New signage recently went up on Manhattan Avenue in Jersey City Heights on the cusp of Union City announcing Hoboken Heights. Little information is currently available about Hoboken Heights, which is a new neighborhood within Union City, prompting many locals to wonder exactly what it is.
What is known, however, is that Hoboken Heights will be a ‘gated residential development’, according to developers, at 1300 Manhattan Avenue slated against the Manhattan skyline.
“Hoboken Heights will sit on one of the last remaining development sites overlooking Hoboken with sweeping views of the Manhattan skyline,” said Coley O’Brien, Principal for commercial real estate developer NRIA. “The completed units will have more living space and incentives than anything in the area. That combined with an anticipated uptick in demand related to notable employers expanding their presence in New York City, namely Facebook’s recent lease of 1.5 million square feet in Hudson Yards, will drive interest in this project.”
About the Construction
Earlier this year, NRIA closed a $44 million loan with its financing partner S3 Capital, according to PR Newswire. That $44 million is to be used to kick-off Hoboken Heights construction.
Speaking of construction, you may be wondering what to expect from Hoboken Heights. Early renderings and concepts show four buildings with a total of 55 luxury residences, including nine penthouses with their own private elevators and terraces enclosed with glass. As far as amenities, luxury residences will include deck areas and grilling kitchens, an indoor pool with walk-out sundeck, private gym, Peloton studio, a golf simulation area, a private meeting room, and lounge with a screening room and bar.
“NRIA remains bullish on the Gold Coast,” said Richard Stabile, SVP of NJ Development for NRIA. “We have several residential projects in development with a growing pipeline of rental and for purchase properties. Hoboken Heights will be the Crown Jewel of the area with four towers and panoramic views of New York City and the Hudson River. This private, gated-enclave, just minutes away from the Lincoln Tunnel and PATH, will be like nothing the market has seen.”
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Other Constructions by NRIA
NRIA is also responsible for other New Jersey locations like Green Roof Condominiums — located in Guttenburg — The Station Apartments — located in West New York — and The Afton of Morris — located in Florham Park.
They’ve also created 647 Warren Street in Brooklyn, Moderna at Rittenhouse and Cherry Street Townhomes both in Philadelphia, Gulf Stream Views in Boynton Beach, Florida, and Ocean Delray in Delray Beach, Florida. The NRIA has a North Jersey team that is allegedly working on acquiring new properties throughout North Bergen and Hudson County.
According go the NRIA website, they were founded in 2006. The website states, “NRIA is one of the nation’s leading specialists in middle-market institutional real estate investment management, focusing on luxury townhome, condominium, and multifamily acquisition and development.”
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NRIA is also connected with Premier Access Property Management, which markets and manages NRIA’s more than 1,000 rental units.
As of the end of 2019, NRIA reports that it has acquired the appropriate permits and is hard at work clearing the site.
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