At the site of the former Jaclyn Inc. handbag factory in West New York, known as “la escuelita” (the little school), the CEO of MonGroup Properties, Dean Mon, was joined by U.S. Rep. Albio Sires and U.S. Sen. Bob Menendez at the opening of the fifth residential building in the Jaclyn Heights complex, Jaclyn 40.
The $12 million phase added 40 additional rental units to the rental and condo complex, raising the total number of units to 200.
“Home construction is a major contributor to economic growth in the U.S. and affordable housing is the cornerstone of the American dream,” Mon said. “By building stronger, more effective partnerships with national, state and local government officials, we will ensure that the true impact of over-regulation does not translate to lower housing starts and higher home prices for Americans.”
Sires (D-N.J.), a West New York resident, and Mon spoke of the importance of new housing to West New York and highlighted the importance of the Jaclyn Inc. site for Cuban immigrants in the 1960s.
Jacklyn 40 is 60 percent leased, said Ana Martell of Keller Williams Realty, the leasing agent for the property.
Unit sizes average 900 square feet of living space, with rents for one-bedroom units having started at $1,400 and increasing up to $2,500 for three-bedroom units.
“Our rental units are among the most reasonably priced on New Jersey’s highly desirable Gold Coast,” Mon said in a news release. “We offer renters the ability to live in a new energy-efficient home with modern amenities in an urban setting close to New York City.”
MonGroup Properties said it hopes to exploit its proximity to the light rail, ferries into Manhattan and access to the dining and shopping options in West New York to attract renters.
In 2015, Jaclyn Heights was named Community of the Year – Rental Community Under $2,000, and received an additional three Sales and Marketing Achievement awards from the New Jersey Builders Association.
MonGroup said it worked alongside MJM Real Estate and CPA Architecture to bring the project to life.
“Each pet friendly (upon approval) unit features an open, spacious living area with stylish flooring throughout, a chef-style kitchen with 42-inch custom wood cabinetry, granite countertops, kitchen backsplash and stainless-steel energy efficient appliances; walk-through closet in the master bedroom, tiled baths, in-unit washer and dryer, color video intercom system, elevator and an on-site fitness center,” MonGroup said in a news release. “Assigned indoor/outdoor parking is also available and optional storage unit for additional rent.”
The factory was given the name ‘La Escuelita’ by immigrants from Cuba because it would not only employ immigrants, but provide workers the opportunity to learn English, said Mon.
At its peak, the Jaclyn Inc. factory employed over 1,200 individuals.
By Mario Marroquin, June 5, 2017 at 1:24 PM