We often hear about developers being locked in the “amenities arms race” when it comes to new luxury apartment buildings. New Jersey is certainly part of this discussion: With the surge in new construction around the Gold Coast and other submarkets, it takes far more than a few treadmills and a pool to appeal to renters who are shelling out thousands of dollars each month.
It’s why we’ve seen the rise of new amenities such as pet spas, on-demand fitness instruction, bowling lanes and other features that tenants never knew they needed. But the Garden State is in the early stages of something entirely different — developers seeking to tap into the so-called sharing economy as another way to help their buildings stand out.
We take a good look at that strategy in this month’s cover story, “New Age Amenities,” by talking to the developers behind what are perhaps the two biggest examples in the state thus far. In Jersey City, the joint venture behind a new 69-story apartment tower has partnered with Airbnb via the home-sharing giant’s new Friendly Buildings Program. The other developer, Capodagli Property Co., is nearly a year into a partnership with Uber, in which it provides new lease signers with credit to put toward trips through the ride-hailing app.
As you’ll see in our story, they are two decidedly different partnerships with different benefits to the landlords. But they have this in common: These New Jersey developers are embracing sharing platforms that are increasingly favored by young renters, which can only help the appeal of their properties going forward.
I’m eager to see if other landlords follow suit and if other platforms find their way into the commercial real estate landscape. In the meantime, I encourage you to read all about it in our September issue. You should also check out the other stories we have to offer this month, including a profile of a developer’s rather impressive work in East Orange.
The firm, Blackstone 360 LLC, has spent a decade transforming abandoned properties along one of the city’s main avenues into luxury apartments, helping to bring new renters to the neighborhood and encouraging other landlords to reinvest in their buildings.
We also feature an interview with Jack Morris and Joe Jingoli, two of the top players in New Jersey commercial real estate, who are partnering with Hard Rock International to redevelop and rebrand the former Trump Taj Mahal in Atlantic City. That project is well underway ahead of their plan to reopen the casino by next summer, but both Morris and Jingoli gave us an interesting take on how they hope to benefit more than just the city’s gaming industry.
You’ll find more on those stories and all of the other features we have in this month’s issue of Real Estate NJ.
We’re gearing up for a busy fall and will have much more news to share with you as the year winds down. In the meantime, thank you for reading. Don’t forget to visit us online at www.RE-NJ.com and sign up for The Briefing, our daily newsletter with all of the top industry headlines and deals. As always, we welcome any of your feedback, questions or story ideas. Enjoy the issue!