75 Park Lane in Jersey City — Courtesy: Strategic Capital
By Joshua Burd
The first residents have moved into a new luxury condominium tower in Jersey City’s landmark Newport section, marking a milestone for a high-profile redevelopment on the Hudson River.
Strategic Capital, the developer of what’s known as 75 Park Lane, announced last week that the building has commenced closings and initial occupancy. Offering 358 high-end homes and a long list of amenities, the 37-story structure is part of a larger development known as Park and Shore, which comprises two residential buildings with a total of 429 for-sale homes.
Remaining units at 75 Park Lane start at $835,000, the developer said, noting that The Marketing Directors is overseeing sales.
“With its distinguished design and exceptional amenity package, 75 Park Lane far surpasses anything that has been developed in New Jersey to date,” Phillip Gesue of Strategic Capital said in a prepared statement. “The development offers a rare opportunity to own a home in an amenity-rich high-rise along Jersey City’s waterfront, and its continued sales success illustrates the maturity of Jersey City as a luxury destination.”
Strategic Capital is the investment arm of China Construction America, part of a Chinese conglomerate with deep ties to commercial real estate. The company broke ground at Park and Shore in 2016, seeking to tap into the lack of condo construction in Jersey City’s surging multifamily residential market.
Designed by Woods Bagot, with Marchetto Higgins Stieve Architects serving as executive architect, 75 Park Lane is meant to give buyers the feel of a high-rise with balcony views and large amounts of natural light. Homes range in size from studios to three-bedroom units and penthouses, boasting upscale finishes, interiors and appliances.
Amenities include an Olympic-size indoor swimming pool, wine-tasting lounge with private dining room, putting green, children’s play area and co-working lounge, among other shared spaces. Residents also benefit from views of the New York skyline, the retail and dining offerings of the Newport neighborhood and the 4.25-acre park known as Newport Green.