Hudson Reporter
Trump's local apprentice
Co-developer talks about 'Trump Plaza: Jersey City,' and working with The Donald
Ricardo Kaulessar
02/16/2007
WORKING WITH TRUMP ? Local developer Dean Geibel spoke about Trump Plaza: Jersey City last week while potential buyers viewed models of the building.
TRUMP PLAZA AT NIGHT – This is a rendering of Trump Plaza: Jersey City in the nighttime. The first tower of the two-tower project will open in March 2008.
As the afternoon sun was setting last week, real estate developer Dean Geibel looked out of the 13th floor of the Trump Plaza sales center office on Montgomery Street, near the Jersey City waterfront.
From the sales center, Geibel could see in the distance the actual Trump Plaza under construction.
"I meet people on the street, and I start going on and on about how much I enjoy doing this project," said Geibel, one of the developers of the project, and a partner in Hoboken-based Metro Homes.
So far, Geibel hasn't heard the phrase "You're fired!" from the most famous developer on the project, real estate mogul and TV personality Donald Trump.
But Geibel, who got Trump involved in the project after meeting him via a New Jersey golf course, enjoys working with The Donald.
"You never know what he what come up with next," Geibel said, referring to some of the project's more interesting luxury amenities.
What it is
The Trump name is certainly helping the project's recognition, and its sales have been brisk.
The $415 million two-tower project is currently under construction on Washington Boulevard. The first tower, which will have 55 stories and 445 residential units, is expected to be ready for occupancy in March, 2008.
"You can see the garage and retail to the right, which is seven stories, we're complete with that," said Geibel. "The tower is going up right now; we're up to the 25th floor. The good news is all the hard work is done, especially breaking ground and building from the ground up. We'll be at 55 stories before you know it."
What's in a name?
When completed, "Trump Plaza: Jersey City" will consist of two residential buildings, 55 and 50 stories, with a combined total of 862 condos.
There will also be seven-story base with a garage of 696 parking spaces and with 23,000 square feet of prime retail space.
The base will accommodate a business center, home theater screening room, a private 8,000 square foot fitness center, a rooftop plaza with an outdoor heated swimming pool, a private landscaped yard, a children's play area, and an enclosed basketball court.
Partnering with the 'Donald'
Geibel approached Trump in spring 2005 about becoming involved in the Jersey City project. They had already struck up a relationship when Geibel was golfing on Trump's golf course in Bedminster, N.J.
"Of course, the Trump name is the gold standard in luxury living, and it also adds value to the condos and velocity to the sales," said Geibel.
When asked if Trump is just a partner in name only, Geibel laughed.
"I get asked that question a lot, and people don't realize how much involvement he has in the project," said Geibel, who did not disclose how much money Trump has invested.
Geibel said the project was reshaped from the original conception. It was once known as Harborspire and was to be built by a partnership of Hoboken-based Applied Housing and Jersey City developer Joseph Panepinto, until they sold their rights to Metro Homes.
"I took a drive around Manhattan with [Trump's son] Donald Jr. to see all his various properties and to see what he expected his buildings to look like," said Geibel. "I had no problem dealing with him because he knows exactly what he wants, and he's not afraid to speak his mind."
Geibel when asked if Trump's involvement overshadowed Geibel's name as a local developer, he said he didn't see a problem taking a backseat to Trump.
Geibel, along with his partner Paul Fried are the founders of Metro Homes, which since 1993 had built a number of residences in Hudson County including currently Gull's Cove, a community of 431 condominium residences in Jersey City, and MetroStop, 113 condominium homes in Hoboken.
$2M penthouses sold
Geibel said he had been getting customers mostly from New Jersey and from as far away as Korea.
He said he has traveled to various parts of New Jersey to meet with future customers.
"A lot of people are excited about wanting to move here, and I am excited telling them about why they should move here," said Geibel.
Sales on condos in the first tower have reached 215 since they were put on the market in September, according to Geibel and Trump Plaza spokesperson George Cahn.
Trump Plaza's studio, one-, two-, and three-bedroom condominiums range from 750 to 2,050 square feet and are currently priced from $445,000 to more than $2 million before completion. Geibel said two of the penthouse apartments in the first tower, each fetching about $2 million, had been sold recently.
Geibel said the sales "threshold" has not been reached in terms of dictating the construction of the companion 50-story tower.
But Geibel said the $1.6 million tax abatement payment for the second tower has already paid in anticipation of building the next tower.
Unusual amenities
Geibel said selling points are the aqua grottos or group showers, where fully dressed individuals can enjoy watery relaxation. And then there are the BMW Zipcars.
Zipcar is the world's largest car sharing service and currently operate in London, England and 13 states.
Geibel said Trump clued him in on this idea.
"You never know what he what come up with next," said Geibel. "Until Donald told me about this, I had no idea what was a Zipcar."
Trump Plaza is expected to have three Zipcars, according to Geibel.
While Geibel was giving his interview, some potential buyers were in the sales office touring the replica kitchen and bedroom space of a future condo.
Couple notices the name
A Cliffside Park couple, Hannah Kim and Tae Min, were taken with wanting to settle in Trump Plaza for different reasons.
"For me, it's the name that got my attention," said Kim.
"I work on Wall Street and I can take the train over to work in no time," said Min.
Prev
Linear Mode
