March 19, 2009


WHAT’S one sure sign a real estate market has gone south; When developers are willing to talk publicly about price cuts. In better times, a developer would rather confess to drown ing kittens than chopping prices Today, however, lips are looser. Instead of clamming up about price reductions, some builders now seem almost eager to spread the word.

And along the western side of the Hud son River, the word is definitely spreading. Long touted as cheaper alternatives to Manhattan, Jersey City and Hoboken are becoming ever more so as the economic downturn forces many buildings to downgrade expectations.

In the summer of 2007, K. Hovnanian’s
77 Hudson sold a pair of penthouses for a Jersey City record of $6 million.

Today, though, the 48-story, 414-unit, two-tower development is just 30 percent sold, and prices are down from their peak “on the order of 20 percent,” says project manager Tom Graham.

Studios now start in the $300,000s, one-bedrooms in the $400,000s, two-bedrooms in the mid-$600,000s and three-bedrooms at $1 million.

“It’s been tough since October,” Graham says, noting that, in addition to the usual home-hunting concerns, buyers these days are also having to grapple with the question of “Will I have a job tomorrow?”

And 77 Hudson is far from alone.

At Jersey City’s Beacon development, two-bedrooms that once sold for $750,000 are now going for $550,000. During the peak of the market, the units were selling for $550. a square foot. Next month, developer George Filopoulus plans to put 25 half-and full-floor lofts on sale at about $300 a square foot. The Beacon is also offering financing at rates as low as 3.9 percent.

Developer Metro Homes, which is behind the Gull’s Cove and Trump (with one-bedrooms from $415,000 and two-bedrooms from $630,000) developments in Jersey City and the 113-unit Metro stop building in Hoboken (one-bedrooms from $393,900, two-bedrooms from $535,900), is also slashing prices and offering financing incentives. The company is making available 30-year fixed-rate mortgages at
3.99 percent and recently dropped prices on units by 5 to 20 percent.

“If you price things above where they should be, you just won’t get the traffic and things just aren’t going to sell,” says Metro Homes principal Dean Geibel.

Michael Vosika bought a two-bedroom at Gull’s Cove in January. He says the terms of his contract won’t let him reveal the original asking price, but, he notes, “comparable units in the area had been selling for more.”
“We negotiated somewhat,” Vosika says. “They were very receptive. You could tell that there was an air of “We’ve got to just sell these units.'”

Currently, Gull’s Cove has studios to three-bedrooms priced from $299,000 to $1.13 million.

When Chris D’Ambola purchased a two-bedroom last March at Jersey City’s 54-unit Crescent Court building (one-bedrooms from $310,000, two-bedrooms from $379,000), price adjustments weren’t typical. But since the building went on sale a year ago, prices have fallen 15 to 20 percent, says Glenn Ward, vice president of sales and marketing for developer Matzel & Mumford.

Asked if he regrets buying near the top of the market, D’Ambola notes that he’s “been getting that question a lot lately.” He insists, though, that he’s happy with his purchase, saying that he looks at it as more of a long-term investment.

“Who knows when things are going to bottom out?” he says. “But it’s going to pick up in the next couple of years. I think [Jersey City] still has a lot of room to grow.”

Buyers at the new W Hoboken (see story on right) could probably use a dose of D’Ambola’s optimism. The development’s 40 residential units went for an average of $1,040 per square foot, with the last one
selling in April 2007 — right in the thick of the boom.

Given the discounts seen throughout the area, it’s unlikely they’d fetch such a high price were they on the market today.

W Hoboken buyers won’t start closing on units until the end of the month, but senior vice president of construction Michael Darata says he doesn’t foresee anyone walking away from their deposit.

“For the most part, our buyers are all very excited,” he says. “I think that the uniqueness of the project and location sets it apart.”

Uniqueness hasn’t protected Jersey City’s Crystal Point development from the market forces, however.

The 269-unit building sits on a piece of land that projects out into the Hudson River, affording its future residents top views of the Manhattan skyline. It will also feature amenities like valet parking, concierge service and a spa.

