DEAL OF THE DAY: Saint Vincent’s Signs 15-Year Lease for 64 Luxury Residences
- Feb 25, 2008
By Anuradha Kher, Online News EditorJersey City, N.J.–Saint Vincent Catholic Medical Centers (Saint Vincent’s), the umbrella organization for several hospitals and healthcare facilities, has signed a 15-year lease with SK Properties, a Bridgewater, N.J.-based real estate company, for 65 apartments at Grove Pointe in downtown Jersey City, N.J. The lease is worth $34 million.The residences in the 30-story luxury rental building, developed by SK Properties, is to be occupied by resident and intern physicians, doctors, nurses and other hospital personnel.“Saint Vincent’s was unable to find a building in Manhattan’s Greenwich Village, close to the hospital facility, which is why they started looking at Jersey City,” says Jonathan Kushner, a principal of SK Properties.Grove Pointe is a studio, one- and two-bedroom apartment complex accessible by the PATH trains from Saint Vincent’s location in Manhattan.“We were very pleased to find an adequate number of residential units to meet our needs at Grove Pointe,” says James Woods, senior vice president, Real Estate Services at Saint Vincent’s. “The building is a short commute to the hospital.”Rents for the studio, one- and two-bedroom apartments start at $1,950.Amenities include outdoor landscaped deck with a pool and sundeck, fitness club, yoga studio, game room with billiard table, private screening room and catering kitchen. The building also has a 24-hour doorman and concierge, on-site parking garage, and 20,000 sq. ft. of ground-floor retail space that is expected to include a Starbucks, Duane Reade Pharmacy and Valley National Bank.Grove Pointe opened last summer and nearly 90 percent of the 458 premium rental residences are already leased.