Carteret luxury apartment building sells for $87.5 million

From Staff Reports
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CARTERET – The Botanic, a 242-unit luxury apartment building which is leasing while completing construction in the borough's downtown, has sold for $87.5 million.

The building, on a 1.72-acre site at 36 Washington Ave., has 10,000 square feet of restaurant space, including a rooftop eatery, plus outdoor amenities,

The building was sold to New Jersey developer and property manager Living Residential by original developer Forte Real Estate Development in Middlesex.

Outdoor amenities include a 15,000-square-foot rooftop terrace, multiple courtyards, gardens, fire pits, planters with river birch trees and atmospheric lighting.

The Botanic is located in the heart of Carteret’s intersection of entertainment, shopping and dining.
The Botanic is located in the heart of Carteret’s intersection of entertainment, shopping and dining.

During the next six to 12 months, Living Residential intends to fully lease the property, and hold it long term.

Alfredo’s Pizzeria, a longtime successful Carteret establishment, will move in November across Washington Avenue from its current location to its new 2,500-square-foot home.

The development company is working with a number of prospects for the other 7,500-square-foot restaurant space, which will include a rooftop dining area with panoramic views of the New York City skyline, Arthur Kill and Watchung Mountains.

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A resident lounge, indoor parking garage and a discounted membership to RWJ Fitness & Wellness Center just one block away are also part of The Botanic amenities.

Kitchens at The Botanic feature natural wood high-end cabinetry, stainless steel appliances, granite countertops and an island with bar seating.
Kitchens at The Botanic feature natural wood high-end cabinetry, stainless steel appliances, granite countertops and an island with bar seating.

Living Residential CEO Gary Kassirer said he was so impressed with the botanical nature of the property’s 30,000 square feet of outdoor space, he was inspired to change building’s name from Washington Lofts to The Botanic.

“It’s just a beautiful town with a great, great mayor who has an unbelievable vision,” Kassirer said in a statement. “I would say he has the most amazing devotion and dedication to see that vision through. It’s something that’s very inspiring, something I want to be part of, and something that people in the state and the tristate area should take note of because Carteret is becoming the epicenter for the live, work, eat, play lifestyle with a community that is vibrant and most attractive.”

This article originally appeared on MyCentralJersey.com: Carteret luxury apartment building sells for $87.5 million