Two years ago, apartments at Crystal Point would likely have gone for about $900 a square foot, says Adrienne Albert, CEO of the Marketing Directors, which represents the building. Today, they can be had for as little as $550 a square foot.

The 16-unit Vesta Hoboken (with two-bedrooms ranging from $500,000 to $1.4 million) has similarly adjusted to current conditions, selling apartments it once imagined going for around $550 per square foot for less than $500 a square foot.

“It’s certainly a different price point than what we were thinking when we began the project a few years ago,” says Marsha Latessa, a principal of developer the Vesta Group. “I think we’re being realistic about our place in the market.”‘

That realism seems to be having an effect. Since starting sales a month ago, the building has sent six contracts out for signing.

In fact, with prices falling, some builders say they’ve begun to notice an increase in buyer interest.

“Traffic is up substantially in the course of the last month,” Graham says, noting that 77 Hudson’s sales office is currently seeing about 50 potential buyers a week, compared with 20 a week in December.

Geibel says that he noticed an uptick in sales starting about six weeks ago.

However: “Don’t get me wrong,” he says. “We’re not anywhere near the levels we were a few years ago.”






Pier-ing into the Future

February 16, 2009

The second phase of the $430 million plan to bring Pier Village to life in Long Branch is on track for completion in April, with the final stage still on the drawing board, according to the project’s developer and architect. The oceanfront redevelopment, a mix of residences, retail space and hotels, has seemingly elevated the fortunes of the city.

“What Pier Village was 10 years ago — you wouldn’t want to go there,” said Susan Wooley, assistant director of the Greater Long Branch Chamber of Commerce. “After the fire in 1987, the boardwalk was quite depressed for a long time.”

Now, because of the project’s success, “Long Branch is back on the map,” she said. The city’s
beach was named one of 20 Great American Beaches by Travel & Leisure magazine in May.

Pier Village is almost two-thirds of the way through plans that call for a total of 736 apartment units, 75 condominiums, two hotels and more than 120,000 square feet of retail space along the city’s shoreline. Phase One saw the building of 320 rental residences, which are 95 percent occupied, and 100,000 square feet of retail space, which is fully occupied, said Greg Russo, principal of Applied Development Co., the Hoboken-based developer for all three phases of the project. Retailers include Paws & Pose, a pet products store, and Avenue, a restaurant and nightclub.

In the second phase, which will cost about $80 million, construction is almost complete on 216 apartments, 1,800 square feet of retail space and a 24-unit hotel.

“We’re still putting appliances and carpeting in some of the apartments,” Russo said. “People started moving in on September 15. Occupancy is at about 30 percent right now.” In a new apartment building, leases are signed over a 12-month period so that “you’re not competing with your own turnover” when the contracts expire.

Prices for Phase-Two apartments range from $1,400 per month for a 650-square-foot studio, to $3,400 per month for a three-bedroom unit measuring 1,400 square feet.

The 1,800-square-foot retail space, priced at about $40 per square foot, has not been rented yet. It is on the ground floor of the boutique hotel, named Bungalow, which is scheduled to open in the spring. The retail space originally measured 3,800 square feet, but the design was slashed to make room for a bigger bar area in the lobby of the Bungalow.

Applied Development, and the architectural firm of Minno & Wasko, are working with the city on the final design of the third phase, which will consist of 200 rental residences, 75 condominiums, 20,000 square feet of retail space, a 100-room hotel and an oceanfront public park. It is scheduled to break ground by the end of next year and, at $ 150 million, will be the most expensive part of the project.

Phase-Three buildings will expand on the
“edgy and urban” aesthetic that was introduced in the second phase, said Dave Minno, partner in Minno & Wasko of Lambertville. “The buildings in Phase One had a bit of Victorian look. We changed that in Phase Two, but kept some of that Victorian look on the outside edges of the buildings for the transitions” from Phase-One buildings. Minno & Wasko, which joined Dean Marchetto Architects of Hoboken in Phase One, is now the sole architect.

