Alessandro Bonati

How would you describe EPIRE in two sentences, and when did you found it?

Efficient and successful. The company was born in 2013.

What kinds of projects do you build, and why focus on "architecturally significant" residential?

We focus on luxury condominiums. Both outside and inside, the buildings need to reflect a sense of harmony and calm, and make you feel at home.

At the same time the space needs to be rational, not just inside the apartments but also in the common areas. The amenities have to make sense, the kind people like and use. We try to minimize waste in any form.

Galleria on Provost was your first New Jersey development. What did you learn there that shaped One Jones Park? Roughly how many units, and when did it sell out?

Galleria created a new benchmark for EPIRE, in terms of size as well as execution. The land was purchased 30 days before Covid and we navigated all sorts of issues, almost impossible to count. Despite all of that it was a success: 84 apartments and 2 retail spaces. We still own 2 apartments there.

One Jones Park came right after. It was a smoother execution, not without challenges, they always happen, but not comparable to Galleria. The land was purchased in June 2023 and the building was fully completed in December 2025. The lesson is always the same: don't expect a smooth ride. If you learn from the past you can only do better in the future.

Why Jersey City, and why Hamilton Park specifically?

I remember looking at Long Island City back in 2013 and 2014, before it became such a prime market. Jersey City reminded me of LIC in many ways. It offers a great alternative to Manhattan or Brooklyn: convenient, quiet and much more affordable. It gets you more for the same money compared to New York City.

Hamilton Park is a beautiful historic neighborhood, now designed around families, similar to Cobble Hill or Brooklyn Heights. We sit right outside the historic district, and for clients not willing to live vertically in a townhouse we offer the best alternative.

How did the team come together: INOA Architecture and Stefano Pasqualetti? Why Italian materials throughout?

We inherited INOA from the previous owner. Murat, the owner of INOA, is a very talented guy. We cleaned up the original design, softened the corners and made it a little more interesting, I would say, and we revisited the floor plans of each unit.

Then we brought Stefano on board, with whom we have successfully worked in the past. We are very proud of the result.

One Jones Park is a rare for-sale condo project in a market still dominated by rentals. Why condos rather than rentals?

Your answer is in your question: the market is largely rentals, about 80%. Rental competition is brutal, you are at the mercy of interest and cap rates, and tenants treat your building as a commodity for the most part. Returns are very slim, and the product itself is not so exciting to build, at least not for us. So we do what most people don't.

Closings began in February. How many of the 75 residences have closed, and what is the price range per residence?

35% is now closed. Prices range from the low $600,000s for a one-bedroom to $2.5 million for a wonderful penthouse with unobstructed views of Manhattan.

The building features parking, a concierge, a rooftop lounge and gym, and every apartment comes with deeded storage. These are amenities for everyday life, not just advertising.

Why bring in SERHANT. New Development as exclusive sales and marketing, and what changes from the earlier approach?

SERHANT's growth is synonymous with hard work, dedication, vision and planning, qualities that we praise at EPIRE. SERHANT moving into New Jersey and adding Patrick Southern and his team will pay off big in the near future. New Jersey is still an unexplored market for many of the large players in the brokerage world. Ryan knows that and made the right call.

Who is the typical buyer so far (end-users vs. investors, ex-New Yorkers)?

Mostly end users. The majority are people who lived in New York City at some point, relocated to Jersey City as renters and decided to settle because they love the lifestyle. They buy quality assets instead of paying a landlord for the rest of their lives in the area.

What was the hardest part of delivering this building?

Completing the building was overall a smooth process, and I have to thank my team because they did a wonderful job. The biggest challenge was probably kicking off sales the exact moment the Iran war started and mortgage rates started to go up again. It slowed down our projected absorption. Not the end of the world: it was a very well executed project, selling well overall, and we are happy.

What is next for EPIRE in New Jersey or the New York area?

Our next project sits on the Hudson River, on the New Jersey side. It is a special development we can't unveil yet because it is going through approvals now. Most of the apartments feature striking views of Manhattan from every room, and we look forward to getting started.

Who is the dental practice at the base?

True Dental Care.

What was the construction timeline?

April 2024 to December 2025.