If you’ve wondered what’s attracting people to the condominiums that comprise a former bread factory in Hoboken, seeing is believing.
Wonder Lofts, the conversion of the historic Wonder Bread factory to a Hudson County luxury living option, is unveiling a look at its full suite of amenities, which cover 14,000 square feet of indoor and outdoor spaces.
“The remarkable array of indoor and outdoor amenities at Wonder Lofts redefines the resident experience, seamlessly merging historic charm with contemporary luxury befitting Wonder Lofts’ illustrious legacy,” said Robert Fourniadis, senior vice president – Residential, Prism Capital Partners, which developed Wonder Lofts in partnership with Parkwood Development and Angelo Gordon. “With the amenities now completed, prospective buyers visiting the property can fully grasp the unparalleled allure of the Wonder Lofts lifestyle.”
Each Wonder Lofts home comes with deeded parking in the property’s secure parking garage as well as private outdoor space.
According to the developer, remaining homes at the property are priced from $1.9 million to $3.5 million.
Veris Residential has taken another step closer toward its goal to become a pure-play multifamily REIT, closing the $97 million sale of the Port Imperial Hotels, two Marriot brand hotels located along the Hudson River in Weekhawken.
Totaling 372 keys, JLL represented Veris in the all-equity sale of EnVue Autograph Collection Port Imperial and Residence Inn Port Imperial to Navika Capital Group LLC. The firm announced the transaction Feb. 23. According to Veris Residential’s Fiscal Year 2022 year-end and fourth quarter results, released that same day, the deal closed Feb. 10.
JLL said the hotels were offered unencumbered by management.
The EnVue Autograph Collection Port Imperial. – JLLThe Residence Inn Port Imperial. – JLL
The 164-key Residence Inn and 208-key Envue hotels opened in 2018 and 2019, respectively. They operate under a singular building complex at the center of the $4 billion mixed-use development nearing completion at Port Imperial, JLL said, which features a collective 15,000 square feet of outdoor space, more than 27,000 square feet of meeting and conference space, a fully equipped fitness center and unobstructed views of Manhattan.
Veris’ completed exit from the hospitality sector was also punctuated by the $117 million sale of The Hyatt Regency Jersey City, which closed in November 2022. According to that firm’s 2022 reporting, the trio of transactions released more than $22 million of net proceeds in aggregate.
“2022 marked another year of significant progress on our path to becoming a pure-play multifamily company,” Veris CEO Mahbod Nia said of the firm’s results. “We continued to successfully execute on non-core asset sales despite substantial market volatility. Our multifamily portfolio continues to outperform, reflecting the high quality of our properties and dedication of our team to delivering excellence. We begin 2023 in a position of strength, as we seek to conclude our transformation and continue creating value for shareholders.”
Making a haus a home
The day before its earnings release, Veris Residential announced another achievement, with the stabilization of its 750-unit luxury apartment tower in downtown Jersey City, Haus25 — three months ahead of schedule, according to the company.
Leasing launched at the 56-story, LEED Silver-certified property last April. Before that, Veris said 150 leases were signed during appointment-only previews.
As of Feb. 22, Haus25 was more than 95% leased and nearly 93% occupied, Veris said.
“The rapid stabilization of Haus25 speaks to our commitment to building innovative spaces that align with the needs of our residents, employees and the communities we serve while generating value for our shareholders,” Nia said in a prepared statement.
According to Veris, it was also able to achieve asking rents at nearly 14% over initial underwriting.
All the while, across the tail-end of 2022, Veris carried on a public back-and-forth with Kushner Cos., following that New York-based company’s attempts to acquire the REIT, which began with a hostile bid in October. Though Veris has maintained it would evaluate any deal that was beneficial to its profitability and shareholders — and that Kushner’s offers undervalue the company — a January update from the target indicated the pursuer was no longer interested in the deal. In response, Kushner Cos. issued a letter to Veris shareholders at the end of the month reaffirming its intent, for now:
“Despite your board’s ongoing intransigence, our objective has not changed—we are prepared to execute a transaction at a price that fairly values your shares. Our fully financed all-cash offer for $18.50 remains outstanding, as does, for now, our willingness to constructively engage with the Board to see if we can go higher. Our patience, however, is not endless, and we are actively considering all other alternatives.”