Minno said some Phase-Three buildings will reach as high as eight stories, which would double the tallest buildings in earlier phases and increase the area’s appeal to those seeking a city-like experience. “Long Branch is becoming a viable alternative to towns like Hoboken and Jersey City. The market is leaning more that way,” he said.

That’s a far cry from the difficulties Long Branch faced before Pier Village opened for business in 2005, Wooley said. The 1987 fire, which destroyed the pier and its regionally known attractions, was a turning point in the city’s history, she said.

Pier Village has been the catalyst for Long Branch’s rebirth, with the city’s Broadway Arts theater district and Beach North neighborhood among the beneficiaries so far, Wooley said. In the last three years, membership at the Greater Long Branch Chamber of Commerce has increased about 25 percent, to 260 members,the majority of whom are retailers.

By NJBIZ Staff





untitledHILLSBOROUGH, N.J. — Larken Associates recently announced the acquisition of Echo Executive Plaza and Echo Plaza Shopping Center, a 107,448 square-foot retail and office complex located at 899 and 901 Mountain Avenue in the Union County, N.J. Town of Springfield.

The Hillsborough-based developer, which owns and manages commercial projects totaling more than 1.5 million square feet in New Jersey and Pennsylvania, plans extensive renovations and upgrades to the existing facility which includes The Echo Plaza Shopping Center, a 66,000 square-foot retail complex and 350 surface parking spaces and the Echo Executive Plaza Office Building, a three-story, 40,880 square-foot professional office building.

Work is expected to begin shortly on the renovation plan which will include a new exterior façade and roof, new tenant signage, new marquee sign and exterior landscaping at Echo Plaza Shopping Center, as well as a new lobby, common bathrooms and corridors at Echo Executive Office Building.

“Location and visibility played key roles in our decision to purchase Echo Executive Plaza,” says Victor Kelly, Vice President of Raider Realty, exclusive broker for Larken Associates.

“Situated directly on Route 22 in one of the most heavily traveled retail corridors in northern New Jersey, the Echo Plaza Shopping Center offers an ideal opportunity for national or regional retailers who want to enter a market with heavy traffic. With the business epicenters of northern New Jersey a quick trip away and New York City just a 60-minute commute, Echo Executive Plaza has major draw for area financial, insurance and service companies looking for state-of-the-art facilities that are easily accessible.“

Echo Plaza Shopping Center features suites ranging in size from 1,500 to 24,757 square feet. Currently anchored by Big Lots, the center includes additional tenants such as Outback Steakhouse, Sherwin Williams, Echo Cleaners and Spring Liquors. Leasing is now open for available suites at the center which begin from 2,400 square feet and up. For leasing information, please contact Levin Management Corporation at 908-226-5268.

“Tenants here enjoy the advantage of operating in a center bordered by two major roadways and surrounded by densely populated communities where a strong consumer base already exists,” says Robert Marek, another Raider Realty Vice President. “It’s a prime retail location evident by the number of retail power centers, neighborhood shopping complexes and free-standing retailers located within a three-mile radius.”

Office suites are also currently available for lease at Echo Executive Plaza Office Building. The three available spaces can be separated or combined to create availabilities of 1,401 sq.-ft., 2,735 sq.-ft., 3,500 sq.-ft. or 4.136 sq.-ft.

The three-story, class A office building lies on a 2.39-acre landscaped site which features 160 surface parking and 20 covered parking spaces. The building offers modern amenities, including 10-foot first-floor ceilings, second and third floor balconies and extensive frontage along Route 22 and Mountain Avenue.

For additional information on Echo Executive Plaza and other Larken professional office and commercial buildings, call Robert Marek or Victor Kelly at (908) 874-8686. Also, be sure to visit Larken’s web site at


Media Contact:
Rob Kelly
CAHN Communications

Dave Barry Accompanies U.S. Wrestling Team to Iran for the 2009 Takhti Cup

US wrestling team members Noel Thompson, left, Brandon Slay, center, and Dave Barry, seated, follow the matches as Henry Cejudo, right, looks at an Iranian paper, during Iran's Takhti Wrestling Cup at the Azadi stadium in Tehran, Iran, Friday, March 13, 2009.AP Photo logo 

AP Photo 3 days ago

US wrestling team members Noel Thompson, left, Brandon Slay, center, and Dave Barry, seated, follow the matches as Henry Cejudo, right, looks at an Iranian paper, during Iran’s Takhti Wrestling Cup at the Azadi stadium in Tehran, Iran, Friday, March 13, 2009.

