BERGEN RECORD: Renters look for space to exercise

BY DONNA ROLANDO

If you want to stick like glue to your excuses for not exercising, don’t read this article. Especially don’t continue reading if your primary excuse for not lifting a dumbbell is that your apartment is too small.

Exercise pros say there is no one road for renters to get in shape.

Regardless of whether you live in a luxury apartment complex with its own gym or a less expensive place where space is limited, you can still lose the pounds — if you lose the excuses.

The trick is to get motivated, designate a workout area, and think outside the box for exercises that don’t count on lots of jumping or clunky gear.

* In a small apartment

“I don’t think people think they can’t work out in an apartment. I think they don’t know what to do,” said Adam Campbell, fitness director for Men’s Health and author of “Big Book of Exercises.”

“The truth is you really don’t need any equipment to get a total body workout. There are tons of ways to make any exercise more difficult,” he said.

“Body weight training is one of the best things you can do in your apartment with no equipment,” said Roderick Lapid, a personal trainer in northern New Jersey who goes to homes, including apartments, to pump up exercise routines.

He directs renters to push-ups, crunches and Pilates, all well-suited for a roll-up exercise mat.

“Yoga is great,” he said.

To beef up the intensity of a workout, try handstands, inverted push-ups and even walking on your hands, he said.

Dumbbells and especially kettle bells take up little space and can add intensity to traditional exercises like squats. A stability ball fits right in the closet. Also ideal for small spaces are stackable power blocks as well as suspension straps, which require only a door.

Out of courtesy to neighbors, small-apartment dwellers are likely to have to forgo aerobics, but they still need cardio.

“You need to get the heart rate going,” said Lapid, who likes the kettle bells for combined benefits of strength and heart-rate training.

Get creative in designating your exercise setting. Even if it’s a corner, he said, “leave a yoga mat laid out and have your exercise tools available.”

With any form of exercise, he advised that one should focus on a goal and ask, “Am I getting what I want out of this?”

Hoboken resident Jeff Thomsen, president of Fitness Solutions Direct, said: “You can find different workouts to try online or in magazines. Bottom line is if you have space and some sort of resistance you can put yourself through a great workout.”

John Rowley of The American Institute of Healthcare and Fitness, said it’s key to “work every body part even in the tightest studio apartment. You can also take your dumbbells into the staircase and take every other step for a lunge effort that will work your legs and buttocks while doing cardio. Time effective and space efficient.”

* When a fitness center is nearby:

Some renters are so dedicated to fitness, they make it a priority to seek out a luxury apartment complex with a state-of-the-art gym. Gary DuBoff had this in mind when he recently rented at 140 Mayhill, a 158-unit complex in Saddle Brook.

“I would not have moved into a complex that didn’t have a fitness center,” DuBoff said.

“One of our focuses was to develop a great fitness area for the residents,” said Jack Linefsky of Value Cos., which manages 140 Mayhill.

While renters get fit with other renters on “health-club quality” equipment like the elliptical, perhaps saving on outside gym fees, Value Cos. gains in being able to attract tenants in a sometimes saturated market.

“The [fitness] room is so successful, we’re considering expanding to include other equipment,” said Linefsky, director of operations.

At AVE by Korman Communities in Clifton, much thought went into designing a gym where renters would really want to work out, said president Lea Anne Welsh. This gym has a cardio

room overlooking the pool and a strength-training room with a view of the tranquility garden, both from 18-foot-tall windows. The high ceilings were designed to energize residents as they enter the gym, Welsh explained.

Personal training and massage therapy are available here just like at a health club. And if it seems like AVE employees are promoting fitness to the tenants, they are.

“We want people to take advantage of everything,” Welsh said. “They’ll be more likely to stay and not move out if their workout buddy is a floor away. It helps to create a sense of community.”

If you have such a fitness center, Rowley said, “The whole key to maximizing your workout in a fitness center at an apartment complex is to have a plan of action.”

And, of course, leave those excuses behind.

BROKERS WEEKLY: AA Honors for 140 Mayhill

140 Mayhill, the luxury rental community from Value Companies in Bergen County’s Saddle Brook Township, was honored during the New Jersey Apartment Association’s 2009 Garden State Awards program.

