Gold rush Newport demand has developers building ahead of schedule

Potential renters are gobbling up apartments in Newport at a rapid pace – and the demand is so high that they’re paying to apply for units that haven’t even been built yet. On Jan. 6, it was announced that the Lefrak Organization, one of the state’s leading residential developers, would begin accepting $300 applications from renters wishing to reserve an apartment in the Southampton residential tower, which is still being built. “The rapid pace of construction and rental activity reflects the continued successful leasing of Newport’s residential buildings,” said Richard LeFrak, president of the Lefrak Organization. The fourth and final building in the Towers of America complex, the 409-unit Southampton tower is still under construction, making the reservations an uncommon practice. Generally, according to a Lefrak spokesman, “You don’t see people buy or put down money for something that’s not there yet.” The reason for this, developers say, is that Newport has become a very popular place for apartment-hunters to seek residence. “Newport offers tremendous value with a wealth of amenities and resources,” said Samuel LeFrak, chairman of the Lefrak Organization. “People who work in New York City are discovering that it is faster to get to downtown and midtown from Newport than from many neighborhoods within Manhattan. It is only seven minutes from the World Trade Center and 14 minutes from Penn Station via the PATH, for only a fare of one dollar. This, combined with Newport’s child care center, restaurants, recreational and entertainment facilities, are attractive options to young professionals who work in New York and in the region.” In November, Adam Chianio, a resident of the East Hampton building within the Towers of America complex, came to Jersey City with a bit of reluctance, he said. “To be honest, my fianc

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