Friday, June 02, 2006

New Buildings For Newport

From the Star Ledger:

Developers plan to bolster Jersey City waterfront

"Nearly two decades to the day after they broke ground on a questionable gamble to transform Jersey City's waterfront, members of the LeFrak and Simon families un veiled plans yesterday for four more buildings in the Newport complex."

"LeFrak said he and his sons, Jamie and Harrison, intend to double the number of residential units to roughly 9,000 and will add 11 acres of parkland, another 1 million square feet of office space and amenities including an ice-skating rink."

"He said $2.5 billion in private capital has already poured into the site, and the new buildings represent an investment of another $750 million. New construction includes three residential high-rise towers and a Westin hotel and conference center."

"The jewel will be the Ellipse, a 460-foot tower of steel and glass that will contain 325 apartments."

"The complex also benefited from tax abatements and, most recently, state legislation that will allow the LeFraks to recoup up to $20 million from an environmental cleanup fund that didn't exist when they were building the development."

"Corzine said public investment is justified, because Newport has become an economic engine and job creator that has benefited the entire state."

19 Comments:

Blogger grim said...

In with the new Newport
By PRASHANT GOPAL

The main developer of the landmark Newport office, retail and residential complex announced Thursday that it is adding four more glass-and-steel towers.

And Richard LeFrak -- whose late father, Sam LeFrak, broke ground on the Newport City complex on June 4, 1986 -- also announced Thursday that the LeFrak Organization will subsequently build additional buildings to extend the development to the Hoboken line.
...
The four buildings announced Thursday include The Ellipse, a 325-apartment tower with a glass-and-steel elliptical design; The Aqua, a 363-unit, 31-story apartment building; a 429-room Westin Hotel; and the 28-story, 220-unit Shore Club Condominiums at Newport North Tower (the south tower already is under construction).
...
Richard LeFrak said Thursday that by the time his company builds out the complex, there will be 9,000 residential units.

6/02/2006 06:28:00 AM  
Anonymous Anonymous said...

Or targeted toward only those who are single, under 30 and make $150,000 or more a year. This is the demographic that is buying & renting in the NYC metro area and on the JC waterfront while those who make in the five figures are priced out from Central Suffolk to Western PA.

Like all the other buildings on the waterfront, you can enjoy making PITI payments of $4,000 a month after you factor in HOA fees & RE Taxes for a poorly constructed, small apartment with plenty of plastic bling..

6/02/2006 06:40:00 AM  
Blogger grim said...

I haven't heard any official news on the pricing at Ellipse or Aqua, but I can't believe they'd be anything less than outrageous.

grim

6/02/2006 06:48:00 AM  
Blogger bairen said...

I wonder how sturdy they'll be. NJ is overdue to get hit with a hurricane. Supposedly a hurricane that hits an area with highrises actually has the same impact that a storm 1 or 2 categories higher does due to the effects the tall buildings have on the winds. Makes me almost want to move to Ohio or Pittsburgh. Almost. They get blizzards and twisters though.

6/02/2006 07:08:00 AM  
Blogger Richie said...

Newport is boring. Try to park by the mall and you'll spend $30. The mall has nothing special compared to malls in other areas, and you avoid all the hoodlums.

6/02/2006 07:49:00 AM  
Blogger pesche22 said...

hoodlums:

have you been to willowbrook

6/02/2006 10:25:00 AM  
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