Applied Development Company | In the News : Applied Donates $3.4 Million In Space To House Hoboken Historical Museum

CONTACT: Joel G. Cahn or George M. Cahn
Cahn Communications
(201) 996-9222
18 June 2001

HOBOKEN, NJ — Applied Development Company has donated 2,000 square feet of commercial space at its Shipyard mixed-use community here to serve as the first permanent home of the Hoboken Historical Museum.

Applied signed a 100-year lease with museum officials valued at $3.4 million, enabling the 15 year-old, non-profit organization to officially open its doors at the 1301 Hudson Street address, just north of 13th Street.

The location within a turn-of-the-century building that once served as the machine shop of the old Bethlehem Steel Shipyard seemed a fitting home for the museum, notes Michael Barry, an Applied Principal.

"The Shipyard has been a powerful presence along Hoboken's riverfront for more than 100 years," says Mr. Barry. "The machine shop is the oldest structure on the waterfront, and will no doubt act as an ideal backdrop for the museum's numerous exhibits that pay homage to Hoboken's rich and colorful history."

The machine shop, in fact, is featured in the museum's first exhibit — a tribute that reflects both the building's historical significance and the irony of it now serving as the museum's first home, notes Bob Foster, the Director and Curator of the Hoboken Historical Museum.

"In 1988, we were involved in trying to save the machine shop when the previous owner had plans to demolish it," Mr. Foster points out, noting that the abundance of artifacts displayed in the new exhibit were obtained during that mission.

"When Applied purchased the site, it decided to adaptively reuse the building and integrate it into its new community, creating an impressive balance between the old and the new. We certainly applauded those efforts as Applied showed a commitment to preserving the history of this town, and we applaud Applied now for stepping up again and offering us a permanent space when no one else did."

The Hoboken Historical Museum joins a list of upscale retail services and conveniences at the Shipyard. When completed, the community will provide Hoboken with 1,160 luxury waterfront rental and for-sale residences, 65,000 square feet of retail space and a new public waterfront promenade. In addition, a new ferry terminal at the 13th Street Pier recently opened, providing New York Waterways ferry service to mid-town Manhattan.

Applied Development Company currently owns and manages more than 6,000 residences throughout the state.


		CONTACT: Joel G. Cahn or George M. Cahn Cahn Communications (201) 996-9222 18 June 2001 HOBOKEN, NJ — Applied Development Company has donated 2,000 square feet of commercial space at its Shipyard mixed-use community here to serve as the first permanent home of the Hoboken Historical Museum. Applied signed a 100-year lease with museum officials valued at $3.4 million, enabling the 15 year-old, non-profit organization to officially open its doors at the 1301 Hudson Street address, just north of 13th Street. The location within a turn-of-the-century building that once served as the machine shop of the old Bethlehem Steel Shipyard seemed a fitting home for the museum, notes Michael Barry, an Applied Principal. "The Shipyard has been a powerful presence along Hoboken's riverfront for more than 100 years," says Mr. Barry. "The machine shop is the oldest structure on the waterfront, and will no doubt act as an ideal backdrop for the museum's numerous exhibits that pay homage to Hoboken's rich and colorful history." The machine shop, in fact, is featured in the museum's first exhibit — a tribute that reflects both the building's historical significance and the irony of it now serving as the museum's first home, notes Bob Foster, the Director and Curator of the Hoboken Historical Museum. "In 1988, we were involved in trying to save the machine shop when the previous owner had plans to demolish it," Mr. Foster points out, noting that the abundance of artifacts displayed in the new exhibit were obtained during that mission. "When Applied purchased the site, it decided to adaptively reuse the building and integrate it into its new community, creating an impressive balance between the old and the new. We certainly applauded those efforts as Applied showed a commitment to preserving the history of this town, and we applaud Applied now for stepping up again and offering us a permanent space when no one else did." The Hoboken Historical Museum joins a list of upscale retail services and conveniences at the Shipyard. When completed, the community will provide Hoboken with 1,160 luxury waterfront rental and for-sale residences, 65,000 square feet of retail space and a new public waterfront promenade. In addition, a new ferry terminal at the 13th Street Pier recently opened, providing New York Waterways ferry service to mid-town Manhattan. Applied Development Company currently owns and manages more than 6,000 residences throughout the state.	George Cahn President Cahn Communications 1401 Washington Street Suite 300 Hoboken, NJ 07030 Tel: (201) 876-3100 gcahn@cahncomm.com