The new program allows prospective buyers to apply their monthly rent towards the down payment of the home in purchase while experiencing the lifestyle provided at Adams Square, according to R Squared Real Estate Partners, the building's sponsor.
"It's a unique opportunity for people who want to own a home but might not have the savings for a sufficient down payment," notes Gregg Rechler, an R Squared principal. "This program allows them to move into Adams Square immediately and have 100% of their rent applied towards the down payment at the end of the specified contract term."
Monthly rents for Adams Square's one bedroom plus den, two- and three-bedroom layouts range from $1,875 to $3,195. The homes are currently priced from $565,000.
The distinctive, loft-like residences are housed in an historic 136-year-old former school building that enjoys a location renowned for its vibrant lifestyle offerings. The developer has masterfully blended the building's restored gothic exterior façade and upgraded common areas with 59 uniquely-designed homes that offer an appealing alternative to the area's conventional cookie cutter residential options.
The building features a dramatic lobby with antique marble-clad walls and twin staircases, a beautifully-landscaped private courtyard, a fully-equipped windowed fitness center, bicycle storage and included parking for most homes.
Found throughout the magnificently renovated residences are oversized windows, 12 ½-feet-high ceilings, solid hardwood floors, new remote-controlled air conditioning systems, kitchens with walnut-stained wood cabinetry and under-cabinet task lighting, honed Kashmir granite countertops, and upgraded stainless steel appliances; and bathrooms featuring Carrera marble vanity tops, floors and bases.
Residents also enjoy all that Hoboken has to offer, including a vibrant downtown atmosphere, classic urban charm, great public transportation, and proximity to Manhattan.