On the rise
Jersey City real estate getting hotter; two developers make major announcements
by Al Sullivan
Reporter staff writer
Jun 01, 2014 | 8494 views | 0 0 comments | 36 36 recommendations | email to a friend | print
NEW WATERFRONT DEVELOPMENT- KRE and Ironstate team up for a new development in the Liberty Harbor North area.
NEW WATERFRONT DEVELOPMENT- KRE and Ironstate team up for a new development in the Liberty Harbor North area.

Things are hopping in Jersey City as far as real estate is concerned, said Jaime Weiss, whose firm has also been working with CarePoint Health to locate medical offices into Journal Square area. Recently, the broker also helped CarePoint get two floors along the Jersey City waterfront.

As if to further prove his point, two significant projects in two different parts of the city had major announcements this week, including a ribbon cutting on the latest offering at The Beacon on Montgomery Street, and the launch of a leasing to a new Kushner Real Estate Group (KRE) and Ironstate Development Company project in Liberty Harbor North. The new 11-story building on Liberty Harbor North will feature 422 residences.

“Hudson County [as a whole] is really hot,” Weiss said, citing Jersey City in particular.

As Jersey City municipal government moves out of rental spaces in various parts of the city, especially in Journal Square, Weiss said CarePoint is moving in.

City officials have been actively consolidating office in order to bring them to fewer locations after decades of being scattered throughout the city.

Councilman Richard Boggiano said the city needs to find a single location. City Corporation Counsel Jeremy Farrell agreed that the city should have its own building. Envisioned by some city officials is a central location similar to what Hudson County did when it purchased a building that eventually became County Plaza in Jersey City.
“Hudson County is really hot.” – Jamie Weiss
Weiss said some locations such as those in Journal Square are attracting new clients such as CarePoint, who wish to move their own operations closer to the transportation hub. “Journal Square is the place to be,” Weiss said.

His firm he said is involved in a number of high profile real estate transactions, not just in Jersey City, but in other parts of the county – including the resale of the Walgreens on Park Avenue in Union City.

“Hudson County has been really good to us,” he said.

The Walgreens deal, he said, was an investment move, suggesting that people are willing to invest in other parts of Hudson County beyond the waterfront of Hoboken and Jersey City.

This was a $5.25 million deal involving the sale of the 11,000 square foot store.

The Kennedy Medical Center (the old Sears building), like Journal Square, has a transportation hub allowing easy access for people from other parts of the county, including Jersey City Heights.

“But we are very excited about what is happening in Journal Square area,” he said. “We are watching urban renewal with Kushner Real Estate Group building two new projects there. All roads lead to Journal Square. Buses go there, PATH trains go there.”

KRE offers rentals near Liberty Harbor

“Jersey City has become a destination for people of all ages who want to live in a dynamic, transit-oriented urban environment, so lifestyle was an important focus for us when we were planning and developing this property,” said Jonathan Kushner, president of The KRE Group. “18 Park’s enviable location near shops, restaurants, nightlife and numerous mass-transportation options, including the Grove Street PATH Station and Hudson Bergen Light Rail, makes it the ideal setting for the type of living experience we wanted to deliver to our residents. The building’s modern residences and amenities complement the neighborhood appeal, making 18 Park the most exciting new rental offering in Jersey City.”

18 Park will feature 422 residences with modern amenities and view of the Manhattan Skyline and Hudson River Waterfront. The facility also features 10,500 square feet of ground floor retail space. The apartments are studio, one and two bedroom units. Several of the homes are built “townhome style,” with direct access from the street.

Designed in collaboration between Hollwich Kushner (HWKN) Architects and Minno & Wasko Architects and Planners, 18 Park’s glass-and-brick design was driven by an effort to create an instant classic within the Liberty Harbor North neighborhood. The building’s C-shape design maximizes views to the adjacent marina and Hudson River waterfront while creating an elevated landscaped outdoor deck with a planted green garden roof for residents to share.

The facility will offer a 24-hour doorman, contemporary lobby with a 25-foot wooden wall fabricated by John Houshmand, full-service fitness center, outdoor swimming pool, game room, children’s playroom, catering kitchen and dining space, Wi-Fi lounge, screening area, dog run, bike room, private storage space and an enclosed parking garage. The building will also be home to the new Boys & Girls Clubs of Hudson County.

The Beacon opens its third offering

Once constructed as part of then Mayor Frank Hague’s vision for a modern Jersey City, the former Jersey City Medical Center site on Montgomery Street was the site of a ribbon cutting last week on yet another of the restored historic buildings.

Closed in 2004, the former hospital and its associated buildings are considered a monument to the art deco style of design that was popular from the late 1920s and through World War II.

Situated on high ground in Jersey City, the complex of buildings can been seen from New York City, Bayonne and even Staten Island and its height gives residents equally spectacular views of New York Harbor, Ellis Island and Manhattan.

The 23-story Paramount – formerly known as Murdock Hall – is the third of the restored buildings restored to offer luxury rentals.

“It’s already half rented,” said Mayor Steve Fulop, who helped cut the ribbon. The facility offers studio, one-and-two bedroom apartments, and includes not only modern amenities expected in luxury facilities such a fitness center, business center and yoga room, but also some restored historic elements that include a theater and a sunroom deck on the 19th floor complete with an outdoor terrace.

The Medical Center complex, known now as the Beacon, is considered one of Jersey City’s more recognizable landmarks. John Rowland, the original architect, was a New Jersey native.

Murdoch Hall was one of the last of the medical complex built. It opened in 1941 to house student nurses for the medical center. At the time of its opening, it contained a gymnasium, swimming poor and auditorium. The main feature however was its modern lobby with marble staircase with glass and grass banister that climbed to a circular mezzanine. The lobby with its massive marble columns has been fully restored. The building was featured in two films, the Quiz Show and The Titanic.

The restoration of the medical center is the largest historical residential restoration project in the history of New Jersey and it the largest currently underway in the nation.

The site offers 231 units complete with 14 foot lofted ceiling, grommet chef kitchens, granite counter stops, stainless steel appliances and other modern conveniences.

“This reconstruction is being done away from the waterfront,” said Fulop, who said other buildings in the complex are currently waiting funding. “They will need some kind of state or federal funding to move ahead.”

Al Sullivan may be reached at asullivan@hudsonreporter.com.

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