The collection of 158 one-and two- bedroom rental homes was distinguished as “Best Managed Mid/High Rise Building Built After 2000 – Over 100 Units” by the organization of apartment owners, managers, builders, developers and those involved in allied industries.

The Clifton, JN.J.-based company received the honor during a ceremony recently held at the Hyatt Regency Hotel in New Brunswick.

“We’re thrilled to receive this award from our industry peers,” said Jack Linefsky, director of operations at Value Companies. “It is a fitting tribute to the superb team of professionals we assembled and have on staff to develop, lease, manage and maintain this special rental community.”

Just nine months after its debut, 100% of the community’s homes have been leased under the direction of The Marketing Directors, Inc., the marketing and exclusive leasing agent for 140 Mayhill.

NJBiz: Heating up the Market

November 23, 2009

Heating up the market
Multifamily properties offer multiple benefits to property owners
by SHANKAR P.

More investors are finding multifamily portfolios attractive, as they bring robust occupancies and should feel the effects of economic recovery faster than other commercial real estate property types, executives said.

Increasing investor interest in the “strong” multifamily market “is a trend,” said Jose Cruz, executive director in charge of multifamily sales at real estate services firm Cushman & Wakefield, in East Rutherford. However, although capital is available to fund that investor appetite, the deal flow is slow, as not all institutional investors have returned to the market.

Cruz said one Morris County apartment portfolio of 145 units, valued at about $25 million, attracted 26 bids, with more than 41 investors physically inspecting the property. The deal fell through after the property’s owner decided to hold off the sale: “The demand is the real story here,” he said.

Cruz also has organized nearly 30 investor tours so far for a 400-unit apartment complex in Essex County’s Belleville that’s priced north of $50 million.

Occupancy rates average 95 percent for multifamily properties in the state, compared to levels between 85 percent and 88 percent in early 2007, Cruz said. That’s been helped by the government-sponsored agencies of Fannie Mae and Freddie Mac, which are ensuring credit by actively securitizing home mortgages, he said.

The credit tightening that followed the subprime crisis will drive more demand to rental housing if employers resume hiring, which could start late next year, said Ronald Ladell, vice president of development at AvalonBay Communities Inc., in the Iselin section of Woodbridge. The luxury apartment owner boasts a 96 percent occupancy rate across nearly 3,900 units in the state, he said.

Jon Moore, vice president of development at Clifton-based Value Cos., an investor and developer of multifamily properties, is cautiously optimistic. His company has 2,300 units in five counties; occupancy rates range between 92 percent and 100 percent at those developments, he said.

Ladell said New Jersey appears ready to cash in on the economic recovery and the jobs that would follow. For one, he said, the state’s incoming governor and a re-energized Legislature are expected to launch new economic stimulus programs in the coming months.

Secondly, Ladell predicted that echo boomers (those between 20 and 30 years old) “will look for rental housing more than for for-sale housing.” Cushman & Wakefield’s Brian Whitmer wrote in his firm’s Fall 2009 Multifamily Overview report, “Young mobile corporate professionals will also gravitate towards this choice, as job uncertainty will persuade them from planting permanent roots with a house.”

AvalonBay now feels encouraged to start construction on a West Long Branch project with 180 apartment units, Ladell said; the company has another six to 10 development projects on its drawing board.

Moore is waiting for the market to get better before Value starts a shovel-ready project for 150 condos in Jersey City’s Paulus Hook section, he said.

“Historically, [multifamily] has been proven to be the first sector to recover; it is a more flexible option than single-family housing is,” Moore said. But “the rental market may be challenged for the next couple of years, and may take until 2011-2012 to get back to levels seen in 2007.”

Layoffs in the financial services and pharmaceutical industries hurt the state’s rental housing market, but landlords have kept vacancies low by offering concessions on rent, security deposits and amenities, according to Cushman & Wakefield’s Multifamily Overview report.

Land constraints also kept vacancies low in the Hudson Waterfront — the region that was the epicenter of the multifamily housing boom in the past decade, the report said.

Ladell said that in addition to jobs growth, 2010 will also bring supply constraints in rental housing. Multifamily housing rental starts nationally averaged 215,000 annually between 2004 and 2007, but are projected at only 70,000 next year, he said.

