Once some buyers go Trump, they never go back. Take Michael Cohen, 40, an attorney and partner at Phillips Nizer. He purchased his first Trump apartment at Trump World Tower at 845 United Nations Plaza in 2001. He was so impressed he convinced his parents, his in-laws and a business partner to buy there, too. Cohen’s in-laws went on purchase two more units there and one at Trump Grande in Sunny Isles, Fla.
Cohen then bought at Trump Palace at 200 E. 69th St., and Trump Park Avenue, where he currently resides. He’s currently in the process of purchasing a two-bedroom unit at Trump Place on Riverside Boulevard – so, naturally, Cohen’s next step is to purchase something at Trump Plaza Jersey City. He’s now in negotiations for a two-bedroom unit there.
“Trump properties are solid investments,” says Cohen, who’s also looking at the new Trump SoHo project.
Not surprisingly, Donald Trump agrees.
“Michael Cohen has a great insight into the real-estate market,” Trump says. “He has invested in my buildings because he likes to make money – and he does.
“In short, he’s a very smart person,” he adds.
Trump’s Jersey City project is drawing a decidedly high-end clientele to this formerly rough-and-tumble area.
“We are definitely attracting new customers to Jersey City,” says Donald Trump Jr., executive vice president of development and acquisition for the Trump Organization. “But we get a different draw of buyers than those looking to live in the surrounding developments.”
Indeed, even as Jersey City’s waterfront goes upscale, the Trump project is setting itself apart – and not just because its two gleaming towers (50 stories and 55 stories) will be the tallest residential buildings in New Jersey. “We’re getting about $800 a square foot … close to $200 more than what other developers are getting in Jersey City,” Trump Jr. says.
Still, compared to other Trump projects, Trump Plaza Jersey City is affordable. The first tower boasts studios to three-bedrooms (which range in size from 750 to 2,050 square feet) that are priced between $425,000 and $2 million. The penthouses on floors 50 through 55 offer the best views of the Manhattan skyline and the Statue of Liberty.
The second tower may not offer the same unit mix – there’s talk of larger units – and prices haven’t been set yet.
Trump Plaza’s amenity package is spread out over 41,000 square feet of indoor and outdoor space. There’s a heated swimming pool and a huge lawn – an ideal spot for resting, running or playing – not to mention on-site BMW Zipcars. Inside, there’s a fitness center, a playroom and a spa – which includes a computerized shower that creates different “environments,” like a summer thunderstorm in a forest.
Occupancy for Trump Plaza Jersey City’s first tower is forecast for mid-2008. The second tower is expected to open about 10 to 12 months later. According to Marketing Directors Vice President Jacqueline Urgo, nearly 150 units have been sold since sales began in October.
Trump Plaza Jersey City is a partnership between the Trump Organization and Hoboken-based Metro Homes – the developers behind local upscale condos like the Grandview and Liberty Point – and they’re currently discussing developing another waterfront project in the area, according to Metro Homes principal Dean S. Geibel.
Looks like Cohen might have another opportunity to make a “smart” investment soon.