• Mayor Steven Fulop on the Growth of Transportation/Real Estate in Jersey City

    Mayor Steven Fulop recently interviewed with Nikoloai Feda of New York Yimby about Jersey City’s transportation initiatives and real estate growth.  While it’s no secret that Jersey City is quickly becoming the next hot spot, Fulop shares insights on the city’s recent developments. 

    On Jersey City Transportation: Fulop admitted his distaste for the Port Authority’s services and capital plan. The aborted plan to link the 6 train to the World Trade Center PATH station in Manhattan is the main source of Fulop’s frustration. When speaking candidly with YIMBY, he said: “If the Port Authority was proactive at all, they would be thinking about linking the PATH with the ferry service, light rail, and New York City’s subway system; linkage with the New York subway system is the key component.”

    When tackling the topic of the PATH’s extension to Newark Liberty Airport, Fulop emphasized the importance of the connection to the airport and the need to expand the number of cars in each PATH train to avoid overcrowding the current line. Fulop explained: “The single-seat ride connecting Jersey City to Newark Liberty is important, and it will make Jersey City one of the few cities in this country with a single-seat ride, and that would be money well-spent.”

    On Jersey City Real Estate Growth: According to Fulop, Jersey City’s Grow NJ tax incentive program has helped shift the real estate investor’s mindset about where they should build next. In response to Feda’s statement that, “Jersey City builds four housing units per 1,000 residents each year, while NYC only builds 2.5.”  Fulop explained that Manhattan can’t compete with the price points or available space in Jersey City.  There are currently 6,000 residential units under construction, with another 12,000 planned for the next two years.  A helpful contributor to these developments is the Jersey City Building Department’s accessible and efficient organization. 

    As for the proposed Jersey City casino project, which has been a hot topic in the news recently, Fulop explained that legislative change in northern New Jersey would be required for the plan to go through.  If it does, the 95-story casino-hotel tower would be the largest tower in Jersey City (the current tallest building stands at 70 stories) and would include other amenities such as a stadium and a large Ferris wheel.  Fulop shared additional pipeline possibilities with YIMBY, including a new tower by Goldman Sachs next to its current Jersey City waterfront building, as well as a plot of land owned by China Construction.

    We’ll definitely be one the look-out for more news about these exciting developments! In the meantime, check out Mayor Steven Fulop’s full interview here: http://newyorkyimby.com/2014/10/interview-with-the-mayor-jersey-citys-steven-fulop.html.