$3.6 million for 9 units

Here's a link to a worthwhile piece in The Record, which has more information as to the final outcome of the Velocity Hoboken auction last Sunday - general interest, pricing, quotes from bidders, etc. There are some good quotes fom REMI, too. Here are some highlights:

- The auction sold $3.6 million worth of property
- All apartments went for higher than the asking price
- The biggest interest was in one bedroom units
- About 200 people attended
- REMI estimates 20 apartments will sell within a weeks time

Condo Auction Draws Crowd

everything has its place

Well, it looks as though the printing warehouse on the corner of 9th and Monroe, also known as 900 Monroe, has officially gone to factory heaven. Below are two shots looking north and northwest, in which you can see a neighboring building that was left intact. Yesterday I walked by and the receiving doors were wide open, revealing what looked like a thriving business with shrink wrapped goods lying around. My first thought was that this entire three block stretch of warehouses would be torn down at once, but it seems it will be done in stages:



Triple digger action!



With a little coaxing, I got Eddy Excavator to pose for my lense. Normally he's shy but today, emboldened:





The guys have been hard at work separating the raw materials into piles - one for steel, one for large concrete pieces, and one for dirt. This sense of organization really excites my partner. When he walks by he can't help by feel a sense of pride that someone else shares his OCD level of organizational skills:




Me? It just makes me want to play dominos:

velocity hoboken auction - a trickle not a downpour

Reports are beginning to trickle in re: the auction yesterday, and it seems it was not all that positive of an experience. Word is the auction was stopped earlier than anticipated and only some of the 40 units were actually put up for auction. The available condos went for surprisingly lower prices than anticipated.

I'm sure those who bid and won are very happy and excited today because they got a great deal. And I'm sure those who paid near the asking price for their units oh so long ago, are not feeling so hot today.

Here's to hoping this whole experience turns into a more positive one for everyone involved. More info to come as the day unfolds...

UPDATE: There have been conflicting reports, but from what I can gather, 9 units were officially auctioned off. Each unit went for above what the opening price was, which means there were multiple bids on each unit. And from the emails I've been receiving from those who attended the auction and have strong mathematical skills, it seems those units went for roughly $400 - $450 per square foot.

Many would say that is a great deal, considering many properties in the vicinity go for $500 - $550 per square foot. I tend to agree.

Like many who are witnessing a transformation of this neighborhood that has no plans of stopping anytime soon, I am placing my bets that with patience and a little forward thinking, those who bid and won will eventually have the last laugh. I'm not talking about flipping in a year or two. I'm talking five years. Velocity is LITERALLY a block away from one of the most expensive and most luxurious mixed use condo develops going up in our area - Metrostop. Word is it's selling well, as are other properties in the area. If that doesn't have a positive effect on Velocity Hoboken, than call me crazy too. And with the eventual development of The Monroe Center mixed use development, which is next door to Velocity, that will seal the deal on any doubts. Question is, when will Monroe Center start work on their project?

Someone made a comment in the HH comments section for this post to this effect and I happen to agree. Time will tell.

Someone else made a great point asking the question of why the developer didn't just sell the property to a company that converts to rentals? Also a great point.

I guess the next thing to focus on is how REMI is going to unload the rest of the units without the time lag eating away at their overall business plan. What are the next options?

Thanks to everyone for their emails, comments and opinions. Let's keep on moving forward...

velocity hoboken auction today - paddles up!

Today's the day. The Velocity Hoboken auction is here. Good luck to everyone planning on getting in on the action. If any of you have juicy details, stories of success, stories of sadness, or anything in between, please post your comments, or email me with your intriguing tales...

And in case you need that extra dose of good luck today, scroll down for a few more charms:






And here's a vintage picture of Stevie Nicks:


Because just in case the auction delivers hell in a hand basket, Stevie will always be there to make you feel better. She is a sorcerer after all.

The auction starts at 1pm today at the Hyatt in Jersey City. Just stuff $10,000 in your pocket and show up - that's all the qualification necessary! Oh, if by any chance you need a reminder as to what Velocity Hoboken is, just click here for my first hand report:

velocity hoboken open house - actually 40 open houses

how many times can you fold it in half?

Here are some pictures of the Universal Folding Box Company, which has the murals painted it on it (from an earlier post.) It's at the far end of NW Hoboken, and sits all alone and quiet:




The property has a healthy dose of wild flowers, and a ton of those weeds you pick and blow away the seeds. I can't remember their name. Anyway, in this part of town the size of these weeds is like nothing I've ever seen! I tried capturing it with my trusty Leica, but the sheer size of these things does not translate properly when I take pictures. You can imagine though, a field of two feet tall weeds with circles of seeds the size of your head. Only in your nightmares. Especially if you are an alergy sufferer. It's quite alarming:



Here's the view looking south along Madison Street:


This closed up opening looks like it used to be for loading and unloading. Someone should paint a mural on it:


For such an industrial space, they have a very cool residential doorbell.

[ DING DONG!! ]

"Who's There?"

"Delivery."

"Who??"

"Pizza Delivery."

"We didn't order a pizza..."

......

"Land Shark."

1983 was a colorful year

The year was 1983. Michael Jackson's Thriller album was everywhere. (P.Y.T.) McDonalds unleashed the McNugget. (Hello child obesity!) Return of the Jedi was released in theaters. (Did you cry?) Vanessa Williams won the Miss America crown (Briefly!). And everyone's favorite, crack cocaine, was introduced to the United States. (Oops!) Is was also the year that 5 murals were unveiled in the NW area of Hoboken, among the factories and warehouses. Here is the rest of the series:





The murals are located on Madison and 13th Streets, and are attached to the building that housed the Universal Box Company. Only two of the artists signatures are still visible, but HH is doing ongoing research to determine more of how these murals came to be.





Until then, please enjoy the above images. More to come...

800 madison is going up!

The waters have receded and some serious work has begun. Peter the Pile Driver (centered, above) is still pounding in full force. And the entire site is covered in small rocks, to provide better drainage (I'm assuming).


Giant concrete fingers are popping out of the ground left and right, especially on the south side of this site:




We've also seen some of the wall molds going up along both Monroe and Madison streets, which essentially help support the creation of the foundation walls:



Mild mannered Chevy Cobalt???


Upon closer inspection it seems that Tarragon has hired security to police the area during the late afternoon and overnight shifts. He looks like he could definitely strike the fear of god in those who overstep their boundaries.


My three year old niece can pretty much outrun a Chevy Cobalt (on foot)! Not sure how effective his security tactics really are...


Do you think he carries around an electric tazer, or does he just shoot laser beams out of his eyes?