JV Completes Phase II of NJ Luxury Tower
- Jun 25, 2018
SJP Properties, Northwestern Mutual Life Insurance Co. and PGIM Real Estate have opened the second phase of The Modern, a luxury residential tower in Fort Lee, N.J. Phase II comprises another 47-story glass building, mirroring The Modern’s first tower that was completed in 2014. The Bozzuto Group will handle leasing and property management for the tower.
“Other than the George Washington Bridge, The Modern is the single most significant development to have ever been built in the borough of Fort Lee,” said Fort Lee Mayor Mark Sokolich. “We have waited over 40 years to find the right developer with the vision and wherewithal to transform this once fallow property into the iconic destination that it is today, and we are thrilled to celebrate this latest milestone with SJP Properties. With our bold new skyline from The Modern’s two towers now complete, there is no question that Fort Lee’s renaissance is in full swing.”
With the opening of The Modern’s second tower, the first has now hit 100 percent occupancy. Designed by Elkus Manfredi Architects, both buildings offer a combined 900 residential units, as well as 150,000 square feet of indoor and outdoor amenities. The 450 apartments in Phase II are offered in studio, one-, two- and three-bedroom layouts. Pricing starts at $1,717 for a studio, $2,631 for a one-bedroom, $3,604 for a two-bedroom and $6,466 for a three-bedroom residence.
Interior features include floor-to-ceiling windows, walk-in closets, stone bathrooms, oak hardwood floors, washer/dryers and open kitchens. The newest building includes an array of amenities such as:
- State-of-the-art fitness center
- Spa with sauna
- Screening room
- Bowling alley and arcade room
- Two golf simulators
- Internet café
- Co-working space
- Infinity pool
- Basketball court
- Rolling lawn area
- Community barbecue stations
- Courtesy shuttle to New York City
Additionally, SJP has also begun construction of a two-acre public park that will be situated between The Modern’s two towers. Inspired by Central Park in Manhattan, the park will increase connectivity and walkability between the two buildings, as well as offer residents a green space for recreation. The park will include water features, a 7,000-square-foot restaurant with indoor and outdoor dining, and landscaped walking paths.
The company will also invest in the development of a 13,000-square-foot building that will be donated to the borough of Fort Lee, used to house a public theater and museum, which references the neighborhoods historical ties to the film industry.
In January, Northwestern Mutual Life Insurance Co., in a partnership with Jefferson Apartment Group, began construction on Jefferson Place Mt. Laurel in Mt. Laurel, N.J. The 77-acre property will encompass 21 three-story, garden-style buildings.
Images courtesy of SJP Properties