JERSEY CITY, N.J. – Positive signs indicating that a rebound in the housing market is underway and home prices are increasing are spurring buyers to act at Crystal Point where the iconic 42-story condominium building directly on the Hudson River in downtown Jersey City is reporting accelerated and strong buyer interest since September 1st.

A flurry of activity over the early fall has yielded more than fourty condominium homes sold at Crystal Point within the last eight weeks alone, according to Fisher Development Associates, which is developing the building a mere 25 feet from the banks of the Hudson River.

Much of the success is being directly attributed to the debut of the professionally-decorated model residences and continued construction progress at the magnificent building which enable visitors to get a true sense of the high quality, upscale interior finishes and unrivaled waterfront location with majestic views of the riverscape and New York City skyline. Also contributing are limited-time Grand Opening prices starting from the low-$500,000s which provide tremendous value and have created an unsurpassed buying opportunity.

“Our sales numbers have seen a dramatic rise during September and October as buyers have been allowed to tour our models, experience the building as it nears completion and see for themselves exactly what the buzz surrounding Crystal Point is all about,” says Brian Fisher, a principal of Fisher Development Associates. “Of course, the opportunity to purchase at grand opening prices before it’s too late is also spurring buyers to act now.”

Created by the renowned New York City architectural firm Gruzen Samton LLP, the distinctive design of the landmark Crystal Point building maximizes its unrivaled waterfront location and creates homes with modern, open and furnishable living areas.

“Unlike many high-rise developments which often seem cavernous with long hallways, we split the Crystal Point plan in half with elevators positioned in the middle of the residential floors to create short corridors and provide the building a very intimate feel,” says Jordan Gruzen (FAIA) of Gruzen Samton. “We utilized multiple façade planes to break the building‘s mass up and ensure that every home had magnificent views. Each condominium was designed so from the moment the front door of each home is opened one is aware of the views and the light emanating from the water.

“The layouts of the homes themselves often create large square rooms and sprawling living spaces that are open, airy and extremely functional.”

Crystal Point features a crystalline-style glass exterior and has been designed to maximize the building’s waterfront setting and views of the ever changing Manhattan skyline. Inside, one-, two-and three bedroom homes will range from 800 to 1,817 square-feet and offer an array of premium finishes. Residents will also benefit from free on-site parking.

“Features will include kitchens with Italian Pedini wood and glass cabinetry, sparkling quartzite counters, under-cabinet task lighting, full height pantries, islands with breakfast bars and a full Jenn-Air appliance suite,” points out Adrienne Albert, CEO of The Marketing Directors, Inc., Crystal Point’s marketing and exclusive sales agent.

“Floor-to-ceiling windows will drench the homes in natural light and many of the residences will offer river front balconies. Each residence will also have SMART home technology capabilities and a washer and dryer.”

Homes at Crystal Point are made even more attractive thanks to a 30-year tax abatement that has been granted to the building.

Crystal Point’s superb amenities include the Crystal Spa with a thermal bath, sauna, steam and treatment rooms. Residents will also enjoy a yoga/aerobics room, state-of-the-art fitness center, lounge with flat screen televisions, game room with billiard and poker tables, children’s play room and a screening room within the Crystal Club.

“An outdoor deck overlooking the Hudson River will feature a lap pool, hot tub, private cabanas and lounge chair seating, as well as a BBQ and dining area, fire pits and a children’s play area,” Ms. Albert says. “The building will also offer a professional concierge, valet parking and lobby level restaurant.”

Crystal Point is conveniently located between the Paulus Hook and Newport sections of Jersey City and steps from PATH trains at both Exchange Place and Newport with direct access into New York City and a Light Rail station.

For additional information on Crystal Point, please call 201-433-7778 or visit www.crystalpointcondos.com.

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CLIFTON, N.J. – 140 Mayhill, the luxury rental community from Value Companies in Bergen County’s Saddle Brook Township, was recently honored during the New Jersey Apartment Association’s 2009 Garden State Awards program, which annually recognizes outstanding achievement in the field of rental properties.

The collection of 158 one-and two-bedroom rental homes was distinguished as “Best Managed Mid/High Rise Building Built After 2000 – Over 100 Units” by the organization of apartment owners, managers, builders, developers and those involved in allied industries. The Clifton, N.J.-based company received the honor during a glittering awards ceremony recently held at the Hyatt Regency Hotel in New Brunswick.

“We’re thrilled to receive this award from our industry peers,” notes Jack Linefsky, Director of Operations at Value Companies. “It is a fitting tribute to the superb team of professionals we assembled and have on staff to develop, lease, manage and maintain this special rental community.”

Since opening its leasing program, 140 Mayhill enjoyed a level of success that belies the current state of the rental market. Just nine months after its debut, an impressive 100% of the community’s homes have been leased under the direction of The Marketing Directors, Inc., the marketing and exclusive leasing agent for 140 Mayhill. The success of 140 Mayhill is directly linked to its large selection of well-appointed interior layouts, competitive monthly rates starting in the $1,500s, desirable suburban location eight miles from Manhattan and a close-knit, activity-rich lifestyle.

Highlighting 140 Mayhill’s well-rounded living environment is the community’s professionally-furnished clubroom which was merchandised by prominent interior design firm Lita Dirks & Co. and includes a catering kitchen for private events and social gatherings, large flat-screen television, Ipod docking stations and ample room for entertaining. There’s also a fully-equipped fitness center which features top-of-the-line fitness machines and free weights, flat-screen TVs and a mirrored stretching room.

