Fully-Approved Jersey City Multifamily Development Opportunity
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FULLY-APPROVED JERSEY CITY MULTIFAMILY DEVELOPMENT OPPORTUNITY The Offering Project Details BlueGate Partners has been exclusively retained to arrange for the sale of, or selec - Name: Van Leer Place tion of a co-development partner for, the fully-approved development site known Address: 110 Hoboken Avenue, as Van Leer Place in desirable Jersey City, New Jersey (the “Project” or “Site”). Situ - 127-139 Hoboken Avenue & ated along Jersey City’s northern border with Hoboken, the Site is approved for two, 244 Hoboken Avenue six-story, luxury apartment buildings with a total of 568 apartment homes (425,635 Jersey City, New Jersey 07310 RSF), 7,160 square feet of retail space and a 570-space structured parking garage. Lot Size (SF): 6.83 Acres; 297,425 SF With an abundance of transportation options easily accessible from the Project in - Block/Lot: Block 6902, Lots 15, 16 and 16.02 cluding Port Authority Trans-Hudson (“PATH”) rapid transit trains, New Jersey Transit Block 6005, Lot 2 & buses and commuter rail service and NY Waterway ferries, future residents will benefit Block 6001 Lots 10 and 11 from unparalleled access to the entire New York City metropolitan area. Residential Buildings: Two Height: Six stories The Site possesses two key cost advantages over other potential Jersey City devel - Approvals opments. First, Van Leer Place’s six-story building height allows for meaningful hard cost savings from the more expensive high-rise construction costs typically associ - Total Units: 568 ated with 500+ unit developments in Jersey City. Second, the parking garage Retail SF: 7,160 planned for the Project is a pre-cast, on-grade structured garage, which costs sig - Parking Spaces: 570 Garage Spaces nificantly less to construct than the below-grade or podium-style garages typical of 11 Surface Spaces large Jersey City developments. Exclusively Offered By s r r Ridgefield u e o v i c n R o C 501 n 1 d o Bronx Rutherford 503 9 s n Bloomfield a 63 d r u G Nutley Edgewater H 95 UNIQUE FULLY-APPROVED DEVELOPMENT SITE 7 North Lyndhurst 3 120 Bergen 278 Glen Ridge 95 BERGEN . The Site has received final site plan approval from the Jersey City Planning 21 e v A . h 506 r t D 5 Belleville R board and presents a rare opportunity to purchase, or partner, in a fully-ap - . D e F T North k r p Secaucus ib ESSEX Arlington T o y Central r e B o s Park r proved development site in one of the most desirable housing markets in the r i u e d g J 495 g h w Weehawken e 506 e N L inc Astoria oln Q country. Current approvals allow for the construction of 568 luxury apartments Union Tu ue nn e 7 City el ns 1 bo 9 Qu ro containing 425,635 RSF, 7,160 square feet of retail space and a 570-space nge Kearny Manhattan M een B HUDSON idto s r. w . n y r. Tun w Hoboken D ne k 280 9A l 508 R P structured parking garage containing 179,790 SF. Je rsey D e Harrison C F t 7 ity/H a ob t y oken S wa Bo i Sky und n Pulask ary e d r Ho a lla G nd 124 21 Tun Greenpoint nel Newark TPK W 278 EXCELLENT ACCESS TO HOBOKEN, JERSEY CITY AND MANHATTAN illi 1-9 M ams 1 a bur Jersey B n Br g 9 r h idg n 78 o a e o t Located in Jersey City along its northern border with Hoboken, the Project is City t k a ly n n B B r N Liberty . ew B r. one mile from both downtown Hoboken and the central business district of Newark ar State 22 . k B 440 r e ay Park B o Int'l Airport k Br T a o p idg t k Brooklyn Heights T e u t n e ly y r e n y n Jersey City. This affords residents access to the exceptional employment and s e nion r e l J 78 27 w e Newark N Bayonne lifestyle experiences offered by two of New Jersey’s most dynamic cities. With ON Bay 81 501 Brownsville Prospect additional seamless access to Manhattan only eight minutes from the Hobo - Elizabeth 160 Park e d. Linden Blv 27 ken Terminal, future residents will be just minutes away from the largest popu - e Flatbush n Upper Brooklyn n e o g New York y d lation, employment and cultural center in the United States. i G a r Bay B B oe West Brighton O th Staten Borough c a e inden Br ls id a Park n ge Island F 440 l P a Stapleton t k b w u 278 s y h 95 . AFFORDABLE ALTERNATIVE TO MANHATTAN & BROOKLYN A v 278 lvd. Rosebank e Grasselli Victory B . no- aza . err ws Luxury apartment buildings in Jersey City offer an affordable alternative to py V ro 440 . S d Ex ar Be Marine e t a Islan N lt v t Bensonhurst e n ge Pk Park A d w ri y. d B n Gateway rental communities of a comparable quality in Manhattan and Brooklyn. Ac - o Grovesend Sheepshead Bay m National h Bay c Recreation A cording to REIS, Hudson County rents, which average approximately $2,842 per month as of Q2 2015, are well below those in Manhattan, which average $4,031 per month and Brooklyn, which average $3,245 per month. The spread in for-sale product is equally as dramatic as average condominium prices were approximately $1,600 psf in Manhattan and $825 psf in Brooklyn, during Q2 2015, while the average condominium sale price in Jersey City was approximately $650 psf. Further, brand-new luxury condos in these neighboring markets often sell for a premium of 50% to 100% higher than the average sales price per square foot. Conceptual Rendering IMPRESSIVE DEMOGRAPHICS The immediate area has shown very robust population growth as, within a one-mile radius of the Project, the overall population increased by 8.6% between 2000 and 2010, while at the same time, new household formation increased by an even more impressive 13.9%. The long-term strength of the area is further demonstrated by the continued population growth experienced between 2010 and 2015, with an overall increase of 7.1%. Furthermore, population growth is still projected to remain over 5.0% through 2020. At its current rate of growth, Jersey City is expected to overtake Newark as the largest city in New Jersey over the next twenty years. Average household incomes within a one-mile radius of the Project are also very strong and are estimated to be $104,000. NUMEROUS CONVENIENT TRANSPORTATION OPTIONS TO ENTIRE NEW YORK METROPOLITAN AREA The Project offers excellent connectivity to a variety of transportation options from its highly desirable location. Whether by train, bus, ferry, bicycle or car, the Project presents a seamless way for residents to commute to Manhattan, throughout the Gold Coast, or to destinations further afield. The Site is conveniently located near the Hoboken NJ Transit Commuter Rail station; the Hoboken and Newport PATH stations; the 2nd Street, New - port and Hoboken Light Rail stations; the Hoboken South ferry terminal and several NJ Transit bus routes. MARK A. DELILLO , Managing Partner JEFFREY D. BASTOW, Managing Director [email protected] • 212.381.7606 [email protected] • 212.381.7601 1450 Broadway, 30th Floor, New York, New York 10018 • Tel: 212.381.7612 • Fax: 917.591.9696.