West New York has New Jersey’s second-fastest growing rents, and one developer is leaning into it.
Echevarria Industries recently closed on a half-acre property at 6600 River Road in the Hudson County town, paying $5.8 million. The developer plans a 133-unit project, Real Estate NJ reported.
The property came with a two-story, 19,000-square-foot structure, which Echevarria has applied to tear down.
Its project, titled “E Residences on the Hudson,” will cater to luxury renters, according to Grid Real Estate. Echevarria’s website projects occupancy in summer 2025.
Echevarria, which has received site plan approval, envisions a range of amenities including rooftop green terraces, indoor and outdoor pools, a community lounge, a theater room, a business center and a fitness center. The 11-story property is close to prominent residential developments such as Galaxy Towers and the Versailles.
Echevarria’s development is a testament to the West New York rental market, which frequently has among the fastest-growing rents in the New York metro area. As of July, the average rent in the town was $2,920, according to RentCafe, behind only Hoboken, Jersey City and Secaucus in the state.
Based in West New York, Mario Echevarria’s firm has several properties under development or in the planning stage. He did not immediately return a request for comment from The Real Deal.
— Holden Walter-Warner