Dave Barry, president of Applied Development Company and Ironstate Development, served as a delegate for the U.S. men’s freestyle wrestlling team during its trip to Tehran, Iran for the 2009 Takhti Cup which was held on March 12-13.

Dave Barry traveled with the U.S. team which was coached by USA Wrestling’s National Freestyle Coach Zeke Jones, who was a member of the U.S. team that competed in the historic trip to Iran in 1998. Also coaching the team was USA Wrestling Assistant National Freestyle Coach Brandon Slay, who was a 2000 Olympic gold medalist.


Crystal Point Condominiums in downtown Jersey City, N.J.

Crystal Point Condominiums in downtown Jersey City, N.J.


By Erika Schnitzer, Associate Editor

Jersey City, N.J.—Fisher Development Associates recently celebrated the opening of its sales and model center for Crystal Point, a 269-unit, 42-story condominium building on Jersey City’s waterfront.
Within the first three weeks of sales, 20 units have been sold. “That astounded even me because the market is not strong right now, but people see the value and understand that it is the perfect storm for buyers,” with low interest rates and residences selling for less than they normally would, Adrienne Albert, CEO of The Marketing Directors Inc., the marketing and exclusive sales agent for Crystal Point, tells MHN.
Though the target market for the development was primarily young singles, most buyers and prospects have been young couples and couples about to start a family, says Albert. “Our market is a little younger—probably in their 30s and 40s—as opposed to a primarily empty nester market. We have middle- and upper-management buying here.”
Albert explains that, contrary to popular belief, many other projects on the N.J. waterfront have not tended to attract people from New York City. However, at Crystal Point, “we are finding we get more Manhattan-ites than before. I dont know if it’s a function of value or people wanting to experience more space and more amenities.”
Designed by Gruzen Samton LLP, Crystal Point features one-, two- and three-bedroom units, ranging in size from 800 to 1,817 sq. ft. Homes range in price from $435,000 to $1.85 million for a penthouse. Residences feature floor-to-ceiling windows, kitchens with quartzite countertops, Jenn-Air appliances, ASKO washers and dryers and marble master baths. Most units also include balconies or terraces. In addition, a CrystaLife technology suite allows residents to communicate directly with the concierge and management.

“Almost all of [the homes] have a water view of some sort or another, with 60 percent having views of the Hudson,” says Albert.

The development also offers concierge; valet parking; yoga/aerobics room; fitness center; the Crystal Spa, which includes a sauna and steam and treatment rooms; game room; lounge with catering kitchen and flat screen televisions; children’s room; and a media room, in addition to an outdoor deck with a lap pool, hot tub, private cabanas, fire pits and pier telescopes to view New York City. A full-service restaurant located on the ground floor will be available both to residents and to the public.
Crystal Point is located between the Newport and Exchange Place PATH trains, providing residents two options for easy access into Manhattan. First deliveries are slated for late 2009.


Townhomes at Woodside Knolls in Orange County, N.Y.'s Town of Walkill.

Townhomes at Woodside Knolls in Orange County, N.Y.'s Town of Walkill.

TOWN OF WALLKILL, N.Y. –- The ongoing series of “First-Time Homebuyer Seminars” at Woodside Knolls in Orange County’s Town of Wallkill are proving to be a valuable tool to educate prospective purchasers on how they can purchase their dream home today.

Homebuyers from New York City and beyond have gathered in large crowds for the informative sessions to listen and receive advice from renowned real estate professionals such as Bob Metaxas of Countrywide Home Loans (a wholly owned subsidiary of Bank of America), and discuss how market conditions and exceptional developer incentives have created a “once-in-a-lifetime” opportunity for those homebuyers who act quickly.

