St. Vincent's To Lease 65 Apartments

JERSEY CITY-St. Vincent Catholic Medical Centers, the umbrella organization for several healthcare facilities, has signed a 15-year lease with SK Properties for 65 luxury rental residences at the 30-story Grove Pointe in Downtown. The total value of the transaction came in at $34 million.

The deal was orchestrated by Jaime Weiss and Matthew Weiss of Weiss Realty, Moonachie. The units will be occupied by resident and intern physicians, nurses and other hospital personnel, according to Jonathan Kushner, a principal of the Bridgewater-based SK Properties.

“One of St. Vincent’s buildings will no longer serve as housing for physician resident and interns, and they recently undertook a search to find conveniently located options for the physician residents and other staff who work at St. Vincent’s Hospital in Greenwich Village,” Kushner says. “Unable to locate a sufficient amount of available product in Manhattan that was close to the facility, they began an investigation to see if there was a viable alternative in Jersey City that is easily accessible to the Manhattan hospital.”

Weiss notes that “the analysis was undertaken to form an opinion of the proposed rentals and their market comparative relationship. Grove Pointe had the right number of one- and two-bedroom apartments available and a convenient location at the PATH, only 12 minutes from the hospital’s Downtown Manhattan location. That was of paramount importance to St. Vincent’s.”

“We were pleased to find an adequate number of residential units to meet our needs,” says James Woods, SVP of real estate services at St. Vincent’s. “Not only are the units new, but Grove Pointe is also a short commute to the hospital.”

SK started work on Grove Pointe in 2005 and opened the building this past summer. With the St. Vincent’s deal, almost 90% of the building’s 458 units are now leased, according to Kushner. The building also includes 20,000 sf of ground-floor retail that includes Starbucks, a Duane Reade pharmacy and a Valley National Bank branch.