Jersey Digs has learned that two of the larger developments in Jersey City’s Hamilton Park have quietly changed hands as LeFrak has apparently offloaded a pair of residential buildings.
LeFrak, who have constructed much of Jersey City’s Newport neighborhood, have spent the last few years developing the Embankment House and Revetment House on top of former elevated rail lines along 10th Street. The two long industrial-inspired residential buildings had been managed by Newport Associates since their completion.
However, a source shared a tip with Jersey Digs last week that a company called Greystar is now running the properties. “As of September 29, Newport Rentals will no longer be managing Embankment House and Revetment House Apartments,” a letter to building residents states. “We are pleased to introduce ourselves, Greystar, as the new management company.”
Jersey Digs can confirm that the new ownership of the building is a company by the name of Hamilton Park East Owner LLC. The entity is registered to a subsidiary of Rockpoint Group, a Boston company that manages a variety of properties around the country.
The sale to Rockpoint was independently confirmed by a letter from the United Construction Trades & Industrial Employees (UCTIE) addressed to residents of the buildings. LeFrak’s Newport web presence has already taken down the payment portal for both buildings, although the company has not yet announced the deal.
LeFrak has approved plans in place to bring a third industrial-style residential building to the final portion of the former rail line on 10th Street. That project, dubbed Rampart House, has yet to break ground despite gaining approval from Jersey City’s planning board last summer.
