Coming Soon to Jersey City

Nj.com 70C

70 Columbus in downtown JC

Steve Strunsky at NJ.com reports on the dramatic growth of development in JC. With nearly 30,000 units on the way, Steve identifies the Top 10 projects coming to a neighborhood near you.

Jersey City’s remarkable transformation from an industrial railhead to a gleaming metropolis dates back decades, with ups and downs reflecting the broader economic fortunes of New York and the nation.  But the city’s current growth spurt is extraordinary even by Jersey City’s own booming standards.

Residential development is particularly strong, with 42 projects of at least 100 units each now in the works, totaling nearly 15,000 condominium and rental units over the next five years, and another 13,400 units projected within 10 years after that, according to the Jersey City Division of Planning. Those are in addition to more than 4,500 recently completed units, planners say.

PICS AND FULL STORY

The NY Times hails Jersey City!

The New York Times continues to trumpet the rise of Jersey City with today’s story featuring emerging neighborhoods and the people behind them.

70Columbus

The view of the Hudson River and Lower Manhattan as seen from 70 Columbus, a luxury rental that opened in November. Credit Luiz C. Ribeiro for The New York Times

Jersey City is no longer just another gritty town on the wrong side of the Hudson River, dismissed by apartment hunters. As its population soars, new housing rises and buyers get wind of the quick train commute it offers to New York, Jersey City is shedding its dingy image and emerging as a destination of choice.

An influx of new arrivals priced out of Manhattan and Brooklyn is helping make it the fastest growing metropolitan area in New Jersey, with some 262,000 residents in 2014, up nearly 6 percent from 2010, according to United States census data. And with the inventory of available homes at a three-year low, bidding wars are driving up prices downtown, pushing newcomers farther inland. Even the city’s 38-year-old mayor, Steven M. Fulop, is leaving downtown — for a single-family house he bought last summer in Jersey City Heights, at the northern end of the city.

Developers are rushing to build, with some 7,000 units of housing under construction and another 19,000 approved — more than in any other city in the state, according to the mayor’s office.

CONTINUE TO FULL ARTICLE BY RONDA KAYSEN ON NYTIMES.COM

The Economist Looks Toward JC

20160130_usp504

In a report yesterday,  The Economist examines Mayor Fulop,  Jersey City growth, and development.

AT THE topping out ceremony held on the upper floors of the first of three towers being built in a hitherto unloved corner of Jersey City, Steven Fulop, the mayor, gazed across the water at Manhattan’s skyline, New York Harbour, the Statue of Liberty and bits of his home state. He shook his head and said to himself, “this is crazy, this is crazy”.

In a city once notorious for political corruption, Mr Fulop sometimes sounds like a character in a Frank Capra film. He is the son of Romanian immigrants who owned a delicatessen in nearby Newark. Mr Fulop is the grandson of Holocaust survivors. After the September 11th attacks, he left his job at Goldman Sachs, a bank, to join the marines. He served in Iraq in the war’s early months. After his deployment he returned to finance and to Jersey City. After an unsuccessful run for Congress, he was elected to the city council in 2005. He had little party backing and was outspent. His 2013 victory over Jerramiah Healy, the sitting mayor, represented a break from the city’s history of political patronage.

The tower, in Journal Square—a neglected commercial and residential district—is part of the first sizeable development there in half a century. Jonathan Kushner, the developer behind the Journal Square project, says “Jersey City has become a t-bill for investors”. Some others, who are not talking their book, seem to agree with him.

FULL STORY

JC Real Estate Update

Amanda Marsh at BisNow reports on the 2016 projects making a difference in the NJ real estate scene, including several in Jersey City. Bisnow will host its 5th Annual New Jersey State of the Market event Feb. 17, where experts will discuss the 2016 big picture.

BisNow

JONATHAN KUSHNER OF THE KRE GROUP.

KRE Group has its hands in some of the largest projects in New Jersey and Pennsylvania, reports president Jonathan Kushner. Its bread and butter: building quality residential properties that give tenants no reason to leave, he says. Think plenty of amenities and transportation options in “vibrant urban settings.” In Jersey City, Journal Squared’s first tower is under construction on a site that will include three towers; the building will total 538 units in a 640k SF, 53-story tower. KRE topped off on the building in December, and it will open in Q4.

FULL ARTICLE

 

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.

FULL ARTICLE

A lesser-known Kushner bets big on Jersey

2015-06-03_11-19-51via Miriam Kreinin Souccar/The Real Deal

Jonathan Kushner may live in Manhattan, but the 37-year-old president of the Kushner Real Estate Group is betting big on Jersey City. His Bridgewater, New Jersey-based company owns and manages around 12 million square feet of commercial and residential real estate in New York, New Jersey and Pennsylvania, with roughly 80 percent of it in the Garden State. Kushner’s more famous cousin, Jared, is also developing real estate in Jersey. But a family rift that began a generation ago seems to endure between the two.

Among many other projects, Kushner is hard at work on Journal Squared, a $1 billion luxury rental complex under construction in Jersey City. When finished, the three-tower complex will have 1,838 apartments and 40,000 square feet of ground floor retail. The first phase, with 538 apartments, will be ready in fall of 2016. The tallest of the towers will have 70 floors and stand 700 feet tall.

How does Journal Squared stack up to your previous projects?
It’s the largest project we will have built to date and one of the tallest in Jersey City. There are other groups saying they will be building the tallest. We don’t care as long as it’s the best leased.

2015-06-03_11-26-41How will rents compare to Manhattan?
We trend around half the cost of similar “amenitized” product in Manhattan. Starting rents will be $1,600 to $1,700 for studios, going up to around $4,200 to $4,300 for higher floor two-bedrooms.

