Despite harsh economic times, officials and developers cut the ribbon for the tallest residential building in New Jersey on Thursday, and now all it needs are new Jersey City residents to fill its 524 apartments on the Hudson River.
“Winter of 2008 was the start of the real estate depression,” said Carl Goldberg, a partner at Roseland Property Company, before the ceremony last week. “There was no capital for investment. But seven banks gathered and invested in the future of this project. And today, it stands as a herculean endeavor It was an amazing vision back in December.”
“Our administration tries to be business-friendly for investors.” – Jerramiah Healy
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The $240 million project, according to Goldberg, created $100 million in salaries for 400 union workers.
“This was an economic stimulus which created income for workers providing for their families by paying mortgages and college tuition,” Goldberg said. “It [also] gave Jersey City a tax ratable.”
The building was developed by three partners: Roseland Property Company, Hartz Mountain Industries, and Garden State Development.
They are currently seeking tenants to fill the remaining 70 percent of the buildings.
The building features waterfront views of Manhattan and accessibility to the PATH and Light Rail trains. It’s located near historic Harsimus Cove in downtown Jersey City.
“We wanted to offer a flavor of something different with Monaco for people who work in lower Manhattan,” said Peter Mangin, the president of Garden State Development, Inc. “It’s a great place to live and to commute from.”
The two-towers are situated on 2.5 acres of land.
“Building the Monaco was difficult and tenuous, because the capital market dried up in 2008,” Emanuel Stern, president and chief operating officer of Hartz Mountain Industries, said.
In the last few years, many developers have decided to include apartments rather than condos in their residential buildings for people who are wary of home buying in this economy.
Mayor Jerremiah Healy praised the project.
“Our administration tries to be business-friendly for investors who want to invest in Jersey City’s growth,” Healy said. “It’s important.”