Multifamily development in the Northeast is going strong, according area developers. Factors such as a diverse economy, a continued demand for waterfront housing and an influx of baby boomers looking for an urban lifestyle have helped to keep the market steady. Northeast Real Estate Business recently spoke with five developers in the Northeast about their companies’ newest projects and the multifamily market in their region.

The Corinthian
Bala Cynwyd, Pennsylvania

The Corinthian is a six-story, $100 million luxury condominium development in Bala Cynwyd, Pennsylvania.

The Corinthian is a six-story, $100 million luxury condominium development located in Bala Cynwyd, Pennsylvania. According to Chip Vaughan, president of Devon, Pennsylvania-based Vaughan & Sons Builders, this is the first new condominium to be built on Philadelphia’s historic Main Line in 18 years.

Each of the development’s 108 residences will range in size from 1,000 square feet to approximately 2,800 square feet, and will cost anywhere from $469,000 to $999,000. Amenities will include an exercise room with a concierge service that allows residents to call for a personal trainer. There will also be a private hotel suite in the lobby level available for guests of residents.

According to Vaughan, two large common gathering spaces have also been designed for residents. These areas will allow them to spend time with friends outside their own units. This concept was added, he says, after talking to others about what they’d like to see in a condominium and hearing this request over and over again.

In addition to six floors of living space, the development will have two additional floors: one level of underground parking and another level for the lobby, common spaces and additional parking. The Corinthian is currently under construction, and Vaughan expects the first move-in date to be in the last quarter of 2005. He says the development will be completed by the summer of 2006.

The Corinthian is a collaboration between Vaughan & Sons Builders and King of Prussia, Pennsylvania-based O’Neill Properties Group. The companies are jointly developing the property. Philadelphia-based Bower, Lewis and Thrower is serving as the architect, and Intech is the general contractor.

Vaughan says the multifamily market in the Philadelphia area has not been affected by the economic slump in recent years. “The economy in this area is very diverse, which allows our multifamily market to remain steady,” says Vaughan. “Our biggest problem is finding places to put multifamily product.”

Avalon Chrystie Place
New York City

AvalonBay Communities is developing Avalon Chrystie Place in New York City. The first phase will include 361 apartments and approximately 85,000 square feet of retail.

Alexandria, Virginia-based AvalonBay Communities is developing Avalon Chrystie Place in New York City. The apartment community is located in the Cooper Square Urban Renewal Area on Houston Street between Bowery and Chrystie streets. It’s conveniently situated at the intersection of four Manhattan neighborhoods: Greenwich Village, NoLita, the East Village and the Lower East Side. “This development is located in an area that’s been pretty vibrant over the last several years,” says Robert Paley, senior development director at AvalonBay Communities. “Young people today want to be in the East Village and Lower East Side, so it’s exciting for us because this is a great location.”

The first phase of Avalon Chrystie Place will include 361 apartment homes and approximately 85,000 square feet of retail space. According to Paley, amenities in this 14-story building will include an exercise room, resident lounge, billiards room and meeting room. Phase I will also include a 42,700-square-foot community center that will be jointly operated by the YMCA and University Settlement. It will include a 25-yard pool, gym and basketball court that will be open to the public and to residents.

Avalon Chrystie Place is currently under construction, and apartments are expected to be available in the third quarter of 2005, with construction complete by the fourth quarter. The New York State Common Retirement Fund is an investor in the project, and Arquitectonica is the design architect, working in conjunction with SLCE Architects.

According to Paley, the second phase of the development will include 205 apartments, and the third will have approximately 100 units. Both buildings are currently in the design phase.

Paley remains positive about the residential market in the area, noting that it has been steady throughout the past several years and continues to strengthen. “We’re very optimistic about the strength of the market and the acceptance of Avalon Chrystie Place when we start leasing in the middle of next year,” he says.

Maxwell Place on the Hudson
Hoboken, New Jersey

Pinnacle Ltd. and Toll Brothers are developing Maxwell Place on the Hudson, an 832-unit condominium project in Hoboken, New Jersey.

Pinnacle Ltd. and Toll Brothers are developing Maxwell Place on the Hudson, an 832-home luxury condominium community on the Hoboken, New Jersey, waterfront. Located on the Hudson River on the site of the former Maxwell House manufacturing facility, this all-new development will offer spectacular views of Manhattan, according to Mary Boorman, senior vice president of marketing and strategic planning at Pinnacle Ltd.

“One of the things that makes Maxwell Place on the Hudson unique is its spectacular view,” says Boorman. “It’s probably one of the last remaining waterfront sites on the New Jersey side of the Hudson River that is really exceptional. It’s simply a great location in a great town,” she says.

