WEEHAWKEN, NJ-The groundbreakings last week on the Henley on Hudson waterfront condominium building here and today on the RiverTrace rental building in West New York show that there is still a strong market for luxury multifamily, says master developer Roseland Property Co.
The new developments, both part of Roseland’s $2 billion Port Imperial planned community, offer residents the option either to buy or rent depending on their needs, says Carl Goldberg, managing partner of Roseland Property Co.
“In these market conditions, it’s important to have very high-end rental and for sale condominiums,” Goldberg says. “It appeals to two different market niches.”
Henley on Hudson, a partnership with Lennar Urban, will consist of 36 residences in four stories, ranging 912 square feet to 1,733 square feet. Prices begin in the $500,000s, and six units already have been sold in the first week of offering.
“This is probably the single location within the entirety of Port Imperial for its views of the Manhattan skyline and its location on the Hudson River,” Goldberg says. “That combination dictates its construction as a for-sale building. The water views here are nothing short of magical.”
RiverTrace, an institutional joint venture with UBS, will consist of 300 rental apartments on 12 floors. Rents will be comparable to other Port Imperial properties, including RiverBend; a two-bedroom with a view will likely rent for $3,000 per month. “New Jersey rents are increasing, but it’s still a very nice price alternative,” to New York City, Goldberg says.
The Hudson-Bergen Light Rail system and ferry system both are short walks away, giving residents easy access to New York City, Hoboken and Jersey City, Goldberg notes. “Adjacency to mass transit has become critical,” he says.
RiverTrace will see its first occupants in summer 2013, while Henley on Hudson likely will see move-in later that year.
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