Sun Equity Partners Acquires Historic Silk Mill Lofts Artist Work Space Complex in Union City, NJ

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NYC-Based Company Launches Multi-Million Dollar Capital Improvement Program to Create an Urban Arts Anchor Minutes from Manhattan 

Sun Equity Partners announced today the acquisition of Silk Mill Lofts, a historic commercial complex dedicated to artist-work spaces in Union City, NJ just minutes from Manhattan.

The New York City-based real estate investment and development firm immediately initiated a multi-million dollar capital improvement program to upgrade the exterior, common spaces, building systems, and loft-style studios at the 125,000 sq.-ft. property, which occupies a full city block from 39th-40 Street and has served as a flourishing New York metropolitan artist refuge since the 1990s.

Sun Equity Partners purchased the landmark complex with the intent of providing existing tenants improved work environments and attracting new artists and commercial users from Hudson County, New York City and beyond, according to Abe Tress, the company’s Director of Operations.  Silk Mill Lofts is currently 55% occupied by practicing artists and creatives involved in visual arts, photography, sculpture, painting, glass works and more.

silk-mill-lofts-2mb“The arts have long been an important part of the fabric of Union City and Hudson County, but finding appropriate work space continues to be a struggle,” said Mr. Tress.  “Silk Mill Lofts’ soaring spaces, large windows, natural light and spectacular views of the Manhattan skyline, as well as the historic charm stemming from the brick exteriors and towering smokestacks, provide the perfect ambiance for creative work. With some strategic upgrades, the property will anchor the area’s growing arts scene by attracting new tenants from both sides of the river, as well as provide unique loft spaces for office leaseholders.”    Continue reading

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Model of economic growth

2016-07-27_12-06-56via NJBiz.com – It’s not always easy to find positive business news in New Jersey, what with our high taxes, political shenanigans and high cost of living. But when you need something to feel good about, our commercial real estate market is usually a dependable place to start.

Nowhere is that more true than Hudson County, which is increasingly finding itself the belle of the ball, with companies in New York City increasingly looking west as they consider their own real estate costs in Manhattan. It’s a fable we’ve long been told would come true someday, and while it’s too soon to say that day has come, the signs are very encouraging.

Take last week’s report from Newmark Grubb Knight Frank, which said surging demand was helping to put a dent in the vacancy rate, now south of 13 percent and with rising asking rents increasing to nearly $37 a square foot. That’s driven in no small part by proximity to mass transit in cities such as Hoboken and Jersey City, which are clearly driving the bus here, and we’ve got a preview of what they might offer in the future. Earlier this month, the Economic Development Authority awarded more than $80 million to companies to entice them to relocate to, or grow their operations in, Jersey City; the largest, Omnicom Group, would bring 415 full-time jobs across the river if the company decides to make the move. Meanwhile, accounting giant EY would get nearly $40 million if it moves a chunk of its operations from Times Square to River Street in Hoboken.

Continue Reading >>>

#TMYK: Hamilton was Here

New Jersey Monthly Magazine recently posted an article about the ubiquitous Hamilton. Not the Broadway musical but the man himself, Alexander Hamilton, was right here on the Gold Coast of New Jersey.

From the magazine:

If Lin-Manuel Miranda’s masterful Broadway distillation of the extraordinary exploits of Alexander Hamilton has you thinking that “the ten-dollar/founding father/without a father” only ventured to New Jersey to meet his untimely end, think again. Hamilton also studied, dreamed, fought and loved on our side of the Hudson.

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With its winding paths and sweeping views of Manhattan, Hamilton Park, high atop the Palisades in Weehawken (J.F. Kennedy Boulevard East at Hudson Place), is a hot spot for bridal-party shoots, but it is not where Hamilton was fatally shot. The deadly encounter took place at the Weehawken Dueling Grounds on a nearby rocky ledge above the Hudson River, roughly across from Manhattan’s 42nd Street. To see the reddish boulder that Hamilton is believed to have rested against after being hit, walk south to where Hamilton Avenue meets Boulevard East. It’s behind an iron fence, next to a granite pedestal bearing a bust of the ill-fated duelist. Visitors toss pennies onto the rock. Sadly, Hamilton’s eldest son, Philip, had died three years earlier (at 19) in a duel at the grounds.

