Jan 3 2008
A new program offering home buyers a "rent-to-own" option has been introduced at Adams Square, the unique collection of 59 luxury condominium residences in Hoboken, NJ.
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.