The Marketing Directors, Inc

Real Estate Weekly, Jan 12, 2000

In only three months, The Marketing Directors, Inc. has sold more than 60 percent of the 170 condominiums at The Constitution South in Hoboken, N.J., according to Adrienne Albert, president of the firm.

Developed by the Applied Development Corp., which engaged The Marketing Directors as exclusive sales and marketing agent for the property, The Constitution South is part of The Shipyard, a planned community on the Hudson River that will eventually encompass 10 buildings.

"Sales have been remarkable, especially given the fact that we recommended raising prices by about 10 percent after sales opened," says Albert. "We were confident that the increase was warranted because of the building's favorable price/value ratio, and we were borne out."

Comparable homes in Manhattan would cost approximately $600 per square-foot, in contrast to $300 per square-foot for The Constitution South, the first waterfront condominium in Hoboken, according to Albert.

"We worked with a developer from the project's earliest stages to help ensure that the design and amenities of the condominium and its pricing structure are in line to meet the developer's financial goals," Albert says.

"This means that we concern ourselves even with such details as cabinet and countertop finishes. It's our job to provide guidance that will result in the perception of value on the part of prospects. If that part of our job goes well, the actual selling process becomes much easier - which is what happened at The Constitution South."

The 13-story Constitution South, the third structure to be built in The Shipyard, is linked to The Constitution North, a 13-story residential rental building, by a three-story parking garage. The Marketing Directors serves as rental and marketing agents for the Constitution North.

The community's first property at The Shipyard, the Vanguard, with 195 rental apartments, is completely leased.

The Constitution South's one-, two- and three-bedroom homes range in price from $230,000 to $395,000.

The Constitution South's homes, which range in size from 652 square feet for the one-bedrooms to 2,256 square feet for the three-bedroom condominiums, feature honey oak floors and marble baths.

Amenities include 24-hour doormen service, a health club with a climbing treadwall and cardiovascular training equipment, and a landscaped terrace and children's playground above the adjacent parking garage.

Located at Two Constitution Court, the condominium is near the PATH train to Manhattan and New Jersey transit buses, with the Port Authority a 15-minute ride away.

The nearby Vanguard provides a variety of retail stores and services on its ground floor, including a bank, a dry cleaner, and drug and video stores.