"The Trio is the only new construction residential property of its kind in Palisades Park and one of a few in Bergen County, an area with very little developable land," says Steve Scioscia, PRG vice president of acquisitions. "Located just 30 minutes from Midtown Manhattan, this project is also within walking distance of schools, grocery stores, restaurants and banks--in keeping with the well-located urban housing that our funds are known for," he adds.

PRG managing director Ralph Raciti tells GlobeSt.com that the acquisition represents a near perfect intersection of PRG's market focus and real estate experience. "By acquiring highly desirable real estate at prices not seen since early in this decade," he says, "we're able to hold valuable assets for appreciation while leveraging our development and operating experience in the near term. With $350 million in capital to invest in distressed condominium, multifamily and mixed-use residential properties, we are in an excellent position to acquire high-quality properties throughout the greater New York market."

Nearly all of the Trio's units offer views of the Manhattan skyline and New Jersey Meadowlands. The one and two-bedroom units range in size from 742 square feet to 1,751 square feet. High-end finishes are featured in the kitchen and bath areas and building amenities include doormen, fitness centers, meeting rooms, and a media center.