WEEHAWKEN, NJ-Hartz Mountain Industries executives are happy with the way the second phase of their Estuary luxury apartment complex in Lincoln Harbor here is leasing up. The project's second phase, which opens July 15, is currently 30% leased.
“The leasing velocity is exceeding what we projected,” Gus Milano, a managing director at the Secaucus, NJ-based development firm, tells GlobeSt.com. He says at the current absorption rate, all 174 units in the asset's second phase should get leased up within the next four months.
The first phase of the Estuary, which opened in February with 181 dwellings, is currently 95% leased. Phase three is underway, near completion and will contain 227 apartments. Hartz executives expect it top open in for tenants in October.
Milano attributes Estuary's strong leasing momentum to its views of the Manhattan skyline, its proximity to Jersey City public transportation, as well as the Lincoln Tunnel, and the luxury amenities the firm is providing, such as floor-to-ceiling windows, EnergyStar appliances, individual alarm systems and other features.
“Overall the multifamily market has been strong,” he says. “Leasing has exceeded pro forma projections. We're in a good market with a good project.”
Rental rates at Estuary, which offers units from studios to three-bedroom apartments, come in between $2,110 and $5,380.
Milano would not share with GlobeSt.com what Estuary cost to construct but said it had its share of hurdles to get built, including a lengthy municipal process, managing view corridors and building by the Lincoln Tunnel.
“It's our first multifamily project that we've built directly on the waterfront,” he says. “We haven't done that before.”
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