and PILOT revenues (i.e., the $22k/year from this penthouse unit) are better than a massive complex of abandoned buildings that contribute nothing to the city.

It would be a different story if you were talking about some of the waterfront high rises with generous abatements, like 77 Hudson or Crystal Point. Those building are in much better locations and probably would have quickly sold out once the economy recovered even without abatements.

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Successful_Pen_2387 t1_iw37lkq wrote

When the sale goes through the abatement paid will go up as well. We can check next year.

If JC never had abatements most of the downtown gentrification just wouldn't have happened. Ordinary homeowners would be paying much much more.

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SonOfMcGee t1_iw3a9gp wrote

I wonder if this is where nurses would go to jump.

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PixelSquish t1_iw3dut6 wrote

Yeah but then you'd be stuck living at the Beacon. Would way rather spend that money downtown, or spend less in the Heights and still be happier and have money leftover.

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HobokenJ t1_iw3m2n7 wrote

Beautiful apartment, but... you'd be living at the Beacon.

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PixelSquish t1_iw3tfig wrote

Yes for 2.5 million in the Heights it should mostly be multi-unit buildings/investment properties. Homes that expensive are just not very common up here. 2.5 million downtown will get you a sick brownstone, and the Heights is not near those price points.

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jae34 t1_iw46ozu wrote

Sounds like a good deal until taxes

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brook_lyn_lopez t1_iw6vop0 wrote

If I had the ability to buy a 2+ million dollar place, I don’t know if I would want to be living at the Beacon.

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a_teletubby t1_iw7f782 wrote

Why would you wanna live in one of the rougher neighborhoods in JC if you have 2 million?

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[deleted] t1_iw99kw9 wrote

It's not a history if it stops at 2012. They got a further $33m in tax breaks in 2013 and in 2018 Fulop tried to take away the abatements for four of the buildings because they weren't in compliance with the agreement.

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