51st Street Capital, 508 -

“The Grand” –

508 51st Street, West New York, NJ

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GREAT NEWS!!! 51st St. HAS BROKEN GROUND. The Grand celebrated its groundbreaking on August 2nd at 11 AM. The event proved to be a huge success, heralding in the start of production on a brand-new property along New Jersey’s Gold Coast.

NRIA had previously closed title on the property this past June. We have building permits in hand to start production. At the present moment, we have commenced the demolition of the existing parking lot, breaking away the old to give way to a new foundation.

We continue to move closer to finalizing a GMP contract with a GC. Thankfully, our construction documents have been completed by the architect. That said, ownership and our GC continue to fine tune the budget to search for ways to value engineer this project. We eliminated full basements from the property, which already resulted in significant savings in regards to concrete costs for the building. As construction costs continue to rise, we are looking for more ways to maximize our cost efficiency without undercutting quality at the end of the day.

We continue to await the demolition and rock removal bid for us to build the South Tower – the Metro – and the parking garage built between The Grand and The Metro. The parking garage will contribute to West New York’s financial resources, adding value to the greater city.

NRIA will develop two 156-unit towers, each 14 stories high – a total of 312 new apartments. Our contract to build a parking deck will create 495 parking spaces. 60% of these spaces will be accessible to the public, adding necessary parking to the city of West New York. We also have a 30-year tax abatement plan – approved by the city – which will manage to further decrease operating costs while increasing the valuation of the property upon selling it.

We anticipate that The Grand will draw in renters eager to live near public transportation to the city. Renters will have access to amenities both within and without the building. It sits just a block from West New York’s Hudson-Bergen Light Rail Station. These two towers will become a major place for tenants hoping to work in or around the Greater NYC marketplace.