Union City : The Thread Building is Here!
The Thread Building: One bedroom condos $400,000. Two Bedrooms $700,000. Welcome to a New York lifestyle: Union City.
Properties in Union City have risen in value significantly during the past few years. The proximity to New York City is the main factor behind the high property value in this city of 1.27 square miles with the highest population per square foot in the United States, 75,000. The last five years have seen a healthy development of luxury condominiums, two- and three-family house renovations and high volume of movement in real estate sales. At this time, with the country at the doors of a recession, the real estate market has slowed down. Nevertheless property minutes from New York City only rises in value. Hoboken is saturated, with a one-bedroom apartment renting up to $1,800 to $2,000 a month. In Union City we have seen an expected rise in rents with a one bedroom apartment near the 47th Street light rail going for $1,300 to $1,400 a month. Needless to say, very few rents include utilities. And the ones that do are located in older properties with D locations.
The Hoboken concept, developed a few years ago with total success in Frank Sinatra’s birthplace, is moving to Union City. And it’s beginning to show in tall buildings like the new Thread Building, with a great location in the small city with giant possibilities. On March 9, 2008, The New York Times published “Hoboken Comes to Union City.” Read this interesting article that explains how the Hoboken phenomenon is coming to Union City, a city revitalized by Cuban immigrants in the late 60′s and especially in the 70′s. The Thread Building offers super luxury condominiums that will only rise in value in a very short time. Thanks to its location and the efforts of Union City Mayor Brian Stack, this unique city across the Hudson has become not only a great place to live and shop but a real investment.