NEW YORK—The Thread, a new 151-unit condominium that opened last November is building a vibrant community in Union City.
To get there, just take the Lincoln Tunnel to the historic ‘embroidery capital of the world’ and check out the impressive uncluttered views of Manhattan’s skyline.
“It’s so close to the city, it has the views and the value, and it’s close to Hoboken,” said Marshall Weisman of WDevelopment, the building’s developer. “We’re tying everything together—we’ve tied together everybody’s needs.”
Union City was lagging behind in development, Mr. Weisman said, until a few years ago when approval for developments/redevelopments really started.
“For the last 20 years it’s been like a hidden gem,” he said. Just a stone’s throw from Manhattan, more than 22 bus lines stop less than three minutes walk from the building. Ferries are also an option to get across to the bright lights.
The majority of the residents are young, and many are first-time home buyers taking advantage of the $8,000 stimulus package bonus and the tax incentives that New Jersey provides. The area is largely Hispanic and the population was estimated at 62,715 in a 2007 estimate.
“This is the lowest priced real estate this close to Manhattan,” said Kelly Marzullo of CORE Group Marketing, the lead broker for the Thread. “You will get nice appreciation in a stronger market.”
The units that are getting snapped up are priced at between $300,000 to $400,000, Ms. Marzullo said.
Union City was lagging behind in development, Mr. Weisman said, until a few years ago when approval for developments/redevelopments really started.
“For the last 20 years it’s been like a hidden gem,” he said. Just a stone’s throw from Manhattan, more than 22 bus lines stop less than three minutes walk from the building. Ferries are also an option to get across to the bright lights.
The majority of the residents are young, and many are first-time home buyers taking advantage of the $8,000 stimulus package bonus and the tax incentives that New Jersey provides. The area is largely Hispanic and the population was estimated at 62,715 in a 2007 estimate.
“This is the lowest priced real estate this close to Manhattan,” said Kelly Marzullo of CORE Group Marketing, the lead broker for the Thread. “You will get nice appreciation in a stronger market.”
The units that are getting snapped up are priced at between $300,000 to $400,000, Ms. Marzullo said.
About 40 percent of the building has sold and 18 units are currently in contract.
One-, two-, and three-bedroomed condos are on offer, ranging in size from 770 sq.ft. to 1645 sq. ft.
Other units start at $299,000 for a one bedroom, and $389,000 for a two bedroom.
There are 12 penthouses, starting at $799,000. They are 2-3 bed and 2-2.5 baths. The finishes are higher-end than other units, with Jenn Air appliances, a wine cooler, and stained maple wood flooring.
Amenity-wise, The Thread stacks it on in an area known for its blue-collar worker base.
The second floor hosts a gym, an indoor/outdoor kids room, and a 7,000-foot outside terrace equipped with tables, seats, a garden,and barbeques.
The building is dog-friendly and a dog run is available for canine outings—especially handy on the bleak winter days.
Weisman said he was looking for something that would turn out to be perfect for the environment, and is happy with his achievement.
“It has a very, very good vibe,” he said, “a cool identity.”
Tax incentives in New Jersey mean owner-occupiers can qualify for Union City’s five year tax abatement program. The first year, homeowners pay no property taxes, and the amount increases by 20 percent each year for five years.
This month four of the units have more than 15 percent sliced off in a sale called Fab Four—translating to savings of between $60,300 and $82,700.
Project manager, Ha Lim Lee, said sales were not as high as they would like, but “we’re definitely wheeling and dealing here.”
One-, two-, and three-bedroomed condos are on offer, ranging in size from 770 sq.ft. to 1645 sq. ft.
Other units start at $299,000 for a one bedroom, and $389,000 for a two bedroom.
There are 12 penthouses, starting at $799,000. They are 2-3 bed and 2-2.5 baths. The finishes are higher-end than other units, with Jenn Air appliances, a wine cooler, and stained maple wood flooring.
Amenity-wise, The Thread stacks it on in an area known for its blue-collar worker base.
The second floor hosts a gym, an indoor/outdoor kids room, and a 7,000-foot outside terrace equipped with tables, seats, a garden,and barbeques.
The building is dog-friendly and a dog run is available for canine outings—especially handy on the bleak winter days.
Weisman said he was looking for something that would turn out to be perfect for the environment, and is happy with his achievement.
“It has a very, very good vibe,” he said, “a cool identity.”
Tax incentives in New Jersey mean owner-occupiers can qualify for Union City’s five year tax abatement program. The first year, homeowners pay no property taxes, and the amount increases by 20 percent each year for five years.
This month four of the units have more than 15 percent sliced off in a sale called Fab Four—translating to savings of between $60,300 and $82,700.
Project manager, Ha Lim Lee, said sales were not as high as they would like, but “we’re definitely wheeling and dealing here.”
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