33 Park Avenue is a 448 unit residential high-rise development planned for the downtown Jersey City waterfront. Part of the growing section of Liberty Harbor, named due to the views of the Statue of Liberty to the East (though very cloudy on this day, and not pictured in this image). Above is a photo of the construction site taken on June 20th, with excavation and foundation still in its early stages.
The market in which these units will be delivered will be a saturated one in 2 years, when another dozen or so rental developments are set to hit downtown Jersey City. The luxury rental market downtown and near the waterfront currently commands rents at anywhere between $40-$50psf.
The expected cost of the development is over $140 Million, however, this includes property tax credits that reduce the annual expense to 10% of gross revenue for the first 6 years, increasing incrementally through the 10th year. Best explained here by Joshua Burd on NJBiz
So as I wandered around this site this weekend, I snapped pics in this vintage yellow crochet dress, decorated by my favorite versace scarf. Who said a dreary Saturday on an empty construction site had to be boring….?