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Re: LeFrak Rides Wave of Waterfront Development
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Posted on: 2016/1/19 18:39
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Re: LeFrak Rides Wave of Waterfront Development
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LeFrak starts building 17th residential tower in Jersey City's Newport

By Terrence T. McDonald | The Jersey Journal
January 19, 2016 at 2:01 PM

JERSEY CITY — Construction has begun on the newest residential tower that will call the Jersey City Waterfront home.

LeFrak is building Ellipse, a 43-story high-rise in Newport. The nearly 600,000-square-foot tower will include 376 apartments and ground-floor retail and commercial space.

Ellipse will be the 17th residential building in the Newport section of Jersey City. Plans were approved back in 2007.

Construction is expected to be completed in 2017.

http://www.nj.com/hudson/index.ssf/20 ... _14th_tower_in_jerse.html


Posted on: 2016/1/19 17:59
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LeFrak Rides Wave of Waterfront Development
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LeFrak Rides Wave of Waterfront Development

Demand grows for shorefront homes, but post-Sandy building rules present hurdles

Dec. 15, 2015 6:03 p.m. ET

Over three decades, the LeFrak family has moved mountains of dirt to transform a 300-acre derelict rail yard on New Jersey’s Hudson River waterfront into a sprawling waterfront community of apartment towers, stores and office buildings.

For its latest project it had to import 50,000 tons of dirt to prepare LeFrak’s latest Jersey City site for development on a peninsula that juts into the river. LeFrak, which just broke ground on the 43-story rental apartment project, hopes demand will be strong for the units, which will have water views in three directions.

But LeFrak needed to upgrade the site to comply with regulations passed after superstorm Sandy, which devastated Newport—the LeFrak’s name for their sprawling Jersey City community—and many other waterfront areas in the New York region three years ago.

Federal regulations passed after Sandy required LeFrak to push the first floor of the building up to about 13 feet from roughly 10.6 feet, according to Jamie LeFrak, principal and vice chairman of his family company. He said the price of the dirt increased the building’s cost by roughly 2%.

“Clean dirt is expensive,” he said.

Read more:  http://www.wsj.com/articles/lefrak-ri ... nt-development-1450220615


Posted on: 2015/12/15 19:10
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