Luxurious rental homes at 140 Mayhill range in size from 753 square-feet to 1,300 square-feet. Homes come complete with a host of designer features and appointments, including soaring nine-to-11-foot ceilings, elegant three-inch plank hardwood floors, gorgeous French doors leading to the homes’ private balconies, Bosch washers and dryers, spacious walk-in closets with custom-designed shelving, and gourmet kitchens with full GE stainless steel appliance packages, exquisite oak cabinetry, granite kitchen countertops, designer lighting fixtures and designer blinds.

Residents also benefit from 24-hour on-site maintenance service and reserved garage parking adjacent to the building.

An added advantage of 140 Mayhill is its location near major highways and transportation outlets which whisk commuters into Manhattan and the entertainment and business centers of northern New Jersey. The neighborhood is just minutes from the Garden State Parkway, Route 80 and highways 46, 4 and 17.

140 Mayhill is a continuation of Value Companies’ proven track record of building and maintaining the finest rental communities in northern New Jersey. Also in Saddle Brook are Ten Sampson, a new 38-residence building and the 368-residence Saddle Brook Apartments, both of which have consistently enjoyed near 100 percent occupancy and are owned and managed by affiliates of Value Companies.

For more information or to schedule a private presentation of 140 Mayhill and its furnished model residences, please call 201-556-0140 or visit www.140mayhill.com. The 140 Mayhill leasing office is open Monday through Saturday from 10 a.m. to 6 p.m.
About Value Companies

Founded in 1952, Value Companies is a leading real estate development, investment and management company headquartered in Clifton, N. J. The company currently boasts a portfolio exceeding 3,600 residential units located throughout New Jersey, Pennsylvania, New York, Texas and Florida. From suburban master-planned communities to urban infill redevelopment, Value Companies has embarked on $100 million in new development initiatives across the luxury rental, condominium and urban mixed-use sectors.

For more information, please contact Value Companies’ headquarters at 973-473-2800 or visit www.valuecompanies.com.
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LOPATCONG, N.J. –- Construction is now underway on the final five condominium buildings at Warren Heights, the residential community being developed by Larken Associates in Warren County’s Lopatcong Township.

The announcement signifies the compete build-out of the community’s 352 one-and two-bedroom condominiums and 62 townhomes is nearing its end, leaving just a limited number of residences available for sale. The condominium homes are expected to be completed in early spring, 2010.

“Warren Heights has long been a popular residential destination for buyers ranging from young couples to empty-nesters and that continues today,” says Marilyn Cornelia, Larken’s Director of Sales and Marketing. “Even as we enter the final stages of our development and sales program, some of the best housing opportunities remain.

“For example, the condominiums now being offered in our “Best Buys” program have strong appeal to first-time buyers who can take advantage of the federal $8,000 tax credit by closing on their home by November 30th.”

Homes available in the “Best Buys” program provide incredible value and great savings by offering condominiums situated in prime locations and loaded with designer upgrades at special pricing. Purchasers of homes highlighted in the program must have the ability to close on their new residence at Warren Heights within 60 days.

“We also have several homes available with a rent-to-own option,” Ms. Cornelia points out. “By taking a significant portion of the monthly rent and applying towards the purchase price at the end of their rental agreement, this program is providing another avenue for many to achieve the ‘American Dream’ of homeownership.”

Elegant condominiums at Warren Heights are value-priced from just $169,990 for purchase on specific models and available for rent for $1,125 on a one-bedroom condominium to $1,400 for a two-story, two-bedroom home. There are a limited number of fully-furnished condominium homes complete with designer furniture and stylish fixtures now available for lease at Warren Heights.

The residences – which require a minimum one-year lease – are also being offered with an added bonus. Renters who sign a two-year lease will be able to keep all of the fashionable furniture included in the home when the lease term expires. The rent for a furnished one bedroom residence starts at $1,350 a month. In addition, there are a select number of furnished duplex condominiums ranging from 1,600 to 1,800 square feet available for $1,850 per month.

Warren Heights boasts one-bedroom condominium homes with bonus rooms or two-bedroom residences with gourmet kitchens, formal living and dining rooms and master bedrooms offering master bathroom suites, a walk-in closet and attached sitting room.

“There’s also standard California Closets in the master bedrooms in all one-bedroom homes and bonus electric fireplaces in all homes,” Ms. Cornelia says, “and all condominium residences include an additional private basement storage area in the purchase price.”
Warren Heights state-of-the-art amenity package includes a clubhouse, two fitness centers, a magnificent outdoor pool, health club, basketball courts, a children’s tot lot, walking and biking trails, a gazebo, putting green, dog run and garden plots.

There’s also everyday necessities such as upscale eateries, retail outlets and professional offices adjacent to the community at Stryker’s Crossing and Stryker’s Plaza — a shopping center and medical and professional building developed in conjunction with Warren Heights.
A 2,128 square-foot Italian restaurant is now available for lease at Stryker’s Crossing, as well as two other retail units. The units can also be built to suit. The complex currently features an Edward Jones Investment, MC Consulting, CC Nail Place, Inc., Warren Hospital, Prestigious Dry Cleaners and Laundry, Wild Tans, The #1 China Restaurant, Sign Expressions, Skylands Community Bank, and UPS Store. A Busy Bee Child-Care center and Village Medical — a full-service medical facility — are located at Stryker’s Plaza.

