FORT LEE, NJ-The Hudson River shoreline from the shadows of the George Washington Bridge here to Hudson County is dotted with cranes thanks to a marked pickup in multifamily construction.
Developers and brokers maintain that the New Jersey market is benefitting from demand that cannot be satisfied in Manhattan as well as an increase in people who are looking to rent rather than purchase.
Edgewater builder Fred Daibes says there could be an oversupply of apartments on the waterfront within a few years, according to The Record.
"That's the cycle — nobody builds at all, and then everybody jumps in and starts building at the same time," Daibes says. His company expects to complete construction later this year on the Alexander, a 300-unit, 11-story building on River Road in Edgewater.
"Our fate is tied to Manhattan," says Henry Waller, vice president of Toll Brothers City Living, which is constructing the third of four planned condo buildings at the Maxwell Place development in northern Hoboken.
Carl Goldberg, co-president of Roseland Property, says the New Jersey waterfront is "functioning the way the Brooklyn and Queens waterfronts are functioning” and is attractive to those who are priced out of the Manhattan rental and condominium markets. See story in The Record.
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