Read more at New Jersey Monthly

Town Tour: Weehawken

2016-03-16_13-10-28The Township of Weehawken in Hudson County was formed on March 15, 1859 from portions of Hoboken and North Bergen.

Encompassing 1.5 square miles, Weehawken is situated on the western shore of the Hudson River along the southern end of the New Jersey Palisades and across from Midtown Manhattan. It also is the location of the western terminus of the Lincoln Tunnel.

At Weehawken’s southeastern corner is Weehawken Cove, which defines Weehawken’s border with Hoboken; the township’s northern boundary is shared with West New York.

Geographically, Weehawken has several distinct neighborhoods, including Downtown, The Heights, Uptown and The Waterfront, which since the 1990s has been developed for transportation, commercial, recreational and residential uses. Continue reading

Proximity to New York City Draws First-Time Homebuyer to The Lenox in Union City

skyline_0216-Story Condo Building Located Less Than Three Miles from Manhattan

UNION CITY, N.J. – The old real estate adage “location, location, location” certainly had a prominent role in Loren Kleinman’s recent search to purchase her first home.

Ms. Kleinman was already enjoying one of New Jersey most dynamic downtown environments in a rental home in Montclair, N.J., widely known for its restaurants, culture and nightlife. Yet, something was still missing. Ms. Kleinman wanted to be closer to the world-renowned entertainment and business pursuits of New York City.

“A main reason we began looking to purchase was better access to New York City,” she says. “But we also wanted a home that offered an in-building gym, was in walking distance to shops, had a professional on-site management services and provided parking.”

To find her new address, Ms. Kleinman enlisted the help of Paul Marques of Weichert Realtors Hoboken office. Her initial search took her to condominium buildings in Jersey City and Hoboken, some of the most popular urban destinations for those looking for ease of commute into Manhattan.

“We found both Cities to be too expensive,” Ms. Kleinman recalls.

Lenox_lobby_treeThat’s when Mr. Marques suggested The Lenox, a collection of newly-renovated condominiums located on Central Ave. in Hudson County’s Union City. The 16-story high-rise building offered an exciting suite of recreational and social amenities and was situated less than 3 miles from New York City. Two of Ms. Kleinman’s main criteria had been filled.

Homes themselves at The Lenox have been fully renovated and include designer interior appointments and features, affordably priced from just $179,000. The Lenox’s upscale and convenient urban living offered everything Ms. Kleinman desired and her decision to purchase a one-bedroom condominium was quick. Continue reading

The Lenox in Union City Now More than 50% Sold

The Lenox Lobby

The Lobby at The Lenox in Union City, NJ

High-Rise Condominium Building Reports Sales Success With Affordable Pricing, Luxury Homes and Five Star Amenities

UNION CITY, N.J. – The Lenox in Union City is celebrating the Holiday season with several significant milestones, according to its developer Sun Equity Partners.

Most importantly, the 16-story condominium building conveniently located on Central Avenue, minutes from Manhattan, has surpassed the impressive mark of 50% sold.  The important achievement was reach six months after a new collection of luxury residences and an exciting suite of upscale amenities at The Lenox were released to the public.

“The fast sales pace is a true testament to the kind of value we’re offering at The Lenox,” says Abe Tress, Director of Acquisitions of Sun Equity Partners.  “The building was designed to provide young buyers an alternative to the high-priced condos and townhomes found in nearby Hoboken and Jersey City.

“We’re offering well-appointed homes complimented by a package of world-class amenities and commuter-friendly location, all at a price within the budget of first-time homebuyers.  It’s a combination that’s clearly resonated with single-professionals, couples and young families.”

Model Interior at The Lenox in Union City, NJ

Model Interior at The Lenox in Union City, NJ

In addition to the notable sales mark, the initial purchasers of the recently released inventory are now moving into the building and preparing to enjoy the upcoming Holidays in their new condominium home at The Lenox.

