The June issue of The Real Deal features our client, Bijou Properties.
At first glance, you’d think Hoboken couldn’t squeeze in another square inch of residential construction. Not only is it just one square mile, but development in the former industrial city has been going on for decades. Currently, only around 7 percent of the construction of apartment buildings with 40 or more units in Hudson County is taking place in Hoboken, according to real estate market research firm Reis.
But there’s still plenty of action underway in the city with a population of 50,000. Driven in large part by mushrooming prices in New York City and an easy commute to the Big Apple, there are at least five large apartment buildings and mixed-use developments in the works, along with many smaller projects. An estimated 1,804 residential units were approved by the zoning and planning boards from 2010 to this year, according to the mayor’s office.
Developers are building to satisfy demand from young professionals moving in from across the Hudson, and the desires of growing families looking to stay in the city.
Previously, the site housed a textile factory and then a parking garage. The LEED Gold-rated property has 15,000 square feet of retail and 32,000 square feet of educational space, which will contain a charter school and a fully automated garage.
Rents are still being determined for the building, which should come on the market in July, according to Larry Bijou, managing partner. He describes them as “very high end.” Top of the line rents in the area generally go in “the mid-40s” a square foot, according to Bijou.
There’s also development on Hoboken’s west end, which has become increasingly trendy since NJ Transit opened up a light railway station there 10 years ago. On the site of a former vacant lot there, Bijou Properties is working on 900 Monroe, an 11-story, 135-unit mixed-used luxury rental, which is a joint venture with Intercontinental Real Estate Corp. Slated to be completed in the fall, it will have 13,500 square feet of retail space, including a day-care center and a 135-car parking facility.