Lefrak's Jersey City tower in Newport is fully rented

Real Estate Weekly, Oct 18, 2000

The success of the fully-rented Southampton, a residential tower built by the Lefrak Organization, reflects the continued extraordinary triumph of Newport -- the 600-acre $10-billion multi-use community on the Jersey City Hudson River waterfront.

A microcosm of what is occurring on New Jersey's "Gold Coast," the Southampton has become a magnet for young professions seeking large apartments, reasonable rents, easy access to Manhattan and a skyline view.

"Newport has become part of Manhattan's expanding residential and business core," said Richard LeFrak, president of the Lefrak Organization. "The community and the entire New Jersey Gold Coast are the addresses of choice -- not compromise -- for young professionals and their families."

"The Lefrak Organization's vision to transform Newport from a site of dilapidated rail yards to a prime residential and business destination literally sparked the revolution in waterfront development," says Sam LeFrak, chairman of the Lefrak Organization. "Newport spurred the transformation of Jersey City and is -- in many ways -- establishing itself as New York City's 'sixth borough.'"

To date, Newport's eight apartment buildings and one condominium are 99 percent occupied and are home to more than 12,000-residents.

Rents in the community range from $1,400 to $1,760 for one-bedroom apartments and $2,150 to $2,535 a month for two-bedroom, two-full-bath units. As part of the package, residents are also offered a full line of kitchen appliances including: dishwasher, frost-free refrigerator with icemaker, self-cleaning range and microwave oven with hood; plus smoke alarms and sprinklers; extra large closets; individually controlled heat and A/C; pre-wiring for cable TV; computer data transmission and T-1 accessibility options; and other deluxe features. Additional amenities include ample on-site parking, a health and fitness center, two on-site major supermarkets, and a waterfront esplanade.

Newport is seven minutes from the World Trade Center and 14 minutes from Penn Station via the PATH.