First-time homebuyers and former renters are pleased to discover financing is available at Warren Heights in Lopatcong Township through secured loan programs offered by the United States Department of Agriculture (USDA) that open the door to homeownership.
The neighborhood qualifies for the guaranteed rural housing loan program offered by USDA Rural Development which features 100% financing and requires little or no down payment for qualified buyers. To be eligible for a USDA guaranteed home loan, prospects must meet statutory income limits. Loans are processed locally through Warren Heights’ preferred mortgage lender.

Situated within the renowned Skylands region, Warren Heights is minutes from the many outdoor recreational activities that make living in northwest New Jersey so special. Highlighting the area’s many outdoor facilities is the 70,000-acre Delaware Water Gap where a myriad of activities — ranging from hiking, river adventures and camping to live jazz concerts, museums and historic tours — are available.

Warren Heights’ commuter-friendly location makes traveling a breeze. The neighborhood is minutes from major highways including Routes 287, 22 and 46 and Interstates 78 and 80 which whisk commuters into northern and central New Jersey.

For additional information on Warren Heights, please call (908) 387-0700 or visit www.larkenassociates.com. The Warren Heights’ sales office is open from Monday to Friday from 12 p.m. to 5 p.m. and Saturday to Sunday from 11 a.m. to 5 p.m. To visit: Take Route 78 West to Exit 3. Proceed 2 mile to third traffic light and turn right onto Route 519. Go approximately 1-1/2 miles to traffic light and turn left onto Route 57. Proceed approximately one mile and turn right onto Stryker Lane. Warren Heights is on your left, follow signs to the sales office.

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Single-Family Homes at The Reserve at Canal Walk

Strong Sales In Reserve And Enclave Neighborhoods Place
Active Adult Community On Pace for Record Breaking 12 Month Period

SOMERSET, N.J. — Canal Walk, the popular active adult community in Somerset County’s Franklin Township, is reporting overwhelming buyer interest in two of its distinctive housing sections.

The multi-dimensional neighborhood bordering the historic Delaware and Raritan Canal is on pace for a record breaking year thanks to rapid sales activity in its Reserve and Enclave neighborhoods, according to developer Premier Development. The Reserve features spacious and luxurious ranch-inspired and two-story single-family homes, while the Enclave offers magnificently-appointed condominium residences.

Much of the success is linked to the introduction of value-packed pricing and brand new housing designs which are opening the door to an affordable resort-inspired lifestyle for more active adults than ever before at Canal Walk, indicates Sales Manager George Adinolfi.

“The key ingredient in the popularity of Canal Walk has been the ability to accurately examine and respond to today’s housing market by introducing new home plans and pricing that have tremendous appeal and accommodate the needs of today’s adult buyers,” says Mr. Adinolfi.
“For example, condominium residences in our Enclave neighborhood are now available at the lowest prices ever offered at Canal Walk.

“In our Reserve section, we’ve taken a creative and bold step by reconfiguring a number of popular single-family designs and are offering them as ranch homes with reduced prices from just $361,900. We also have luxurious two-story homes in the Reserve now available for immediate occupancy, priced from $441,900.”

The ranch-style designs at Canal Walk are being snapped up in quick fashion by discerning buyers who appreciate the community’s desirable Somerset County location and Energy-Star Certified homes. To keep pace with the strong sales activity, construction is now underway on two new ranch model homes which will vividly illustrate the functional single-level floorplans at Reserve at Canal Walk. Once completed, the residences will join five existing models at the community.

Residences in the Reserve provide greater comfort and lower energy bills due to the fact that they are being developed under strict guidelines set by the U.S. Environmental Protection Agency and include energy-saving features that make them significantly more efficient than typical homes.

Two-story single-family homes in the Reserve offer up to 3,200 square-feet, three or four-bedrooms and 3 to 3.5 baths. The two-bedroom ranch homes boast up to approximately 2,500 square-feet, 2 to 3.5 baths and are located on oversized homesites.

“These residences are also being offered with new feature packages that will provide buyers with more interior options and more flexibility than ever before,” Mr. Adinolfi points out.

The Reserve homes boast upscale standard appointments such as nine-foot first floor ceilings, hardwood flooring, decorator light fixtures and large eat-in kitchens with 42” cabinets, granite countertops and GE™ appliances, including a self-cleaning range and space-saver microwave. Sumptuous master bedroom suites include tray ceilings and a master bath with a soaking tub and separate shower with built-in seat. The homes include plenty of storage space which is always a major consideration for active adults.

“Two-story residences also offer staircases with oak treads and dramatic oak railings,” says Mr. Adinolfi.

At the Enclave at Canal Walk, active adults are showing great interest in the newest condominium phase where several of the homes have already been reserved throughout the fall season. The neighborhood has made its mark on active adult housing thanks to its unique blend of maintenance-free condominium living, elegant one-level designs and a resort-like environment.

“The Enclave has appealed to active adults who want the peace of mind that comes with condominium living and the activity-rich lifestyle offered at a community where the comprehensive roster of recreational amenities is already complete and open,” says Mr. Adinolfi. “Here, they can simply turn the key and head out to visit nearby family and friends or escape to Florida in the colder months. When they return home to the Enclave, a magnificent home and country-club inspired neighborhood awaits them.”

