Jones Lang LaSalle
Work Starts on 344-Unit Condo Conversion
By Eric Peterson
Last updated: March 10, 2006 10:05am
(To read more on the multifamily market, click here.)
WEST NEW YORK, NJ-Lennar Corp. has started work on Hudson Club, the conversion of 344 former rental apartments into condos. The project consists of two five-story buildings on the Hudson River waterfront within the larger Port Imperial mixed-use community.
“All of this lies directly on the banks of the Hudson River, literally in the shadow of Manhattan,” says Larry Florin, division president of the Miami-based Lennar. The conversion project is part of Lennar’s 50% buy-in a year ago involving almost 3,000 housing units in the portfolio of Roseland Property Co. of Short Hills, NJ.
As reported by GlobeSt.com, Lennar and Roseland are operating the units as joint venture partners, with the former overseeing branding and marketing and the latter managing ongoing development within the various sites. About one-third of the units Lennar bought into are located within Port Imperial, which stretches for two miles along the Hudson River. As part of the Lennar-Roseland deal, Lennar agreed to convert the 344 units to condos. Hudson Club also has a 10,000-sf clubhouse as part of the complex.
“It is the first activity for Lennar within Port Imperial since the partnership was formed,” a spokesman for Lennar tells GlobeSt.com. “Closings have already begun at the community as many homes have already been upgraded as part of the conversion.” Beth Fisher, senior managing director of Corcoran/Sunshine Marketing Ltd. has the marketing exclusive for the project.
Work Starts on 344-Unit Condo Conversion
By Eric Peterson
Last updated: March 10, 2006 10:05am
(To read more on the multifamily market, click here.)
WEST NEW YORK, NJ-Lennar Corp. has started work on Hudson Club, the conversion of 344 former rental apartments into condos. The project consists of two five-story buildings on the Hudson River waterfront within the larger Port Imperial mixed-use community.
“All of this lies directly on the banks of the Hudson River, literally in the shadow of Manhattan,” says Larry Florin, division president of the Miami-based Lennar. The conversion project is part of Lennar’s 50% buy-in a year ago involving almost 3,000 housing units in the portfolio of Roseland Property Co. of Short Hills, NJ.
As reported by GlobeSt.com, Lennar and Roseland are operating the units as joint venture partners, with the former overseeing branding and marketing and the latter managing ongoing development within the various sites. About one-third of the units Lennar bought into are located within Port Imperial, which stretches for two miles along the Hudson River. As part of the Lennar-Roseland deal, Lennar agreed to convert the 344 units to condos. Hudson Club also has a 10,000-sf clubhouse as part of the complex.
“It is the first activity for Lennar within Port Imperial since the partnership was formed,” a spokesman for Lennar tells GlobeSt.com. “Closings have already begun at the community as many homes have already been upgraded as part of the conversion.” Beth Fisher, senior managing director of Corcoran/Sunshine Marketing Ltd. has the marketing exclusive for the project.
posted by Jones Lang LaSalle NJ News Blog at 3:04 PM
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