HOBOKEN, NJ—Construction of a seven-story, 46-unit rental building in downtown Hoboken by The Daten Group is being financed with a $15 million construction loan by First Niagara Bank.
“Our new Hoboken building will set a new standard for luxury residential products by providing the finishes and services on par with top rental buildings in Manhattan,” says Daten Group president David Ennis. “These high-end units will meet the needs of young, affluent professionals seeking a more upscale living experience while offering a significant price discount relative to Manhattan.”
The project, at 600 Harrison Street, is being built on an empty lot between 6th and 7th Streets. Designed by Nastasi Architects, the property will feature modern finishes and amenities that include a virtual doorman for enhanced security, spacious layouts with washer-dryer in each apartment, a private gym, outdoor recreation space and 32-spot parking garage.
Construction is estimated to take about 18 months. This is the Daten Group's fourth suburban building to be built under the Vibe Living lifestyle brand. Daten Group, a New York-based development company, also has three new rental buildings in downtown White Plains, NY.
“First Niagara was excited to work with The Daten Group to create additional quality rental housing to this area of Hoboken,” says Tracey Dembicer, first vice president, commercial real estate for the bank. “We partnered with The Daten Group previously, and have seen the value add their projects bring to the community.”
According to Ennis, rental prices on the units will range from $2,900 a month for a one-bedroom, one bath, to $4,950 a month for a three bedroom, two-bath apartment. It will also feature five units of affordable housing in accordance with New Jersey State guidelines for Hoboken.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