Fully furnished model homes are now open at The Lenox.  Merchandised by prominent interior designer Debbie Weisman of T.D. Designs, the residences illustrate the comfort, value and appeal of the building.

Available for immediate occupancy, the newly-released studios, one- and two-bedroom residences at The Lenox feature spacious floor plans with contemporary finishes and appointments at attractive prices starting from just $179,000.  The building is also approved for favorable financing programs offered by the Federal Housing Authority (FHA) that require only a 3.5% down payment.

A variety of floor plans are available at The Lenox which range in size from 535 to 1,089 square feet of living space.  Designer finishes found throughout the homes include hardwood floors, kitchens with stainless steel GE appliances, custom white gloss kitchen cabinetry and quartz countertops with marble backsplashes; and spa-like bathrooms with imported tile walls and floors and Moen shower fixtures.

“Select homes also offer balconies with incredible views,” adds Kelly Marzullo, Director of Marketing for The Lenox.  “Residences facing east enjoy the spectacular expanse of the Hudson River and Manhattan Skyline, while other exposures include sunsets over the preserved wetlands to the west and nearby Washington Park.”

Bolstering the enviable lifestyle at The Lenox are a number of Manhattan-style amenities, including an onsite 24-hour concierge to handle specific needs and requests, magnificent lobby, state-of-the-art fitness center, residents’ lounge and a clubroom with pool table and flat screen TV.

In addition to its attractive pricing, stylish homes and exciting amenities, The Lenox also offers residents an ultra-convenient location close to mass transportation and major thoroughfares, providing easy access to New York City, New Jersey’s Hudson River ‘Gold Coast’ and Bergen, Essex and Passaic Counties.

“Complimentary shuttle service to the Hoboken PATH station is provided from our front door,” Ms. Marzullo points out.  “The building is also one block away from NJ Transit Bus Stop with direct service into New York’s Penn Station, and the Hudson-Bergen Light Rail is a 15-minute walk away at Hoboken’s 8th and Jackson Streets platform.”

An abundance of shopping, restaurants and nightlife can be found near The Lenox in downtown Union City, Edgewater, Hoboken and Jersey City.

For additional information on The Lenox, please call (201) 866-8768 or visit http://www.thelenoxcondosnj.com/.  The building’s Sales Center is open by appointment only.  Open Houses are conducted on Sundays from 1 p.m. to 3 p.m.

Hoboken Real Estate Agent Finds Lenox Condos in Union City Fits Client Needs for an Affordable Urban Lifestyle

Model Interior at The Lenox in Union City, NJ

Model Interior at The Lenox in Union City, NJ

Melissa Rivas of Liberty Realty Has Completed Several Sales at 16-Story High-Rise to Buyers Seeking Affordable “Gold Coast” Living

UNION CITY, NJ – New Jersey Hudson River waterfront Cities have become well-known as destinations for single-professionals, couples and growing families with revitalization bringing upscale high-rise residential buildings to the riverfront and chic shops, boutiques and fine restaurants lining their downtown neighborhoods.

The surge in popularity of places such as Hoboken, Jersey City and Edgewater has left a dwindling inventory of homeownership opportunities that are within the budget of first-time buyers seeking an upscale urban lifestyle and ease of commutability.  This decade-long gentrification has led to an expansion of the Hudson River “Gold Coast” into neighborhoods that provide affordable luxury, lower housing prices and similar public transportation access to Manhattan.

“We are seeing homebuyers from throughout the spectrum who want a living environment similar to what you’ll find in Hoboken or Jersey City, but can’t afford the high prices of luxury condo buildings and townhomes directly on the water,” says Melissa Rivas, Realtor Associate at Hoboken-based Liberty Realty.  “They are asking for housing options in surrounding municipalities that provide more space, views of Manhattan, well-amenitized buildings and a quick trip to New York City.  Unfortunately, the inventory of homes which fulfills all these desires is limited.”

Ms. Rivas has found one Hudson County building that fits this criteria and drawn the attention of young professional homebuyers from New Jersey and Manhattan to Brooklyn and Queens.  The Lenox on Central Avenue in Union City offers upscale condominiums, Manhattan-style amenities and a convenient location minutes from New Jersey Transit busses to Manhattan.  Homes are priced to appeal to buyers currently renting in New York City, Hudson County and beyond with condominiums starting at $179,000.

