Luxury NJ Apartments Could Fetch Top Price
An Ares Management partnership is preparing to market a new residential/retail complex in Northern New Jersey that’s valued at about $250 million.
The property, in Fort Lee just across the George Washington Bridge from Manhattan, has 276 apartments and some 140,000 square feet of retail space. Dubbed Hudson Lights, it opened late last year and is already nearly stabilized.
Eastdil Secured received the listing from Los Angeles-based Ares and its partners, Tucker Development of Highland Park, Ill., and Kushner Real Estate of Bridgewater, N.J. The marketing campaign is expected to launch early next year.
The property encompasses a 12-story residential building at 2030 Hudson Street offering views of Manhattan, a two-story retail building and a 754-space garage for residents and shoppers. There is potential to develop additional phases, with more apartments, retail space and a hotel, on the eight-acre site. The estimated price would be among the highest ever for either a multi-family or retail property in Northern New Jersey.
The apartments are about 90% occupied. They range from studios to three-bedroom units, with rents starting around $2,500. Units feature stainless-steel appliances, quartz countertops and breakfast bars. Amenities include an outdoor pool with lounge areas, a fitness center, a yoga room, a media lounge, a kid’s playroom and a dining room suitable for large events.
The retail portion generates a large part of the property’s revenue. The anchor tenant is iPic Theaters, an upscale cinema chain that features restaurant dining and alcohol service. Other retail tenants include Capital One Bank, City Perch Restaurant, Coldwell Banker, CycleBar and Linwood Wines. The retail space is roughly 80% leased.
The property is between Main Street and Central Avenue, on the western side of a 15-acre redevelopment area. It’s across Park Avenue from the 47-story Tower A of The Modern, a 450-unit luxury residential building that opened in 2014 on the eastern portion of the redevelopment area. The team of SJP Properties, Northwestern Mutual and PGIM Real Estate is scheduled to complete the identical Tower B next year. Several smaller multi-family properties have also been built in the area recently.