By Joshua Burd
A joint venture has claimed a piece of the iconic Port Imperial district, buying a 301-unit luxury rental property in West New York in a deal reportedly valued at more than $125 million.
The firms, P3 Properties and Greyhill Group, picked up two 11-story buildings along the Hudson waterfront as part of the transaction at 24a Ave at Port Imperial. That comes with the potential to add value through ongoing renovations of the 25-year-old property, which is 100 percent market-rate and includes 270,040 square feet of leasable residential space.
A report by TradedNJ said Newmark’s Adam Spies, Adam Doneger, Gene Pride and Michael Collins represented the seller, PGIM, in the $125.25 million deal. The firm’s Jordan Roeschlaub, Christopher Kramer and Samuel Speciale sourced a $98.525 million acquisition loan for what’s known as Riverbend at Port Imperial.
“The location in and of itself is something that is just going to drive value over time,” said Harvey Rosenblatt, CEO of P3 Properties, citing its proximity to New York Waterway ferry service and presence within the 200-acre, master-planned community. But the new ownership team plans to enhance the asset by “modernizing it and bringing it up to date.”
Amenities at Riverbend at Port Imperial include a fitness center, a clubhouse with a full indoor basketball court and an outdoor pool and sun deck, among others. Residents, meantime, are minutes from a long list of recreation, retail and dining options along River Road and in New York City, which they can quickly access via multiple mass transit options.
Developed over multiple decades, Port Imperial is home to more than 7,500 rental and for-sale apartments and townhomes, 150,000 square feet of retail space, two Marriott hotels and two public garages. It also boasts more than 20 acres of public space, including parks, sports fields, outdoor retail plazas and a two-mile riverfront walkway.