Maxwell Place on the Hudson will include a combination of high-rise and mid-rise buildings, approximately 1,500 parking spaces and more than 200,000 square feet of commercial space. It will include upscale amenities such as a 24-hour concierge, health club, roof garden, waterfront park, and pool and clubhouse for residents.

Boorman believes that the development’s location within the Hoboken community sets it apart. “Hoboken is a charming and thriving community with lots of restaurants and shops,” she says. She also notes that ferries into New York City are easily accessible from the project’s location. “It will be a great community for those commuting into New York for work, or for those who simply want to go to the theater or to restaurants in the city.”

Boorman says the company plans to commence construction on the first building at the end of this year. The first building will be 12 stories tall and will have 169 homes. The second building is planned to include approximately 400 homes. It will be five and seven stories tall with two, 12-story towers. She says two additional buildings are planned for the site, but the design has not been finalized.

“The market is extremely strong this year,” says Boorman. “I see it continuing in the future because there is considerable pent-up demand for homes in this area. Although we have not opened for sale, we have many people who have registered interest in this project. I believe that once we advertise, we’ll have a very strong response.”

The National at Old City
Philadelphia

Matrix Development Group and K. Hovnanian Companies are developing the first phase of National at Old City in Philadelphia. The first phase of the project will consist of 170 condominium homes and approximately 18,000 square feet of retail space.

The National at Old City, located in Philadelphia’s historic Old City section, is a mixed-use development that will sit on 2.5 acres of land and border the famous Elfreth’s Alley, which is the oldest occupied residential street in North America.

Phase I of the development, a joint venture between Matrix Development Group and K. Hovnanian Companies, is currently being constructed on the western portion of the former National Products site. The unique-shaped parcel covers over an acre on the west side of the 100 block of North Second Street. Phase II will be on the east side of the street. The architect for the project is Barton and Associates.

During the first phase, 170 condominium homes and approximately 18,000 square feet of ground-level retail space will be built, along with two levels of underground parking. This first phase will consist of two six-story buildings, one conversion of an existing building, a 10-story high-rise and about 30 stacked townhomes.

“We’re hoping that the first deliveries will be in approximately 1 year,” says Steve Patron, executive vice president at Matrix Development Group and partner in charge of The National at Old City. Patron says the company is tentatively planning to start the second phase next spring.

According to Patron, The National at Old City is located in a hip and very historic area with many art galleries, specialty shops and restaurants. “Everything a person could possibly want is here,” he says.

Patron is especially proud of the company’s cooperation with local civic and historic associations in the area. He says Matrix Development Group understood the importance of remaining sensitive to the surrounding historic area, which was something that the company knew would be vital in order for the development to succeed. “Others have tried to develop this site and failed,” says Patron. “We took the time to understand the different interest groups and the neighborhood. As a result, we got a wonderful in-fill project that deploys very good urban planning. It was a lot of work, but I would do it again in a heartbeat. It’s so rewarding to be part of something that is getting done with full community support.”

Wesley Grove at Asbury Park
Asbury Park, New Jersey

Kushner Companies is building Wesley Grove at Asbury Park. The project is part of the Oceanfront Asbury redevelopment in Asbury Park, New Jersey.

In Asbury Park, New Jersey’s Wesley Lake district, Kushner Companies is constructing Wesley Grove at Asbury Park. The development will include 153 townhomes and condominiums as part of Phase I of the company’s involvement in the 56-acre, mixed-use Oceanfront Asbury waterfront redevelopment project. According to Jeffrey Freireich, vice chairman and managing partner at Florham Park, New Jersey-based Kushner Companies, the company will eventually construct a total of 750 residential housing units, to be allocated into four phases.

The condominium units in Phase I will average more than 1,250 square feet and offer walkout balconies with views of Wesley Lake and the oceanfront. According to Freireich, the development will include underground parking and should be completed in 12 to 18 months. The architectural firm of Minno & Wasko of Lambertville, New Jersey, designed the first phase of this development.

Asbury Park is the perfect location for this redevelopment, says Freireich. Although the city was a popular coastal resort area for about 100 years, it fell into disrepair in the late 1960s and early 1970s. The city, which is located between several successful coastal towns, is now experiencing a revival. “It’s a location that’s recently been discovered by a lot of people,” says Freireich. “It’s a great place to be. It simply needs a little bit of work, and that’s happening now.”

Freireich says he has no doubt that the area will blossom and that this redevelopment will be a success story. “Considering the pent-up demand for waterfront housing in the area, I don’t think it could be anything but successful,” he says.

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