Though the holidays and winter typically mark a slow-down in activity, a collection of condominiums situated along the Gold Coast in Hudson County recorded a flurry of sales throughout the period.
Solaia in North Bergen is now 35% sold following eight new sales in a recent six-week period that totaled more than $10 million.
Among the closings: The record $2 million purchase of a three-bedroom penthouse with private outdoor space at the property.
“The recent activity underscores the appeal of this unique residential building and the confidence buyers have in its enduring quality and value,” said Louis Mont, chief executive officer of Skyline Development Group, the North Bergen-based developer behind the project. “Contributing to that is our location in a municipality with the lowest real estate tax rate in Hudson County, a financial benefit that we’ve enhanced by working with preferred lenders to offer qualified buyers below market-rate financing for a limited time.”
Living better
Among the benefits at Solaia’s three-story wellness center, The Sanctuary, is a Himalayan salt inhalation therapy room with infrared relaxation stations. Take a look at more interiors and amenities in our slideshow here.
According to the Solaia announcement, several of its recent buyers are former New York City residents. The city was ranked the third-highest metro where homebuyers were looking to leave in the fourth quarter of 2022 in a report from Redfin. Mont assured such transplants would still have eyes on their old stomping ground.
“What’s more, North Bergen’s revised master plan restricts future development across from our property to three stories, protecting the building’s sensational views for our homeowners,” he added. “We are really excited as we approach the spring selling season.”
Solaia, designed by Fort Lee’s Architectura Inc. and curated by Rutherford-based Doni Douglas, features one-, two- and three-bedroom homes – most with private outdoor space. Each floor offers seven residences facing Manhattan.
The property also features a 10,000-square-foot amenity center, “designed as a holistic approach to balanced living.” Among its highlights: The Sanctuary, a three-story wellness center for residents and their guests. A coworking space, resident lounge, dog run and firepits are also included among Solaia’s features.
“Solaia delivers a fresh approach to condominium living along the New Jersey Gold Coast,” said Jacqueline Urgo, president of The Marketing Directors. “The developer has truly created a residential oasis, pairing beautiful living spaces with an amenity offering unlike any other found in the area.”
Residences at the building are priced from the $600,000s, according to The Marketing Directors, Solaia’s exclusive sales and marketing agent. The property’s on-site sales office is located at 8701 Churchill Road in North Bergen.
A 1.2 million-square-foot development will transform an Edgewater site formerly owned by the Hess Oil Co., after the city’s Planning Board granted final approval for the project last week.
The plans from N.Y.-based The Maxal Group and partner Envirofinance Group for the 19-acre site at 615 River Road include the development of 1,200 apartments across three, 25-story towers in addition to 20,000 square feet of commercial space, according to a Dec. 13 announcement.
The project will also produce a 2-acre public park, a waterfront walkway that connects to the borough’s existing river walk, and ferry service to New York.
A 5-acre site is also being reserved for the potential construction of a new school.
In a statement, Maxal Group Managing Director Bruce Sturman said that the approval from the planning board cleared the way for his firm to begin the process of applying for building permits.
Rendering for 615 River Road in Edgewater. The 25-story building will offer views of the Manhattan skyline to residents. – FXCOLLABORATIVE
One-, two- and three-bedroom apartments will populate the three towers, with 180 units for affordable housing. The property will include 40,000 square feet of amenities.
Overall, the project’s design lends itself to creating the most open space, allowing for clear visual corridors to the Hudson River, and beyond to the New York City skyline, according to an announcement.
In an effort to alleviate traffic on River Road, the developers are proposing the construction of bus “super stops,” that would create loading lanes for north and south bound buses on the roadway.
“The 615 River Road project will be done with the same extraordinary attention to detail that can be found at our recent luxury residential project that we developed with Hartz Mountain Industries at 1500 Harbor Blvd. in Weehawken,” Sturman said.
New York-based architectural firm FXCollaborative is designing the three towers. Its projects include the NY Times Building.
Fisher Development Associates, which has introduced nearly 2,000 residential homes in downtown Jersey City, said Aug. 3 that Hudson River Gold Coast renters are looking for buildings that were designed with larger homes and extensive amenity offerings before the pandemic.
