Weiss Realty

Waterfront Journal
Thursday, February 28,2008

Saint Vincent’s Cathlic Medical Centers (Saint Vincent’s), the umbrella orignization for several hospitals and healthcare facilities, has signed a 15-year lease with SK Properties for 65 luxury rental residences at Grove Pointe in downtown Jersey City.

The $34 million transaction was orchestrated by Jaime M. Weiss and Matthew B. Weiss of Weiss Realty of Moonachie, N.J. The residences will be occupied by resident and intern physicians, doctors, nurses, and other hospital personnel, according to SK Properties, which has developed the 30-story luxury rental building located in the heart of Jersey City’s vibrant downtown district.

“Since one of its buildings will no longer serve as housing for physician resident and interns, Saint Vincent’s recently undertook a search to find up-to-date, conveniently located options for its numerous physician residents and other staff who work at St. Vincent’s Hospital Manhattan in Greenwich Village,” notes Jonathan Kushner, a principal of SK Properties. “Unable to locate sufficient amount of available product in Manhattan that was close to the facility, they began an investigation to see if there was a viable alternative in Jersey City which is easily accessible to the Manhattan hospital.”

Saint Vincent’s enlisted the services of Weiss Realty to conduct a market rental analysis with regard to the housing of professional medical staff.

“The analysis was undertaken to form an opinion of the proposed rentals and their market comparative relationship,” said Jaime M. Weiss. “Grove Pointe had the right number of one- and two-bedroom apartments available and a particular convenient location at the PATH only 12 minutes from the hospital’s Downtown Manhattan location, which was of paramount importance to Saint Vincent’s.”

Administrators at the medical facility quickly recognized the potential of Grove Pointe as a housing alternative for its staff.

“We were very pleased to find an adequate number of residential units to meet our needs at Grove Pointe,” explained James Woods, Senior Vice President, Real Estate Services at Saint Vincent’s. “Not only are the units new and provide the latest amenities for our physicians and staff, but also Grove Pointe is a short commute to the hospital.”

Rental activity at Grove Pointe has been strong since the building’s Grand Opening last summer, with nearly 90% of the 458 premium rental residences already leased. The homes enjoy an abundance of natural light, as well as panoramic views of the Manhattan skyline, Hudson River, Statue of Liberty and entire “Gold Coast.” Studio-to-two-bedroom layouts are available at monthly rents starting at $1,950.

For more information, visit Grove Pointe’s on-site leasing and model center, located at 100 Christopher Columbus Drive, Jersey City; call 201-333-8880 or visit the website at www.grovepointerentals.com