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Passenger Trains > NY: "Transit Oriented Development" at Suffern train station


Date: 06/12/19 06:14
NY: "Transit Oriented Development" at Suffern train station
Author: Lackawanna484

Actually, it's across the tracks, but this new complex builds directly on its proximity to the NJ Transit train station, and its access to the NJ "Gold Coast" and NYC.  Suffern has seen a lot of new development in recent years.  Both NY and NJ have passed legislation to allow towns the opportunity for higher density uses near rail and bus facilities.

https://www.lohud.com/story/news/local/rockland/2019/06/11/suffern-transit-oriented-apartments-sheldon/1287804001/



Date: 06/12/19 06:41
Re: NY: "Transit Oriented Development" at Suffern train station
Author: joemvcnj

These TOD's are seldom condos unfortunately, usually apartments, and pricey at that. They do rent out though.



Date: 06/12/19 08:59
Re: NY: "Transit Oriented Development" at Suffern train station
Author: Duna

joemvcnj Wrote:
-------------------------------------------------------
> These TOD's are seldom condos unfortunately,
> usually apartments, and pricey at that. They do
> rent out though.



What percentage of units built in TOD developments are apartments vs. condos?  What area are you refering to?

Where is that info available?  Thanks.



Date: 06/12/19 09:02
Re: NY: "Transit Oriented Development" at Suffern train station
Author: joemvcnj

Everyone I know of in NJ, including several downtown near to where I live. I did say "these", meaning this limited inventory.



Edited 1 time(s). Last edit at 06/12/19 09:03 by joemvcnj.



Date: 06/12/19 09:28
Re: NY: "Transit Oriented Development" at Suffern train station
Author: Duna

In my casual observations I also see more apts than condos.  I'd like to see some hard numbers, for any/all areas. I'm sure some have been published, but don't know where.



Date: 06/12/19 10:24
Re: NY: "Transit Oriented Development" at Suffern train station
Author: joemvcnj

In a downtown 3 miles from me that I am thinking of, they built one (all apartments). They were supposed to build another in the next block, but it is still a vacant lot. At a street fair on the same block, I asked of their real estate reps when it would be built. It appears they have trouble financing it. I said maybe if you sold some as condos, you'd expand your market. Why should everyone who wishes to be in a downtown environment, with trains and buses within a block, whether they commute to work, or are retired, able-bodied, but don't drive anymore (like my mother) who don't want to be holed up in a senior community with only a shopping bus at 10am also out in the sprawl, be denied building financial equity, or retaining their equity, rather than pissing away money on exorbitant rent. This is also an area where most private houses are large, 120 years old, and need work. Not everyone wants to be bothered "flipping", but simply move in and do nothing more than paint a couple of rooms. 

They had no answer, but merely suggested looking at another condo community built in the sprawl 10 miles away. They just don't get it. 



Date: 06/12/19 10:46
Re: NY: "Transit Oriented Development" at Suffern train station
Author: Lackawanna484

The 2017 Tax Act, which limited the deductibility of state and local real estate taxes, may have changed the dynamics of owning versus renting in high tax areas.
 



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