Groundbreaking held for Jersey City condo building that will be N.J.'s tallest

THE RECORD

BY KATHLEEN LYNN

 

The building, called 99 Hudson for its address a block from the river, is being constructed by China Overseas America of New York City, an affiliate of the Beijing-based China State Construction Engineering.

The building is expected to be done in 2019, at a cost of close to $700 million, according to Cindy Xiu, president of China Overseas America. It will include 781condos.

At 900 feet, the structure will be taller than the current tallest building in the state, the nearby Goldman Sachs building at 30 Hudson St. in Jersey City, which is 781 feet tall.

While multifamily construction has led the recovery of homebuilding in the Garden State, most of the units built in recent years have been apartments, rather than condos. That reflects a growing demand for rentals as households found it more difficult to qualify for mortgages, or simply held off on buying after seeing values plunge during the house crash.

But China Overseas believes there will be growing demand for condos, especially from buyers who want to be near New York City but at a lower cost. The price range for the units at 99 Hudson has not been set, but in Manhattan, new-construction condos sold for a median price of more than $2 million in the fourth quarter of 2015, according to the Douglas Elliman Report, which tracks New York City real estate.

At Thursday’s official groundbreaking, Jersey City Mayor Steven Fulop welcomed the development,  saying that the condo buyers will be “putting down roots and staying for some time.” He said he worked with the builder for two years on the project, but that no tax incentives were involved.

 

 

 

 

Photo: A rendering of 99 Hudson planned for Jersey City.