JERSEY CITY, NJ–Jersey City's continuing development renaissance moved a vacant lot regarded as an eyesore a step closer to meaningful development as Kushner Companies and The KABR Group have acquired the land at One Journal Square in Jersey City, NJ, from the Multi-Employer Property Trust for $27 million.
One Journal Square is a development site at the intersection of Sip Avenue and John F. Kennedy Boulevard in the heart of the Journal Square neighborhood of Jersey City, the city's cultural center and transit hub. The two-acre site is zoned for mixed-use development, including approximately 1,500 multi-family units, and a large retail component with ample parking.
“We are bullish on Jersey City, as evidenced by this investment as well as our strong development history in the market,” says Jared Kushner, CEO of Kushner Companies. “We look forward to unveiling plans for One Journal Square that will help drive the city's continued renaissance. The proximity to Manhattan is a huge draw, and the infrastructure is in place. We will work with the city and state to create a property that will inspire a new life and lifestyle for Jersey City and, when it is built, be a catalyst for the revitalization of Journal Square.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
