What’s happening in Journal Square?

-9bdac1d7dc5c0086This week’s edition of NJ BIZ features a Joshua Burd report on The KRE Group and National Real Estate Advisors‘ new development “Journal Squared”.

The first of three residential towers that will rise above Jersey City’s historic Journal Square neighborhood is on track to be complete by the end of this year, its developers said.

The project, known as Journal Squared, is being developed by The KRE Group and National Real Estate Advisors and is aimed at fueling the revival of the onetime commercial hub of the city. Plans ultimately call for 1,838 rental units, 36,000 square feet of retail and restaurant space and a pedestrian-friendly, public plaza alongside the busy Journal Square PATH station.

The first building will be a 52-story, 538-unit tower, according to a news release. The other two towers will be 60 and 70 stories, respectively.


First Journal Squared Residential Tower Tops Out At 563 Feet In Jersey City’s Historic Journal Square

Journal Squared Topping Out CROPPED

The Developers of Journal Squared join municipal and union officials to celebrate the topping out of the first of three residential towers planned for the property. From left to right: Jeffrey Kanne, President and CEO of National Real Estate Advisors; Dan Gumble, Business Manager of the International Brotherhood of Electrical Workers Local 164; Murray Kushner, Chairman and CEO of The KRE Group; Kevin Verdi, Managing Director of National Real Estate Advisors; Steven Fulop, Mayor of Jersey City; and Jonathan Kushner, President of The KRE Group.

The KRE Group and National Real Estate Advisors have announced the topping out of the first phase of Journal Squared at 563 feet, providing visual context for what will ultimately be a three-tower, mixed-use project that will fuel the revitalization of Jersey City’s historic Journal Square neighborhood and its vital intermodal transportation hub.

Mayor Steven Fulop and fellow municipal officials joined the development partnership, union officials and tradespeople to celebrate the construction milestone.

“When you look at the Jersey City that has emerged in the last decade, it really is one of the greatest revitalization stories in the country,” Mayor Fulop said. “It is the economic engine of New Jersey, leading the state in both job creation and construction starts, but for a long time Journal Square lagged behind in that progress. Now, for the first time in 45 years, we not only talked about significant development away from the waterfront, we actually got the shovels in the ground. We couldn’t be prouder of the growth and potential of our city that is reflected in this Journal Squared development which will remake the entire skyline.”

1450392324_journalThe 53-story building will deliver 538 luxury rental residences to a location adjacent to the Journal Square PATH Station. It is part of the developers’ comprehensive, three-phase project that will also include the construction of a 60-story tower and a 70-story building. When completed, the transformative project will bring 1,838 rental residences, 36,000 square feet of retail and restaurant space and a pedestrian-friendly, public plaza to the neighborhood.

Jeff Kanne, President and CEO of National Real Estate Advisors, said: “We’re moving quickly to realize our vision for this game-changing project in Jersey City, which combines vanguard design, unmatched transportation links, and outstanding public amenities. It offers the best of what inspired urban redevelopment must deliver: a highly attractive city environment, convenient lifestyles, and an anchor for future growth.”

The development is creating more than 700 jobs in Jersey City, including construction and eventual full-time employment opportunities.

“We’re delighted to be here today to recognize the combined efforts of our construction and design teams and the many skilled tradespeople who have helped us get to this point,” said Jonathan Kushner, President of The KRE Group. “We believe this iconic project will serve as the centerpiece of a resurgent urban neighborhood by creating much-needed residential, retail and open space that complements the existing mass transportation infrastructure.”


Architectural rendering of Journal Squared, a three-tower, mixed-used development adjacent to the Journal Square PATH station in Jersey City.

Phase II will include 700 rental residences in a 70-story building, while Phase III will feature 600 rental homes in a 60-story building. A total of 920 parking spaces will also be included in the development. The developers will pursue LEED certification for all three buildings.Scheduled for completion in late-2016, Phase I of Journal Squared will offer 538 studios, one-, two- and three-bedroom rental residences with upscale finishes and appointments and stunning views of the Hudson River, Statue of Liberty, Ellis Island and downtown Manhattan. The building will also feature more than 10,000 square feet of amenities, including a full-service fitness center, golf simulator, children’s playroom and outdoor pool. A one-of-a-kind, 2,000 square-foot entertaining space will be located on the 53rd floor. Continue reading

Mapping the Rise of New Jersey’s 23 Tallest Towers

Curbed.com maps Jersey City’s tallest buildings! 

New York may be known for its skyscrapers, but its humble neighbor to the west is slowly but surely catching up in the megaproject department. While New Jersey won’t be getting any supertall towers anytime soon, there are plenty of larger developments coming to the state, including 99 Hudson Street in Jersey City, a planned 990-foot tower that will, upon completion, become the tallest building in the state. There’s also a pie-in-the-sky idea to resurrect the struggling Atlantic City via a giant new casino and tower. So what better time is there to look at the tallest towers rising in the Garden State? This list looks at both the tallest planned towers and some of the smaller ones—but ends with 475-foot-tall buildings. (We had to stop somewhere.)