Competively-priced from just $224,900, residences at the Enclave range in size from 1,500 square feet to more than 1,800 square feet. Six magnificent two-bedroom housing designs feature open floorplans, large living rooms, gourmet kitchens with Corian™ countertops, GE™ appliances, huge amounts of cabinet and pantry space, nine foot ceilings, hardwood entry foyer flooring, master bedroom suites have large walk-in closets and lavish master baths with ceramic tile floors, seated showers and oversized soaking tubs.

“Homes in the elevator buildings also offer outdoor space and balconies, as well as indoor parking,” Mr. Adinolfi points out.

The lively and active lifestyles at the Reserve and Enclave are centered around the 32,000-square-foot Premier Club at Canal Walk, one of the largest and most comprehensive in the state. Featured inside are a heated indoor pool and whirlpool, a spa equipped with steam room and sauna and fully-equipped fitness room. There’s also a library, craft room, billiards room and separate men’s and women’s card rooms for gathering with neighbors and friends. In addition, a business center, banquet hall and lounges are also available inside the clubhouse.

Tennis and bocce courts and a putting green are also offered on-site, adjacent to the refreshing outdoor pool and spa. Additional services include a beauty salon and a massage and wellness center.

“And of course, the community’s location near the Delaware and Raritan Canal offers access to recreational amenities such as the community’s walking trails which have been carefully laid out to connect with sections of the old canal that have been preserved as public open space,” comments Mr. Adinolfi. “There are several other leisurely-pursuits available at Somerset County’s many golf courses, gardens, parks, museums and art exhibits.”

For more information on the Reserve at Canal Walk, please call (732) 564-0010. For additional information on the Enclave at Canal Walk, please call (732) 356-1191. Details on both neighborhoods can also be found at www.premierdevelopment.com. To visit Canal Walk, take Route 287 to Exit 12. Make a left onto Weston Canal Road and proceed 2.4 miles until you reach Schoolhouse Road. Turn left onto Schoolhouse Road and continue 7/10 of a mile until you reach the entrance at Canal Walk Boulevard. Make a right into the entrance and follow signs to the sales office and models on your left.

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Fast-Selling Townhome Community Prepares to Welcome First Residents

ALLAMUCHY, N.J. –- Fall is quickly shaping up to be a significant and exciting season at Mountain Ridge at Panther Valley, the popular collection of competitively-priced three-bedroom townhomes rising within this well-established residential neighborhood in Allamuchy Township.

Most notably, Mountain Ridge is preparing to welcome its initial residents, signifying the transition from a construction site to an active, lived in neighborhood is underway, according to Baker Residential, which is developing the community amidst the rolling hills of scenic Warren County.

“The arrival of our first homeowners is one of the most important milestones in the progress and development of this community,” says Sales Representative Hollis Schlip.

“Soon, visitors will not only be able to see first-hand the elegant floorplans, picturesque location and activity-rich environment at Mountain Ridge, they’ll also be able to experience the close-knit atmosphere that will define the community as new neighbors move-in, become acquainted and begin fostering friendships. And to better provide a comprehensive glimpse into this true lifestyle at Mountain Ridge, we expect to open an on-site sales center in early November.”

While activity abounds on the development front at Mountain Ridge, sales continue to soar in the community’s recently released second phase of townhomes. The impressive number of sales recorded has allowed Mountain Ridge to emerge as one of the most successful selling new-home communities in northwest New Jersey.

Much of the appeal of Mountain Ridge stems from its well-appointed housing designs, affordable introductory pricing and exclusive neighborhood environment. The sought-after housing opportunity has proven to generate strong interest from a variety of purchasers – ranging from young couples and growing families to empty-nesters looking to scale down to more manageable homes.

“Customers have jumped at the opportunity to purchase a home in one of New Jersey’s most desirable locations at very competitive prices starting from just $249,990,” says Ms. Schlip. “This indicates there’s a large number of buyers who recognize now is the time to buy to receive great value and considerable demand for homes that offer well-planned and modern living spaces at a fraction of the cost for similar residences further east.”

Sales at Mountain Ridge at Panther Valley have been further fueled by the opportunity for homebuyers to make a well-educated and informed decision at the community thanks to “Simple Steps to Homeownership” seminars which provide a comprehensive look at the purchasing process at the suburban neighborhood. Scores of prospects have turned out for the events which offer detailed information on buying a home and tours of some of the buildings under construction at the magnificent new community.

Topics include an overview of development and sales, selections of interior features and colors, description of orientation meetings and warranty information. Attendees can also speak and receive advice from a mortgage specialist on loan options and the fact that Mountain Ridge is expected to be approved by the Federal Housing Administration (FHA) has had strong appeal to first-time buyers. This means qualified buyers could take advantage of friendly FHA financing that requires only 3.5% down.

“The opportunity to take advantage of federal programs is certainly a draw for many young professionals purchasing their first home,” says Barbara Cohen, another Baker Sales Representative. “On the other hand, empty-nesters looking to trade in large single-family homes with no longer needed bedrooms and tiresome upkeep appreciate the low-maintenance, care-free lifestyle.

“Simply put, Mountain Ridge offers something for everyone.”

Five different designs are offered at Mountain Ridge ranging from 1,968 to 2,850 square feet and boasting 2.5 baths, one-or two-car garages, as well as designer interior appointments such as walk-in closets, gourmet kitchens and full finished basements included in the purchase price.

