WEST NEW YORK, N.J. — Continuing its strategy to expand in the multifamily sector, Mack-Cali Realty Corp. (NYSE: CLI) and its wholly owned subsidiary, Roseland, have opened a new 316-unit luxury rental community in West New York.
Developed by Roseland and financed by Switzerland-based UBS, the $120 million RiverTrace at Port Imperial is located along the Hudson River waterfront facing Midtown Manhattan.
“This is one of the most spectacular waterfront locations in the region,” says Mitchell Hersh, president and CEO of New Jersey-based Mack-Cali. “We believe RiverTrace, with its high level of design, remarkable amenity offering and innovative approach to environmental sensitivity, will allow residents to enjoy it to the fullest.”
RiverTrace was designed to the standards of the U.S. Green Building Council that would achieve LEED for new construction. Green features at the property include an exterior wall thermal insulation system, Energy Star appliances, low-VOC paints and building materials that contained recycled content. Roseland tapped feng shui expert Alex Stark to help incorporate concepts and elements of the system into the design features of the building.
“To me this is fantastic because it means our town is growing,” says Felix Roque, mayor of West New York. “As you all know, West New York and Union City used to be known as the embroidery capital of the world. And guess what, now we rely on beautiful buildings like this one to make sure we keep our taxes stable.”
RiverTrace features resort-style amenities and services including 24-hour concierge, clubroom, billiard room, package room, cold storage, state-of-the-art fitness center, yoga room, movie theater, children’s play room and a golf simulator. The building also features a sterling two-story lobby with custom millwork, marble flooring and a water feature. Residents will also have access to a landscaped outdoor deck with views of the Hudson River and Manhattan skyline. A pool and hot tub spa, cabanas, daybeds, fireplace and barbecue areas are also included on the deck.
Monthly rents at the multifamily building range from $1,955 to $5,400 for studios, one-, two- and three-bedroom residences. The residences feature oversized windows, bamboo flooring, granite countertops, stainless steel appliances and bathrooms with porcelain tile floors and marble vanities.
RiverTrace is located within Roseland’s $2 billion Port Imperial master-planned waterfront development, which features upscale residential and retail centers with world-class views of the Manhattan skyline, as well as access to ferry and light rail services to Manhattan and the rest of the Gold Coast.
The stock price of Mack-Cali Realty Corp. closed Thursday at $20.56 per share, down from $25.99 per share this time last year. The REIT owns or has interests in 275 properties consisting of 266 office and office/flex properties totaling 30.7 million square feet and nine multifamily rental properties containing more than 3,300 residential units. In July, Mack-Cali announced that it had locked up nearly $420 million in its push to raise capital for multifamily projects by selling non-core office buildings.