(1888PressRelease)
November 15, 2006 - Trump and Dean Geibel, principal of Metro Homes in Hoboken, announced plans yesterday for what would be the state's two tallest towers, which they plan to build on the Jersey City waterfront. Trump Plaza Jersey City, as the project is being called, would include a 55-story tower with 445 condominiums and a 50-story tower with 417 condominiums.
The taller of the two buildings would be 13 stories taller than New Jersey's current top skyscraper, the 42-story Goldman Sachs Tower at 30 Hudson St. in Jersey City, built in 2003.
"This is a high-quality luxury project worthy of the Trump name rising in one of the most exciting places in the country today," Trump, who was traveling and unavailable for interviews, said in a statement.
The project marks a turning point in the development of Jersey City, long a hotbed for rental apartments and office space but a newcomer to the luxury condominium market.
Given the scarcity of housing and skyrocketing prices in New York City, industry experts say wealthy apartment seekers are looking for alternatives along New Jersey's so-called Gold Coast. Developers who 18 months ago were wondering whether there would ever be a luxury condominium market in Jersey City have seen prices rise from $400 to $600 per square foot to nearly $800 per square foot -- or $800,000 for a 1,000-square-foot unit.
"Jersey City has always proven itself to be robust in whatever market it has entered," said Emanuel Stern, president of Hartz Mountain Industries. "It's only natural that there should be a condominium element there."
Carl Goldberg, principal of Roseland Property, which has built extensively along the Hudson waterfront, said Trump's decision to jump into the market is a signal, especially to foreign investors, that Jersey City is a major player.
"The Trump branding is so strong in the luxury market, it is meaningful that he is doing this," Goldberg said.
For Geibel, who has built smaller developments in Hoboken, the project with Trump is a bold move. While Trump becomes the public face of the project, Geibel has essentially paid a licensing fee to slap Trump's brand across his buildings. Developers have done this in the past because studies have shown Trump's name can add $100 per square foot to sale prices and increase the velocity of sales.
The $415million project at Bay and Washington streets is fully approved, and construction is scheduled to begin later this year with occupancy beginning in November 2007.
The towers will have a seven-story base that will include a 700-space garage, retail space, a private 8,000-square-foot fitness center, a rooftop plaza with an outdoor heated swimming pool, a private landscaped yard, a children's play area and an enclosed basketball court. The buildings will include studios and one-, two- and three-bedroom apartments with marble bathrooms, hardwood floors and state-of-the-art kitchens.
Geibel and Trump are set to present the project to the public for the first time tomorrow with Jersey City Mayor Jerramiah Healy. Geibel said in a statement he and Trump would create a "world-class living experience in Jersey City, with its incomparable views of the world's most famous skyline, outstanding amenities and convenient transportation links."
The positioning and triangular design of the residential towers will provide most units with Manhattan skyline views.
"It's going to take time and be stressful, but Dean is going to pull this off, and it's going to reposition Jersey City," Eric Kaiser, another leading developer in Hoboken, said of Geibel. "This is going to put Dean in the major leagues."
Dan Maza
Remax Beach Properties
954 232-9762
www.JerseyCityTrump.com
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