Real Estate Weekly
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Extell gets a lift from Jersey Shore home sales

Extell Development Company announced it has sold 75 percent of the homes in its first New Jersey project.

Residents began moving into The Lofts Pier Village– an oceanfront condominium at the Jersey Shore beach town of Long Branch – in January and, the company said, an increase in interest from tri-state area buyers has helped sales grow even during the coronavirus pandemic.

The building – where prices range from $619,000 to $1.9 million – is the centerpiece of a large-scale renovation to the Long Branch oceanfront, which includes The Wave Resort, a boutique luxury hotel built by Kushner Companies.

The new phase of Pier Village also offers a surge of dining and shopping options and public recreational amenities, including an outdoor stage for live entertainment, a seasonal ice-skating rink, beachside shade structures, and bike racks.  Extell also commissioned a custom wooden carousel  to provide rides year-round on classic carousel horses and imaginative sea creatures.

“Today’s buyers are looking for not just any summer homes but, light-filled, spacious, year-round residences that offer private outdoor space and great indoor and outdoor amenities,” said Moshe Botnick, Vice President of Development at Extell Development Company.

“Our tremendous sales success is a testament to a high-quality luxury product set against the amazing backdrop of the Jersey Shore.  Paired with an unprecedented 30-year tax abatement (PILOT) program which significantly reduces carrying costs, The Lofts Pier Village is a great place to live as well as an incredible investment.”

 Designed by Shore Point Architecture with interiors by The Childs Dreyfus Group, The Lofts Pier Village features 245 one-to-four-bedroom residences. Each of the homes offer floor-to-ceiling windows, open layouts, many with home office spaces and private outdoor terraces.

 Landscape design firm Melillo and Bauer Associates has designed a one-and-a-half-acre private outdoor park and amenity deck with exclusive access for residents and amenities include an outdoor lap pool and cabanas, a pool deck, a lounge area with fire pits and grills, a bocce court, and landscaped park.

Pier Village is only a 15-minute drive from Asbury Park and an hour’s drive from New York City. Rail access is available via a shuttle service that takes residents directly to the nearby New Jersey Transit train station offering an additional convenient travel option.

The good news comes as Extell has been forced to discount prices at its showpiece NYC project, One Manhattan Square, as the coronavirus pandemic continues to erode the brough’s apartment sales market.

Manhattan apartment sales fell by 54 percent during the second quarter of this year, according to Douglas Elliman’s 2Q report. 1,357 homes were sold during a time of the year that would normally see double that. Manhattan was the only borough to show a drop in prices with the median down 17.7 percent to $1,000,000; Price per square foot down 6.8 percent to $1,642; and average sales price falling 10.2 percent to $1,881,512.

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