Newark: Real Estate, Development, News, & Politics

[block944]

Originally Posted by scrollhectic

*SIGH* What an unattractive building. The new development is VERY much needed, but couldn't they make it attractive? And this is the heart of downtown, why is it a midrise?

Its already cancelled due to the down economy

[block944]

Originally Posted by newarkhiphop

Wow the prices for those are ridiculous, i live literally 4 blocks away and that area is horrible safety wise drug dealing/prostitution as well as a large project low rise housing close by

i dont see many ppl around this area wanting to pay 75k-115k in that area

It'll won't happen, the high costs was needed to get the investors to buy in. 5 years from now it'll be just the same.

I'm negative now as all the projects I'm reading about have been on the drawing boards since 2001. If we couldn't build it during the boom times, there is no way its going to get built not during the recession and contraction of the economy.

[Marv95]

Originally Posted by ASchwarz

East Harlem is a very desirable neighborhood for retail nowadays. And it's next to the wealthiest urban neighborhood on the planet, the Upper East Side. The UES is also the densest urban neighborhood in North America.

Now I am not saying a Costco wouldn't work in Newark. I like Newark and think it's underserved for retail. Springfield Ave. has real potential, and will get some bigger retailers in the future. But I am also saying that the Manhattan market is not remotely comparable to that of Newark, and that success in NYC does not automatically mean success in Newark.

I agree with you on the density part and I didn't want to compare both places, but something like a Costco in a neighborhood like East Harlem is kinda odd at first glance, rather than putting it in Staten Island near the mall, in the Bronx by Bay Plaza, etc. Costco is a bulk item store. Manhattan apartments aren't really the biggest.

[Marv95]

Originally Posted by scrollhectic

*SIGH* What an unattractive building. The new development is VERY much needed, but couldn't they make it attractive? And this is the heart of downtown, why is it a midrise?

My guess is that it was scaled down due to the economic downturn...
And it's built on the wrong side of the arena in more ways than one. Won't the Rock loading docks get in the way?

[block944]

Opponents sue, seek to block construction of new arena

The Nets, with an 0-12 record, are having a tough time at home in New Jersey.
And things don't look too good regarding the prospects that they'll have a future home in New York City. The team is planning to relocate to Brooklyn, but legal issues have complicated the move.
Opponents of the Brooklyn arena planned for the Nets have filed a lawsuit seeking to overturn a state agency's approval of the project, according to the Associated Press.
The lawsuit was filed Thursday in Manhattan state Supreme Court. It seeks to block a Sept. 17 move by the Empire State Development Corp. to approve a delayed construction plan for the 22-acre Atlantic Yards project.
Brett Yormark, the team's chief executive, had said in an interview that if groundbreaking did not begin by December 31, 2009 the entire project will be cancelled. In a recent interview with David Letterman, part-owner Jay-Z said that if legal hurdles were defeated groundbreaking would start around "early December."