Page 10 - RE-NJ

Courtesy: Cushman & Wakefi eld
Courtesy: Minno & Wasko Architects and Planners
8 MARCH 2025
HAMPSHIRE, CLAREMONT INK
$121 MILLION MULTIFAMILY SALE
The Hampshire Cos. and Claremont
Development have sold a two-
building, 362-unit apartment
portfolio in Jersey City for $121
million, in a deal arranged by
Cushman & Wakefi eld.
According to a news release,
Sym Investments purchased the
Rivet and Rivet 26 at 23 and 26 University Place Blvd. in Jersey City
properties known as Rivet and
Rivet 26 at 23 and 26 University
Place Blvd., respectively. The deal
includes the collection of studio,
one-bedroom and two-bedroom
apartments as well as a combined
19,552 square feet ground-fl oor
retail space, all of which are part
of a high-profi le development near
New Jersey City University.
Cushman’s Niko Nicolaou, Ryan
Dowd JP Hohl, Peter Welch and
Alexandria Ebers represented the
sellers.
“This deal represents the sale of
an institutional-quality asset in a
rapidly emerging market on the
west side of Jersey City,” said
Nicolaou, who co-leads the fi rm’s
Northeast multifamily advisory
group alongside Dowd. “The
connectivity to New York City
PERTH AMBOY APPROVES KUSHNER
PLAN FOR 602 WATERFRONT RENTALS
Kushner and city offi cials in Perth
Amboy have taken a key step in a plan
to bring more than 600 apartments
and retail space to a nearly 16-
acre stretch along the Arthur Kill
waterfront.
The municipality and its
redevelopment agency announced
Feb. 14 that they have fi nalized
agreements with the developer, noting
that the project known as Sea Gate
would remediate and revitalize an
existing brownfi eld site. That includes
parcels on Front, Commerce, Rector,
Broad, High and Fayette streets that
Kushner is buying from the city for
$4.6 million, part of the estimated
$200 million development that would
be constructed over three years.
Minno & Wasko Architects and
Planners is the project’s architect.
Along with fi ve buildings housing
602 market-rate one- and two-
bedroom apartments, the plan calls
for at least 5,000 square feet of retail
and restaurant space on the Arthur
Kill and public amenities such as
a waterfront, tree-lined esplanade
stretching nearly a half-mile from
Front Street to the bulkhead between
Smith and Washington streets, as well
as a playground, landscaped plazas
and a dog park for public use.
“We have been working closely with
the redeveloper to create the type
of plan that can benefi t the entire
Perth Amboy community, not just the
residents of Sea Gate,” Mayor Helmin
Caba said. “We are directly revitalizing
unused, waterfront property and
creating the type of development that
will benefi t Perth Amboy for years to
come.”
The announcement came two days
after the City Council approved a
payment in lieu of taxes agreement for
the project, which calls for Kushner
to pay the municipality about $1.2
million annually, according to a news
release. The redevelopment area now
generates only about $113,000 a year
in net revenue, offi cials said, adding
that the developer will contribute $1
million to Perth Amboy for affordable
housing assistance.
“This project has been years in
the making, and we’re excited to
be working with the City of Perth
Amboy to move
it forward,”
said Michael
Sommer, chief
development
offi cer at
Kushner.
“Mayor Helmin
Caba, the City
Michael Sommer
Council and the
Redevelopment Agency have provided
strong leadership while working
with us to shape a shared vision for
the underutilized waterfront that
will benefi t the entire community.
We look forward to taking the next
steps toward turning this vision into a
reality.”
In announcing the agreement, city
Plans for Sea Gate in Perth Amboy call for revitalizing a 15.75-acre stretch of waterfront property with 602 market-rate apartments,
at least 5,000 square feet of retail and restaurant space on the Arthur Kill and public amenities such as a waterfront and tree-lined
esplanade.
positions the
community
to strongly
benefi t from
the outsized
demand for
quality housing
in the region.”
Niko Nicolaou
In announcing
the deal, C&W noted that the
upscale properties have 75,000
square feet of shared amenity space
including entertainment lounges,
fi tness centers and coworking
lounges. Residents are minutes
from NJ Transit’s West Side Avenue
light rail station, Route 440 and the
New Jersey Turnpike, among other
transit nodes and highways, while
the properties offer a free shuttle
service to the Journal Square PATH
Station.
offi cials said they envision Sea
Gate to be a bustling community,
with vans shuttling neighborhood
residents to the Perth Amboy train
station. Restaurants with views of
the water would dot the property,
complementing shops and potentially
a connection to Manhattan-bound
ferry service.
The agreement also includes a
memorial to Thomas Mundy Peterson,
a city resident who was the fi rst
African American to vote in an
election following the ratifi cation
of the 15th Amendment, the news
release said. He cast his vote on
March 31, 1870.
“This property is a waterfront gem
that has been underused for far
too long,” Tashi Vazquez, executive
director of the Perth Amboy
Redevelopment Agency. “There
are environmental challenges
that can only be handled through
redevelopment with a well-capitalized
private partner who can create the
highest and best use of this property,
fulfi lling our vision.
“There is a shortage of this higher-
end type of rental housing in Perth
Amboy, another key reason why
we are moving forward with Sea
Gate,” she added. “The redeveloper
is envisioning such amenities as
outdoor fi re pits, barbeque areas,
lounge space and other recreational
areas that connect the tenants and the
waterfront views.”
The 15.75-acre redevelopment
area, with landscaping, streetscape
improvements and lighting funded by
the developer, will include 909 parking
spaces, the news release said.