On the heels of its first move-ins this January, Extell Development Company’s first New Jersey project has reached a significant sales milestone. The Lofts Pier Village, an oceanfront condominium at the Jersey Shore beach town of Long Branch, is now 75% sold.
“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, VP of Development at Extell. “Our tremendous sales success is a testament to a high-quality luxury product set against the amazing backdrop of the Jersey Shore.”
He added that the development is paired with a 30-year tax abatement program, “which significantly reduces carrying costs.”
The Lofts Pier Village is the centerpiece of a large-scale renovation to the Long Branch oceanfront. The revitalization initiative also includes The Wave Resort, a boutique luxury hotel built by Kushner Companies.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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