FOR ANY QUESTIONS/INQUIRIES, PLEASE CONTACT:

Peter Takiff646.658.7354ptakiff@easternconsolidated.com
Daun Paris646.658.7323dparis@easternconsolidated.com
Peter Hauspurg646.658.7309phauspurg@easternconsolidated.com

MAILING ADDRESS:

c/o REM Residential36 West 37th Street | 8th FloorNew York, NY 10018

FOR ANY QUESTIONS/INQUIRIES, PLEASE CONTACT:

Peter Takiff646.658.7354ptakiff@easternconsolidated.com
Daun Paris646.658.7323dparis@easternconsolidated.com
Peter Hauspurg646.658.7309phauspurg@easternconsolidated.com

MAILING ADDRESS:

c/o REM Residential36 West 37th Street | 8th FloorNew York, NY 10018

Package Of 20 Luxury Condos For Sale In New Jersey Building Overlooking The Hudson


Eastern Consolidated is Co-Exclusively Retained to Sell the Majority of the 
Condominiums at The Park House, 1100 River Road in Edgewater

New York, NY - February 2, 2007 - Twenty high end condominiums at The Park House, a five-story magnificently-appointed residential building in Edgewater, New Jersey with breathtaking views of the Hudson River, is on the market for sale through New York City-based Eastern Consolidated. 

Situated on what's referred to in Edgewater as the Gold Coast, The Park House sits less than a mile from the George Washington Bridge, and is only a four-minute walk to the new Edgewater Ferry Terminal, which commutes into Manhattan in approximately 15 minutes. 

Eastern's Senior Directors Jeffrey B. Troy and Deborah L. Gutoff, together with Paul J. Nigido, Financial Services, are exclusively representing the seller.  The property, a 24, 229-square-foot building, consisting of 8 two-bedroom, 14 one-bedroom, and 2 studio apartments, was built as a condominium.  Of the 24 total units, three have already been sold and one apartment sale is agreed, pending contract.  Of the 20 free-market Park House condos currently for sale, 8 were rented at the initial stage of the project and are now below market rates, while twelve are currently vacant, offering the new owner the dual options of either renting the units in this red hot market at the current rate, or selling the apartments individually on a retail basis.  

Rarely does such a prime piece of residential real estate come to market, said Ms. Gutoff, and rarely does a potential investor have such an excellent opportunity to maximize rental income in a condo market that has temporarily cooled.  These condos are first-rate, high-end products.  They will rent swiftly at high market rates, and when the demand for condominiums accelerates, the new owner can maximize his investment by bringing the appreciated condos to market. 

According to Ms.Gutoff, The Park House is an ideal location for hip young professionals working in New York City because it offers such a wide variety of transportation options into Manhattan.   Edgewater, New Jersey is a trendy yuppie community, offering a number of amenities including tennis clubs, eclectic restaurants, supermarkets and shopping centers, most within walking distance, all of which help to make The Park House a very compelling place to live.  And the property stands to substantially increase in value when the Edgewater, NJ Ferry Terminal opens this coming March. 

Mr. Troy added, Acquiring the package of 20 condos at The Park House provides an exceptional opportunity to gain a foothold on River Road.   This magnificent thoroughfare which dramatically hugs the Western banks of the Hudson, extending from the Lincoln Tunnel to the George Washington Bridge, is unquestionably one of the most desirable roads on which to reside in New Jersey. 

A NJ Transit bus line runs just outside The Park House, which could take passengers to the ferry or into Manhattan.  There is a common laundry room located on the second floor, all the windows are double glazed, thermal and double hung, and there are balconies in each of the units constructed of concrete with aluminum railings.  A large terrace runs along the full length of the front of the building, above the parking deck. 

For further information about the sale of The Park House, please contact Mr. Troy or Ms. Gutoff at Eastern Consolidated's New York City headquarters:  212 499-7700. 

Eastern Consolidated
Founded in 1981, Eastern Consolidated is one of the country’s preeminent full-service real estate investment services firms, combining an unrivaled expertise in the greater New York marketplace with a worldwide roster of institutional and private investor clients.  Over the years, it has been responsible for the acquisition, disposition and finance of all types of properties, including office and apartment buildings, lofts, factories, hotels, shopping centers, commercial and residential development sites, taxpayers, parking garages and lots, retail condominiums and air rights transfers.  


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