FOR IMMEDIATE RELEASE
Contact: Bob Makin ([email protected], 732-541-3835)
The Botanic, luxury apartment building under construction
& leasing in Carteret, sells for $87 million
New owner Living Residential wowed
by dazzling outdoor amenities & Mayor’s dedicated vision for town
CARTERET, NJ – The Botanic, a 242-unit luxury apartment building leasing while completing construction in downtown Carteret with 10,000 square feet of restaurant space, including a rooftop eatery, plus dazzling outdoor amenities, has sold for $87.5 million.
The 1.72-acre site at 36 Washington Avenue was sold to New Jersey developer/property manager Living Residential by original developer Forte Real Estate Development in Middlesex.
“The Botanic is one of our largest and most luxurious mixed-used projects in town, and we are all very happy with the final product,” Mayor Daniel J. Reiman said. “Carteret has experienced more than $2 billion in private investment during the past 20 years in addition to $250 million in public improvements. With the marina complete and the ferry project starting construction soon, Living Residential is getting in on the ground floor for what will be an exciting future of development and revitalization.”
Living Residential CEO Gary Kassirer said he was so impressed with the botanical nature of the property’s 30,000 square feet of outdoor space, he was inspired to change building’s name from Washington Lofts to The Botanic. Outdoor amenities include a 15,000-square-foot rooftop terrace, multiple courtyards, gardens, fire pits, planters with river birch trees, and atmospheric lighting.
The site’s proximity to the New Jersey Turnpike, Newark Airport, Manhattan, and next-door neighbor, the URSB Carteret Performing Arts & Events Center, also delighted Living Residential, but what impressed most was Mayor Reiman’s dedicated vision for the town, Kassirer said.
“It’s in close proximity to Manhattan and Jersey’s busiest and largest interstates,” he said. “Now you have the ferry providing a 40-minute direct commute to Manhattan from the property and being just eight minutes from Newark Airport is an unbelievable location for anybody that either wants to work in the city or live a suburban lifestyle conveniently located with a variety of nearby travel options. The property also boasts an indoor bus shelter with a stop that is a short ride to the Rahway train station with direct rail service in and out of Manhattan all day. Carteret has everything they need.
“It’s just a beautiful town with a great, great mayor who has an unbelievable vision,” Kassirer continued. “I would say he has the most amazing devotion and dedication to see that vision through. It’s something that’s very inspiring, something I want to be part of, and something that people in the state and the tristate area should take note of because Carteret is becoming the epicenter for the live, work, eat, play lifestyle with a community that is vibrant and most attractive.”
Living Residential owns and operates several other properties throughout the state and is most excited about this addition to their portfolio.
“Although I’ve been passing Carteret my entire life on the Turnpike, I never thought more of Carteret than a small borough with warehouses, industrial properties and businesses,” Kassirer said. “I never thought of it as a vibrant residential area. I was blown away by the forthcoming plans. When we went to contract, I had not known yet that there was a planned ferry yet. The borough announced that soon after, and it confirmed what I suspected: Carteret is on the verge of becoming the next Hoboken and even greater than Hoboken.”
Living Residential intends to fully lease the property during the next six to 12 months and hold it long term.
The value of the 10,000-square-foot retail component is around $6 million, he said, marking an $81 million investment in the residential at about $334,000 per unit.
“That’s an extremely attractive basis for class A fully amenitized property in New Jersey by any metric,” Kassirer said. “From an economic perspective, it’s very attractive, and considering the future that holds for Carteret, this is exciting and something we very much look forward to being a part of.”
As for Living Residential’s vision for The Botanic, Alfredo’s Pizzeria, a longtime successful Carteret establishment, will move in November across Washington Avenue from its current location to its new 2,500-square-foot home.
The development company is working with a number of prospects for the other 7,500-square-foot restaurant space, which will include a rooftop dining area with panoramic views of the New York City skyline, Arthur Kill, and Watchung Mountains. The prospective restaurateur will be someone who is willing to come alongside the long-term vision for the borough, Kassirer said.
“On this corner, we’re right across the street from the performing arts center, so this is going to be a main spot for Carteret,” he said. “Whoever comes in really has to understand that this is going to be at the center of all the action in Carteret. The vibe, the atmosphere, the cuisine is going to come from the commitment of Carteret to what the town needs.”
The Botanic amenities also include a resident lounge, indoor parking garage and a discounted membership to RWJ Fitness & Wellness Center just one block away.
The membership to a state-of-the-art gym coupled with The Botanic’s outdoor space should attract renters, Kassirer said.
“It’s something we’re proud to be able to provide,” he said.
The Botanic’s grand-opening celebration and ribbon cutting with Mayor Reiman will be announced soon. For more about The Botanic, visit livethebotanic.com/.
Updates about The Botanic and other redevelopment will be available at Carteret.net or by following @MyCarteret on Facebook, Instagram, and Twitter.
PHOTOS COURTESY OF LIVING RESIDENTIAL
Botanic courtyard – The Botanic includes courtyards furnished with potted plants and fire pits.
Botanic Bedroom – The Botanic features 141 one-bedroom units with an average size of 832 square feet and 101 two-bedroom units with an average size of 1,171 square feet. All units feature oversized windows.
Botanic exterior — The Botanic offers luxury living with stunning views, inspired design and spacious floor plans in the heart of Carteret’s intersection of entertainment, shopping, and dining.
Botanic Kitchen – Kitchens at The Botanic feature natural wood high-end cabinetry, stainless steel appliances, granite countertops, and an island with bar seating.
Botanic roof – The Botanic features 30,000 square feet of outdoor space, including a 15,000-square-foot rooftop that will feature outdoor dining for one of its two restaurants.
Botanic Terrace – The Botanic rooftop features scenic views of the New York City skyline and Arthur Kill to the east and the Watchung Mountains to the west.
Mayor @ Botanic – From the dazzling rooftop of The Botanic, Carteret Mayor Daniel J. Reiman looks upon the borough’s waterfront, which is in the process of a $2 billion redevelopment, including a ferry terminal, movie studio, hotel, dining, retail, residential, and recreation.