For Jacky He, the executive vice president of DMG Investments, developing condominiums in Cliffside Park was largely influenced by the borough’s similarity to his home in China.
“Hangzhou City also has a cliff and also a nice river (Qiantang) in front of it,” he said. “It’s exactly the same feeling, so we really loved this site and the views of Manhattan.”
It’s one of the reasons DMG Investments, the U.S. subsidiary of Chinese-based DoThink Group, chose to develop its second condominium project in the country — and its first project in New Jersey and the East Coast — in Bergen County.
The company feels the One Park project will meet the demand for condominiums along the Bergen waterfront while offering views of Midtown Manhattan overlooking the Palisades. And do it in a better area.
“We don’t like to invest in those super-popular areas, to compete with everyone,” He said. “We’re trying to create a unique experience for our residents. That’s why we picked here. We give them the view, the first-tier amenities in the building.
“Most people don’t realize that the best views to Manhattan are on the New Jersey side, not in Manhattan. The key point for residents is quietness. People want to get to rest and have privacy. So, you see this site, to the east is a cliff, so nothing can affect you. On the west side, it’s the park. No matter what, you have privacy and also a very quiet environment to relax.”
DMG’s experience and knowhow for condominiums is vast, given its parent company is one of the largest condominium developers in China, according to He.
Six properties throughout the country have been developed by the firm so far: One Park; Arabella condominiums just outside of Houston; Frederick Lofts in Milwaukee; Lake View apartments and townhomes in Memphis, Tennessee; two student housing projects in Albany, New York; and Savoy Apartments, also in Houston.
“We started our business 24 years ago in mainland China, and we focused on condos,” He said. “Last year, we (DoThink Group) had $1.5 billion of revenues in condos, so we’re trying to do that. That is our specialty.”
It’s a specialty the company may be bringing more of to the region.
“We’re actively looking for potential projects in the greater New York City area, including Brooklyn, Long Island City, Bergen and Jersey City, and also Manhattan,” He said. “Journal Squared and downtown Jersey City are two areas we’re very interested in.
“We’re very focused on student housing, so right now, we’re looking at Rutgers and Albany. We’re trying to create a student housing strategy for the company.”
DMG’s team was joined by Cliffside Park Mayor Thomas Calabrese, its team of architects and designers, and financing officials and the exclusive sales and marketing agents for the project at the official opening ceremony of its on-site sales gallery July 12.
“This location certainly fits the borough’s model atop the Palisades,” Calabrese said. “We continue to look for ways to grow our community smartly and responsibly, and in ways that will benefit all of our residents. You see that with the town center and, today, you see that with the progress of One Park.
“Though it’s still under construction, it’s obvious this will be an exceptional new residential development of which all of us can be proud.”
DMG’s architects, Architectura and VLDG, brought DMG’s vision to life for the 14-story, 204-unit luxury condominium complex, according to Stephen Kliegerman, president of Halstead Property Development Marketing, the exclusive sales and marketing agent.
“The building’s forward-thinking design infuses its serene natural landscape with modern style to create a unique living experience,” Kliegerman said. “The views are dramatic, the array of indoor and outdoor amenities were thoughtfully crafted to appeal to both adults and children, and the location provides convenient access to Manhattan and the dynamic Hudson River waterfront. It’s a compelling proposition that should resonate strongly with buyers on both sides of the river.”
One Park’s one-, two-, three- and four-bedroom condo units start at $500,000.
Upon completion in summer 2018, Kliegerman said, the development with include over 25,000 square feet of resident amenities, including an aquatic center featuring an indoor 55-foot heated pool with adjoining outdoor sun deck, sauna and steam rooms; and a private furnished roof deck including dining terrace with grilling stations, fire pits, intimate seating areas and outdoor movie theater.
There’s also a state-of-the-art fitness center with a private Pilates room and squash court, a golf simulator, children’s playroom, a pet spa, guest suites and a secure parking garage with a fully-automated Unitronics system, according to Kliegerman.
He thanked AIG, Everbank, Investors Bank and Wells Fargo for helping DMG and DoThink’s vision come to life. He also said DMG neither sought, nor “required” a tax abatement for One Park.
According to both He and Calabrese, One Park is a project that exploits the borough’s location atop the Palisades to deliver a unique and stunning view of Midtown Manhattan, while delivering proximal access to the borough’s downtown.
“Our location perfectly reflects Cliffside Park’s overall atmosphere of a suburban setting, completed by offering the local shops and restaurants along Anderson Avenue, close to Manhattan, and convenient access to a wealth of lifestyle attractions along the Hudson River,” He said. “We are literally on top of the Palisades.
“Following years of careful planning and design, we are introducing a residential building that will embrace the charm and appeal of Cliffside Park while delivering a new living alternative to the borough.”