A $68.5 million cash injection has revived the once-stalled second phase of the Gull’s Cove condominium complex. The investment was made by William Procida and his Englewood Cliffs-based firm, Procida Funding and Advisors. Although Procida has previously invested in various projects in New Jersey and beyond, this represents his biggest deal to date.
Phase two at Gull’s Cove involves construction of a nine-story, 107-unit tower that was initially supposed to begin construction soon after the first Gull’s Cove tower was built. However, the project fell victim to the 2008 housing crisis and the unfinished project — along with the unsightly construction site — created tension between condo owners and its developer.
But construction workers have returned to the site and the second phase is expected to be completed within 12 to 18 months. The final building will include studios, 1-, 2-, and 3-bedroom apartments, as well as duplexes and triplexes. —NJ.com
(Image: Hoboken City Real Estate)
