New Jersey Gold Coast Luxury Project Scores $61M Loan
- Feb 24, 2021
Hongkun USA Real Estate Development has landed a $61 million predevelopment and entitlement loan for its upcoming luxury project at Port Imperial, situated along the Hudson River waterfront in Weehawken, N.J. Parkview Financial closed the transaction for the Chinese developer, who expects the entitlement process to stretch out to six months.
The 3.7-acre plot is the last property to be developed in the large-scale Port Imperial development. Roseland Residential Trust, a subsidiary of Mack-Cali Realty Corp., is behind the 200-acre, $3 billion mixed-use destination across the river from midtown Manhattan.
Dubbed 1800 Ave., the two lots upon which the project is slated to rise are located at 1400 and 1900 Ave. at Port Imperial. The project has been approved to include a 496,000-square-foot, eight-story condominium building with 282 residential units, 4,601 square feet of ground-floor retail and a structured parking garage of 346 spaces.
Designed by Handel Architects LLC, the mid-rise ensemble comprises two cascading buildings, bound together by a central public plaza. Indoor community amenities will take up roughly 20,000 square feet and will include a lounge, indoor-outdoor pool, spa, fitness center, basketball court, library and co-working space. Residents will also have access to outdoor dining and kitchen stations, lounge seating and a sun deck.
Manhattan’s hot condo market
The waterfront plot is within walking distance of the Port Imperial Ferry light railway stations, while Manhattan is roughly 2 miles east through the Lincoln Tunnel.
The Manhattan luxury condo market has seen a soring demand from investors since the pandemic’s conjuncture opened a door within the sector. Developers, eager to sell their high-end units, are giving out discounts for bulk buyers, according to The Wall Street Journal. In January, The Rockefeller Group opened its first luxury residential project in Manhattan. Rose Hill rises 45 stories within the NoMad neighborhood and encompasses 123 condominiums.