Homes at Mountain Ridge have been designed to reflect the natural beauty of Panther Valley, which is defined by rolling hills and heavily wooded terrain. Each townhome building will combine design elements with country-inspired details to create streetscapes of enormous grace and flair.

“Our unique location at the top of a mountain provides panoramic views of the surrounding countryside to strengthen the tranquil, small-town environment,” adds Ms. Schlip.

The striking new community is part of Panther Valley and its world-class recreational amenities. Residents will enjoy two sparkling lakes, two beautiful pools with a third to come, a wealth of tennis courts and the 18-hole Panther Valley Golf & Country Club located within the gated Panther Valley community and available on a membership-only basis.

Mountain Ridge homeowners will also appreciate the community’s convenient location, which offers a quick trip to the array of business, cultural and entertainment opportunities throughout northern New Jersey and beyond. The community is located in close proximity to a several major highways, including Routes 80, 287 and 78.

“If its outdoor recreation they seek, Mountain Ridge is in the heart of one of New Jersey’s natural havens,” Ms. Schlip indicates. “The community lies in the shadows of the Allamuchy and Stephens Mountains, while the 70,000-acre Delaware Water Gap is nearby where fishing, boating, camping, kayaking and more can be found. “

Shopping, fine dining and entertainment are also close at hand at the Rockaway Townsquare Mall, which features several national retailers and department stores. Local shops and boutiques can also be found in historic downtown Morristown and Parsipanny.

For additional information on Mountain Ridge at Panther Valley please call 908-852-0016or visit http://Town.HomesAtMtnRidge.com. To visit, go on Route 80 West. Take exit 19 for County Highway 517 towards Hackettstown. Turn left at County Highway 517/County Road 517. Turn right at Bald Eagle Road. Proceed to gatehouse and ask for Mountain Ridge at Panther Valley.

October 22, 2009

By ADAM BONISLAWSKI

      The W Hoboken sold the last of its 40 residential units in April 2007. By the time the building began closings in April 2009, however, the real estate market was much softer. And, in what’s become a familiar story, some of the original condo buyers were no longer able or willing to go through with their deals.

     Six contracts at the building have fallen through (with 31 units having closed and three more scheduled to close), according to Michael Barry, a principal with the project’s developer, Ironstate Development. And those apartments are up for sale again.

     It’s a much different time than the heady days of 2006 and 2007, when the average sales price in the building was $1,040 per square foot. Even then, the number was eye-catching for a New Jersey development.

     So what kind of money are these re-released units now going for? $900 per square foot? $800? $700? Try $1,000 — and up.

     “We’re not going to alter the sales program too drastically from our original plans,” Barry says. “We think it’s still a good value.”

     Whether buyers will agree remains to be seen. (Barry claims to have “two or three interested parties that are around the dollar figures we’re talking about.”) But there are signs of optimism cropping up across the Hudson.

     According to data from New Jersey appraisal firm Otteau Valuation Group, Hoboken had a 10.9-month supply of inventory on the market at the beginning of this year. By August, that number had fallen to 8.8 months, and sales activity was up 63 percent compared to January and 34 percent compared to April.

     Jersey City saw an even more pronounced warming trend, with a 10.8-month supply of inventory on the market in August compared to a 27.1-month supply at the start of the year, and August sales activity up 126 percent compared to January and 48 percent compared to April.

     These trends are visible when you look at specific buildings, as well. Take Jersey City condo Crystal Point. This spring, business at the 269-unit waterfront high-rise was so slow that the project’s builder, Fisher Development Associates, successfully petitioned the city to extend the project’s tax abatement from 20 to 30 years. The building had been on the market for seven months with only 24 “firm” contracts, James McCann, a lawyer representing Fisher, told the city council at a June 1 meeting. The developer, McCann noted, was selling some units below cost — at under $500 per square foot.

     “This is a question of survival or failure for this project,” McCann said. “The developer is facing the possibility of losing its shirt.”

     Activity at Crystal Point (priced from the low $500,000s) has picked up dramatically since then. By the end of June, the building had sold a quarter of its units. And a recent two-week span saw the sale of 19 more apartments — a rate of better than one a day.

     Sales haven’t been quite so brisk at Metro Homes’ Gulls Cove project in the Paulus Hook section of Jersey City (priced from the low $300,000s), where developer Dean Geibel says over the past three months he’s been averaging about a sale a week.

     That’s a good enough pace, though, that Geibel has decided to kick off the 110-unit second phase of the project sometime in 2010.

     “As we’ve progressed through this year, I’ve gotten more and more positive,” he says. “Each month I’ve felt more comfortable bringing [phase two] online.”

     Although Geibel sold his interest in the 55-story Trump Plaza Jersey City this summer, he maintains he still plans to build that development’s second tower — eventually.

     “It’s shelved,” he says, “but it’s not history.”

     Also looking to the future is Hoboken’s Fields Development Group, which, says principal James Caulfield, plans to start next year on three new projects: a 30-plus-unit building in Hoboken and 130-unit and 22-unit buildings in Jersey City.

     “Interest rates are low and construction costs are stable,” Caulfield says, explaining his plans to build through the downturn. And with fewer developers now active, he expects there to be less inventory to compete with when his projects come to market in two to three years.

     As for selling in the here and now, Caulfield is trying a unique approach with his firm’s new 76-unit Jersey City condo building, the Saffron: He’s taking it straight to auction.

