Building boom finally hits jersey coast Former lawyer helping complete renovations abandoned years ago'it's manhattan driven'the boom will bring traffic jams and headaches, current residents say September 16, 1999by charles v.Bagli charles v.Bagli, new york times news service Like the previous one, the current building boom is fueled by the surging economy in manhattan.The number of jobs on wall street has jumped by 40, 000 since 1991, forcing many investment banks to look for expansion space.Most want to stay in manhattan, but with prime offices in manhattan renting for $50 to $60 per square foot a year, jersey city and the other coast towns look inviting at less than half the price. Apartments and townhouses are also mens ralph lauren long sleeve significantly cheaper on the new jersey waterfront.A luxurious 2, 300 square foot townhouse on the water might cost $500, 000, less than half the price of the average manhattan apartment of the same size. "I was hesitant to consider anything out of the city,"Said deena edington, an executive with ralph lauren who moved with her husband from the upper west side of manhattan to jacob's ferry, a new townhouse development in west new york. "But we're quadrupling our living space for the same payment as our city rent. " Farther down the waterfront, jersey city has been transformed from an industrial backwater into a corporate annex to manhattan's financial district.American express recently announced plans to move 900 employees to hartz mountain's new office building at 90 hudson st.Trust are moving hundreds of employees to the newest office building at the nearby newport complex. Supply may exceed demand But the memories of what happened when the stock market crash of 1987 sent ralph lauren women shorts the region into a tailspin remain quite fresh, and some developers and investors worry privately that with so many apartments and townhouses under construction, the supply may soon exceed the demand. "There are 5, 000 units coming on line in a market that's never absorbed more than 300 to 400 wholesale ralph lauren a year,"A developer lamented. Fred daibes, chief executive of daibes brothers development company of edgewater, said he worried constantly about the next downturn.His family firm is building a 16 story luxury apartment house on river road in edgewater and twin 14 story residential towers for the elderly, also in edgewater.But carpenters are hard at work building townhouses and apartments all along river road. "I'm nervous,"Daibes said. "I'm battening down the ralph lauren sale australia hatches.The population isn't growing as fast as we're building apartments. " "The music does not have to stop,"Said richard speciale, a managing principal at aequitas, a manhattan real estate investment firm,"But it always slows down.And some of these developers could get hurt.We tend to forget about the cyclical nature of markets. "

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