With more than 70,000 square feet of resort amenities, Fisher Development Associates’ The Vantage Collection in Jersey City’s Liberty Harbor North neighborhood has been well ahead of the curve.
Bozzuto, the property management company for The Vantage Collection, opened leasing for the second tower with fully-furnished model apartments and completed amenity spaces available to tour.
Designed by S9 Architecture, The Vantage Collection features twin, 45-story rental buildings boasting some of the largest apartment homes in Jersey City’s new construction marketplace, and one-of-a-kind views of the Statue of Liberty, Liberty Harbor Marina and the Manhattan skyline.
“As Jersey ‘Gold Coast’ cities roar back to life, the Hudson County rental market is registering high velocity from people receiving back to work notice and seeking a return to the vibrant and energetic urban lifestyle they’ve sorely missed,” said Brian Fisher, president of Fisher Development Associates. “In a post-COVID world, these renters are acutely aware of what they need in an urban apartment and the preference is for flexible floorplans that can be separated for dedicated uses and resort-like outdoor facilities that provide relaxing and healthy environments for residents.”
The Vantage Collection workspace. The building includes a business center and coworking lounge with private work pods. – FISHER DEVELOPMENT
An ability to satisfy the demand for oversized homes and amenities is the main reason leasing launched with an onslaught of demand for the second waterfront tower in The Vantage Collection, which introduced a mix of 452 studio, one- and two-bedroom residences on Jersey City’s Morris Canal. Contemporary floorplans feature designer kitchens with stainless steel appliances and quartz counters, baths with custom vanities, Kohler fixtures and glass-enclosed showers, recessed LED lighting, in-home washer and dryer units and energy-efficient systems.
Social and recreational facilities exclusive to renters in the second Vantage building include a 45th floor Sky Lounge, fully-equipped fitness center, yoga studio, children’s playroom, business center, coworking lounge with private work pods, game room, media room, sculpture garden, covered parking, dog wash and more.
In addition, a sixth-floor activities deck shared with its sister building will provide access to two pools, a basketball court, great lawn, fire pits, a 12-station BBQ area, an outdoor children’s play area, dedicated outdoor dog run, outdoor fitness area, terrace and bar, shared gardening beds, and lounge and tiered seating. Hotel-inspired services include a 24-hour attended lobby, lobby lounge, Amazon package lockers, bicycle storage and more.
The new tower will also deliver 6,300 square feet of retail space.
The Vantage Collection lies in downtown Jersey City and provides access to transportation into Manhattan via the Grove Street and Exchange Place PATH stations and New York Waterway ferry service. The buildings are adjacent to the Paulus Hook and Van Vorst Park neighborhoods and just steps away from the dining/nightlife scene on Newark Avenue. Liberty State Park is also nearby.
Luxury residential real estate on New Jersey’s Gold Coast was once defined by larger-than-Manhattan unit layouts, views of the city’s skyline, structured parking, a 24-hour doorman and a plunge pool with lap lanes. Today, as newly constructed properties like The Modern in Fort Lee and the soon-to-open Hoboken Heights are entering the market with increasing frequency, many once-iconic facilities built in the 1960s through 1980s are finding it difficult to compete.
Steven Kratchman
The reality is these outdated buildings no longer match local demographics or the needs of the market audience. As value propositions have shifted to focus on lifestyle trends and upscale amenities, their jaw-dropping views and covered parking no longer sell units. Co-op boards and tenant shareholders in these “tired” properties are faced with flat or declining unit prices, and local taxes and support for neighborhood businesses are equally depressed.
Additionally, long-term residents, many of whom are empty nesters looking to downsize, retire or both, are economically trapped because they cannot realize the value of their original property investment.
Over time, the natural life expectancies of buildings require capital expenditures to repair and replace some of the more typical “bread and butter” renovations:
Building facades, systems, risers, and structures
Deteriorating “skin” enclosures and facades
Windows and appurtenances including balconies and railings.
Weighing the expense of replacing infrastructure against adding amenities and value creation, co-op boards with foresight are combining both to add “wow” factors that create value. For example, their original plunge pools due for new equipment and concrete repairs can be reinvented by raising and stepping the floor so it is accessible to more generations of users, while keeping a portion for some type of diving.
Additionally, older buildings that refresh their identities with game-changing amenities see an impressive return on investment. The transformation of the Briarcliff, a 30-story multifamily building in Cliffside Park rebranded as Apogee, is one notable example.