     In August, Fields auctioned off all eight units in its Hoboken development 1300 Park. The event drew several hundred people, and after starting with suggested opening bids of $150,000, the apartments (originally priced from $419,000 to $619,000) sold at prices ranging from $401,000 to $449,000. Impressed by the results, Caulfield decided to apply the approach with the Saffron. Sales there kick off with a Nov. 8 auction at which nine units will be up for grabs, with suggested opening bids starting at $175,000.

     Also launching sales this fall is phase two of Jersey City development the Beacon, where 25 full- and half-floor lofts are coming to market at prices starting under $300 a square foot.

     For those looking to buy, it could make sense to take the plunge soon, says Otteau Group president Jeffery Otteau. Inventory levels suggest that prices in Hoboken and Jersey City might still decline somewhat, he notes, but he anticipates the market will strengthen moving into 2010.

     “Our expectation is that new-construction sales in the first half of 2010 will be up 50 percent from this year,” he says. “We’ll be in a much stronger place.”

October 16, 2009

‘Ruppies’ and yuppies find happy homes in thriving Morristown, New Jersey

BY Jason Sheftell
DAILY NEWS REAL ESTATE CORRESPONDENT

George Washington was headquartered there during the Revolutionary War, making it the nation’s unofficial military capital and a growing Colonial city.

In the early 1900s, Theodore Vail, the first president of American Telephone & Telegraph (AT&T), built an Italian renaissance mansion that added to Morristown’s popularity.  Honeywell and other top corporations followed, carving corporate headquarters in the surrounding area. The 3-square-mile downtown soon became the Morris County seat, drawing legal professionals who built large Victorian homes. Builders prospered along with a working class kept busy by this growing mini-city in the suburbs.

“Morristown has a great architectural history,” says Jim O’Brien, a Morristown architect who specializes in preservation. “The diversity of different types of homes has kept this town going.”

Not just going, but thriving. Downtown, blessed with urban traits, hasn’t felt the woes of the recent economic downturn. Within the next three to five years, Morristown’s urban area, with a population of roughly 19,000, is expected to add 1,870 residences and 175,000 square feet of retail.

The New York Jets built their training facility in nearby Florham Park. It’s common to see Morristown resident and Jet cornerback Kerry Rhodes eating at the Sushi Lounge near a table with rookie quarterback Mark Sanchez, with college kids from Fairleigh Dickinson University and a county judge seated nearby. Meanwhile, Manhattan is a 40-minute drive or 52-minute train ride.

One developer in particular, Short Hills-based Roseland Property Co., has committed almost $500 million in investments to the town. Over the past 10 years, it has worked to bring new condominiums, retail and rentals to areas near the train station and town green, adding a new level of luxury and convenience. 

“When developers look for a town in which to make a significant investment, we look for everything Morristown has,” says Debra Tantleff, 30, vice president for Roseland in charge of the company’s four local projects — the nearly sold-out, 36-unit Vail Mansion; 40 Park condominiums (40park.com), where new one-bedrooms start in the mid-$400,000s; and the Metropolitan and Highlands rental buildings, where units start at $1,715.

“Not only is it the urban center for the surrounding suburban towns, it’s a walking city with a strong local government, a regional hospital and heart center, solid schools and a downtown area with restaurants, bars and culture. This place has it all. We just added what they didn’t have — a new way for people to live.”

That approach has been extremely appealing to retired urban professionals (called Ruppies) and young singles drawn to the area because it reminds them of New York City neighborhoods.

Matt Krauser recently bought a one-bedroom at 40 Park, Roseland’s development overlooking the town green on land previously occupied by Epstein’s, a family-owned department store dating back to 1920. Krauser, 38, an appraiser based in Morristown with Integra Realty Resources, can’t wait to move in this March.

“This development changed the characteristic of the entire town,” says Krauser, who lived in Hoboken and Manhattan. “We’ve never had luxury condos offering this kind of convenience. It’s easy to maintain, and there’s nothing to repair, like in buying an older home. On a Sunday morning, I can wake up and walk to buy a bagel and the paper, just like I did in New York City.”

More than 35 of the 76 total units are under contract at the development. Because of medical facilities and “walkability,” Morristown has been a draw for empty-nesters looking to live in a city setting.

Maryanne Connelly moved into the Vail Mansion. With no kids at home now, she wanted a smaller residence without sacrificing elegance.

Built in the early 1900s,  Vail Mansion’s original structure fronts the new condominium, which was modeled to seamlessly fit in with the first mansion.

The development is in the center of town, near a monument and the Community Theatre, a local art-house where residents see nationally recognized music acts such as Blues Traveler and plays. Approaching it from downtown, it feels as grand as New York City’s Frick Museum.

“The large reflection pool and the way the apartments face the historic mansion make it a magnificent place to live,” says Connelly, who worked for AT&T for 28 years and feels a connection to the mansion’s original owner. “It’s everything I wanted it to be. So is the town.”

Realtors relish the diversity of both home types and home hunters. Foreclosures and price drops have hit, but they have not been as significant as other places with less development activity. One perception has to do with Morristown being too pricey.

“People think they can’t afford it here,” says Roger Doyle, an agent with Re/Max Properties Unlimited who grew up in Morristown and specializes in houses costing below $500,000. “That’s just not true. We have every price range of house. For $500,000, you can get a four-bedroom home. We’re diverse, too. We have a growing Hispanic population that really adds to the town’s character.”

