DMG Investments looks to fill Gold Coast condo need with Cliffside Park complex
Seeing its opportunity in the condominium market, DMG Investments has revealed plans for a 14-story, 200-condominium complex in Cliffside Park.
One Park will include 25,000 square feet of amenity space, including a gym, pool, sauna and residents’ lounge.
“DMG decided on Cliffside Park because we saw it as an up-and-coming area that was really sound for investment,” Benjamin Watson, vice president for marketing for DMG Investments, said. “The town has a suburban feel with access to Manhattan Midtown or Wall Street in less than 30 minutes.”
The company said it chose 320 Adolphus Ave. for two reasons in particular: Its location, on the side of a cliff and close to New York, and the need to meet an unmet demand for ownership on the Gold Coast.
“There is a lot of rental product coming into the Jersey Gold Coast, from Jersey City all the way up to Fort Lee,” Watson said. “But there is not a lot of condo inventory. In fact, there is an undersupply, especially of affordable luxury, and more and more people are moving up the Gold Coast and using the ferry system or taking the light rail to Jersey City because more and more businesses are moving there or opening offices there.”
He said One Park is ideal for residents seeking to own luxury product along the Gold Coast, while enjoying the suburban feel Jersey City and Hoboken cannot offer.
“We’re extremely convenient to all of these areas,” He said. “Hoboken has a wonderful nightlife and dining scene. Jersey City, there’s a lot of attractions there. So, perhaps, for someone that wants to have access but not live in the heart of it, and they like quieter, more of a neighborhood-type of environment, they will be drawn to our project.”
Halstead Property Development Marketing has been selected by DMG to handle sales of the project. DMG Investments said it is confident One Park targets an unmet demand on the Gold Coast.
“We’ve put together a great team, and we believe our product is really going to be positive and accepted by buyers who want full-service luxury condominium product,” Watson said. “Similar product to what you would get in Manhattan, in Jersey City or along the water, but with a more calming, serene, relaxed feeling.
“With a location atop the Palisades offering uninterrupted views of the Hudson River and Manhattan skyline, proximity to New York City and easy access to the local dining and shopping scene in Cliffside Park and along the waterfront’s River Road, One Park will appeal to those looking for a dynamic, convenient and amenity-rich lifestyle.”
Sales at One Park are slated to begin this summer. The project will be DMG’s first construction in New Jersey. Watson said the company is most active in Texas, Tennessee and Wisconsin, and has only been truly active in the New York metro market for two years.
DMG Investments chose Architectura to design One Park.