Investors Still Buying Jersey City Real Estate

July 25, 2008 - PRLog -- Despite the real estate market’s current challenges, Mandalay on the Hudson, a 25-story tower of 269 luxury condominium homes in Jersey City, N.J., has seen an increase in investor purchases.  Located on the Hudson waterfront, the Mandalay sales team reports that over 40 individuals have invested in condos at the luxury high-rise with the intention to renovate and lease.

In fact, many of the Mandalay investors have purchased more than one residence. Take for example 40-year-old Nirlesh Jain, who began investing in real estate near his Central Jersey home a few years ago.  When the investment market began drying up, Jain discovered that there was still an opportunity to profit at Mandalay on the Hudson, which is located near the Jersey City firm where he works as a financial analyst.

Since his first purchase a year ago, Jain has continued to purchase a new condo at Mandalay about every three months. In total, he has invested in four homes at Mandalay and is currently negotiating a fifth purchase.

Jain says it is very easy to find renters for his Mandalay units, allowing for a quick return on his investment.

“Renters are drawn to Mandalay for the same reason that I was — location,” Jain said. “It’s right on the river and on Wall Street’s doorstep, which makes it easy to rent,” he said. “Also, the sales team is very friendly; they listen to you, which makes for a good experience.”

Jain’s experience has been so good, in fact, that he continues to persuade friends and family to make the same investment. So far, five people have followed his lead.

“The buying process is very simple,” Jain said. “They treat you with the utmost respect during the entire closing. It’s a wonderful experience.”

With 80 percent of Mandalay’s condominium homes already sold, now is the time to invest before the opportunity no longer exists. One-, two- and three-bedroom homes are being offered at affordable prices starting in the low $400,000s.  A garage parking space is included in the purchase price.  

“We are proud of our track record with the investment community. It’s a great sign of confidence in our product that we continue to draw so many investors,” stated Brian M. Stolar, CEO of The Pinnacle Companies.  “These individuals realize the inherent value, lasting quality and unrivaled location of Mandalay. Combined, these features create an investment scenario too good to pass up.”

Mandalay is a condominium conversion and homes can be purchased ‘as is’ or with a standard package including hardwood floors. Kitchen and bathroom upgrades are also available and include European style cabinetry, granite countertops and stainless steel appliances.. Mandalay also features a heated outdoor pool on the Hudson waterfront that is surrounded by gardens and picnic and barbeque areas set against a backdrop of the Manhattan skyline. The pool is accessible from the Residents’ Club, which is perfect for special events or smaller gatherings, or to watch sports on the plasma television screen in front of the fireplace. Another popular feature is the convenience of a 24-hour concierge and valet service for dry cleaning and repairs. Residents also have access to a fully equipped fitness and exercise area, while the outdoor playground and promenade along the riverfront, which surrounds the perimeter of the community, is ideal for walkers and joggers alike.

Within walking distance of Mandalay are two PATH stations, two ferry terminals and the New Jersey Transit Hudson-Bergen Light Rail, which transport riders to Manhattan, Hoboken, Bayonne and other cities along New Jersey’s Gold Coast.  With transportation so close, the work and leisure opportunities of New York City are easily accessible to Mandalay residents. In addition, Jersey City’s dramatically revitalized downtown, complete with trendy restaurants and clubs, is only three blocks away. The nearby Newport Centre Mall offers 140 businesses and stores.

For more information on investment opportunities at Mandalay on the Hudson, visit the sales center at 20 Second St., Jersey City; call a sales representative at 866-OWN MANDALAY; or visit the Web site at http://www.mandalayonthehudson.com.

The sales office is open from 10 a. m. to 5 p. m. during the week, and 11 a.m. to 5 p. m. on weekends. Evening hours are available on Tuesday and Thursday until 8 p.m.

About The Pinnacle Companies:
The Pinnacle Companies, which includes Pinnacle Communities, Pinnacle Custom and Pinnacle Downtown, is among the most respected real estate development and investment companies in the industry for their ability to anticipate trends in the changing real estate market and create “what’s next” in luxury residential communities. Pinnacle’s innovative approach to development and creative problem-solving abilities are qualities that continually position Pinnacle as an industry leader in the real estate market. The award-winning company has built an enviable reputation in the sale and rental of luxury, active-adult and custom housing, as well as the office, retail and mixed-use markets. Since the company’s founding in 1984, Pinnacle has built in excess of 5,000 luxury attached and detached homes as well as significant retail, hotel and restaurant development. For more information on Pinnacle, visit http://www.pinnaclecompanies.net or contact the company’s Chatham headquarters at 973-379-1900.

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Pinnacle is an award winning real estate development and investment company based in Chatham, New Jersey.