My firm served as master planner, architect and designer of the Apogee project. Working with the co-op board and shareholders, we implemented a comprehensive design vision that first focused on renaming the property, then enhanced exterior curb appeal and finally upgraded the property with upscale interior amenities.
This overall strategy enhanced Apogee’s resident experience and increased shareholder value. The results of the four-year, multi-faceted renovation of the cooperative far exceeded expectations, generating an immediate jump in unit prices of over 20% as well as considerable excitement on the part of building residents.
Emerging trends
Steven Kratchman Architect designed the upgrades of the Apogee co-op in Cliffside Park, to bring it to contemporary resident standards. – – STEVEN KRATCHMAN ARCHITECT PC
Every building is unique but these five trends are destined to help multifamily property owners and their boards of directors to appeal to contemporary audiences, benefit current residents and increase property values.
Aging in Place. As the baby-boom population continues to age, residents want to remain active and safe at home as long as possible. For this new generation of seniors, getting older may mean navigating personal and shared space with a walker, mobility scooter or wheelchair. More inclusive design elements in apartments and common areas – from wider doorways and no-step entries to accessible sinks and countertops – will empower this resident demographic to enjoy life in a setting that is comfortable and supportive.
Five generations. Today’s tenant mix often spans multiple generations – infants and toddlers, pre-teens and teens, college and post-graduate students, young professionals, new families, empty nesters, and seniors – each of which requires thoughtful design. One clear impact of this trend is the reimagined use of outdoor spaces and water areas. An example is seen in our firm’s master plan for Horizon House, the 1,266-unit deluxe cooperative complex in Fort Lee. It incorporates five-generation demographics design into the existing tiered pool facilities, which will include two distinct pool areas (for adults and children) as well as water fountains, cruise ship pool edges with built-in seats, decks, lockers, changing areas, sun shading and cabanas.
Four seasons. A Scandinavian writer once said, “There is no such thing as bad weather, only bad clothing choices.” I like to think there is no such thing as bad weather, only architecture that ignores it. Maximizing outdoor space is a concept that has become more desirable than ever during the pandemic, and it is possible to expand outdoor living in New Jersey to at least nine months – if not 12 months – of the year. As an example, our firm’s master plan for renovating the circa-1966 Troy Towers in Union City explores options for converting the swimming pool deck to multi-season use by adding dining alcoves with grills and fireplaces and optional outdoor heating. Rather than limiting tenants’ passion for gardening to the spring, we are proposing the use of trellises, planting beds and cold frame structures that provide protection from the elements year-round.
Pet friendliness. While many luxury properties prefer to be pet-free, one of the top storylines of this pandemic year featured local pet stores and pet adoption agencies that were “sold out” for the first time in recent memory. As pets become more of a priority in people’s lives, building owners must consider how their community’s pet policy could be influencing their competitiveness. In addition to modifying building rules and regulations, design solutions that offer specific pet-friendly community amenities – such as the pet grooming and dog run facilities we have planned for Troy Towers’ renovation – can increase a building’s appeal and profitability.
Family focus. Many young families are opting for apartment living rather than buying a home. For co-op and condo owners who are also parents, quality-of-life amenities that foster a sense of safety and community add value to homeownership. To meet the needs of these parent-owners, buildings are increasingly incorporating family-friendly amenities on a family-size scale. At Troy Towers, plans include family picnic areas with grills and solar shading structures. Water areas must be reimagined to offer not just a lap pool or wading pool for kids, but lounge areas where parents can relax with features like hot tubs, saunas and Spanish steps for sunbathing. Other must-haves include high-quality outdoor play areas with state-of-the-art equipment and communal teen game rooms and kids’ playrooms.
Steven Kratchman is the owner and founder of Steven Kratchman Architect PC, an architecture and design firm that specializes in repurposing, reinventing and reinvigorating existing spaces throughout New Jersey’s Gold Coast, New York City, and the Hudson River Valley.
North Bergen’s Solaia officially held its grand opening on New Jersey’s Hudson River waterfront June 5, delivering a boutique collection of spacious and luxurious condominiums with a one-of-a-kind lifestyle and wellness amenity package to the Hudson County community.
