CLIFFSIDE PARK, NJ—Some of the world’s leading foreign development companies gathered recently to discuss the heavy stream of overseas capital that’s flowing into the New Jersey Gold Coast to underwrite a wave of substantial new residential projects at a pace more commonly seen across the Hudson River in New York.
DMG Investments and the American Chinese Real Estate Society hosted the panel, which included speakers from five global development firms that are betting on continued growth of the New Jersey Gold Coast, which includes Cliffside Park, Edgewater, Weehawken and Jersey City.
“The New Jersey Gold Coast is a national, and perhaps international, success story,” says Jacky He, head of operations for DMG Investments. One Park, the site of the event, is one of the six projects that the company is currently developing, while looking to invest in other projects across the US.
“The transformation from abandoned warehouses and manufacturing sites to the vibrant mix of asset classes thriving today is remarkable,” He says. “The area is clearly an extension of New York City and is being recognized as a viable outer-borough market that’s commanding significant investment from regional and global developers, lenders and residents alike. The fundamentals are strong and there is tremendous upside.”
With Jennifer Song of Cushman and Wakefield moderating the discussion, the panelists detailed what’s driving their confidence in the marketplace, including proximity to Manhattan, a comprehensive mass-transportation infrastructure buoyed by frequent ferry and rail service, compelling value propositions when compared with Manhattan and Brooklyn, and the ability to appeal to a large pool of residents looking for a mix of urban-suburban attributes.
Other panel participants were Shokai Group, Hongkun, Landsea and China Overseas America. Each development firm is moving forward with large-scale projects ranging from massive towers in Jersey City to mid-rise residential buildings stretching north towards the George Washington Bridge. Each project will bring world-class design and modern luxury to the region while leveraging the robust retail, dining, and lifestyle attractions that line the waterfront.