BAYONNE – Castle Lanterra Properties of Suffern, N.Y., has completed the acquisition of the Alexan CityView complex for $147.5 million and has renamed it Harbor Pointe, Castle Lanterra officials announced on Monday, Oct. 26.
The 544-unit apartment community is situated on 7.4 acres along the waterfront in Bayonne at the Peninsula at Bayonne Harbor, the former Military Ocean Terminal.
Castle Lanterra owner Elie Rieder said he was interested in the development because it is “class A property.” The complex was built in 2010, and currently has 91-percent occupancy.
Earlier this year, the complex was hit with 14 burglaries. A suspect has been arrested in connection with those crimes.
The Alexan CityView was the initial development on the Peninsula, a 420-acre manmade tract that formerly housed operations of the U.S. Army and Navy.
Rieder said plans for the site include “upgrading amenities and focusing on management practices, specifically customer service and online marketing.”
“The peninsula is the only location along the [Hudson County] Gold Coast that still has vacant land that is also master-planned, without the need to re-purpose any other land for construction,” said Benjamin Loney, Castle Lanterra head of acquisitions.
“The surrounding area features a number of opportunities for growth, and we are in discussions with landowners of neighboring parcels to either joint venture with them on putting together combined amenities when they start to build, or to purchase their land to expand what we are able to offer our residents,” Loney added.
“The city is excited that a company with the stature of Castle Lanterra is willing to invest capital here,” said Bayonne City Administrator Joseph DeMarco. “Like the mayor and City Council, Castle Lanterra, under the leadership of Elie Rieder, sees the potential for future growth.”
“Bayonne is on the upswing in terms of new development and attracting new residents and businesses, and we see this particular investment as an extremely positive indicator,” DeMarco said. “Investors and developers are willing to put their trust in the city of Bayonne, and Castle Lanterra is going to be an important part of that transformation.”
“The area is experiencing strong economic growth and will benefit from future development,” Rieder added.
Harbor Pointe is a half-mile from the Hudson-Bergen Light Rail, which provides access to Jersey City, Hoboken, and Manhattan, via the PATH train system. Harbor Pointe is 15 minutes from downtown Jersey City.