The growth spurt has given Morristown citizens a sense of pride. The Morristown Partnership recently undertook a greenery initiative that improved the landscape on the town green, and it  will push for more trees and energy-efficient buildings along downtown corridors. Longtime shop owners report an increase in foot traffic.

“This is a town that does a lot of things right,” says Donna Lohmeyer, who with her husband owns a downtown furnishings and decorative arts shop. “I tell this story a lot, but it sums it up. An older gentleman moved to town recently and bought a building downtown. He rents the bottom out to a commercial tenant and lives upstairs with his wife. His grandchildren visit  him and stay there. In the morning, he walks to the library to read the paper. He might sit on the green and talk to people. Then he goes shopping for the day’s food and brings it home. What a simple, easy, wonderful way of life. Everyone wants to be that person these days. You can do that here.”

Exploring Morristown, I get the sense it hasn’t changed much in 150 years. The multicolored Victorian homes with wrap-around porches are still dwarfed by the stone and wood churches. The wide sidewalks have room for strollers, cyclists, skateboarders and the elderly with walkers. Empty benches are easy to spot.

New developments, though, and a sense of pride have propelled the town into the modern age.

Michael Fabrizio, who heads the Morristown Partnership, is always looking for ways to improve downtown. His group spearheaded the push for real estate investment after Morristown saw little to no growth through the 1980s and early ’90s. Right now, he’s focusing on retail.

“Morristown has a strong presence of mom-and-pop shops, but we’re looking to bulk up on our national retail,” says Fabrizio. “The 40 Park retail should add that, but we want to make Morristown more of a retail destination to go with our culinary and cultural offerings.”

Fabrizio is quick to point out the town’s rapid growth, even during the recession. He points to a willingness by Morristown residents who all have a vested interest in the town’s success.

“It’s really a combination of factors that keep this town going,” he says. “Location and history help, but there are lot of people — civic groups, community activists and everyday citizens — who work together to promote progress. People really want it to work and that shows.”

To get to Morristown, take New Jersey Transit from Penn Station. The trip takes 52 minutes and costs $10.50 for a one-way adult ticket, $17.50 round trip.

A rendering of 40 Park

Sunday, October 18, 2009

By ANTOINETTE MARTIN

      STEVE NEEDLE, a developer, thought a year ago that he had sold a $3 million castle-style mansion in Westfield even before his firm had finished construction.

     But the buyer, employed as a Wall Street stock trader at the time, lost his financial footing in the crash last year.

“He could not complete,” Mr. Needle said, referring to the buyer and the sale, but sounding rather as though he was talking about a quarterback aiming for the end zone.

     As things are turning out, his metaphor may be quite apt. With the Wall Street bonus-earning, mansion-buying client base sharply reduced at this point, Mr. Needle and other developers say they are trying to pivot, and make direct pitches to another elite group less affected by recessionary times: professional athletes.

     “This area always depended so much on Wall Street, hedge fund money and to an extent ‘big pharma’ execs,” said Mr. Needle, whose Westfield-based company is called Needle Point Homes. “But the market has changed so much in the last year, and the buyer stream is sort of down to a trickle.”

     His broker, Arlene Gonnella, a top-performing agent at Weichert Realtors for the last six years, said she recently “refocused” her marketing of the most lavish homes in the Short Hills area, where she is based, on sports agents and recruiters who might refer players looking to relocate.

     The Meadowlands Sports Complex in East Rutherford, in northern New Jersey, has been the home of the New York Giants and the New York Jets professional football teams, the New Jersey Nets basketball team and the New York Red Bulls soccer team. A new football stadium is now being built next door. The New Jersey Devils hockey team plays in Newark.

     “There are actually a lot of pro athletes out there looking for homes right now,” said Ms. Gonnella, who noted that she had shown the Jets linebacker Bart Scott and his wife, Darnesha, several houses in Short Hills last summer, after Mr. Scott was wooed to the Jets by Rex Ryan, the coach, who lives in Summit.

     Mr. Scott, who signed a $48 million six-year contract with the Jets last year, wound up buying a new house on Kings Court in Morristown for $3.25 million, closing on the deal late last month.

     The pool of professional athletes has attracted other developers and brokers with high-end homes to sell. Following are examples:

•  The W Hoboken Hotel, which had sold all 40 of its multimillion-dollar penthouse condominiums before it opened in March, lost six buyers to “financing issues,” said Michael Barry, a principal with Ironstate Development, the builder. Starting in the preseason for football, the W scheduled a series of private open-house parties for players who might be potential buyers.

•  Representatives of the Sterling Properties Group, which has several exclusive condo communities open near the Jets’ new training facility in Florham Park, attended the team’s “family day” in late August, enticing two players so far to tour its 13-unit Brownstones at Convent Station in nearby Chatham, according to Rosanne Brooks, the marketing director for Sterling.

•  Marketing the Bellaire, a development of 34 town house “estates” in Demarest, close to the George Washington Bridge, Coldwell Banker recently sent out Tiffany sterling-silver sports-themed key chains to agents representing top players who might be in the market.

     In each case the marketers take pains to emphasize how their product could accessorize a pro-athlete lifestyle.

     Mr. Needle has written personal letters to agents and players, emphasizing the size of his property — a 7,000-square-foot home set on more than an acre, which he recently reduced in price to $2.99 million — and stressing that it affords “privacy at the same time as in-town accessibility.” He and Ms. Gonnella make frequent mention of the house’s “green” certification under the new standards set by the National Association of Home Builders, an asset that promotes the “health of people and the environment.”

