2.8 Million Dollar Penthouse Purchase Sets Jersey City Record

Jersey City, NJ, September 2013: 77 Hudson, K. Hovnanian’s® soaring 49-story residential tower on the Hudson River in Jersey City, has just achieved a new milestone. The sparkling blue-glass luxury high-rise building recently sold one of its few remaining unsold homes, a two-bedroom penthouse on the 48^th floor, for a record-setting price of $2.8 million.

While the transaction marks the highest sale price ever paid for a residential condominium in Jersey City, according to Scott Waldman, 77 Hudson’s broker of record, “It does not represent the top of the line at 77 Hudson. This record sale is not the highest-priced home in the building. However, it certainly showcases the stark comparison between our 2,100 square-foot penthouse and similar apartment homes just across the Hudson. A comparable 2,100 square-foot condominium on the west side of Manhattan would cost between $5-7 million, if you could find it. This is a testament not only to the quality and the desirability of the homes at 77 Hudson and our close-to-everything location, but also to the rebounding strength of the housing market in New Jersey. This spectacular building is nearly 100% sold – and our final penthouses are the crown jewel of 77 Hudson, with views that are just breathtaking.” 

According to Waldman, 77 Hudson has had a widespread appeal to a variety of buyers. “We’ve had buyers from throughout the New York metropolitan area, as well as from around the globe,” Waldman said. “People recognize what an excellent value 77 Hudson represents for a waterfront building with drop-dead Manhattan skyline views. Our foreign buyers in particular recognize that their homes are a fraction of the price of river-view buildings on the New York side.”

77 Hudson is an impressive edifice from many perspectives, beyond its record-setting sales. The building was recently named among thetop ten tallest buildings in New Jersey, in a list compiled by online news service NJ Spotlight. According to K. Hovnanian® Homes® Area President Randy Brosseau, its towering height gives 77 Hudson “some of the world’s best panoramic urban views. Not just some of the best views in metro New York, but some of the best in the entire world. The magnificent new One World Trade Center is the centerpiece of our visual panorama, and all of midtown Manhattan is arrayed before you. It’s like you’re sitting in the first row of the mezzanine and the Manhattan skyline is the stage you’re looking down on,” Brosseau said.

From chic, luxurious homes overlooking the Hudson, to a remarkably convenient location, private concierge service, and a variety of unusual, unrivaled on-site amenities, 77 Hudson offers homeowners a luxurious lifestyle that is the equal of anything in Manhattan. The wide-range of resort-style amenities and on-site activities include a state-of the art fitness center and serene mirrored rooms that are ideal for yoga and Pilates; a private spa with sauna and steam rooms; a massage room, pool and hot tub; a jogging path, golf simulator, tot lot for the children, and even an on-site dog run. The building also offers its own rooftop bar, café and fire pit. 77 Hudson’s range of concierge services from Bravo Concierge Services can take care of residents’ dry cleaning, house cleaning, dog walking and more, to make homeowners’ lives even more pleasant and convenient.

77 Hudson’s desirable Jersey City location provides easy commutes to all points in Manhattan, with convenient access to the PATH train, Holland Tunnel and ferry. Located in the Paulus Hook section of Jersey City, a vibrant community characterized by tree-lined streets, 77 Hudson is in walking distance to a number of top-rated restaurants and an array of boutique shops.

Only a few remaining penthouses are available at 77 Hudson. For details on the final homes, or to arrange a private tour, call the sales center at (201) 433-2609, or visit www.77Hudson.com.

ABOUT HOVNANIAN ENTERPRISES®, INC.:

Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Red Bank, New Jersey.  The Company is one of the nation’s largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Maryland, Minnesota, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington, D.C. and West Virginia.  The Company’s homes are marketed and sold under the trade names K. Hovnanian® Homes®, Matzel & Mumford, Brighton Homes, Parkwood Builders, Town & Country Homes and Oster Homes.  As the developer of K. Hovnanian’s® Four Seasons communities, the Company is also one of the nation’s largest builders of active adult homes.

Additional information on Hovnanian Enterprises, Inc., including a summary investment profile and the Company’s 2012 annual report, can be accessed through the “Investor Relations” section of the Hovnanian Enterprises’ website at www.khov.com. To be added to Hovnanian’s investor e-mail or fax lists, please send an e-mail to IR@khov.com or sign up at www.khov.com.

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