The Palisades for a steal

Real Estate Weekly, Nov 19, 2003

Rockwood Realty Associates, L.L.C. has been retained by The Palisades A/V Company LLC on an exclusive basis to arrange the sale of The Palisades, a new luxury high-rise residential community in Fort Lee.

The Palisades is one of New Jersey's newest and most prestigious high-rise apartment communities. Completed in 2002, The Palisades is located one-half mile south of the George Washington Bridge, offering residents breathtaking views of the New York City skyline and the southern Hudson River valley.

The distinctive glass and brick tower was designed by the highly renowned architect Costas Kondylis.

The 41-story Palisades consists of 538 apartment homes, with 438 apartments in the main tower, 80 apartments in the mid-rise building and 20 townhomes on the 12th floor plaza level.

Features nclude 24-hour concierge service, heated swimming pool and hot tub, fully-equipped fitness center, euro-style kitchens, marble master baths, full-size in residence washers and dryers, wall-to-wall windows, shuttle service to the Manhattan ferry and a 1,008 parking space garage.

The residences at The Palisades average 1,170 s/f.

Dan McNulty, President of Rockwood, anticipates strong investor interest from both apartment buyers and condominium converters.

"The Palisades is the only high-rise rental community in New Jersey's northern Gold Coast," he said.

"Its elegant finishes, new condition, numerous amenities and ideal location just minutes from Manhattan have established it as one of the most desirable institutional quality apartment communities in the New York City metropolitan area."

Mark DeLillo, Senior Vice President of Rockwood, added that "this offering represents an extremely rare opportunity to acquire an irreplaceable asset located in one of the nation's most desirable housing markets. The Palisades' strategic urban infill location within a high-barriers-to-entry market offers investors stable cash flow with significant upside potential."