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Bergen-Lafayette, Jersey City
The Bergen-Lafayette neighborhood is a vibrant community located just West of Jersey City’s Paulus Hook and Exchange Place neighborhoods, adjacent to Liberty State Park. Bergen- Lafayette is one of the largest neighborhoods in Jersey City (in terms of land area) and is currently in a rejuvenating state of transformation, as new construction development is gradually replacing functionally obsolete older buildings.
In addition to the newest inventory coming to market, the Bergen- Lafayette section also offers timeless charm and character, through its well preserved mix of pre-war apartment buildings, historic row homes and large Victorian mansions.
Bergen-Lafayette is home to many green space areas, including, Lafayette Park, in the Eastern most section, sitting closest to, ‘Historic Downtown Jersey City’. It was designed in a ‘City Square’ style, similarly found in neighboring parks, such as ‘Van Vorst Park’, and ‘Hamilton Park’. Many years ago, Lafayette Park, was originally closer to the waterfront before extensive landfill was accomplished in the early twentieth century, expanding the city’s size and population all together. Berry Lane Park was also recently constructed within the neighborhood, and is the largest municipal park in Jersey City sitting on 17.5 acres. Much of the park contains great recreational space, with basketball courts, tennis courts, baseball fields, soccer fields, and a universal playground. The Bergen-Lafayette section offers a NYC commuter friendly, bang for buck option, right on Bergen-Lafayette’s main thoroughfare to cost conscious renters seeking housing near Downtown, Jersey City and New York City.
Economics Overview Jersey City, NJ
With a booming downtown and growing population, Jersey City is the second most populous town in New Jersey. It is an ideal location for tenants looking for easy commuting, given the immediate access to midtown (Hudson Yards) and lower Manhattan (Wall St). With the Hudson Waterfront being a significant discount to comparable office product across the river, its no wonder it continues to grow and grow, year over year.
The Goldman Sachs Tower, one of the most iconic buildings along the waterfront and second tallest building in New Jersey, is dedicated to Goldman Sach’s middle and back-end office employees and also houses Royal Bank of Canada and New York Life Investment offices. Commonly referred to as “Wall Street West”, Jersey City is home to a number of financial firms, including, Pershing, JP Morgan, Chase, Citi, Bank of America, and BNP Paribas. Grow NJ, founded in 2013 was an economic incentive program that uses tax credits to spur development and increase jobs. Companies were incentivized to stay in NJ or relocate to New Jersey, as they have the potential to receive over 110% of their capital invested via tax credits. Due to the Hudson Waterfront’s proximity to Manhattan, many companies have relocated to Hoboken and Jersey City to retain their talented workforce, as well as receive tax benefits that will enable them to invest and grow. Since the program started, the State has awarded more than $1.1Billion in tax grants to the Hudson Waterfront. Such companies are, Tory Burch. Thomas Reuters, Newell Brands, Ernst & Young, Forbes Media, Jet.com, Pearson Education, NICE Systems, Sony, John Wiley, & Sons and Marsh & McLennan.
EXECUTIVE SUMMARY
Approved Plans in place for (40) residential apartments, 6,100 square feet of retail commercial space, 22 parking spaces, a luxury green roof with rooftop decks and NYC views, 40 bicycle storage spaces, fitness facility, central lobby area, and private outdoor residence lounge area.
475 Communipaw offers a diverse mix of top of the line finishes in their one bedrooms, one bedrooms with den’s, two bedrooms, and two bedrooms with den’s.
Block: 17206 Lot: 12 Lot Size: 11,720 SF
Number of Apartments: 36 Market Rate Units 4 Affordable Units
Property Layout: 5 stories, 40 residential units over 1 ground level of retail commercial space and amenities with 22 parking spaces below
Rentable SF: 43,232 SF; 37,132 SF Residential 6,100 SF retail Commercial
Parking: 22 Garage Covered Parking Spaces
Floor Plans
