Twenty50 at 2050 Central Road in Fort Lee — Courtesy: JLL
By Joshua Burd
The owner of a 194-unit luxury apartment building in Fort Lee is seeking a buyer for the property, giving investors a chance to own a piece of the booming Gold Coast rental market.
Brokers with JLL say the complex, located 2050 Central Road, is 97.4 percent occupied and includes an equal mix of one- and two- bedroom units. The building known as Twenty50 also benefits from its proximity to bus and ferry services and panoramic views of the Manhattan skyline and George Washington Bridge, as well as amenities such as a fitness center, a business café, a library with a fireplace and a heated pool with a landscaped terrace, among others.
It also has structured parking with 224 spaces.
“Twenty50 offers a unique opportunity to acquire a best-in-class multi-housing community in a transit-oriented location along the highly desired Hudson waterfront,” JLL wrote about the building, which was built in 2013 and has been institutionally owned and operated from inception. What’s more, the firm said, Fort Lee has seen rents grow 5.1 percent year over year since 2021 while maintaining 4.1 percent vacancy.
JLL’s Jose Cruz, Steve Simonelli, Mike Oliver, Elizabeth DeVesty and Austin Pierce are leading the offering with support from Gerard Quinn and Thomas E. Didio Jr. of the firm’s financing team. Aside from the building’s amenities, they said, residents also have access to a highly ranked education system, plus a 9.5 percent rental discount to luxury communities in nearby Edgewater, Weehawken, Hoboken and Jersey City.
Nearly half of all Fort Lee residents are renters who boast an average household income of $140,000, JLL added. Within a one-mile radius of the property, 64 percent of residents are white-collar professionals and 66 percent have a bachelor’s degree or higher.
