A Port of Import Activity Booms at New Jersey's Port Imperial Development

The 183-unit Avora at Port Imperial offers

While Manhattan still commands the lion's share of attention for its luxury real estate market, skip a stone across the Hudson and you'll find a development that aims to give it a run for its money. Port Imperial, an expansive $2 billion riverfront project, encompasses parts of three Hudson County towns -- Weehawken, West New York and Guttenberg – and when all is said and done, will boast 20 upscale residential, retail and hotel properties.

On the condo front, developer Lennar is nearing close-out on the combined 304 units between Henley on Hudson and 1200 Avenue at Port Imperial. The former, at 200 Cambridge Way, features 1,165- to 1,964-square-foot one-, two-, and three-bedroom floor plans ranging in price from $875,000 to $2.5 million. At the latter, a unit can be yours but for a mere $1.399 to $3.5 million. (That price tag does include the GE appliances already stocked in the kitchen, so there's that.)

Developers cite proximity to the Port Imperial ferry and Hudson-Bergen Light Rail as additional perks, as well as the currently expanding Waterfront Recreational Park in Weehawken, which will offer 12 acres of green space including tennis courts, ball fields, pools, a track, and playgrounds. The $10.5-million project aims to be fully completed by summer of 2019, but looks to require a membership for use, with Weehawken locals given priority. Adding to the appeal, earlier this year Weehawken Township lowered property taxes considerably from 2.23% to 1.49% – a move that almost certainly contributed to an uptick in attention from both developers and home-hunters.

Additional Developments

In early June, Avora at Port Imperial opened its 183 condominium units to residents after a ribbon-cutting ceremony attended by Weehawken Mayor Richard Turner, among other local luminaries. The 11-story building developed by Landsea Homes offers one-, two-, and three-bedroom apartments with price tags ranging from just shy of $1 million to more than $4 million.

And then there is the 13-story Nine on the Hudson at 9 Avenue at Port Imperial in West New York, which offers 278 units ranging from $899,000 to $1.3 million for two- or three-bedrooms, respectively. Aside from its views and infinity pool, a major allure of this development appears to be a unique tax abatement program, where the rate will remain at 1.1%, which is lower still than the aforementioned neighboring Weehawken Township rate.

Both of these developments are Light Rail- and ferry-accessible as well, making them especially attractive to New York City commuters. So for those with the means, and a desire for something potentially more tranquil than Manhattan, Port Imperial seems to have fine-tuned its siren song.

Related Articles

Developer Sued for Stiffing Neighbors

Embattled Mountbatten Exec Owes Condo 600k+ in Fees & Fines

Iconic Partnership Comes to NoMad

Rockefeller Group Brings Strand Books to Rose Hill Condo

Kloss & Kushner List Puck Building Penthouse for $23.5m

Couple Upsized to $42.5m Unit

Pied-à-Terre Tax Resurfaces

This Time With Clearer Rules for Co-ops

CEO Sush Torgalkar Exits Extell

Plans to Launch Real Estate Investment Firm

A $3.1 Billion Headache?

432 Park Avenue Struggles With Defects & Disillusioned Owners