Living at the W Hotel in Hoboken
W Hotel Residence in Hoboken – worth the money?
Living in one of the residences at the W Hotel in Hoboken is not only expensive (~$2 million+), but also quite hard to do, considering how infrequently one comes on the market.
Local Realtor Kristin Ehrgott of Avenue Residential recently featured a “rare” unit for sale at the W Hoboken.
What I found most compelling was, that despite the “high” maintenance cost ($1400 per month, but includes ridiculously insane amount of “amenities”), was the low annual property tax rate ($9,000 thanks to tax abatements).
While $2.2 million bucks for a 1,900 square foot 2 bed 3 bath is certainly over-priced – maybe the perfect NYC views somehow make up for it?
Owning a W Hoboken Residence
The comfort and romance of staying in a luxury hotel heightens any travel experience- but, unfortunately, all such adventures must eventually come to an end. But what if they didn’t have to? What if you could always enjoy the convenience and charm of staying in a luxury hotel, without having to worry about check-out times, or the noise of a rowdy bachelorette party down the hall?
Designed by Gwathmey Siegel & Associates and owned/developed by Ironstate Development, The W Hoboken Hotel at 225 River St in Hoboken, NJ has 26 floors in all. Floors 18-26 are home to the 40 private residences (for the most part, there are 4 residences per floor), while the rest of the building is designated as the famed W Hoboken Hotel, with 225 rooms and an incredible wealth of amenities.
W Hoboken Hotel – Luxury living at it’s best?
When the project was completed in 2009, the 40 residences were snapped up so fast that the model showrooms weren’t even finished yet. Very few of these residences have changed hands- so having one become available is a rare opportunity.
On the 23rd floor of 225 River Street (Apt. #2304), you will find the one and only available residence at the W Hoboken: a 2 bedroom, 3 bath apartment spanning 1,900 square feet.
The high ceilings (10-11 feet!) throughout the apartment, the open plan kitchen/living area, and floor-to-ceiling windows create an open, loft-like feel.
This apartment is “peerless” in more ways than one: In any other apartment, floor to ceiling windows would absolutely require full shades to ensure privacy, but here on the 22nd floor there are no “neighbors” to potentially peep in the windows. Still, the windows in the bedrooms are outfitted with Hunter Douglas remote-controlled blackout shades, while the windows in the living spaces have more translucent shades (also remote-controlled) to still allow some natural light to filter in.
Each of the two bedrooms has an ensuite full bath, and built in California Closets. There are luxurious bamboo floors throughout the space, and the kitchen is fully outfitted with Viking appliances.
To top it off, the apartment features fantastic south and east views- capturing the skyline of lower Manhattan, including the Freedom Tower and all the way down to the Verrazano Bridge.
The residences at the W Hotel Hoboken are on par with the finest luxury condos available, but what takes this property above and beyond the rest are the wealth of amenities, all included in the remarkably reasonable monthly maintenance fee. Obviously the perks of living in a luxury hotel such as the W Hoboken include complete access to all of the hotel’s amenities- such as the full spa, gym room, valet parking, housekeeping services, and room service from the restaurant in the hotel (Zylo – think sophisticated, grass-fed steakhouse with an Italian trattoria ambiance).
The hotel and residences ensure complete privacy and excellent security, making the building a favorite among high-profile clients. A separate elevator with key card entry provides access to the residences, keeping them private from the rest of the hotel.
Those who choose to own a place at the W Hoboken have an even better perk- a private, full service concierge reserved just for the residents. This service can provide anything- from quick trips to the grocery or the pharmacy, to finding and acquiring the perfect bottle of wine or champagne. The concierge service will even look out for you while traveling, and can get you in contact with nearly anyone worldwide. Your concierge could even plan your next vacation for you! There is also a free car service, one way to any location in the city, provided by Acura.
The apartment is available for purchase for $2.2 million, and carries a maintenance fee of approximately $1,400 per month- which includes every amenity mentioned above. The price tag may be on the higher end of the Hoboken real estate market, but owners at the W Hoboken reap the financial benefits of being the only residence in the city on a PILOT tax abatement program. Currently, the property taxes on each residence are under $9,000/year (comparable luxury properties in Hoboken can demand $30-45,000 yearly taxes), with a cap of $15,000/year until the 98th year of the abatement.
The apartment is also available for rent, at about $9,000/month- an arrangement that still offers all the benefits of full ownership.
So, how does one go about scooping up this rare opportunity? By contacting Kristin Ehrgott of Avenue Residential in Hoboken. A well known, successful broker, Ehrgott has a reputation for representing high-profile clients, including celebrities, pro athletes, and corporate executives, especially in the prestigious waterfront communities of New Jersey’s “Gold Coast”. This year, Ehrgott launched Avenue Residential to provide clients with a superior level of service via advanced technology and a focus on each client’s individual needs. By cultivating relationships with the fellow high-end agencies in New York, Ehrgott and the rest of the growing team at Avenue Residential can serve clients’ needs on both sides of the river!