First-time buyers, young couples and growing families are eager to learn about the array of financing opportunities that are available to them and highlighted during the seminars. These include friendly financing currently being offered by the Federal Housing Administration (FHA) which requires as little at 3.5% downpayment, the $8,000 federal tax cut and much more.

The next seminar will be held this weekend (Saturday, March 21st) from 12 p.m. to 2 p.m. at the community’s sales office, according to Ashley Young, Sales Representative for Baker Residential, developer of the FHA approved collection of 216 fee-simple townhomes. For additional information on the seminar, please call (845) 343-3001.

“While we knew there were a large number of first-time homebuyers eager to learn more about how they can take advantage of economic conditions and realize their dream of homeownership, the high attendance and success of these seminars has been somewhat surprising,” Ms. Young points out. “They are finding it’s an ideal situation to get a well-rounded and comprehensive look at the many financing options available to purchase a home and begin a new suburban lifestyle.”

Woodside Knolls has been a major draw for young couples and families from New York City thanks to its value-packed designs and incredibly affordable prices starting from just the mid-$250,000s — an exceptional price point well below what is typically found in comparable communities in New Jersey and Westchester and Rockland Counties.

Luxury townhomes at Woodside Knolls boast three-bedrooms, 2 ½ baths, a finished basement and two-car garage. The community’s distinctive peaceful environment is enhanced by considerable open space which has heavily matured landscaping.

In addition to the first-time buyers, the community has also had strong appeal to empty nesters looking to downsize from larger single-family homes.

“Empty-nesters are finding Woodside Knolls a perfect alternative to retirement communities located further south,” adds Ms. Young. “Here, they can still enjoy the ease and convenience of townhome living, but in a location close to the family and friends throughout the area.”
Woodside Knolls is just minutes from Route 84 and the New York State Thruway to provide a short commute to destinations in northern New Jersey and Manhattan. The many recreational and entertainment delights of the historic Hudson Valley are also close at hand. Hudson Valley is home to a variety of recreational, cultural and entertainment opportunities, including performing arts venues, historical attractions, fine shopping and a host of state parks and outdoor activities.

There’s also no shortage of recreational diversions available in Wallkill itself. The township boasts twelve parks and recreational areas, including the public Wallkill Golf Club.

“Residents will also have several activities right outside their doorstep thanks to the comprehensive package of on-site recreational amenities,” says Ms. Young. “Once complete, Woodside Knolls will feature a pool, recreation center, tennis court and a half basketball court.”

For additional information on Woodside Knolls, please call 845-343-3001 or visit

Media Contact:
Rob Kelly
CAHN Communications


40 Park features 74 luxury condominium homes rising along the Morristown Green in the heart of town.

40 Park features 74 luxury condominium homes rising along the Morristown Green in the heart of town.

MORRISTOWN, N.J – While 37 year-old Matt Krauser has long been a fan of Morristown, NJ, it took him 12 years to finally call it home.

Krauser spent seven years renting an apartment in Manhattan, commuting to work in Morristown and then Whippany. Wanting to be closer to work, he gave up the city life for a new home in Basking Ridge.

“At the time, there was no new luxury condominium offering in Morristown,” Matt explains. “If there was, I certainly would have moved there.”

Five years of living in Basking Ridge left Krauser longing for a more convenient and vibrant lifestyle.

“It was just too quiet,” he says. “I missed the energy of urban living.”

Matt then heard about the launch of 40 Park, a new residential development featuring 74 luxury condominium homes rising along the Morristown Green in the heart of town.

“It was really a dream come true,” he recalls. “For me, it’s about lifestyle and convenience, and 40 Park offered both. To have a downtown location with that New York City feel in the suburbs is truly the best of all worlds.”

Matt purchased a large one-bedroom home with a den on the fourth floor that will overlook a European-styled piazza with water features and benches.

“I’ve gone to restaurants in Morristown, I’ve shopped in Morristown and I’ve worked in Morristown,” says Matt. “Now I get to live in Morristown.”