In New Jersey, there were fewer than 1,500 multifamily rental starts this year, and there will be fewer next year “unless some of the stalled larger redevelopment projects rejuvenate themselves, despite the continued uncertainties,” Ladell said.

Meanwhile, the investment sales market for multifamily properties waits for more institutional investors, like pension funds, to demonstrate interest in the sector, Cruz said.

“They see more positive signs, [but] say they will stay out for a couple of years before they begin writing their investment checks,” he said.

THE RECORD: Fall into a good apartment deal

November 22, 2009

BY DONNA ROLANDO

If your holiday shopping is already done and you don’t have to cook the turkey this year, you might be in a position to take advantage of potential fall and winter bargains in the rental market.

Renters might find their bargain listed in the daily newspaper as a “fall special,” as Kings Arms Apartments in Wayne is doing, or they might make their own opportunity through sharp negotiating in this renter’s market. Either way, doing your homework could yield wallet-friendly results.

“There’s fewer people looking. That’s why fall and winter months are more affordable for people,” said Elaine DiPaolo, broker at Century 21 Gold Properties Realty in Totowa.

“With the holidays, November and December are stagnant months unless someone is relocating,” DiPaolo said. A landlord could be looking at vacant apartments staying vacant for three months. It’s not until January [after New Year's] that apartment searches pick up again.

Rather than lose money on a vacancy, landlords may be willing to offer a bargain, perhaps shaving $50 to $100 off the monthly rent, DiPaolo said.

On a high-end apartment, she said one renter recently sliced $300 a month from the rent by paying six months upfront.

“We find winter is when there’s the least number of people [looking for apartments]. People don’t want to move over the wintertime,” said Rebecca Axelrod, a representative for Kings Arms Apartments, which runs specials in all four seasons.

David Foudy, sales representative for Weichert Tenafly, agreed that winter could mean savings for tenants. But he added that bargains can also be found when school is in session, September through May, when the rental market slows in some towns. With the “overabundance” of rentals in northern New Jersey, Foudy said not all bargains depend on the season.

Other ways to score an affordable apartment in tough times include the following:

– “Keep your checkbook with you,” says move.com, an online rental resource. “Good places do not stay on the market long.”

– “How big is that closet?” — If your apartment is short on closet space, it may mean having to rent a storage unit. It’s better to find a place with enough storage for you and your stuff.

– Lengthen that lease — “Oftentimes, if you sign a lease longer than the typical 12 months, a landlord will lock in the rate beyond the first year so you would save on future years,” said Jon Moore of the Value Companies, a Clifton developer, owner and manager of 3,500 rental homes, including 140 Mayhill in Saddle Brook. “They could save 3 to 5 percent in the second year.”

– Care for your car — Parking should not be an afterthought in your apartment search. Will you have to rush home to catch that prime parking space, feed parking meters or pay for a secured parking lot? Factor that into the real cost of your apartment.

– Working out for savings — “If going to the gym is part of your daily regime, consider looking at apartments or housing complexes with a gym located on the property,” advised Peggy Abkemeier, president of Rent.com. “Some properties might charge a small monthly fee to use the gym, while others will include the fee in the rent. Regardless, it will likely be cheaper than paying for a gym membership somewhere else.”

– Just business — Luxury apartments often offer a business center, which can create the opportunity to work at home from time to time, cutting back on commuting costs.

– What’s included? — Tenants may find savings when utilities are included in the rent. But do the math, DiPaolo said, because sometimes landlords just tack these costs onto the rent. Since heating costs are seasonal, a tenant doesn’t want to get stuck paying for his heat 12 months a year.

– Keep your eyes open — Landlords looking to draw in tenants may offer a variety of concessions, such as one month’s free rent.

– Consider your commute — An apartment close to your job or public transportation can be light on your gas tank. While many city workers choose to live in the suburbs to save on rent, Abkemeier said, “Sometimes it is cheaper to live in the big city and forgo additional transit costs.”

