19 — January 13 - 26, 2012 — New Jersey — Mid Atlantic Real Estate Journal

MARE journal.com

EWARK, NJ — New Jersey Department of Transportation Com- The $120m project is funded through a mixture of state, federal & Port Authority funding Tishman Construction manages construction for Hoboken Terminal project N surmounted by an illuminated clock with four 12-foot diam- eter faces, one on each side of the tower.

owned commuter ferry service in the United States, carrying 35,000 passenger trips per day – 8 million trips per year. including service between New Jersey and Manhattan. Hoboken Terminal currently provides travelers multiple transit options including com- muter rail, light rail, bus, PATHand ferry service. Nearly 60,000 people use the terminal on a typical weekday. “This restored Hoboken Fer- ry Terminal is a key intermo- dal hub that provides robust transportation services and vi- tal trans-Hudson connections to thousands of New Jersey residents,” said commissioner Simpson. “The completion of this proj- ect has restored ferry service to the terminal’s original slips for the first time in more than four decades, offering expand- ed ferry service and greater convenience for customers,” said Weinstein. ■ Central Road, is one of a handful of development sites in the neighborhood that will ultimately include a vibrant mix of residential and retail space. It is directly across the street from Fort Lee Historic Park, the New Jersey section of the Palisades Interstate Park, and a short walk from Fort Lee’s quaint colonial town center. “This project is an indication that times are changing and business is moving forward,” Mayor Sokolich added. “Fort Lee is a community that is moving in the right direction, a place where people want to live and do business. It is still a place to develop and to make sure that folks are in a position to raise their families and live as good a lifestyle as possible.” ■

FORT LEE, NJ — Officials from Fort Lee and devel- oper BNE Real Estate Group recently broke ground on Twenty50, a 194-unit luxury rental building. Mayo r Mark Soko l i ch praised the project as smart development and a catalyst for other projects in the area. He was pleased to welcome a new lifestyle option for Fort Lee residents that will also tap into the potential of the vacant site, generate tax ratables and have a minimal impact on lo- cal resources. “We are very proud to be the host community for this type of development,” Mayor Sokolich said. “Even in these tough economic times, we want to make Fort Lee a busi- ness-friendly environment. We want to make sure that missioner and NJ TRANSIT board chairman James Simp- son and NJ TRANSIT execu- tive director James Weinstein joined local, state and federal officials today to celebrate the completion of a project that returned a portion of Hobo- ken Terminal to its original design—restoring permanent ferry service to the historic building. As part of the opening cer- emony, a special inaugural ferry boat ride operated from the newly restored ferry slips, carrying officials and dignitar- ies on a brief trip up the Hud- son River. Following welcom- ing remarks from Weinstein, leaders such as Commissioner Simpson, Port Authority of New York & New Jersey chief of real estate and development Michael Francois, and Billy- Bey Ferry Company chairman

The second phase also in- cluded marine construction of five of the original six ferry slips, as well as restoration of the exterior copper facade and lighting on the river side of the terminal, structural repairs, roof repairs and demolition of the finger piers and wooden fenders. Construction of the ferry boarding area was completed in the third and final phase, along with all remaining work necessary to restore ferry service to the original slips, including work on utilities, lighting, the ticketing area, ferry barges and gangways. NYWaterway, owned and op- erated by Port Imperial Ferry Corp. and BillyBey Ferry Co., will be providing service from the ferry slips. NY Waterway provides the largest privately- water wall, resident lounges, a café, Wi-Fi library/den, game rooms, fitness center and an outdoor pool. Construction is scheduled to be complete by September, 2013. “We believe this project will provide a spectacular lifestyle choice for both current Fort Lee residents looking for a new alternative and future residents moving into this thriving community,” said Jonathan Schwartz, Senior Vice President of BNE Real Estate Group, who noted that the combination of upscale amenities and exciting loca- tion on the New Jersey Gold Coast will provide residents with a unique living experi- ence. “We hope to be moving our first residents in around the fall of 2013.” Twenty50, located at 2050

Bill Wachtel highlighted the benefits of the restored ferry terminal for residents in the region. The $120 million project, funded through a mixture of state, federal and PortAuthor- ity funding, was divided into three phases. The first phase, which began inApril 2004 and was completed in September 2005, included repairs to the terminal’s substructure and

superstructure. Work on the second phase began in December 2005 and was completed in April 2008, including construction of a 230-foot tall clock tower rep- lica modeled after the original 1907 design by architect Ken- neth Murchison. In homage to the original, the clock tower includes four-foot-high cop- per letters spelling out the word “Lackawanna” and is

$70 million, 12-story building in Fort Lee BNE Real Estate Group breaks ground on Twenty50, a 194-unit luxury rental building

Shown from left: Larry Pantirer, Harvey Sohmer, Mayor Mark J. Sokolich, Joseph L. Cervieri, Jr., Ila Kasofsky, Howard Schwartz, Jonathan Schwartz and Alan Pines.

our community is inviting to projects such as this.” Once completed, the $70 million, 12-story residen- tial building will include 194 rental units, many of which will boast spectacular views of the Hudson River and George

Washington Bridge.

Designed by The Lessard Design Group, the building will offer a mix of one and two-bedroom residences fea- turing 750 to 1,200 s/f of living space.

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