While 40 Park has successfully attracted buyers in different stages of life, the reasons for choosing the luxury condominium building have very little variation.

“It’s the appeal of the lifestyle,” notes Debra Tantleff, a Vice President at Roseland Property Company, which is developing 40 Park with joint venture partner Woodmont Properties. “The building’s location allows residents to live a pedestrian-friendly way of life where they can walk to entertainment, parks, restaurants, bars, cultural destinations and public transportation; a desirable level of freedom that is further enhanced by 40 Park’s maintenance-free condominium living and exceptional amenities.”

A wide variety of one-, two- and three-bedroom homes are available at 40 Park, with prices starting from the mid-$500,000s to more than $1 million for the Signature Residences and from $1.3 million to $2.2 million for the penthouses. The penthouses will include extremely large private terraces of up to 1,800 square feet of desirable outdoor space.

Found throughout the homes, depending on the plan, are such upscale features and appointments as 9’ ceiling heights, cherry or walnut wood floors in living areas, spacious kitchens with granite countertops and Jenn-Air® stainless-steel appliances, polished marble floors and countertops with undermount sinks in the master and secondary baths, and balconies with decorative railings and architectural bay windows.

Residents also enjoy a number of private recreational amenities located within the building including the elegantly-designed Park Center which features a lounge area with a fireplace, big screen TV, billiards table and a catering kitchen. There’s also a fitness center with state-of-the-art cardiovascular and weight-training equipment.

Private, secured parking is provided for the residents, while 55,000 square feet of high-end, boutique retailers and restaurants will complement the downtown, pedestrian-friendly setting.

For more information on 40 Park, please call 973-359-0010, or visit the website at The community’s Sales Center is open seven days a week from 10 a.m. to 6 p.m. and is located at 20 South Street, Morristown, NJ 07960.



Creek Run at Woolwich features 39 sprawling homesites and five different single-family designs in scenic Gloucester County

Creek Run at Woolwich features 39 sprawling homesites and five different single-family designs in scenic Gloucester County

WOOLWICH, N.J. – While location, location, location has long been the universal rule in assessing the overall appeal of a home, value, value, value might better characterize what buyers are searching for in today’s marketplace.

At Lennar’s Creek Run at Woolwich, both axioms hold true as attractive preview pricing, upscale standard features, sprawling homesites and a dynamic location just 30-40 minutes from Wilmington and Philadelphia has quickly caught the attention of discriminating buyers.

Three single-family homes have already been sold at the new community, which features 39 oversized homesites nestled within a picturesque residential landscape in the Gloucester County Township of Woolwich.

The distinctive designs are currently priced from the high-$200s and feature the kind of luxury amenities and finishes that have attracted thousands of discerning buyers to other Lennar communities throughout New Jersey, according to the national homebuilder.

“Homes of this caliber in this type of location at these prices simply didn’t exist until recently,” notes Don Bompensa, President of Lennar’s New Jersey Division. “These are historic times creating remarkable opportunities, and buyers are responding. It’s also a time when trust and confidence in a builder have never been more important. Our customers clearly appreciate the peace of mind that comes with working with a national home builder that has been in business for 55 years, knowing that we’ll be here for them from contract to closing and beyond.”

Much of Woolwich’s appeal stems from its unique ability to offer the advantages and amenities of a cosmopolitan environment while providing an expansive country setting. Township officials have been praised for their commitment to achieving a balance between preservation and growth. Their vision for enhancing the quality of life for residents in a vibrant community where you can live, shop, work and recreate while still enjoying the picturesque vistas of preserved farmland has attracted scores of new people to the area.

Lennar has also embraced that vision, creating an intimate new neighborhood of homes that fits in perfectly within the Township at prices that had all but disappeared in New Jersey.

Creek Run at Woolwich features five different home designs — including some with walk-out basements – ranging from 2,070 to 3,719 square feet of magnificent living space on scenic homesites from one to more than four acres.

