Infinity Edgewater at 340 Old River Road in Edgewater — Courtesy: JLL
By Joshua Burd
The owner of a 100-unit luxury apartment building in Edgewater is seeking a buyer for the property, under a newly announced offering by JLL’s New Jersey capital markets team.
Located at 340 Old River Road, the five-story complex is projected to draw offers around $55 million. The brokerage team cited the building’s condominium-level construction, amenities and a location along the Hudson River, along with its proximity to the borough’s sprawling retail corridor and its quick access to Manhattan’s growing West Side.
JLL also said the seven-year-old property, known as Infinity Edgewater, “offers upside potential” for a buyer willing to upgrade its lighting, flooring and in-home technology.
“Given the property’s proximity to Manhattan and affordability relative to local comparables, as well as Class A product in neighboring Hudson Gold Coast communities, Infinity Edgewater offers the potential to capture premium rents for the foreseeable future,” JLL wrote in its offering materials. The firm noted that the building includes a mix of upscale one- and two-bedroom homes, along with amenities such as a fitness center with a steam room and showers, a resident lounge, outdoor grilling stations and covered parking.
The property also includes 5,458 square feet of street-level retail space and is steps from direct bus service to Midtown Manhattan, within a five-minute drive of the Edgewater ferry terminal and a 10-minute drive from both the Lincoln Tunnel and George Washington Bridge. Serving an affluent population, the property is surrounded by 1.1 million square feet of retail within a one-mile radius, including the likes of Whole Foods, Trader Joe’s and Target.
The JLL marketing team includes Jose Cruz, Michael Oliver, J.B. Bruno, Kevin O’Hearn, Steve Simonelli and Jordan Altman, along with Matthew Pizzolato from the firm’s debt and equity placement group.