The Journal Squared complex is Jersey City’s own megaproject, with Kushner Real Estate Group andNational Real Estate Advisors developing three residential towers in the Journal Square neighborhood. Of the three structures, tower 2 is expected to be the tallest, at 70 stories and 742 feet tall. Completion is expected sometime in 2016. [Rendering via Hollwich Kushner]

URL Harborside—the acronym stands for “Urban Ready Life” is a boxy, three-building project designed by Dutch firm concrete and developed by Ironstate and Mack Cali. Each of the three towers will be 713 feet tall, with approximately 736 aparments spread across the entire complex. The buildings are amenity-heavy, with offerings like a rooftop pool, on-site cafe, and fitness center available to residents. Estimated completion: 2016. [Rendering via Ironstate]

Being developed by Ironstate Development Company and Panepinto Properties, 70 Columbus is a 500-foot-tall rental building containing 543 luxury units, including studios, one-bedroom, and two-bedroom apartments. It’s expected to open by the end of the year. [Rendering via Ironstate]

Being developed Ironstate and Kushner Real Estate Group (KRE), this residential building is being constructed on the site of an old coal bunker and will have 670 rental units. Though it won’t come close to being one of the state’s tallest, it’ll still rise to 475 feet high upon completion. [Rendering via HLW]

Ironstate Development & Kushner Real Estate Group Top NJ Developers List

2015-06-03_11-19-51Ironstate Development Company and Kushner Real Estate Group top The Real Deal’s list of top New Jersey developers.

BY C. J. Hughes

Hudson County, which includes urban areas like Jersey City, Hoboken and Weehawken, is radiating cool these days, with its hip restaurants, arts scene and proximity to New York City. That vibe, along with rents often around 50 percent of Manhattan’s and 20 percent cheaper than those in Brooklyn, is making it one of the hottest residential destinations in the tri-state area, its supporters say.

“It’s a terrific location for somebody who wants affordability,” said Jeffrey Kanne, the chief executive of National Real Estate Advisors, which has teamed with Kushner Real Estate Group to build Journal Squared,
a three-phase, 1,800-unit colossus in
Jersey City.

Using our own research and data from CoStar Group and BuzzBuzzHome,

The Real Deal ranked the top developers by number of units that hit the market in 2014 and 2015, as well as those that will come online by the end of 2017. When firms partnered on projects, TRD allocated the full number of units to each of them.

1. Ironstate Development Company

2015-06-05_12-05-03Claiming the top spot is a Hoboken-based firm with deep roots in the area, Ironstate Development Company, with 3,354 units. A huge chunk of that total is made up by URL (Urban Ready Living) Harborside, an amenity-laden rental complex in Jersey City with a total of about 2,300 units. Its first phase, which will open in mid-2016, will consist of 763 apartments in a massive 69-story tower.

Harborside, which is being developed in partnership with Mack-Cali Realty Corporation, will feature a gym and even an urban farm with beehives. Its lobby cafe, which is expected to be operated by New York chain Coffeed, will be open to the public and “become a social hub for the neighborhood,” said Michael Barry, an Ironstate executive.

The company is also the developer — with Panepinto Properties (see #10) — behind the luxury residences 50, 70 and 90 Columbus in Jersey City.

2. Kushner Real Estate Group

2015-06-05_12-06-20Jonathan Kushner’s firm takes the number-two spot with 2,932 units. Among its most notable recent developments is Journal Squared, a three-tower, 2.4-million-square-foot complex underway in the commercial Journal Square neighborhood that will unfold in three phases. The first will consist of a 53-story tower with 538 apartments.

Developed with National Real Estate Advisors, Journal Squared will include the state’s tallest residential tower at 70 stories (though Kushner says other developers have claimed they will build taller), which will best nearby 55-story Trump Tower Residences; it will also add a landscaped public plaza. Other recent Jersey City projects by Kushner include 18 Park, with 422 luxury one- and two-bedroom units, which opened last spring and where rents start at $1,800 a month.

Kushner believes the way to wrest renters from Brooklyn is to emphasize Jersey City’s robust public transportation; Journal Squared straddles a PATH train stop. “And we’re actually finding more and more renters coming from Brooklyn now,” said Kushner, cousin of Jared Kushner.


Iconic Jersey City Art and Theatre Group Opens At Journal Square

Art House MHNvia Keith Loria/MultiHousing News

Jersey City, N.J.— Art House Productions, Inc., a not-for-profit organization dedicated to the advancement of the arts in Jersey City, opened a new 8,300-square-foot building in the revitalized neighborhood of Journal Square.

“Art House is committed to bringing high-quality arts programming to our region, and this new space fits our growing needs as an organization,” Christine Goodman, Art House Productions’ executive director, tells MHN. “We will be able to reach a wider audience while accommodating more performances, classes and exhibitions.”

Located at 136 Magnolia Ave., the facility is adjacent to the PATH Station where Kushner Real Estate Group and National Real Estate Advisors are currently constructing the first of three luxury residential towers with street-level retail space as part of their transformative Journal Squared development.

Art House Productions was originally located in Hamilton Park.

“When Silverman, the developers of our former location, needed the space for their next phase of plans, they introduced Art House to Jonathan Kushner and KRE,” Goodman says. “We all felt this was a good fit for our needs as an arts institution and for KRE’s vision of a vibrant, burgeoning Journal Square.”

The new building more than doubles the space Art House Productions was utilizing in Hamilton Park, allowing it to expand its community programming with additional theatrical productions, film screenings, art exhibitions, youth events and classes.
“Our new facility is located at the center of all major transportation,” Goodman says. “At the heart of Journal Square, audiences and visiting artists will be able to access Art House by PATH train, by bus, on foot or by car. We are looking forward to bringing our theater, art, dance, film and music to a ground-floor space at the center of the city.”

Founded in 2001, Art House Productions serves more than 15,000 audience members per year and provides opportunities for more than 600 artists annually. It hosts approximately 60 events every year at its facility, and also organizes the popular “JC Fridays” events, a quarterly, city-wide celebration of the arts.

Journal Squared, a three-phase joint venture development of KRE and National, will ultimately comprise 1,840 luxury rental residences, 36,000 square feet of retail and restaurant space, as well as a pedestrian-friendly public plaza adjacent to the PATH Station. The first phase, a 54-story, 540-unit residential tower, is scheduled for completion in the second quarter of 2016.