The view from Solaia, a new 70-unit luxury condominium building along the Hudson River in North Bergen — Courtesy: Skyline Development Group
By Joshua Burd
Skyline Development Group has rolled out new financing programs for prospective buyers at Solaia, its upscale condominium tower along the Hudson River in North Bergen.
The developer, which welcomed its first residents to the building in 2021, has arranged a limited-time mortgage buydown at the property that includes 2 percent off interest rates in the first year of homeownership and 1 percent off the market rate in year two, according to a news release. It has also secured a $1,500 lender credit that can be applied toward closing costs for purchasers who finance with the building’s preferred lender, NJ Lenders Corp., while noting that North Bergen has one of the lowest real estate tax rates in Hudson County.
Located at 8701 Churchill Road, Solaia is home to 70 condos offering one to three bedrooms.
“We’ve discovered there are many condominium buyers on the fence about purchasing due to uncertainty with interest rates,” said Louis Mont, Skyline Development’s CEO. “The mortgage buydown program was introduced to ease their concerns and reduce monthly costs. The lender credit provides an additional cost benefit to lessen the money needed at the time of closing.
“Together, these incentives create both immediate and long-term savings. This program also allows purchasers to have a fixed rate they can rely upon in the future or the option to refinance if rates come down.”
The Marketing Directors is the sales and marketing agent for Solaia, where homes are priced from $699,000 to $1.5 million, the news release said. The 15-story building offers residents a location overlooking the Hudson River and views of the Manhattan skyline, along with 10,000 square feet of amenity space such as a three-story wellness center with high-end fitness equipment, boxing and a series of spa-style amenities.
Solaia also features a roof deck with an outdoor kitchen, a dining area, fire pits and couches, along with a co-working space with a private conference room and an owner’s lounge featuring a fireplace, billiards, a catering kitchen and a dining area.
“Despite challenges in the much of the for-sale market, Solaia continues to record sales,” said Jaqueline Urgo, president of The Marketing Directors. “Its acceptance by homebuyers no matter the circumstances proves its popularity and speaks volumes about its ability to deliver a high level of value, quality and luxury to the customer base. We believe the appeal of Solaia will grow even stronger with the introduction of these new programs.”
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