Toll Brothers City Living
A rendering of 1100 Maxwell Place in Hoboken, which promises breathtaking views of Manhattan.
Want to supersize your condo? It’s as easy as crossing the Hudson and looking up.
1100 Maxwell, the newest Toll Brothers City Living development on the Hoboken waterfront, is letting buyers anywhere in the building expand their apartments by adding private roof-deck cabanas.
Jeff Bachner for New York Daily News
A bird’s-eye view of 1125 Maxwell Place from atop 1100 Maxwell Place.
The penthouse additions, about the size of a small studio apartment, are perfect for semi-outdoor living rooms — outfitted with electric and gas hook-ups for those who don’t want to entirely lose their rooftop grills or gardens.
Toll Brothers City Living
A rendering of 1100 Maxwell Place living room, which promises incredible views.
The cabanas give buyers two things that city dwellers covet: room to move and a taste of the great outdoors.
“People really appreciate the outdoor space in urban living,” says Chris Chang, a senior project manager with Toll Brothers. “With every building, we keep adding more outdoor space because that’s what people want.”
Jeff Bachner for New York Daily News
Residents can take a dip in the rooftop swimming pool at 1125 Maxwell Place.
The cabanas — which are spread between roofs on the building’s seventh and 13th floors — are up for grabs among all buyers, no matter what floor they live on. But they’ll need to have cash and they must move fast. There are 38 cabanas in the 210-unit building, beginning at $60,000, and the rooftop buildouts have sold for as much as $225,000 at other Hoboken buildings.
Jeff Bachner for New York Daily News
Hoboken residents can enjoy a leisurely stroll or great workout along the Hudson River accompanied by great views of Manhattan.
Not that buyers who can’t snag cabanas won’t have a chance to get some sun without leaving the comfort of their building. There are plans for sprawling common spaces spread over three floors, including a pool, hot tub, giant outdoor screening area with a waterproof flat-screen TV, several BBQ areas, an al fresco fire pit and views across the Hudson to Manhattan.
Jeff Bachner for New York Daily News
Shoot a game of 9-ball at resident lounge at 1125 Maxwell Place.
Real estate insiders say there’s a demand for all that luxury. Studios start in the mid-$500,000 range and three-bedrooms will hit the market at over $1.3 million. The building is still under construction and won’t be move-in ready until 2014, but 40% of units have already sold — a sign that Hoboken is hotter than ever.
“I’ve seen multiple bidding wars,” says Eugene Cordano, a real estate broker with Halstead who has worked in the area since 2005. “In the past four to five months, with new developments, when they are releasing units they are releasing them piecemeal — and those units are being competed for.”
It’s the fifth in a series of buildings that Toll Brothers — a company that built its brand putting up suburban townhouses — has developed in the North Hoboken area near the waterfront, starting with the 2006 conversion of the Hudson Tea Building, where Eli Manning lives.
Jeff Bachner for New York Daily News
Lighten up! Sun galore comes shining through at 1125 Maxwell Place.
The success of the company’s earlier Hoboken buildings sparked rapid sales at 1100 Maxwell, says Toll Brothers City Living marketing manager Todd Dumaresq. He says about 30% of the buyers at the building currently live in other Toll Brothers properties and need bigger units to accommodate growing families, or came to the sales office with a recommendation from a friend or relative who is a current Toll Brothers resident.
1100 Maxwell Place along with Maxwell Place on the Hudson, a 545-unit complex across the street, were built on the site of the former Maxwell House coffee plant. Ground-floor retail including an upscale frozen yogurt shop and a salon give the area a resort community vibe, while a pier and park funded by the developer and handed over to the city offer Hoboken residents a chance for recreation without a trip to Manhattan.
The apartments also give dwellers plenty of reason to stay put, including large open kitchens with Viking appliances in the kitchen, and master bathrooms with Kohler fixtures and oversized showers. The building also boasts resident lounges, a game room with a pool table, a fitness center with a yoga studio and a children’s playroom. And each unit comes with its own parking spot in an in-building garage.
The demand for luxury finishes and amenities has characterized waterfront development along the so-called Gold Coast of New Jersey for the last few years, says Mario Gaztambide, the vice president of residential properties for LeFrak, an area builder that developed rental buildings in nearby Newport for the last 25 years.
“Every building we’ve done is a little bit better, fancier and has more upgraded finishes and amenities,” Gaztambide says. “There is such a demand for that type of product.”
Despite the high asking prices at the Toll Brothers developments, Halstead’s Cordano says buyers are still getting good value for their dollar. He estimates comparable units in Williamsburg would sell for 10% to 12% more.
Cordano, who isn’t affiliated with the Toll Brothers sales office, is buoyed by the news that a Hoboken building still under construction has already sold so many units.
“It shows a lot of strength in the market, that it really has come full circle,” he says. “Buyers are coming in and know that the competition for these units is fierce and are willing to sign on the dotted line off a floor plan.”
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