The Lexington Meets Demand for Luxury Apartments in Hoboken, N.J.'s Rental Market

Two-Building Complex Maintains Nearly 100% Occupancy. End Quote

Jersey City, NJ (1888PressRelease) June 16, 2011 - The Lexington, a two-building apartment complex in Hoboken, N.J., has satisfied a unique niche in this city's luxury rental market for the past two years. Located in a previously-designated redevelopment zone, the complex has maintained nearly 100% occupancy since it was completed in 2008 by Hoboken-based JDA Group (JDA). The full-service residential and commercial development company is the developer, owner and manager of the two-building complex at 632 Grand and 619 Adams Streets.

"Rentals have been strong across the board during the recession," said Greg Dell'Aquila, JDA's president, "and Hoboken has done very well. In particular, we have attracted many tenants who appreciate the quality construction and finishes at The Lexington, where each apartment features the same level as a for-sale house or condo. At the same time, the residents choose to rent because they don't want the responsibilities associated with home ownership."

The five-floor Lexington East features 10 one-bedroom apartments. Lexington West has 40 two-bedroom, two-bath layouts. Both buildings command some of the highest rents in the city. According to Dell'Aquila, tenants consist of singles, couples and families. In particular, many newlyweds have moved to The Lexington and are staying as they start their families.

Dell'Aquila credits successful occupancy to JDA's approach to management. "We pay meticulous attention to tenants' needs, and the maintenance of the buildings is our priority."

Tenants like Ingrid and Rick Stoll and Joy Wheeler and Brian Mullally agree. Both couples looked at many rental properties in Hoboken before deciding to move to The Lexington. "Most other buildings were dated and did not have the same amenities as The Lexington," Joy explained.

"We are continually impressed with the building management," Ingrid added. "JDA is very responsive and quick to satisfy our requests."

The Stolls have found The Lexington ideal for starting their family. The couple's daughter, Elin, was born in the spring. They appreciate the opportunity to relax and unwind at The Lexington's 10,000-sq.-ft. Tranquility Garden and barbeque area where they have gotten to know many other young families in the complex. "We couldn't be happier," said Ingrid.

Built on Former Surface-Level Parking Lots
The Lexington complex reflects the creativity of JDA and Dell'Aquila's ability to recognize redevelopment potential in under-utilized sites. The Lexington sites formerly were surface-level parking lots.

In 2006, Dell'Aquila assembled the property's design team including Dean Marchetto, a respected area architect with more than 25 years experience. Known for combining modern elements with old-style architecture and utilizing natural materials, Marchetto has designed nearly 50 buildings in Hoboken, although The Lexington is one of his very few rental properties. Dell'Aquila's team also included Tomas Sheleg, interior designer, and Steven Peabody, who is more an artist than a home painter. Investors Savings Bank financed the development, which had a construction cost per square foot of $160, which is more typical of for-sale pricing than apartments.

Dell'Aquila, who served as general contractor, said the goal for everyone was creativity and quality. "We incorporated gourmet kitchens with top-of-the-line appliances and granite countertops, upscale fixtures in the bathrooms and expanded base molding with hardwood floors," he explained. "We wanted the buildings to be the best in the City and spared no expense in the construction." The Lexington apartments include central HVAC and are all pre-wired for computer and Internet access. Lifestyle amenities were added, as well as the Tranquility Garden and an art-deco lobby featuring a channeled ceiling with metal accents and elegant lighting elements such as flower cluster designs and brushed nickel candelabras.

According to Dell'Aquila, he loved the project so much he decided early on to move there as well. "I wasn't the first resident, but I knew this would be my home," he said.

Dell'Aquila combined two units totaling 2,500 square feet to create his penthouse apartment. With artistic paint treatments by Peabody and smart home operation of lighting, window shades and music, as well as aromatherapy, his penthouse has become the jewel in the crown of the company's luxury project. The sophisticated design has clean lines, streamlined furnishings and high-tech features, yet the environment Dell'Aquila created with Sheleg is warm and tranquil. The apartment demonstrates the level of quality and potential of The Lexington as well as Dell'Aquila's attention-to-detail and hands-on style of business.

"There's no place I'd rather be at the end of the day - it's my sanctuary," remarked Dell'Aquila. "Living at The Lexington has also enabled me to have a real-time sense of the property and maintain strong tenant relationships."

JDA's Portfolio Includes Thriving Hoboken Business Center
JDA is also the owner, developer and manager of the Hoboken Business Center (HBC), a thriving 80,000-square-foot office building at 50 Harrison Street, situated in the center of an industrial section of the city. The company is based at HBC, which has maintained between 90 to 100% occupancy since JDA completed its redevelopment in late 2004. As with The Lexington, HBC has become a symbol of success in the neighborhood and a tribute to the vision and creativity of its developer.

With boutique office space ranging from 90 square feet to 7,500 square feet, HBC has approximately 80 tenants from mid-size companies to solo practitioners such as architects, lawyers and engineers. Businesses based there include Hoboken Chiropractic + Wellness Inc., Adventures in Learning day care center, and the law firm of LoPiano Kenny & Stinson.

"The development of HBC has brought a business community element to this area of Hoboken, drawing in more than 100 new companies through the years," added Dell'Aquila. "We are proud of that fact and the positive effect it has had on the neighborhood."

Dell'Aquila's father, Joseph, founded JDA in the early 1980s and soon began acquiring property in the most valued areas in New York and New Jersey including Hoboken, Alpine and Englewood Cliffs. Under the leadership of his son, the family-oriented service of JDA is its defining characteristic.

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