Gateways at Randolph to Hold Open House Saturday, November 21st

Prospective renters are invited to join the Gateways at Randolph for an Open House this Saturday (November 21st) at the award-winning rental community in this Morris County Township. To be held from 10 a.m. to 6 p.m. in the community’s leasing and model center, the special event will afford prospective renters an up close look at the apartment homes available. Special incentives will be offered during the open house, including one-month-free rent for those who sign a 12-month lease, two-months free-rent for those who sign a 24-month lease and a $100 rent credit for those who sign a lease during the Open House. A select number of lucky attendees will also receive IPod door prizes. For additional information, please call (973) 361-2466.

RESIDENTS “TRICK OR TREAT” AT 140 MAYHILL’S HALLOWEEN PARTY

New and existing residents gathered recently to enjoy a Halloween-themed party at 140 Mayhill

SADDLE BROOK, N.J. – “Trick or treat” was the theme of the day when award winning 140 Mayhill recently hosted the first annual Halloween Party in its professionally-furnished clubroom.

Scores of festive residents – several dressed in full costume – crowded the state-of-the-art common areas and clubroom which were decorated with a Halloween theme for the special “meet and greet” event. Attendees delighted in food and drink and two lucky residents were recipients of Ipod door prizes.

“It was a fantastic turn-out,” says Jack Linefsky, Director of Operations at Value Companies, which developed the collection of 158 one-and two-bedroom rental homes in Bergen County’s Saddle Brook Township. “Everyone really got into the spirit of the holiday.

“The party provided the perfect opportunity for both our new and existing residents to meet and socialize with one another in a relaxed, jubilant atmosphere. It’s just another example of the close-knit, friendly environment which defines 140 Mayhill.”

The centerpiece of 140 Mayhill’s well-rounded lifestyle, the clubroom was merchandised by prominent interior design firm Lita Dirks & Co. and includes a catering kitchen for private events and social gatherings, large flat-screen television, Ipod docking stations and ample room for entertaining. There’s also a fully-equipped fitness center which features top-of-the-line fitness machines and free weights, flat-screen TVs and a mirrored stretching room.

Since opening its leasing program, 140 Mayhill enjoyed a level of success that belies the current state of the rental market. Months after its debut, an impressive 100% of the community’s homes have been leased under the direction of The Marketing Directors, Inc., the marketing and exclusive leasing agent for 140 Mayhill. The success of 140 Mayhill is directly linked to its large selection of well-appointed interior layouts, competitive monthly rates starting in the $1,500s, desirable suburban location eight miles from Manhattan and a close-knit, activity-rich lifestyle.

Luxurious rental homes at 140 Mayhill range in size from 753 square-feet to 1,300 square-feet. Homes come complete with a host of designer features and appointments, including soaring nine-to-11-foot ceilings, elegant three-inch plank hardwood floors, gorgeous French doors leading to the homes’ private balconies, Bosch washers and dryers, spacious walk-in closets with custom-designed shelving, and gourmet kitchens with full GE stainless steel appliance packages, exquisite oak cabinetry, granite kitchen countertops, designer lighting fixtures and designer blinds.

Residents also benefit from 24-hour on-site maintenance service and reserved garage parking adjacent to the building.

An added advantage of 140 Mayhill is its location near major highways and transportation outlets which whisk commuters into Manhattan and the entertainment and business centers of northern New Jersey. The neighborhood is just minutes from the Garden State Parkway, Route 80 and highways 46, 4 and 17.

140 Mayhill was recently honored during the New Jersey Apartment Association’s 2009 Garden State Awards program, which annually recognizes outstanding achievement in the field of rental properties.

The rental community was distinguished as “Best Managed Mid/High Rise Building Built After 2000 – Over 100 Units” by the organization of apartment owners, managers, builders, developers and those involved in allied industries.

140 Mayhill is a continuation of Value Companies’ proven track record of building and maintaining the finest rental communities in northern New Jersey. Value Companies’ portfolio spans many northern New Jersey towns including Randolph, Sayreville, Passaic, Saddle Brook, Paterson and Nutley, as well as properties in New York, Pennsylvania and Texas.

For more information or to schedule a private presentation of 140 Mayhill and its furnished model residences, please call 201-556-0140 or visit www.140mayhill.com. The 140 Mayhill leasing office is open Monday through Saturday from 10 a.m. to 6 p.m.
About Value Companies

Founded in 1952, Value Companies is a leading real estate development, investment and management company headquartered in Clifton, N. J. The company currently boasts a portfolio exceeding 3,600 residential units located throughout New Jersey, Pennsylvania, New York, Texas and Florida. From suburban master-planned communities to urban infill redevelopment, Value Companies has embarked on $100 million in new development initiatives across the luxury rental, condominium and urban mixed-use sectors.

For more information, please contact Value Companies’ headquarters at 973-473-2800 or visit www.valuecompanies.com.
# # #

VALUE COMPANIES’ 140 MAYHILL RECEIVES INDUSTRY ACCLAIM DURING NJAA’S 2009 GARDEN STATE AWARDS CEREMONY

CLIFTON, N.J. – 140 Mayhill, the luxury rental community from Value Companies in Bergen County’s Saddle Brook Township, was recently honored during the New Jersey Apartment Association’s 2009 Garden State Awards program, which annually recognizes outstanding achievement in the field of rental properties.

The collection of 158 one-and two-bedroom rental homes was distinguished as “Best Managed Mid/High Rise Building Built After 2000 – Over 100 Units” by the organization of apartment owners, managers, builders, developers and those involved in allied industries. The Clifton, N.J.-based company received the honor during a glittering awards ceremony recently held at the Hyatt Regency Hotel in New Brunswick.

“We’re thrilled to receive this award from our industry peers,” notes Jack Linefsky, Director of Operations at Value Companies. “It is a fitting tribute to the superb team of professionals we assembled and have on staff to develop, lease, manage and maintain this special rental community.”

Since opening its leasing program, 140 Mayhill enjoyed a level of success that belies the current state of the rental market. Just nine months after its debut, an impressive 100% of the community’s homes have been leased. The success of 140 Mayhill is directly linked to its large selection of well-appointed interior layouts, competitive monthly rates starting in the $1,500s, desirable suburban location eight miles from Manhattan and a close-knit, activity-rich lifestyle.

Highlighting 140 Mayhill’s well-rounded living environment is the community’s professionally-furnished clubroom which was merchandised by prominent interior design firm Lita Dirks & Co. and includes a catering kitchen for private events and social gatherings, large flat-screen television, Ipod docking stations and ample room for entertaining. There’s also a fully-equipped fitness center which features top-of-the-line fitness machines and free weights, flat-screen TVs and a mirrored stretching room.

Luxurious rental homes at 140 Mayhill range in size from 753 square-feet to 1,300 square-feet. Homes come complete with a host of designer features and appointments, including soaring nine-to-11-foot ceilings, elegant three-inch plank hardwood floors, gorgeous French doors leading to the homes’ private balconies, Bosch washers and dryers, spacious walk-in closets with custom-designed shelving, and gourmet kitchens with full GE stainless steel appliance packages, exquisite oak cabinetry, granite kitchen countertops, designer lighting fixtures and designer blinds.

Residents also benefit from 24-hour on-site maintenance service and reserved garage parking adjacent to the building.

An added advantage of 140 Mayhill is its location near major highways and transportation outlets which whisk commuters into Manhattan and the entertainment and business centers of northern New Jersey. The neighborhood is just minutes from the Garden State Parkway, Route 80 and highways 46, 4 and 17.

140 Mayhill is a continuation of Value Companies’ proven track record of building and maintaining the finest rental communities in northern New Jersey. Also in Saddle Brook are Ten Sampson, a new 38-residence building and the 368-residence Saddle Brook Apartments, both of which have consistently enjoyed near 100 percent occupancy and are owned and managed by affiliates of Value Companies.

For more information or to schedule a private presentation of 140 Mayhill and its furnished model residences, please call 201-556-0140 or visit www.140mayhill.com. The 140 Mayhill leasing office is open Monday through Saturday from 10 a.m. to 6 p.m.
About Value Companies

Founded in 1952, Value Companies is a leading real estate development, investment and management company headquartered in Clifton, N. J. The company currently boasts a portfolio exceeding 3,600 residential units located throughout New Jersey, Pennsylvania, New York, Texas and Florida. From suburban master-planned communities to urban infill redevelopment, Value Companies has embarked on $100 million in new development initiatives across the luxury rental, condominium and urban mixed-use sectors.

For more information, please contact Value Companies’ headquarters at 973-473-2800 or visit www.valuecompanies.com.
# # #

N.J. DEVELOPER TAKES BREAST CANCER FUNDRAISING PERSONALLY

Andrew Abramson

Foundation Formed By Andrew Abramson Is Benefitting From Several October Events;

       His firm, Value Companies, Is Donating $100 For Each Lease Signed During The Month

CLIFTON, N.J. — Developer Andrew Abramson is all too familiar with the heartbreak and despair associated with living with someone afflicted with breast cancer. His mother-in-law, Vivian Bombardieri, succumbed to the disease four years ago. And that was just prior to learning that his wife, Lisa, was also diagnosed with breast cancer.

Not content to sit on his hands and wait for progress to be made in finding a cure, Mr. Abramson — President of Value Companies, a leading real estate development, investment and management company headquartered in Clifton, N. J — decided to get personally involved in raising funds for breast cancer research.

In 2007, he co-founded the Cure Breast Cancer Foundation, Inc. (CBCF), a 501(c) 3, non-profit organization. He then enlisted a number of “partners” to help sponsor charity events.

Since its inception, CBCF has raised in excess of $1.3 million through events such as an annual golf tournament, now preparing for its third year, walk-a-thons and other fundraising activities. Fully 100% of its net fundraising proceeds received by the foundation are donated to the Memorial Sloan Kettering Cancer Center in Manhattan to support the ground-breaking research being conducted there by noted oncologist Dr. Larry Norton.

“My daughter Carly was actually the inspiration for CBCF’s founding,” Mr. Abramson recalls. “Shortly after her mother was diagnosed, Carly, who was just 12 at the time, made a beaded key ring for her as a gift. Everyone at Memorial Sloan-Kettering where Lisa was a patient loved it so, with the help of family and friends, Carly made and sold 700 similar key rings in the name of breast cancer research.

“By the end of 2007, Carly had raised $10,000 for the hospital. Since I was convinced by then that anything that can be done to advance the progress being made in cancer research should be a priority and that money was obviously a critical factor in furthering this work, I determined to use my financial expertise in this area to do whatever I could to aid the cause. Creating a foundation through which these funds could be channeled seemed to be the best way to proceed.”

This October, which commemorates the 25th Anniversary of National Breast Cancer Awareness Month, CBCF has organized a number of local charity events and promotions in Passaic and Essex Counties with the help of sponsoring partners:

• CBL Fine Art in West Orange is featuring all month its Troll Beads Empowerment Collection, a limited edition of pink and white blown glass beads. Fifty percent of the proceeds from each sale will be donated to the foundation.

• The second annual Shag 86 Walk-A-Thon is scheduled for 9 am on Sunday, Oct. 18th, starting at the salon, 86 Main Street in Little Falls. Last year’s walk raised more than $10,000.

• On Saturday, Oct. 24th (rain date: Sunday, Oct. 25th), Valley National Bank is sponsoring a walk to raise money for the foundation. Walkers will leave at 9 am from the bank’s corporate office at 1455 Valley Road.

“And on a personal level,” Mr. Abramson asserts,” Value Companies is donating $100 to the foundation for every rental lease signed at any of our rental communities during the month of October. Since we own and manage thousands of rental apartments, we expect to do quite well with this initiative.”

National Breast Cancer Awareness Month began in 1985 and is sustained by philanthropic organizations like CBCF to build awareness and raise funds for research.

For more information, visit www.curebreastcancerfoundation.org or call (973) 471-CBCF (2223).

About the Cure Breast Cancer Foundation
The Cure Breast Cancer Foundation (CBCF) is a Clifton, N. J.-based not-for-profit charity devoted to research on a cure for breast cancer at Memorial Sloan-Kettering Cancer Center in Manhattan. The founder and president is Carly Abramson. Her father, Andrew Abramson, is secretary/treasurer. For more information, call (973) 471-CBCF (2223), e-mail info@curebreastcancerfoundation.org or visit the Web site at www.curebreastcancerfoundation.org.

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Condo Amenities for Renters

Sunday, October 4, 2009

By ANTOINETTE MARTIN

ERICA BAUMWOLL, who began work as a teacher in New York City three years ago, spent the first year of her career living with two roommates in a cramped third-floor walk-up on the Upper East Side.

Then she bolted to Hoboken. She still had two roommates, but “way more space,” said Ms. Baumwoll, 25. She was paying more than the $1,400 per month that she had paid in Manhattan, however, and she could never find a parking space.

So last summer she came up with another solution: moving with her boyfriend, Tal Arman, 25, into a spacious two-bedroom two-bath place in a new building. She now has access to a resort-style pool, free garage parking, and a 9,000-square-foot clubhouse that offers a fitness studio, a basketball half-court, a business center, a media lounge and a game room. Her half of the rent is $1,400.

Yes, there was a catch: location. The couple’s new home is here on a peninsula jutting into the Hudson, out of the urban thick of things.
Ms. Baumwoll’s commute to Manhattan is now about 45 minutes, via shuttle bus to the light rail station, connecting to the PATH train in Hoboken. Mr. Arman’s commute takes about the same length of time, though he drives to work in Dover. “It is worth it,” they both say of the trade-offs that came with deciding to be among the first renters at the first building at the Alexan CityView, part of a 544-unit complex being built on a former military base.

“We could never have afforded this in New York or Hoboken,” Ms. Baumwoll said, “even if we could have found something this nice and new.”
This is precisely the way many renters are thinking and prioritizing now, says Jacqueline Urgo, the president of the Marketing Directors Inc., comparing the trend at the Alexan with her company’s experiences leasing several other new rental buildings in northern New Jersey.

“Renters today are starting to look more and more like condo buyers with their priorities, and the way they explore all their options,” said Ms. Urgo, whose company is also directing sales at four or five sites. “They don’t just identify a location and look within the four square blocks. They are looking all over the state for the best values, more so than they ever have.”

“I see a lot of people not wanting to stretch themselves financially so much as they have in the past,” she added. “They want the cushion of values offered further out from the city, and the amenities they are able to garner.”

At the Alexan, which opened in June, a one-bedroom can be had for less than $1,500 a month, with a month’s free rent prorated across a lease of at least 14 months. Apartments range from studios to three-bedrooms. Of the 165 units in the first building, 120 are occupied.

In Springfield, a Union County community near Summit and Short Hills, every apartment but one has been leased at the new 93-unit Skyline Ridge building, which opened in April. That building, similarly, offers Manhattan skyline views, nearby train stations, good highway access and relatively low prices.

In Saddle Brook, a small suburban town in Bergen County, a new 158-unit midrise complex with “condo quality” finishes and luxury common space is also close to fully leased after an April opening, Ms. Urgo noted.

At that complex, called 140 Mayhill, rates are set to be about half what they would be in Manhattan, and 25 to 30 percent below those in Hoboken, said Jonathan Moore, a vice president at the Value Companies, the developer. Also, a month’s free rent was offered with a 14-month lease, and various other perks were initially offered to attract residents.

But, Mr. Moore said, the rental “concessions” were phased out after the pace of leasing gained momentum. “It started to feed on itself,” he said. “People discovered us — this suburban enclave eight miles from the city, surrounded by all major highways, train station with parking five minutes away, bus stop 1,000 feet from the building — and we started to get strong referrals, people moving in and bringing their friends.”

As at the Alexan, whose developer is Trammel Crow Residential, and Skyline Ridge, built by Garden Homes, the majority of renters are under 40, although there is a mix of ages, Mr. Moore said.

With the economy still so shaky, all of the developers said they recognized that renters were searching beyond “the usual suspects,” as Mr. Moore put it — in other words, beyond glittering and trendy apartments in Hoboken and Jersey City.

Ms. Baumwoll said that although she and her boyfriend had started out looking for a place in Hoboken, “we couldn’t afford any nice ones.” She described the reasonably priced places as having “problems — no dishwasher, smelled bad, floor caving in.”

Another new renter at the Alexan, the Rev. Mary Anne Glover, who is an interim regional minister for the Christian Church (Disciples of Christ), said she had made an intensive six-month search of rental buildings in the New York and New Jersey area to find the best price and amenity package.
Like Ms. Baumwoll, she started out in Manhattan, after moving from North Carolina two years ago. “I had to pay $400 a month for a parking space,” said Ms. Glover, whose position requires frequent travel.

When she realized she would be staying in the area for several years, she looked for an apartment in Fort Greene, Brooklyn. “They wanted $1,900 for a studio, no A.C., no ceiling fan, no parking,” she said. It was at that point that she started haunting online sites like rent.com, making visits to new buildings, picking up brochures and calculating prices per square foot.

“When I found this place,” she said, “all the little perks — they even get the trash at your door — I knew I had done my homework, and discovered the best situation at the best price.”

CONSTRUCTION UNDERWAY FOR SUTTON HILL II COMMUNITY

Activity Marks Realization of Developer’s Nearly 30 Year Vision

MIDDLETOWN, N.Y. – A nearly 30-year vision for the Sutton Hill rental community in Orange County’s Middletown is now close to being realized.

Construction is well underway on Sutton Hill II, a new collection of 112 homes that marks the first activity in almost three decades at the neighborhood and the final step in completing the initial plan its current owner, Value Companies, Inc., originally had for a large-scale rental community near the Catskill Mountain resort area in the late 1970s.

The story of Sutton Hill II is one of persistence and resiliency. While Orange County – once considered a popular vacation destination for Manhattanites – was struggling to attract residents and businesses by the 1970s, the area was seemingly poised for revitalization with the promise of a large commercial airport at Stewart Air Force Base and the anticipation of legalized gambling.

Enter the Value Companies. Hoping to capitalize on the reemergence of the Catskill Mountains, the developer purchased the existing 276-home Sutton Hill community in a foreclosure sale, but was unable to secure an adjacent 11.5-acre site that was planned as Phase II of the original development. The developer made several attempts to purchase the land, eventually backing off once it was evident the dream of an airport and possible casino was in doubt.

“As the 1970s rolled into the 1980s, it became clear the Orange County boom wasn’t going to happen,” says Jon Moore, Vice President of Development for the Value Companies. “That didn’t mean the company wasn’t fully committed to the region.

“We completed improvements and the repositioning of Sutton Hill and managed it intently – all while keeping an eye on the possibility of acquiring and developing the final phase of Sutton Hill. It was never a question of whether, but rather that of when.”

In December of 2005, the Value Companies finally purchased the site and began plans to construct a new modern, state-of-the-art rental complex, as well as undertake significant renovations and improvements to the existing Sutton Hill I buildings. With site improvements and development activity moving swiftly, the company expects to begin leasing for the one-, two-and three-bedroom rental homes in November.

“It may have taken time, but the vision for Sutton Hill is almost complete,” says Mr. Moore. “Our dedication and confidence in the project is evident by our willingness to move forward and introduce the homes despite current economic and housing market conditions.
“In addition to providing brand new apartments to meet the growing demand for quality rental homes in Orange County, we’re also reviewing plans to invest $2-3 million into exterior and site upgrades in the original Sutton Hill buildings and the construction of a new community clubhouse.”

Sutton Hill II will feature garden-style apartments in ten residential buildings. Homes will range from 773 to 1,234 square-feet. Monthly rents are expected to range from $1,200 to $1,795.

For additional information on Sutton Hill II, please call (845) 343-2272.

About Value Companies
Value Companies, founded in 1952, is a leading real estate development, investment and management company headquartered in Clifton, N.J. The company currently owns and manages a portfolio of 3,600 residential units located throughout New Jersey, Pennsylvania, New York, Texas and Florida.
Value’s residential properties are built and managed by a highly-skilled, in-house management team of more than 80 industry professionals which oversee all aspects of Value’s communities, including construction, leasing, maintenance and property management. Value’s full-service management capabilities also serve a growing list of third-party real estate investment and property owner clients.
Across its development division, Value Companies has embarked on $100 million in new apartment, condominium and mixed-use developments in strategic suburban and urban locations throughout the country. Value’s development success is directly tied to its steadfast commitment and expertise in multifamily housing, and its ability to introduce new housing products that address consumer and community needs.
For more information, please contact Value Companies’ headquarters at 973-473-2800 or visit www.valuecompanies.com.