Journal Squared, a prolific and transformative three-building apartment complex in Jersey City, New Jersey, has just broken leasing records for the state. Development partners, KRE Group and National Real Estate Advisors, LLC, on behalf of a client, opened the complex’s second and largest tower in May 2021 and have since leased all 704 luxury apartment units. This is perhaps the most torrid leasing pace for a building over 250 apartments the state of New Jersey has ever seen.
KRE and National, along with The Marketing Directors, the building’s exclusive marketing and leasing agent, have executed the successful rental program at the 68-story tower, which averaged 140 leases per month. This milestone has followed the successful lease-up of the project’s first phase, a 53-story building with 538 residences and the third tower complex is scheduled to break ground this fall.
Designed by HWKN and Handel Architects, Journal Squared 2’s success can be attributed to its mix of stylish residences, modern indoor and outdoor amenities, and an ultra-convenient location at the entrance to the Journal Square PATH Station, along with its proximity to an eclectic array of restaurants, shops, cafes, and nightlife destinations. The building also features unparalleled views of the Hudson River, Statue of Liberty, Ellis Island, and downtown Manhattan.
“Since its May debut, Journal Squared 2 built and sustained a leasing pace that we haven’t seen in many years, if ever,” said Jonathan Kushner, President of KRE Group. “This is both a neighborhood and skyline-defining development, and we couldn’t be prouder of the positive impact it is having on Jersey City.”
“It is always our goal to improve the communities in which we invest, and we are proud of the impact Journal Squared is having on the Jersey City community,” stated Jeffrey Kanne, President and CEO of National Real Estate Advisors. “We look forward to continuing Journal Squared’s unprecedented leasing velocity with the development of a third tower which will generate good jobs and seeking to produce strong returns.”
“Journal Squared is an exceptional development that is shaping Jersey City’s future by ushering in a new era for one of its most historic and well-connected neighborhoods,” said Jacqueline Urgo, President of The Marketing Directors. “We appreciate KRE and National entrusting us with the leasing and marketing of these extraordinary residences, and we couldn’t be prouder to be a part of this noteworthy success story.”
When completed, Journal Squared will total 1,840 rental residences and 36,000 square feet of retail and restaurant space. A new landscaped pedestrian plaza known as Magnolia Landing, which leads to the adjacent transit hub, opened in 2018 and has been a vibrant addition to the neighborhood, hosting farmers markets, seasonal activities and community events while providing much-needed public open space.
Residents also enjoy covered direct access to the Journal Square Transportation Center with rail service to lower and midtown Manhattan, Jersey City, Hoboken, and Newark. NJ TRANSIT and private buses also serve the neighborhood daily, offering residents convenient access to major employment and recreation centers on both sides of the Hudson River without having to depend on their cars.