42 PASSAIC AVE JERSEY CITY
Updated Progress
05/06/25
The renovation is currently in the zoning approval phase, which is expected to take approximately 10–15 business days and is now on day 6. The Department of Zoning recently updated its procedures, which has slightly delayed progress. Demolition was completed by the original contractor; however, due to a significant cost increase of $40K, a new contractor was brought in who has since been able to move the project forward efficiently. A revision of the Scope of Work has been requested from Groundfloor, but all required permits must be secured first. At this stage, there are no code violations, and the permitting process is ongoing as part of the zoning review.
04/08/25
Permits are in motion, and everything’s being lined up for submission—once approved, the next phase can kick off without missing a beat. The timeline’s looking great, with about a month and a half needed to bring the rehab across the finish line. There’s been a brief pause while waiting on funds but that’s just a small speed bump in an otherwise steady process. The foundation is strong, the plan is clear, and once the green light hits, things will move quickly. No updated photos just yet due to the short pause, but new progress shots will be on the way soon.
03/11/25
The rehab is progressing well, with the windows nearly complete. Permits are still pending, with about 20 days turnaround before work can resume on plumbing, HVAC, and electrical. While there isn’t a specific timeframe for completion just yet, the next exciting step is to list the property on the market and move forward with the sale. Fresh photos will be available tomorrow and shared for your review.
02/26/25
The rehab is progressing well, with demolition and removal fully completed. Permits have been submitted and are currently in the waiting phase, with an expected turnaround time of 20 working days. No major issues have arisen aside from the permit wait time. The next steps include working on the sidings and windows. The project remains on budget, and updated videos will be sent for review.
SUPPORTING DOCUMENTS
STATEMENT OF WORK
SIGNED PRELIM TERM
PRELIM TERM SHEET
EXPERIENCE WORKSHEET
DEAL ANALYSIS CALCULATOR
SIGNED JV HHA OA
OPERATING AGREEMENT
JV AGREEMENT
HHA
Updated Progress
02/10/25
The permit was successfully obtained last week after a three-month process, marking a key milestone in the property’s rehabilitation. With the permit secured, the next steps include painting, landscaping, framing, window installation, and completing the electrical work. Progress remains on track, and the project continues to stay within budget.
01/06/25
The property rehab progress has been carefully initiated with $20,000 personally funded for the initial phases. Progress continues steadily, with each step being closely monitored to maintain alignment with the project’s timeline and goals. Though still in the early stages, the improvements are expected to align seamlessly with broader objectives, contributing positively to the overall portfolio. Appreciation is extended for the continued trust and support that make these endeavors possible.
01/02/25
Significant progress has been made in the property rehabilitation. The initial draw of $21,000 has been submitted, with key milestones such as completing the demolition, installing a new furnace, and replacing several windows already achieved. Although there have been delays due to pending permits, plans are in place to accelerate the timeline once the permits are secured. Upcoming efforts include refining the interior layout to accommodate a new floor plan, designing a modern kitchen, and converting and finalizing the garage. Exterior repainting is set to commence promptly, followed by interior work. The project remains on budget, and photos of the property are available to share with the PML for an update on progress.
12/03/24
The rehab progress is moving as anticipated, despite initial delays with plan approvals. While no key milestones have been completed yet, they are poised to make significant progress with the demo starting this week and the exterior work to follow. There are no issues or delays, as both the Project Manager and Contractor have expressed no concerns. They are on track with the budget and have scheduled material purchases for this week. Photos documenting the progress will be shared soon, as they are still in the early stages of the rehab. Regarding the property’s future, the plan is to list it on the market once complete.
11/01/24
Willis Mill we have been on hold with the architect but that will be kicked off Nov. 19th. The crew will be working expeditiously and we will make up for some of the time loss.
Jennifer’s architect ran into a slight hiccup with permitting, but the good news is they’ve been given the green light to start on the 19th. In the meantime, her crew has been busy getting a head start by demoing the property. She mentioned they’re working hard to make up for any lost time, which is great to hear. While Jennifer didn’t snap any photos during her last visit, she assured me she’ll grab some on her next trip and send them over.