New Jersey has a reputation for being a hotbed of luxury homes, but it’s not just for the rich.
Here are some of the most affordable, stylish, and well-equipped apartments in the Garden State.
njslist njms apartment rentals article A new development is coming to the East River, and it’s going to make a huge difference to New Jersey’s apartment rental market.
njs real estate broker is building a brand new high-end apartment building on the waterfront, and according to real estate agent Cody Anderson, it’s the most expensive apartment development in New York City.
The $3 million building is expected to be completed in the fall of 2019.
The apartment is expected be designed by design studio Daniels, and the building will feature 5,000 square feet of retail space, a spa, and a fitness center.
Anderson said that the building’s owners have been working on the project for more than a year, and he expects it to bring about another $3 to $5 million in rental revenue.
Anderson said that a number of New Jersey apartment properties are in need of an overhaul, but he said that this one was particularly unique in that it is located on the East Bank.
He said that its location in the state’s central business district is one of the reasons it was so popular in the first place.
The building’s developer, Billionaire Real Estate, will be the building developer, but its primary tenant will be a group of local real estate developers called Langley Group, which is owned by Varenna Realty Partners.
VARENNA REAL ESTATE PARTNERS REALTORS Langly Group will pay the bulk of the developer’s costs, while the developer will pay for all of the other elements.
In a statement, Langley Group said that they are confident in the developer and the project.
Langley’s goal is to provide an affordable, high-quality apartment building with a high-caliber, local tenant base, while also serving as a catalyst for other developers to take up the challenge of building new apartments.
Anderson said the company has secured about a dozen apartments from different local developers in New Brunswick, New Jersey, but that he is confident that Langley will bring its $3-million project to the same level of success in the New York area.
While Langley isn’t the only developer to have announced a project that will be located on one of New York’s most desirable commercial corridors, it is certainly the most successful.
Billionaires Real Estate is working with New York-based architecture firm Trevor Lang, and Langley is planning to use Langley as a platform to develop a brand-new apartment building in East Rutherford.
Lang is also working with real estate firm Cameron and Associates, which has previously worked on luxury properties in Manhattan and Philadelphia.
For more news on New York, read our profile of New Yorkers living in luxury.