     Henry Urgo, an agent at the Marketing Directors, who is the W’s sales director, said that the National Football League players at his first open house had seemed most impressed by the privacy and the “Wherever, Whenever” concierge service available to residents as well as hotel guests.

     The W condos occupy the top 10 floors of the building, with only four units to a floor; apartment owners have key cards, and their cars are valet-parked in the garage across the street.

     This past summer, when the international soccer star David Beckham and his team, the Los Angeles Galaxy, stayed at the W during a contest against the Red Bulls, the place was “mobbed” by press, paparazzi and celebrity watchers, Mr. Urgo said. But guests and residents could use side doors to go about their business undisturbed if they chose.

     A professional hockey player currently lives in the building, according to Mr. Urgo. Since the first open house for athletes and their spouses and partners last month, he added, a handful of N.F.L. players — one of them a marquee-name starter — have expressed serious interest in the condos.

     Hoboken is already home to Eli Manning, the Giants’ quarterback, and Jesse Palmer, a former quarterback. Both live in the Hudson Tea Building, where Gov. Jon S. Corzine also makes his home.

     At the W condo-marketing party, one Giant and several Jets — including Donald Strickland and James Ihedigbo — lingered long in the condos and posed for pictures with Mr. Barry and his brother David, also a principal with Ironstate.

     “I think they got a chance to see themselves in the building, and saw what a perfect fit it could be,” said Michael Barry. 

W Hoboken interior

Andrew Abramson

Foundation Formed By Andrew Abramson Is Benefitting From Several October Events;

His firm, Value Companies, Is Donating $100 For Each Lease Signed During The Month

CLIFTON, N.J. — Developer Andrew Abramson is all too familiar with the heartbreak and despair associated with living with someone afflicted with breast cancer. His mother, Vivian Bombardieri, succumbed to the disease four years ago. And that was just prior to learning that his wife, Lisa, was also diagnosed with breast cancer.

Not content to sit on his hands and wait for progress to be made in finding a cure, Mr. Abramson — President of Value Companies, a leading real estate development, investment and management company headquartered in Clifton, N. J — decided to get personally involved in raising funds for breast cancer research.

In 2007, he co-founded the Cure Breast Cancer Foundation, Inc. (CBCF), a 501(c) 3, non-profit organization. He then enlisted a number of “partners” to help sponsor charity events.

Since its inception, CBCF has raised in excess of $1.3 million through events such as an annual golf tournament, now preparing for its third year, walk-a-thons and other fundraising activities. Fully 100% of its net fundraising proceeds received by the foundation are donated to the Memorial Sloan Kettering Cancer Center in Manhattan to support the ground-breaking research being conducted there by noted oncologist Dr. Larry Norton.

“My daughter Carly was actually the inspiration for CBCF’s founding,” Mr. Abramson recalls. “Shortly after her mother was diagnosed, Carly, who was just 12 at the time, made a beaded key ring for her as a gift. Everyone at Memorial Sloan-Kettering where Lisa was a patient loved it so, with the help of family and friends, Carly made and sold 700 similar key rings in the name of breast cancer research.

“By the end of 2007, Carly had raised $10,000 for the hospital. Since I was convinced by then that anything that can be done to advance the progress being made in cancer research should be a priority and that money was obviously a critical factor in furthering this work, I determined to use my financial expertise in this area to do whatever I could to aid the cause. Creating a foundation through which these funds could be channeled seemed to be the best way to proceed.”

This October, which commemorates the 25th Anniversary of National Breast Cancer Awareness Month, CBCF has organized a number of local charity events and promotions in Passaic and Essex Counties with the help of sponsoring partners:

• CBL Fine Art in West Orange is featuring all month its Troll Beads Empowerment Collection, a limited edition of pink and white blown glass beads. Fifty percent of the proceeds from each sale will be donated to the foundation.

• The second annual Shag 86 Walk-A-Thon is scheduled for 9 am on Sunday, Oct. 18th, starting at the salon, 86 Main Street in Little Falls. Last year’s walk raised more than $10,000.

• On Saturday, Oct. 24th (rain date: Sunday, Oct. 25th), Valley National Bank is sponsoring a walk to raise money for the foundation. Walkers will leave at 9 am from the bank’s corporate office at 1455 Valley Road.

“And on a personal level,” Mr. Abramson asserts,” Value Companies is donating $100 to the foundation for every rental lease signed at any of our rental communities during the month of October. Since we own and manage thousands of rental apartments, we expect to do quite well with this initiative.”

National Breast Cancer Awareness Month began in 1985 and is sustained by philanthropic organizations like CBCF to build awareness and raise funds for research.

For more information, visit www.curebreastcancerfoundation.org or call (973) 471-CBCF (2223).

About the Cure Breast Cancer Foundation
The Cure Breast Cancer Foundation (CBCF) is a Clifton, N. J.-based not-for-profit charity devoted to research on a cure for breast cancer at Memorial Sloan-Kettering Cancer Center in Manhattan. The founder and president is Carly Abramson. Her father, Andrew Abramson, is secretary/treasurer. For more information, call (973) 471-CBCF (2223), e-mail info@curebreastcancerfoundation.org or visit the Web site at www.curebreastcancerfoundation.org.

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