Real Estate Roundup: Gourmet Market Coming to Canco, Trump Holding ‘Grand Opening,’ Dixon Mills Pushing FHA Financing

Gourmet Market Coming to Canco

The rumors have swirled about gourmet grocers like Whole Foods and Trader Joe’s coming to Downtown Jersey City for years, but it looks like the Journal Square area is set to get an upscale gourmet food market before one opens Downtown. (Hudson Greene Market is set to open in the 77 Hudson building this summer.)

According to a recent CANCOlofts press release, a Zeytinia gourmet market is set to open in the building (50 Dey St.) in April. Zeytinia, which calls itself a “blend of fresh country market, gourmet shop, small informal eatery, coffee shop and a take-out place,” currently operates five stores in New Jersey, Connecticut and New York.

Elsewhere in the release, CANCO says that more than half of its 202 loft condos — which start in the low $300,000s — have sold. The development has been approved by the Federal Housing Administration and Fannie Mae to offer lower down payments — down to 3.5 percent — for qualified buyers, and it is pushing this fact and the soon-to-expire first-time buyer federal tax credit as draws for potential buyers.

Trump Hosting ‘Grand Opening’

Meanwhile, the recently renamed Trump Plaza Residences (88 Morgan St.) on the edge of the Powerhouse Arts District will host a grand opening on April 10 and 11 “to showcase their newly unveiled penthouse-level sales suite and two model residences.”

The building’s sales team will give tours of one- and two-bedroom models on the 48th and 42nd floors of the 55-story tower, as well as its new 54th-floor sales suite. Celebrity designer Benjamin Noriega-Ortiz created both projects, which also feature some of his custom-designed furniture pieces.

Noriega-Ortiz says his inspiration for the model homes and the sales suite was the Trump family itself. The idea, according to a release, is that “stepping into Trump Plaza Residences Jersey City is like stepping into a Trump family estate.”

Saying its condos are “surprisingly affordable,” Trump is also pushing price, with one-bedrooms starting in the mid $400,000s and two-bedrooms starting in the mid-$600,000s. The release also touts the property’s 20-year tax abatement, which is says “translates into reduced property taxes.”

Dixon Mills Pushing FHA Financing

Like CANCO, The Residences at Dixon Mills (158 Wayne St.) are pushing the available FHA financing, which requires only a 3.5 percent down payment.

Saying sales have “outperformed the local marketplace” and the condo building is the “fastest-selling” in Jersey City, the Dixon team is focusing squarely on value. The release touts the FHA financing, the $8,000 first-time buyer tax credit and one year of free maintenance as a few of the reasons that prospective buyers should check out the renovated pencil factory.

A recent buyer who is moving to Jersey City from the Upper East Side says that he “wouldn’t have been able to purchase a home right now” without the FHA financing.

The developer says it signed eight new contracts in the first three weeks of March. Prices at Dixon Mills start in the low $200,000s.

Jon Whiten

co-founded the Jersey City Independent. He is currently the Deputy Director of New Jersey Policy Perspective.