Previously home to a manufacturing plant for the Flintkote Company, the site contains contaminated historic fill as a result of the plant’s production of asbestos-laden shingles.  Financing provided by EFG will allow for the full removal of asbestos-contaminated soil and debris. 

The borrower, Statue of Liberty Harbor North Redevelopment Urban Renewal LLC, a subsidiary of Tramz Hotels Group, will take the site through remediation/clean-up. Once the site is remediated, construction will commence.  The completed project will be a 564,000-square-foot hotel/residential property featuring a 313-room luxury Conrad Hilton hotel and 470 for-sale and for-rent condominium units.

Slated for completion in 2012, it will be Jersey City’s first luxury hotel and serve as a cornerstone of the city’s extensive redevelopment plan for the downtown area.  Aside from the breath-taking views of the Manhattan skyline, its waterfront location will offer convenient access to Lower Manhattan.