50 Bloomfield Street, Hoboken, NJ
115 Rental Residences with parking | 1,300 Sq. Ft. of Retail
Construction Start Date : August 14, 1989
Development Completed : January 1, 1991
The Observer Highway Project in Hoboken (on Observer between Bloomfield and Hudson Streets) was the first high-rise complex built in collaboration with AJD Construction. It was also the first new market-rate building constructed in Hoboken since the 1930s. It was an incredible success. The apartments were small, but the demand for living space by young people working in Manhattan was great, as New York was burgeoning with major expansion of the financial houses. The building was only blocks from the PATH trains to New York City, which added to its appeal.
Observer Park was a prime example of the strength of the rental market, notwithstanding the real estate collapse of office and “for sale” condos and single-family homes. Hoboken was becoming more popular as a destination for young professionals. Its bars were multiplying, and the nightlife was becoming famous. The entire building was rented in four months.