While preview priced from just the high-$200s, the homes include a wide variety of designer finishes and upgrades at no extra cost. Found throughout the four-bedroom homes are such standard features as two-car garages, two-story entry foyers, nine-foot first-floor ceilings, and designer kitchens with 42” cabinets and granite countertops. Well-appointed secondary baths boast decorator vanity cabinets with cultured marble countertops, while luxurious master bedroom suites feature raised ceiling heights and luxurious master baths with separate Roman-style platform tubs and glass shower enclosures.

“Buyers are really shocked when they see just how much they can get for their money at Creek Run at Woolwich,” Mr. Bompensa points out. “It’s an opportunity to enjoy exceptional value and enduring appeal.”

For more information on Creek Run at Woolwich, please call 877-205-1760 or visit The community’s Welcome Home Center is open Tuesday, Wednesday, Saturday & Sunday from 10 a.m. to 6 p.m., and on Monday by appointment.

To visit the Welcome Home Center, which is located at 1 Meadowlark Drive, Woolwich Township, NJ, take 295 South to Exit 10. Make a left onto Center Square Road and proceed 2 ½ miles to Auburn Road. Turn right on Auburn Rd. and proceed 2.3 miles to the entrance on your right.

From the NJ Turnpike, take Exit 2 (Rt. 322 West). Proceed 1 mile to Kings Highway and turn left. Travel 1.2 miles to fork in road and bear right onto Auburn Rd. The entrance is 2.3 miles up on the right side.

Lennar is the second largest homebuilder in the nation, delivering 49,000 homes in 2006. The corporation was recognized as Fortune Magazine’s “Most Admired Homebuilding Company in America” in 2003 and 2004.



More than 125 prospective buyers turned out at Greenbriar Stonebridge for Lennar's Homebuyer Seminar

More than 125 prospective buyers turned out at Greenbriar Stonebridge for Lennar's Homebuyer Seminar

FREEHOLD, N.J. – In a scene hardly reflecting the current state of the real estate industry, more than 125 prospective buyers turned out last weekend for Lennar’s Homebuyer Seminar to participate in a forum on how to turn today’s historic conditions into the opportunity of a lifetime.

The crowd of people gathered in the 42,000 square-foot clubhouse at Lennar’s Greenbriar Stonebridge active adult community in Monroe Township to hear industry professionals Barry D. Rothenberg, Senior Vice President – Wealth Management for Smith Barney; Michael Borodinsky of JP Morgan Chase and Renee DePinto, (ASP) Accredited Staging Professional, discuss financial planning, available mortgage programs and the art of staging an existing home for sale to make a better impression on potential buyers.

“It was a remarkable turn-out that spoke volumes about the continued interest in purchasing a new home today,” notes Don Bompensa, President of Lennar’s New Jersey Division.

“We’re all acutely aware of the difficulties in today’s marketplace, but those difficulties have created a historically advantageous environment for buyers who have the desire and where-with-all to move forward with a new home purchase. And while the newspaper headlines continue to harp on the negative aspects of the market, the reality is there are sales being made. In fact, Lennar sold 24 homes at our New Jersey communities in the month of February alone. It was that level of activity that prompted us to host this seminar, not to sell Lennar homes, but to demonstrate to buyers that banks are in fact lending money to qualified applicants and that extraordinary opportunities and value are out there for the taking.”

While attendees came for insightful information related to purchasing a home in today’s climate, they were also able to experience the magnificent clubhouse at Greenbriar Stonebridge — the largest recreational clubhouse in an active adult community in the state – which features a grand ballroom, a theater room, billiards room, state-of-the-art fitness center, indoor swimming pool, a two-story great room, card room, computer center and meeting rooms. Outside, residents will enjoy a resort-style pool and expansive sun deck and tennis courts. The community offers 946 single-family residences ranging in size from 1,385 to 3,130 square feet of living space priced from the $300s.

