JERSEY CITY, N.J. — A family-owned and operated company since its origin, Fisher Development Associates is a diversified real estate development and management company that today possesses the same values, commitment to excellence and customer satisfaction that dates back to its beginnings more than three decades ago.
Crystal Point, the 269 Home Condominium Building By Fisher Development Associates on Jersey City’s Waterfront.
With a building philosophy rooted in the integration of the finest materials, world-class design, quality construction and a meticulous attention to detail, Fisher Development Associates is one of the most respected developers in the Northeast; its numerous success stories dotting the landscape in New York, New Jersey and Connecticut with signature residential, commercial and hotel properties.
A staple in the national development scene as a partner in the construction, management and ownership of residential buildings and millions of square feet of office space, Fisher Development Associates’ extensive cross-disciplinary resources and long-standing relationships with prominent lending institutions spurred considerable growth and allowed it to remain on solid financial footing during up and down markets.
Thanks to a personal approach to development, obligation to uphold its family reputation, ability to work hand-in-hand with municipalities for responsible development and commitment to the communities it serves, Fisher Development Associates has become a pioneering developer in several of the fast growing urban destination in the northeast.
This is certainly the case in Jersey City, N.J. where the developer’s dramatic offerings in the downtown waterfront district’s residential marketplace have contributed to a development and economic boom that hoisted Jersey City to national prominence. Fisher Development completed Liberty Towers — two high-rise rental buildings featuring 648 luxury apartments and 24,000 square feet of retail space — in 2003, and Liberty Terrace, a 119-unit luxury condominium building, in 2006.
Today, Fisher Development has completed the remarkable sell-out of Crystal Point, an iconic residential building rising 42 stories in downtown Jersey City directly facing Manhattan, in record time. The building’s 269 upscale condominium homes have been sold just three years after its debut to the public in 2009.
The impressive success story written at Crystal Point vividly illustrates Fisher Development Associates ability to identify positive projects that generate capital, fill pent up demand for a specific type of housing and provide the necessary resources to create urban residential buildings that are welcomed by the community from conceptualization to completion.
The old adage “location, location, location” certainly played a role in Fisher Development’s initial interest in Crystal Point. The building would lie on the last piece of developable land on Jersey City’s Hudson River waterfront, a significant advantage with views stretching from downtown Manhattan to the George Washington Bridge that would never be obstructed.
“It’s no secret New York City views have always played a role in the rise of downtown Jersey City as a residential destination,” says Brian Fisher, principal of the firm that bears his name, “and this building offered some of the most amazing views not only in Jersey City, but along the entire New Jersey ‘Gold Coast.’ It was a no brainer in terms of location.”
The next step was to assemble an experienced team with a strong knowledge of the area’s real estate market, current housing conditions and the desires of prospective homebuyers to create a residential address that would flourish despite the challenging economic times.
“We had a vision for Crystal Point,” says Mr. Fisher. “The primary goal was to create a building that would meet the City’s guidelines for the continued redevelopment of its downtown urban waterfront and kept the needs of the community-at-large in mind.
“From a consumer standpoint, we understood the state of the real estate market in 2009. To conform to market needs, we wanted to introduce a world-class high-rise that provided the same level of luxury and exclusivity sophisticated homebuyers were accustom to at the height of the real estate boom, but at competitive prices that would offer clear value.”
The Marketing Directors, Inc., a Manhattan-based real estate sales and marketing firm with a long list of successfully selling new construction projects in New York and New Jersey, was brought on board from the onset to direct the sales and marketing program.
“We knew we had several important factors on our side, none more important than a developer with a sterling reputation, personal approach to customer satisfaction and long history of responsible development,” says Adrienne Albert, CEO of The Marketing Directors, Inc.
“Add in Crystal Point’s outstanding waterfront location and Jersey City’s traditional draw for homebuyers looking to escape high Manhattan home prices, and we had the foundation to realize Fisher Development’s view of Crystal Point as a crown jewel in the marketplace. All we needed was a comprehensive program that would separate Crystal Point from the competition in terms of home layouts, pricing and in-building amenities and maximize its location and views.”
Prominent New York City-based architectural firm Gruzen Samton, LLP was charged with designing a building that would be a distinguishing landmark in Jersey City’s skyline from the outside and would redefine luxury and grandeur from the inside with modern, open and furnishable living areas.
“Unlike many high-rise developments which often seem cavernous with long hallways, we split the Crystal Point plan in half with elevators positioned in the middle of the residential floors to create short corridors and provide a very intimate feel,” says Jordan Gruzen (FAIA) of Gruzen Samton. “We utilized multiple façade planes to break up the building‘s mass and ensure that every home had magnificent views. Each condominium residence was designed so from the moment the front door is opened, one is aware of the views and the light emanating from the water.
“The layouts of the homes themselves provide large rooms and sprawling living spaces that are open, airy and extremely functional.”
Crystal Point would boast a crystalline-style glass exterior that maximized the building’s waterfront setting and views of the ever changing Manhattan skyline. Inside, one-, two-and three bedroom homes range from 800 to 1,817 square-feet and offer an array of premium finishes. Interior features include kitchens with Italian Pedini wood and glass cabinetry, sparkling quartzite counters, under-cabinet task lighting, full height pantries, islands with breakfast bars and a full Jenn-Air appliance suite. Residents also benefit from free on-site valet parking.
The final piece of the puzzle would be a superb amenity package that rivaled those found in New York City’s most recognizable hi-rise buildings. Fisher Development Associates would add the Crystal Spa with a thermal bath, sauna, steam and treatment rooms. Residents would also enjoy a yoga/aerobics room, state-of-the-art fitness center, lounge with flat screen televisions, game room with billiard and poker tables, children’s play room and a screening room within the Crystal Club.
There would also be an outdoor deck overlooking the Hudson River features a sparkling pool, giant hot tub, private cabanas and lounge chair seating, as well as two BBQs and dining area, fire pits and a children’s play area, a professional concierge, valet parking and soon a lobby level restaurant.
“Possibly the most important factor in Crystal Point’s success in this market was the ability to offer all this at price within the budget of the conscience homebuyer,” Mr. Fisher points out. “With home prices starting in the $500,000’s, historically low interest rates and 30-year tax abatement granted to the building, purchasers could receive the complete package at month mortgage payments not much higher than they would be paying in rent.”
Crystal Point’s reputation for quality and Fisher Development’s dedication to responsible building practices would extend far beyond the buying public and receive important recognitions from its real estate peers. The building garnered several prestigious industry awards in 2010, including being named “Project of the Year” by The New Jersey District Council of the Urban Land Institute (ULI-NNJ) and was crowned with the Gold Award for “Community of the Year” by the National Association of Home Builders’ (NAHB).