Situated between Edgewater and Weehawken with stunning views of New York City, the 14-story building made its debut with a model home designed by Safavieh and an on-site sales center. The two-bedroom model was designed to showcase the elegance, luxury and allure of residences at Solaia, and illustrate its balance of lifestyle, health and wellness.
Solaia model interior. – SKYLINE DEVELOPMENT GROUP
Solaia offers 70 one-, two- and three-bedroom homes with just seven private homes per floor. There’s also a select number of two-bedroom homes with a bonus den. The residences are priced starting at $699,000 and initial occupancy is expected this summer.
“Now more than ever, luxury buyers are putting a premium on lifestyle and Solaia stands at the forefront with a spa-inspired environment unlike anything ever offered on Jersey’s Gold Coast. There is simply nothing comparable on the market today,” says founder and Chief Executive Officer of Skyline Development Group Louis Mont, who is developing Solaia with joint venture partners Vasco Ventures and Mosaic Real Estate.
Skyline Development Group tapped Compass Development Marketing Group and Compass’s New Jersey office, where Kristin Ehrgott – one of the area’s most proficient luxury brokers – will market the new homes.
View from the balcony of Solaia residence overlooking the Hudson River. – SKYLINE DEVELOPMENT GROUP
“Compass is one of the largest independent real estate brokerage firms in the country and has recently launched in New Jersey with considerable market share. Solaia will be our premier newly constructed development,” stated Ehrgott.
Designed by Architectura and curated by Doni Douglas, Solaia fully maximizes its elevated, secluded street bordering the historic Palisades Cliffs with dramatic Hudson River and New York City skyline views from virtually every home.
Residences range from 864 square feet to more than 1,900 square feet plus private balconies for most homes. The light-filled residences have expansive living rooms with gas fireplaces, smart light switches & thermostats. Units also include Italian cabinetry, SapienStone countertops and GE Café Wi-Fi enabled appliances, custom closet systems throughout and en suite master baths with soaking tubs.
An awe-inspiring 10,000 square-feet of world class amenities at Solaia are highlighted by a three-story wellness center dedicated to rejuvenation and active lifestyles, for exclusive use of the residents and their guests.
Hartz Mountain Industries announced on May 26 that Hamilton Cove, a luxury rental community in the Lincoln Harbor area of Weehawken with 573 apartments, is more than 70% leased.
The three-tower collection, which launched amid the onset of the COVID-19 pandemic, has experienced tremendous leasing velocity. Nearly 50% of all leases to date have taken place since January of this year, further indicating increased demand.
Milano
“Our goal was to create a best-in-class residential community that people would be drawn to, and that vision has been underscored by the significant leasing momentum,” said Gus Milano, president and chief operating officer of Hartz Mountain Industries. “We put a tremendous amount of thought and effort into the design and amenities at Hamilton Cove, which is a testament to the building’s desirability.”
Designed by local firm Marchetto Higgins Stieve Architects, Hamilton Cove’s towers range from 12- to 15- stories high. The interiors, envisioned by award-winning global design firm CetraRuddy, feature elegant, high-end fixtures and finishes, and range in size from studios to three-bedrooms, with several including private outdoor space and gorgeous Hudson River and Manhattan views.
The resident lounge at Hamilton Cove. – HARTZ MOUNTAIN INDUSTRIES
Residents are offered an all-inclusive lifestyle with almost 70,000 square feet of curated amenities, including rooftop cabanas, two heated pools and a Jacuzzi, a dual-sided outdoor fireplace, grills and a bar, bocce ball court, outdoor movie screen, and an array of indoor/outdoor resident lounges.
Indoor amenities include a two-story, 7,590-square-foot fitness and wellness center outfitted with equipment by Life Fitness and Fitness On Demand, with separate, dedicated multipurpose areas for yoga and meditation, bike storage, repair stations, coworking areas, and self-programmed lockers.
“As restrictions ease and businesses reopen, there is a renewed sense of energy among the community,” said Jacqueline Urgo, president of The Marketing Directors, the exclusive marketing and leasing agent on the property. “We have seen a significant surge in leasing activity over the past several months as individuals and families return to urban living. The modern interior spaces and amenity-rich lifestyle have been a big draw, as well as the dynamic transit-oriented and riverfront location.”
