Jersey City’s Housing Boom Expands


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via Roland Li/ The Wall Street Journal

Jersey City’s residential construction boom is spreading beyond its waterfront area to neighborhoods farther inland where planners and developers have long dreamed about building with little to show for it until now.

2014-09-22_11-06-53In August, for example, Kushner Real Estate Group and National Realty Advisors broke ground on the first of three planned towers at a giant development in Journal Square, known as Journal Squared, which will have a total of 1,840 units and 36,000 square feet of retail. Builders are currently excavating and underpinning the project’s foundation.

“We really believe in the market,” said Jonathan Kushner, president of Kushner Real Estate Group, citing Jersey City’s transit options and growing night life.

Also in the Journal Square area, renters will soon start moving into Kennedy Lofts, a converted office building. There is already a waiting list forming for the units—which run from $1,500 a month for a studio to $2,100 for a two-bedroom, says Heriberto Camacho, with Keller Williams City Life Realty.

Other Journal Square projects are close to moving forward. A venture of developer Kenneth Pasternak and Kushner Cos.—a different branch of the Kushner family—are planning to convert the building that used to house the Jersey Journal, into a mixed-use project including rental apartments.

That same group also is purchasing a huge site across the street from the Journal building. It is approved for a tower that could soar 60 stories.

FULL ARTICLE

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