The New York based real estate developer Kushner Companies has set its eyes on Jersey City recently.
In years past the focus was on Manhattan and New York based properties such as their enormous $1.8 billion acquisition 666 Fifth Avenue a few years back, and their recent tech based joint venture in DUMBO with RFR Holding and LIVWRK
While NY hasn’t become less attractive, Jersey City certainly has become more so, especially to Kushner CEO Jared Kushner. In an interview with The New York Times, he has spoken very positively about Jersey City becoming a huge outlet for art, technology, and financial institutions and felt “very bullish” about its future development.
Besides currently developing a 50 story tall luxury rental building at 65 Bay Street in the Powerhouse District, Kushner Companies also began planning for the development of a 40-story residential at the old Jersey Journal building located on 30 Journal Square.
They didn’t stop there though.
The newest and most important project to Kushner Properties is One Journal Square, where site plans for a 48 story residential tower on top of a 9 story base (making it 57 stories) have just been approved.
Acquired for a reported $27 million, the plans ultimately plan to provided 744 residential units along with retail and office space on the lower levels.
The surrounding area will be landscaped to support the predicted higher volume of pedestrian foot traffic. The Journal Square area is about to have a complete makeover in an exciting way once construction comes under way in the near future.