Jared Kushner buys site of long-delayed Journal Square project for $27M

Kushner Companies announced Monday, Jan. 5, 2015, that it has bought the vacant One Journal Square in Jersey City, the site of a long-delayed project that was once set to house 1,500 rental units and 150,000 square feet of retail space in two 60-story towers mere steps from the Journal Square PATH station. Reena Rose Sibayan | The Jersey Journal

Kushner Companies announced Monday, Jan. 5, 2015, that it has bought the vacant One Journal Square in Jersey City, the site of a long-delayed project that was once set to house 1,500 rental units and 150,000 square feet of retail space in two 60-story towers mere steps from the Journal Square PATH station. Reena Rose Sibayan | The Jersey Journal

via Terrence T. McDonald/ NJ.com

Kushner Companies announced today that it has bought the vacant One Journal Square in Jersey City, the site of a long-delayed project that was once set to house 1,500 rental units and 150,000 square feet of retail space in two 60-story towers mere steps from the Journal Square PATH station.

Kushner, headed by CEO Jared Kushner, partnered 50/50 with KABR Group to purchase the property for $27 million, the companies announced today. The two entities are also developing a site across the street — 30 Journal Square, the former headquarters of The Jersey Journal — into a 40-story residential tower.

The One Journal Square project had previously been called City Centre Towers, located on a 1.5-acre site that was once home to the Hotel on the Square. The hotel and surrounding structures were demolished in 2009 to make way for the two towers.

{SNIP}

Around the corner from One Journal Square, KRE Group, headed by President Jonathan Kushner, is building Journal Squared, a three-tower project at the top of Magnolia Avenue. The first phase of that $666 million development, a 53-story tower, is set for completion next year. In total, the three towers will house over 1,800 units and 36,000 square feet of retail space.

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