Lennar is also developing Greenbriar Oceanire, an active adult community in Waretown that features single family homes priced from the $300s, a 38,000 square-foot clubhouse and an 18-hole championship golf course; Greenbriar Fox Ridge, an active adult community in Rockaway Township featuring 336 luxury condominium homes priced from the $200s and a 16,000 square-foot clubhouse that is currently under construction; Centreplace at Edison, a community of garden home condominiums priced from just $263,950; Cedar Point, luxury single family homes priced from the low $300s in Mays Landing; and Creek Run at Woolwich, a new community of 39 spacious single family homes on one-to-four-plus acre homesites priced from the high $300s in a residential setting that’s just 30-40 minutes from Wilmington and Philadelphia.

For more information on all of Lennar’s communities, visit

Lennar is the second largest homebuilder in the nation, delivering 49,000 homes in 2006. The corporation was recognized as Fortune Magazine’s “Most Admired Homebuilding Company in America” in 2003 and 2004.

Press Contact:
George M. Cahn
CAHN Communications


Galerie 515, Hotel & Condominium Residences, a striking new building soon to rise at the corner of 9th Avenue and 39th Street in a vibrant midtown Manhattan neighborhood.

Galerie 515, Hotel & Condominium Residences, a striking new building soon to rise at the corner of 9th Avenue and 39th Street in a vibrant midtown Manhattan neighborhood.

NEW YORK, NY –Assa Properties has officially opened the doors to an offsite sales office for Galerie 515, Hotel & Condominium Residences, a striking new building soon to rise at the corner of 9th Avenue and 39th Street in a vibrant midtown Manhattan neighborhood.

Located on the third floor at 630 9th Avenue, the new boutique sales office dramatically showcases Galerie 515’s spectacular residences, exceptional amenities and signature lifestyle elements.

Designed by Costas Kondylis in collaboration with Assa Properties’ award-winning development team, the sleek Galerie 515 will feature 92 elegant condominium residences complemented by a 24-hour doorman and Concierge, valet parking, state-of-the-art fitness center, and a Rooftop Sky Lounge offering stunning views, wet bar, Jacuzzi whirlpool and a barbeque area.

Residents can also avail themselves of exclusive hotel amenities and services including 24-hour in-room dining, housekeeping, business services, spa services by Cornelia Day Resort, and a premier restaurant.

The hotel will be operated by West Paces Hotel Group which is managed by a number of former Ritz-Carlton Hotel Company executives including its founder, Horst Schulze, the former President and CEO of the Ritz-Carlton Hotel Company.

“Galerie 515 combines innovative design, urban sophistication and an amenity-rich lifestyle,” states Solly Assa, a principal of the firm that bears his name.

“Residents of Galerie will enjoy the best of all worlds — living in the heart of this vibrant, energetic, evolving Manhattan neighborhood while enjoying the ease, convenience and special services that are afforded by the chic hotel in the building.”

Pre-construction priced from the high-$700,000s, the stylish studio, one- and two-bedroom residences were designed to ensure a complete luxury experience with a Manhattan flare. The residences feature dramatic finishes and appointments throughout. From the wide strip walnut hardwood flooring to the elegant stainless steel hardware, no detail has been overlooked.

When not ordering room service, residents will enjoy the homes’ gourmet kitchens which provide the ideal space for dining and entertaining with a unique combination of walnut and white high gloss cabinetry, white caeserstone quartz countertops with glass tile backsplashes, stylish stainless steel undermounted sinks and premium appliances including Liebherr, Miele and Fisher & Paykel. Sumptuous master baths are adorned with exquisite white marble floors and white high gloss Italian wall tile surfaces, Balsatina stone vanity counters, a double shower and quality fixtures.

“Galerie 515 adds a new dimension to an area that is rich in cultural heritage and is enjoying exciting new growth and change,” notes Jacqueline Urgo, President of The Marketing Directors, Inc., the building’s marketing and exclusive sales agent.

“Close to the Hudson River Promenade and vibrant Times Square/Theater District, the location allows residents to enjoy the best of many worlds.”

For more information on Galerie 515 Hotel & Condominium Residences and to schedule a private appointment, call (212) 465-1515 or visit The offsite Boutique Sales Center is located at 630 9th Avenue, Suite 302, New York, NY, 10036.


%d bloggers like this: