Eleven80's Successful Rental Program One Example of Downtown Newark, NJ's Revival

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Downtown Newark, New Jersey is hitting its stride as considerable cultural, recreational, commercial and residential development is producing a core area of vibrant mixed-uses essential to a thriving urban destination. Already a beacon of success is Eleven80, the 35-story former Art Deco office building that was converted last year by Cogswell Realty Group into the first luxury rental building in downtown Newark in more than 40 years.

Eleven80, the first luxury rental building in downtown newark in more than 40 years

The homes also boast hardwood floors in the living areas, carpeted bedrooms, open kitchens, spacious walk-in closets and a washer and dryer, among other premium comforts.

Downtown Newark, New Jersey is hitting its stride as considerable cultural, recreational, commercial and residential development is producing a core area of vibrant mixed-uses essential to a thriving urban destination.

Building on the success of the New Jersey Performing Arts Center (NJPAC), which has welcomed more than 3.5 million visitors since its debut in 1997, is the much ballyhooed Prudential Center (a.k.a. The Rock), which opened its doors last fall, bringing big-time sports and entertainment to Newark, including the New Jersey Devils, Seton Hall basketball, Bon Jovi, Alicia Keys and Celine Dion.

There's also The Newark Symphony, Riverfront Stadium, and the impending Red Bull Park in neighboring Harrison - all part of the nearly $2 billion in construction currently underway that is combining with an influx of hip new restaurants and bars to transform downtown Newark into a lively and energetic neighborhood atmosphere.

The bullish outlook for downtown Newark has spread to the housing sector as well. Earlier this year, developers announced plans for a $150 million mixed-use project opposite NJPAC that would include retail space, indoor parking and hundreds of market-rate rental apartments -- 20 percent of them reserved for artists whose rents would be subsidized.

Already a beacon of success is Eleven80, the 35-story former Art Deco office building that was converted last year by Cogswell Realty Group into the first luxury rental building in downtown Newark in more than 40 years. The completely renovated landmark building located at 1180 Raymond Boulevard now features 317 upscale rental homes and an elaborate amenity offering rivaling those found in luxury Manhattan buildings.

An impressive 205 apartments are currently leased at Eleven80, with some 250 residents moved in.

"Eleven80 has appealed to young working professionals who recognize the significant value here when compared with more expensive apartments found in New York City, Hoboken and Jersey City," says Cogswell CEO Arthur Stern, who noted that nearly 80% of Eleven80's residents commute to Manhattan -- just a 15-minute train ride via the PATH. "The public also sees the staggering financial commitment consistently being made to downtown Newark and they're buying into the area as a viable residential alternative."

Also contributing to Eleven80's success is the high-rise building's spectacular views of the Manhattan skyline and Military Park, incomparable charm stemming from the original marble walls, terrazzo flooring and brass elevator doors being restored to their former splendor; and proximity to Newark's Penn Station -- just two blocks away -- providing PATH, New Jersey Transit, and AmTrak service to Manhattan and points throughout the Northeast.     

Residents also appreciate Eleven80's Manhattan-style amenities and services which include a private 8,000 square-foot health club with men's and women's locker rooms, steam room and sauna; a four-lane bowling alley with overhead scoring, an indoor half-court basketball court, a multi-media room with a flat screen TV, Playstation™ and X-Box 360®; a social lounge with a flat screen TV and billiards table; a Pilates studio and a conference center.

Convenient concierge service, Valet parking, a 24-hour attended lobby and complimentary shuttle service to the University District, Newark International Airport and Penn Station round out the unique lifestyle afforded residents.

Eleven80's luxury rental residences offer from 598 to 1,401 square feet of living space, with monthly rents ranging from $1,650 for one-bedroom homes and from $2,420 for two-bedroom layouts.

"Residences feature expansive glass windows, gourmet kitchens with General Electric stainless steel appliances, black absolute granite countertops, recessed paneled cabinetry, gray porcelain tile flooring, and marble bathrooms with Crema Marfil vanity tops," notes Jackie Urgo, President of The Marketing Directors, Inc., Eleven80's marketing and exclusive leasing agent. "The homes also boast hardwood floors in the living areas, carpeted bedrooms, open kitchens, spacious walk-in closets and a washer and dryer, among other premium comforts."

For more information on Eleven80, call the Leasing Center at 973-824-1180, located directly across from Eleven80 at 12 Commerce Street, or access its website at http://www.eleven80rentals.com.

Media Contact:
George M. Cahn
President
CAHN Communications
201-876-3100
gcahn @ cahncomm.com

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