“At the Lenox it starts with the pricing,” points outs Ms. Rivas, who has sold several homes at the 16-story high-rise building.   “Buyers can choose from a selection of floorplans that are generous in space and offer the latest in designer finishes and appointments at a price that’s well within their budget.  In fact, there are condominiums priced under $300,000 that provide incredible panoramic views of New York City that can’t even be found on the Hudson River waterfront.  It’s a buying opportunity that is rarely found west of the ‘Gold Coast.”

Ms. Rivas, who has been active selling Hudson and Bergen County real estate for 14 years, also understands transportation plays a key role for those moving to the area.   She notes the Lenox’s commuter-friendly location has been a major consideration for her clients.

The Lenox Lobby“The Lenox offers easy access to the many restaurants, entertainment and cultural delights here in Hudson County, as well as the business centers of New York City,” she says.  “Residents can be in Hoboken in less than 15 minutes and Manhattan is just 8 minutes away.”

Sun Equity Partners, developer of The Lenox, released newly renovated condominiums and an exciting suite of five-star recreational and social amenities at the building in early summer.  More than 50% of the homes at Lenox are now sold as buyers have responded enthusiastically to this unique chance to enjoy modern land luxurious living at value-packed pricing.

“The developer has done an amazing job modernizing the building and revitalizing the neighborhood,” Ms. Rivas adds.  “It’s very impressive to my client’s when they walk into the building and see the urban oasis created by the elegant lobby with marble floors and 24-hour doorman.  There also excited to discover the wealth of on-site amenities, including resident’s lounge, community garden and fitness center.  The fact that its pet-friendly is another big attraction.”

Available for immediate occupancy, the newly-released studios, one- and two-bedroom residences at The Lenox feature spacious floor plans with contemporary finishes and appointments.  The building is also approved for favorable financing programs offered by the Federal Housing Authority (FHA) that require only a 3.5% down payment.

“As more buyers learn how attainable homeownership is at The Lenox, I fully expect a new wave of renaissance,” says Ms. Rivas.  “The FHA financing considerably lessen the amount of money needed to purchase and historically low interest rates make owning at the Lenox comparable to what many are paying in monthly rents.”

A variety of floor plans are available at The Lenox which range in size from 535 to 1,089 square feet of living space.  Designer finishes found throughout the homes include hardwood floors, kitchens with stainless steel GE appliances, custom white gloss kitchen cabinetry and quartz countertops with marble backsplashes; and spa-like bathrooms with imported tile walls and floors and Moen shower fixtures.

“Select homes also offer balconies with incredible views,” adds Kelly Marzullo, Director of Marketing for The Lenox.  “Residences facing east enjoy the spectacular expanse of the Hudson River and Manhattan Skyline, while other exposures include sunsets over the preserved wetlands to the west and nearby Washington Park.”

Bolstering the enviable lifestyle at The Lenox are the number of Manhattan-style amenities which include the onsite 24-hour concierge to handle specific needs and requests, magnificent lobby, state-of-the-art fitness center, residents’ lounge and a clubroom with pool table and flat screen TV.

In addition to its attractive pricing, stylish homes and exciting amenities, The Lenox also offers residents an ultra-convenient location and complimentary shuttle service to the Hoboken PATH station is provided from the building’s front door.

“The building is one block away from NJ Transit Bus Stop with direct service into New York’s Penn Station, and the Hudson-Bergen Light Rail is a 15-minute walk away at Hoboken’s 8th and Jackson Streets platform,” Ms. Marzullo points out.

Fully furnished model homes are now open at The Lenox.  Merchandised by prominent interior designer Debee Weisman of T.D. Designs, the residences illustrate the comfort, value and appeal of the building.

For additional information on The Lenox, please call (201) 866-8768 or visit http://www.thelenoxcondosnj.com.  The building’s Sales Center is open by appointment only.  Open Houses are conducted on Sundays from 1 p.m. to 3 p.m.