Investing in Hudson County, NJ

[Arthur Goldstein]

Hi All,

Been a member for some time, but looking to invest in the Hudson County area (specifically Jersey City, Weehawken, and Union City). I'm currently at the point of getting to know the markets and building a team. If anyone is familiar with the area and has time to talk that would be great. Looking for referrals!

If anyone has some insight into the following questions please let me know...

Did some research into Weehawken and I'm still trying to understand how their rent-regulation laws work. Seems like you can't do much with rents unless it is owner-occupied. Perhaps, someone knows if there is a way to bring them to market rents without owner occupancy (ie. renovations)? Also, rumor has it that property taxes are due for a hike sometime in the next 2 years, any confirmation?

I know Jersey City has the PATH train into Manhattan and a lot of development has been going on there because of that, are there still areas of opportunity?

Don't know much about Union City yet, I heard there is a lightrail to the PATH train, but not sure if that make's it convenient to get to the city or if it even matters?

Looking forward to meeting you all! 

[John Errico]

Hey @Arthur Goldstein, there are a fair number of Hudson County investors here on BP. I live and invest in Union CIty--I'd be more than happy to help out of I can and refer you to the people that we use. We also have a meetup group of mostly BP members every month (we're having a happy hour this Tuesday) that you'd be more than welcome to attend--feel free to PM me if you'd like.

My general take is that the remaining investment opportunities, at least if you're considering smaller buildings (< 5 families) are in Union City, and "deeper" into Jersey City--so like Journal Square/Bergen Lafayette/Greenville in Jersey City. Prices have gone up appreciably in all of those areas and in Union City in the past 18 months but I think there are still opportunities to potentially exploit, although you'll be competing with a lot of investors. Weehawken, other parts of Jersey City, Hoboken, etc. are already quite pricey, and it's, in my experience, more difficult to make the properties work financially--although, depending on how much you want to invest, may be worth checking out (particularly Weehawken). 

Most people that live in Union City and commute into Manhattan generally take the bus across the Lincoln Tunnel, or you can also take a bus to Journal Square and take the PATH in (this is also true of Jersey City heights). The buses are very convenient: either the NJ transit bus (which runs less frequently but is nicer), or the jitneys (private buses that run very frequently, are cheaper, but are generally less "nice"). Proximity to the light rail is, at least in my opinion, not super valuable in Union City, but proximity to the Lincoln Tunnel (approximately 30th St) is more desirable, and/or closer to Weehawken (Park Ave north or 30th, Palisade south of 30th).

Best of luck!