(To read more on the multifamily market, click here.)
JERSEY CITY-It already contains more than 16 million sf ofmixed-use space on several hundred acres along this city'swaterfront, but Newport, as the planned community is called, isabout to get a bigger. Plans have been unveiled for four newhigh-rise towers that will add more than 900 residences and a429-key hotel to the mix.
"Two decades ago we stood on this site and promised to transformabandoned rail yards, terminals and river piers into a showcase ofretail, residential, office and leisure facilities," said RichardLeFrak, chairman and president of the Lefrak Organization,yesterday at the groundbreaking for two of the four new towers.LeFrak's late father Sam and partners Melvin and Herbert Simon ofMelvin Simon & Associates initiated the Newport project in June1986.
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