Overseas Capital Pouring into NJ Side of the Hudson River
A number of the world’s leading foreign development companies gathered recently to discuss the heavy stream of overseas capital that’s flowing into the New Jersey Gold Coast and giving rise to a wave of substantial new residential projects at a pace more commonly seen across the Hudson River.
Hosted by DMG Investments and The American Chinese Real Estate Society (ACRES), the panel included leaderships from five global development firms who are all betting big on the continued growth of the New Jersey Gold Coast, which includes Cliffside Park, Edgewater, Weehawken and Jersey City.
(L-R): Moderator Jennifer Song, Cushman & Wakefield, Jacky He, Executive of Vice President, DMG Investments, LLC, Greg Wang, General Counsel, Hongkun USA, Georgina Sun, Director of Marketing & Sales, China Overseas America, Inc., Chester Gu, Vice President, US Education and Value added Service, Landsea Holdings Corporation and Yan Zhou, Deputy General Manager, Shokai Group.
With Jennifer Song of Cushman and Wakefield moderating the discussion, the panelists detailed what’s driving their confidence in the marketplace, including proximity to Manhattan, a comprehensive mass-transportation infrastructure buoyed by frequent ferry and rail service, compelling value propositions when compared with Manhattan and Brooklyn, and the ability to appeal to a large pool of residents looking for a mix of urban-suburban attributes.
“The New Jersey Gold Coast is a national, and perhaps International, success story,” said Jacky He, who heads up operations for DMG Investments. One Park, the site of the event, is one of the six projects that the company is currently developing, while looking to invest in other projects across the U.S. “The transformation from abandoned warehouses and manufacturing sites to the vibrant mix of asset classes thriving today is remarkable. The area is clearly an extension of New York City and is being recognized as a viable outer-borough market that’s commanding significant investment from regional and global developers, lenders and residents alike. The fundamentals are strong and there is tremendous upside.”
Other companies that participated in the panel included Shokai Group, Hongkun, Landsea and China Overseas America, Inc. Each development firm is moving forward with large-scale projects ranging from massive towers in Jersey City to mid-rise residential buildings stretching north towards the George Washington Bridge. Each project will bring world-class design and modern luxury to the region while leveraging the robust retail, dining, and lifestyle attractions that line the waterfront.
ABOUT DMG INVESTMENTS LLC
DMG Investments LLC was established as a real estate investment company in 2014. Headquartered in New York City on Wall Street, DMG looks to nationwide residential markets and student housing markets with favorable population and employment growth. As a US subsidiary of DoThink Group, a Top 100 real estate developer in China, DMG aims at steady expansion in the United States. With high quality of vision and performance, comprehensive understanding and appreciation of land value and market fundamentals, and attention to inhabitation, DMG is emerging as a premier Chinese developer in US real estate markets. More information about DMG can be found at www.dmg-investments.com.
The American Chinese Real Estate Society (ACRES) serves a growing number of bilingual real estate professionals who have interests and resources in both the U.S. and China. An advocate for Chinese business groups as well as a leading facilitator of U.S.-China cross-border transactions, ACRES strives to provide valuable connections, education, and experiences to local experts with a global reach. ACRES is headquartered in New York City.
More information about ACRES can be found at www.acresociety.com.