With Manhattan rental apartments hitting record high prices and prospective tenants frustrated by the lowest vacancy rates in a decade, many NYC rental apartment seekers are again casting their bargain- and square-footage-hungry eyes across the Hudson… and being rewarded with a booming Northern NJ apartment market, with many new developments open and being built.
For years now these Northern New Jersey neighborhoods have seen hundreds of new rental apartments rise near the river–and the subsequent retail stores, services, restaurant and nightlife option that inevitably follow such a revitalization–turning the whole area into a new “Gold Coast” of sorts. But just last week announcements of the design and imminent construction of even more Northern NJ apartments caught my eye and confirmed that the region’s rental apartment boom is far from over.
First from the New York Times came word that three big new Northern New Jersey rental apartment buildings were going up in three separate neighborhoods.
In Fort Lee, for example, an area right across from Manhattan’s Washington Heights on the New Jersey side of the George Washington Bridge–and a community usually known more for its condos and suburban houses–the BNE Real Estate Group broke ground on 2050Central, located at the corner of Central Road and Central Avenue and featuring nearly 200 condo-quality Fort Lee rental apartments.
Lisa Macchi of BNE says that these will be the first new Fort Lee rental apartments to be built “in decades”, and will appeal directly to the “seriously pent-up demand” for luxury rentals in the area.
Meanwhile, just to the south in West New York’s Port Imperial, which sits across the Hudson from Manhattan’s Hells Kitchen neighborhood, the Roseland Property Company started in on its massive, $120 million RiverTrace development, a waterfront complex with 316 studio, one-bedroom, two-bedroom and three-bedroom Northern New Jersey rental apartments.
Continuing our journey south down the New Jersey riverfront, the Weehawken rental apartment market is about to get a whole lot more dynamic with Hartz Mountain Industries Inc., breaking ground on a huge–$200 million! 581 units!–Lincoln Harbor luxury rental apartment complex.
The landscape of Lincoln Harbor has up until now been dominated by office towers, several popular restaurants, the marina, and a Sheraton hotel, but that should change with this Weehawken rental apartment project, which Hartz plans on constructing in three stages, with eight-story buildings “clustered around a village green-type space,” according to the Wall Street Journal.
The Jersey City rental apartment market is going to get more crowded as well. Following the success of two big Jersey City luxury rental buildings, the 540-unit Monaco and the 348-unit 225 Grand, Jersey City’s historic Paulus Hook neighborhood will soon welcome Warren@York, with its 139 high-end Jersey City rental apartments. Warren@York was originally designed to be a condominium project, and instead will be luxury rentals.
Under construction and due to open in 2012, is Avalon Westmont Station, located in Wood-Ridge, NJ. This new luxury complex, located in Bergen County, is a 35 minute train ride from midtown Manhattan.
Other recently opened new developments include the Harrison Station complex next to the the Harrison PATH station and across from the new Red Bulls MSL stadium, 70 Greene in downtown Jersey City, and The Regent and The Zenith at Liberty Harbor, also in downtown Jersey City.
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