Located at 800 Harbor Blvd., directly across the Hudson River from Midtown Manhattan, Lincoln Harbor is a quiet enclave set on 60 acres.
Hamilton Cove is currently offering six months free rent on a 26-month lease on select homes. Net effective pricing with current incentives starts from $1,970 for studios, $2,350 for one-bedrooms, $3,385 for two-bedrooms and $5,630 for three-bedrooms.
99 Hudson, the iconic 79-story upscale condominium building on Jersey City’s Hudson River waterfront, has shaped up to be one for the record books.
According to a May 24 announcement from developer COA 99 Hudson LLC, the highlight of April sales included the closing of a 75th-floor, 2,473-square-foot penthouse for $3.9 million, making it the highest-priced residential condominium closing in Jersey City history.
Following up a stellar start to 2021, New Jersey’s tallest residential building recorded an additional 10 sales in the month of April. Equally noteworthy, 99 Hudson is fast approaching 200 closings to date.
Urgo
“Despite the circumstances that affected much of the real estate marketplace in the last year, 99 Hudson has consistently sold to a customer base that is confident in the enduring value and qualities of the property and its ultra-convenient location,” said Jacqueline Urgo, president of The Marketing Directors, the building’s exclusive marketing and sales agent. “We believe the appeal of 99 Hudson will continue to grow as the region reopens and residents look forward to once again enjoying all that a dynamic downtown lifestyle has to offer.”
Designed by Perkins Eastman, 99 Hudson features well-appointed studios to two-bedroom homes and a limited number of expansive, top-floor penthouse residences. Select homes offer balconies. The upscale residences offer up to 2,500 square feet of living space and are priced from $548,000 to more than $4,000,000.
Homeowners enjoy an elevated lifestyle from the building’s 65,000 square feet of indoor and outdoor amenities, which includes an eighth-floor amenity deck with swimming pool, cabanas for lounging, dining spaces with BBQ grills, playground, dog run and landscaped green lawn. 99 Hudson also offers an exclusive, residents-only spa with hot tub, wet and dry lounges, steam room, dry sauna, showers, spa terrace, and private massage rooms. An impressive 7,500 square feet has been dedicated to open space and pedestrian plazas.
99 Hudson amenity deck – COA 99 HUDSON, LLC
Inside, health and wellness are fostered by a fitness center and dedicated yoga and Pilates studio. Social interaction is fostered by a game room with card rooms and pool and foosball tables, golf simulator, screening room with bar, children’s playroom, demonstration kitchen, and work café. The 99 Hudson Club Room features a library, flat-screen TV, and lounging, dining, and entertaining spaces. There is also a 24-hour concierge.
A dramatic triple height lobby welcomes residents and their guests, while a private, off-street porte-cochere provides secure access by car or foot.
Neighborhood attractions include 1,500 acres of public waterfront park and 19 miles of Hudson River biking and jogging pathways, as well as downtown Jersey City’s celebrated social, arts, cultural, dining and nightlife scene.
Standing directly across the Hudson River from the World Trade Center, 99 Hudson offers a prime location at the intersection of Hudson and Greene Streets, just steps from the Exchange Place PATH station which whisks commuters to business and entertainment centers in midtown Manhattan and New York’s Financial District. NY Waterway ferries provide service to the 39th Street and Battery Park City terminals. Also, right outside the front door is the Exchange Place Light Rail station which provides direct access to other “Gold Coast” locales.
Pine Gardens, 311 Pine St. Jersey City. – FOLXCO and IFANY
Developers Mark Rigerman, Paul Jensen and Shimon Jacobowitz secured a $16 million construction loan for their 56-unit residential project in Jersey City, the joint venture between FOLXCO and IFANY announced on May 3.
The two eight-story towers referred to as Pine Gardens are located at 311 Pine St. and fronts both Pine and Whiton Streets in the highly desirable Bergen-Lafayette section of the city.
The loan was provided by David Shemtov and Jeffrey Puchin of Bank Leumi.
The project includes 56-units, all two bedrooms with two full baths, plus an additional room for office or den. Each unit also has an oversized balcony with floor-to-ceiling windows/patio doors, with tech-enabled appliances and modern finishes.
