Chi­nese firm starts $350 mil­lion condo project in NJ

China Daily (USA) - - ACROSS AMERICA - By PAUL WELITZKIN in New York paulwelitzkin@chi­nadai­lyusa.com

Look­ing to cap­i­tal­ize on the ris­ing de­mand for hous­ing in Jersey City, New Jersey, the real es­tate arm of China Con­struc­tion Amer­ica broke ground on Thurs­day on a $350 mil­lion project.

Called Park and Shore, the lux­ury con­do­minium de­vel­op­ment in Jersey City’s trendy New­port neigh­bor­hood will con­sist of two build­ings.

“Jersey City is re­ally a re­flec­tion of the New York metro mar­ket that fea­tures strong job and real es­tate growth,” said Phillip Ge­sue, chief de­vel­op­ment of­fi­cer for China Con­struc­tion’s real es­tate op­er­a­tions. “Not only do we an­tic­i­pate in­ter­est from mil­len­ni­als and those who work in New York City, but also from sub­ur­ban New Jersey res­i­dents such as empty nesters from Ber­gen County.”

With lofty real es­tate prices in the Brook­lyn and Man­hat­tan bor­oughs of New York City, Jersey City – a 10-minute train ride from the World Trade Cen­ter Trans­porta­tion Hub in Man­hat­tan – looks like a bar­gain.

“Our units will price at a 30 per­cent dis­count to Brook­lyn and a 100 per­cent dis­count to Man­hat­tan,” Ge­sue said.

Lo­cated across the Hudson River from Lower Man­hat­tan, Jersey City is one of the fastest-grow­ing met­ro­pol­i­tan ar­eas in New Jersey and on track to sur­pass Ne­wark as the state’s largest city. Jersey City is in the midst of a build­ing boom, reg­is­ter­ing the high­est num­ber of res­i­den­tial per­mits in the state in 2015.

The two-build­ing Park and Shore de­vel­op­ment is sit­u­ated on ad­ja­cent blocks in the New­port sec­tion. The 75 Park Lane build­ing will in­clude 358 stu­dio, one-, two- and three-bed­room res­i­dences and pen­t­houses. At 37 sto­ries, the views of the Hudson River and Man­hat­tan sky­line will be a defin­ing fea­ture of the project.

The sec­ond build­ing, called the Shore House, is lo­cated across but ad­ja­cent to 75 Park Lane. It will fea­ture 71 one­and two-bed­room res­i­dences de­signed in the in­dus­trial lux­ury style of de­vel­op­ments found in Man­hat­tan’s Tribeca neigh­bor­hood. One-bed­room units for both will be­gin at $650,000.

Ge­sue said the com­pany hopes to com­plete the Shore House in the win­ter of 2018 and 75 Park Lane in the sum­mer of 2019.

Jersey City Mayor Steve Fu­lop, who par­tic­i­pated in the cer­e­mony, is par­tic­u­larly pleased that this is a condo project.

“We like to see projects that en­cour­age home-own­er­ship in Jersey City,” he said.

Es­tab­lished in 1985, New Jersey-based China Con­struc­tion Amer­ica is the North Amer­i­can and South Amer­i­can sub­sidiary of China State Con­struc­tion Engi­neer­ing Corp Ltd.

CALVIN ZHOU / CHINA DAILY

From left: Phillip Ge­sue, head of real es­tate for China Con­struc­tion Amer­ica; Ning Yuan, CEO of China Con­struc­tion Amer­ica; Jersey City Mayor Steven Fu­lop; Richard Wood, CEO and pres­i­dent of China Con­struc­tion Amer­ica unit Plaza Con­struc­tion; and Zhang Lin­sen, vice-pres­i­dent and CFO of China Con­struc­tion Amer­ica par­tic­i­pate in Thurs­day’s cer­e­mony for China Con­struc­tion’s $350 mil­lion lux­ury con­do­minium project in Jersey City.

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