What about three-bedrooms?
There won’t be three-bedrooms in the first tower. Only in the third tower will we go after families. The market now in Jersey City is young and hip and having fun. Eventually those people will have kids.

Journal Square is a less gentrified area and a PATH stop farther from Downtown Manhattan. Is that a risk?
If you’re leasing at half the cost of Manhattan and you’re very close to the train, you will be successful in Jersey City. The mayor is doing all the right things to grow the town, helping to secure a greater school system and a better life for people who want to go out at night. And the transportation is much better than anything across the river.

Continue Reading Full Interview

NJ “Gold Coast” Building Boom

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

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

Another report up on NJ.Com by Kathryn Brenzel on the NJ “Gold Coast” building boom.

Manhattan’s view of New Jersey is about to dramatically change, and according to developers, the whims of millennials are partially responsible.

Urban areas, especially along the Gold Coast, are experiencing a renaissance of sorts, due to an uptick in major residential projects. Last month, China Overseas America announced plans for a 950-foot residential tower in downtown Jersey City that, if constructed, would be the state’s tallest building. Another giant, Journal Squared, will bring three residential towers to an area of the city that a number of development projects have pledged to transform.    

Developers who spoke to NJ Advance Media seem to agree that the upswing in residential projects in New Jersey is focused in the state’s northeastern cities. They cited two main drivers of this trend: The improved economy and the preferences of millennials. Younger generations want to be closer to New York City and mass transit and are more inclined to remain renters well into their 30s than previous generations. 

Jersey City Mayor Steve Fulop said the city has seen an “unprecedented building boom,” with 6,000 units currently under construction and another 18,000 units in the pipeline. He said tax abatements have had a huge impact on attracting new development. 

FULL ARTICLE

Our Changing NJ Skyline

Kathryn Brenzel at NJ.com reports on 13 new developments that could change the NJ skyline.

Developers told NJ Advance Media that the increase is largely due to the improved economy and the desire of younger generations to be closer to New York City and mass transit. This is evident in Jersey City’s Journal Square, which is seeing renewed interest among developers. Journal Squared is a planned three-tower project that will bring 1,840 units to the area. The city could also soon be home to the tallest building in the state–a 950 foot-tower planned for 99 Hudson Street

-9bdac1d7dc5c0086

The article includes projects such as KRE’s Journal Squared …

Journal Squared: KRE Group broke ground in October on the first of three towers planned for property between Magnolia, Pavonia and Summit Avenues in Jersey City. The tallest tower of the $666 million project is expected to reach 70-stories.

URL Day

… as well as Mack-Cali and Ironstate’s URL Harborside:

URL Harborside: Mack-Cali Realty Corporation and Ironstate broke ground on this 69-story residential tower on the Jersey City waterfront in January 2014. The $291 million project is expected to be completed by mid-2016.

FULL ARTICLE

It’s Snow Ball Time!!

SnowBallBanner

The 9th Annual Snow Ball will take place on Saturday, January 24th beginning at 8PM. Tickets ($80/$90 at door)  can also be purchased for the Private Cocktail Party beginning at 7PM ($150, Limited availability). Dress is “Black Tie Creative”.

This year’s event will honor The KRE Group.

The Snow Ball is a gala benefitting Jersey City’s own Art House Productions. This year, the evening offers light fare, live music by the Rebeca Vallejo Trio, a silent auction, and additional music by DJ George “Soul” Fernandez of Global Soul Project. There will also be a “Best Dressed Contest” so put on your glad-rags!

The gala takes place at Art House, located at 136 Magnolia Avenue, Jersey City adjacent to the Journal Square PATH Station.

TICKETS

Art House Productions

Art House Productions, Inc. is a not-for-profit 501(c)(3) organization founded in late September 2001 by writer and actress Christine Goodman. Art House began as informal gathering of poets and community members in direct response to the tragedies of September 11th. At that time, there were no consistent performance venues for artists in Jersey City to meet one another and share new work. Art House’s inaugural event sprung from the desire to connect a devastated community through art and dialogue.

Art House Productions has grown since its inception and has significantly influenced the advancement of the arts community, acting as one of the major pioneering forces for the arts in Jersey City. This expansion of activity and programming necessitated internal growth as well, and in 2007 Art House Productions became incorporated and filed for nonprofit 501(c)(3) status. In late 2007, the organization was presented with the Key to the City and an official Proclamation for its outstanding contributions to the City of Jersey City, NJ. Mission Art House Productions inspires, nurtures and promotes the arts in our community through accessible, multi-disciplinary initiatives.

 

Give the Gift of a Great Future!

Picture1The Boys & Girls Club of Hudson County (BGCHC) in Jersey City opened its new facility at 18 Park in downtown Jersey City in September. Built by Ironstate Development Company and The KRE Group, the state-of-the-art facility is independently accessed and includes a spectacular gymnasium with a floor-to-ceiling glass wall as part of its programmed space.

With the help of Best Buy and Intel, the BGCHC now has a state-of-the-art Teen Tech Center where workshops are offered in video and music production, graphic arts, college preparation, comic book creation and other high interest topics for teens. The center also provides programs and services in educational enrichment, sports and fitness, the arts, guitar instruction and much, much more. Open for youth every day after-school from 3:00-8:00pm. Youth between kindergarten and 12th grade are welcome to join.

Volunteers are always needed in all areas to work with individual young people or with groups. No matter what, everyone has something to offer from Maker activities to tutoring a first grader to running a Zumba class!

The center is also in need of funding and has launched their first crowd-funding campaign throughout the month of December to Give the Gift of a Great Future on Razoo.com . Please consider a donation in any amount in honor of Giving Tuesday or any time throughout the month!

Please contact the Boys & Girls Club at 201-333-4100 for further information or send me a message if you would like additional information. You may also check out our website, www.bgchc.org