"We expect the Lincoln to be fully leased before its completion, following the pattern of every residential tower built in Newport," says Richard LeFrak, president of the Lefrak Organization. "Jersey City is becoming an address of choice for young professionals and their families."

He's optimistic because his company is already taking reservations and deposits, even though the property won't be ready before the end of the year. Located in the historic Hamilton Park section, the Lincoln is situated near the PATH and Hudson/Bergen Light Rail transit systems. Units are pre-wired for cable TV, computer data transmission and T-1 accessibility, and are priced from $1,280 to $2,380 a month.

"Based on the success of Newport," LeFrak concludes, "we believe that developments to the west of Newport will similarly meet the need for quality, affordable housing."