Gold Coast development glut in NJ?

Real Deal

via Rich Bachmann/ The Real Deal

TRD analysis finds nearly 9,000 residential units slated to hit along the Jersey waterfront

New Jersey’s Gold Coast, the stretch of waterfront running along the Hudson River opposite Manhattan, is in the midst of a building boom, with dozens of developments (mostly rentals) in the pipeline.

And as prices in Manhattan and the outer boroughs climb, Gold Coast towns with strong transit links are increasingly shedding their second-fiddle status.

“This side of the river used to be considered more of a niche market,” said David Barry of Hoboken-based Ironstate Development, which has multiple residential projects in the area. “It’s now considered much more a piece of the fabric of greater New York.”

Over the course of the next few years, the towns along the Gold Coast — which include Jersey City, Hoboken, Weehawken, West New York and Edgewater — are expected to add just shy of 9,000 new apartments, riding a wave of demand that has been growing since 2010.

This month, The Real Deal compiled a list of more than 30 development projects that are either currently being marketed or will come to market in the next two years. The data came from municipal records, news reports and TRD sources.

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The Avenue Collection

The Avenue Collection

For example, the Avenue Collection, the recently completed first phase of a project by Lennar Urban, includes 74 condos ranging from $800,000 to $4 million. Sales launched in July and by mid-September, more than 60 percent were sold. Lennar already broke ground on the 103-condo second phase.

On the rental front in Weehawken, leasing is underway at Roseland’s 589-unit project known as the Estuary near the Lincoln Harbor ferry stop, and the developer’s River Parc at Port Imperial will bring 280 rentals to the market.

To the north, in West New York, Roseland is also leasing its 316-unit rental River Trace at Port Imperial. And in Edgewater, leasing is underway at James Demetrakis’ 100-unit Infinity, while Daibes’ 300-unit the Alexander is still under construction.

FULL ARTICLE

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