NRIA Closes $44 Million Loan With S3 Capital Partners To Begin Construction Of Hoboken Heights

SECAUCUS, N.J., Nov. 25, 2019 /PRNewswire/ -- Commercial real estate developer NRIA closed on a $44  million loan with financing partner S3 Capital to begin construction of Hoboken Heights, a new gated residential development located at 1300 Manhattan Avenue Union City, New Jersey. 

Upon completion, Hoboken Heights will feature four buildings with 55 luxury residences, including nine penthouses with private elevators and expansive terraces.  The units will range from 2,340 to 4,740 square feet with 3 to 4 bedrooms, 3 to 4 bathrooms, and glass-enclosed terraces facing Manhattan.  Amenities will include indoor/outdoor entertainment areas with decks and grilling kitchens, an indoor pool with walkout sundeck, private gym, peloton studio, golf simulation area, private meeting room, and a lounge with screening room and bar.

"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 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."

"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."

Other projects by NRIA on the Gold Coast include the recently completed Green Roof Condominiums in Guttenberg and The Station Apartments in West New York, New Jersey, which broke ground on November 15, 2019.   NRIA's dynamic North Jersey team is seeking approvals on other proposed developments in North Bergen, Guttenberg, West New York, and Hoboken and actively acquiring new sites. 

SOURCE NRIA