Pine Gardens will also comprise a full gym, a rooftop recreation center with a skyline view for sunset solar cycle, plus car and bicycle parking. There are also eight penthouses with direct access to the private outdoor rooftop space.
Architecture and design is by Hampton Hill Architecture and STK NY Design. The construction is currently taking place on the second floor deck.
This is one of three projects that FOLXCO and IFANY have planned for 2021 in Jersey City, with a few others currently in design planning for 2022.
The Kislak Co. announced on April 29 that it recently sold The Pinnacle, a new luxury high-rise apartment building in Fort Lee for $55,350,000. The property is located at 69 Main St. along the Palisades on New Jersey’s Gold Coast overlooking the Hudson River and New York City.
Kislak marketed the Bergen County property on an off-market basis with Senior Vice President Scott Davidovic leading the assignment on behalf of the developer-seller, 69 Main Street Fort Lee Urban Renewal. Senior Vice President Justin Lupo procured the purchaser, a joint venture between Blue Diamond Equities and Skywood Properties.
“Our assignment began in the middle of the pandemic and lease-up of the building,” said Davidovic. “The transaction had several complex issues that we had to resolve over a several month period. Ultimately, all issues were resolved, which enabled us to close relatively quickly. It was a classic example of a tough deal making brokers even more resilient.”
The Pinnacle in Fort Lee. – KISLAK
“The Gold Coast market continues to command the attention of both private and institutional investors nationwide,” added Lupo. “This sale exemplified two private investors’ ability to execute on an otherwise institutional acquisition. The purchasers demonstrated an unbelievably high level of skill and professionalism while working to close, and the parties appreciated Kislak’s unparalleled regional expertise and network of seasoned professionals necessary to close a deal of this type and complexity.”
Completed in 2020, The Pinnacle is a 15-story luxury high-rise apartment building with 142 units, featuring studios and one-, two-, and three-bedroom options. The property offers all modern luxury amenities including gourmet kitchens, hardwood floors and a lounge, and many units have sweeping views of New York City.
The property is ideally located in a well-established neighborhood along the Palisades within walking distance of all of life’s necessities only minutes from New York City via the George Washington Bridge or ferry.
At the time of closing, the property was 70% occupied and still in lease-up. Financing was arranged by David Singer of Calloway Capital and provided by MF1 Global. The purchasers’ attorneys were Brian Shemesh of Giordano Halleran & Ciesla PC and Neil Fink of Fink & Zelmanovitz PC.
Hoboken’s 7 Seventy House, the signature 14-story building on the city’s western edge, has nearly completed its leasing program, according to an announcement on April 26 from developer Bijou Properties and partner Intercontinental Real Estate Corp.
The collection of 424 luxury homes is being hailed as one of the most successful rentals in the Hudson County market in recent memory, maintaining strong velocity despite the challenges created by the COVID-19 pandemic.
Thanks to an ability to fulfill the preference for larger living spaces ideal for remote work, and an amenity package that includes an abundance of outdoor spaces, renters have been lured to 7 Seventy House in the wake of COVID-19.
7Seventy House unit model. – CAHN COMMUNICATIONS
“The needs of today’s urban renter changed almost immediately at the onset of the pandemic and the forward-thinking design of 7 Seventy House had it perfectly positioned to satisfy new apartment ‘must haves,” said Larry Bijou, managing partner of Hoboken-based Bijou Properties. “It has large floorplans to accommodate those seeking more space or rooms that could be converted to a home office, and the amenity package is thoughtfully spread across multiple floors to create a complete lifestyle experience that’s void of crowds and congestion. It’s the ideal rental environment when considering the unordinary conditions prevalent today.”
Offering an inventory of oversized studio, one-, two- and three-bedroom apartments, renters can also enjoy a full suite of recreational and social spaces that include outdoor gardens and a fully equipped penthouse roof deck. Monthly rents start from the low $2,000s, with incentives that include up to three months free rent.
The building’s location just steps from Hoboken’s 9th Street Light Rail Station, which provides quick access throughout New Jersey’s Hudson River “Gold Coast.” Services include Hoboken’s PATH and New Jersey Transit and Ferry terminals that travel to Manhattan. Closer to home, there’s a wide range of services and cultural attractions available in the Monroe Center, the premier arts and business community in Hoboken, which boasts artist studios, children’s activities, fitness facilities, eateries and much more.
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