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Rendering courtesy: SJP Properties/Claremont Development
SJP, CLAREMONT EYE START OF 444-
UNIT JERSEY CITY RENTAL TOWER
SJP Properties, Claremont
Development and Battery
Global Advisors are set to
begin construction on a
new 444-unit luxury rental
tower in Jersey City, having
secured joint venture equity
and fi nancing in connection
with the project.
The fi rms in late September
said the building, known
as The Lucy, is slated to
break ground this fall at 619
Grove St. and just north of
the city’s outbound Holland
Tunnel lanes. The 24-story
tower will take shape with
the help of equity partner
PCCP and construction
fi nancing from Kennedy
Wilson, both of which were
arranged by the Cushman &
Wakefi eld team led by John
Alascio.
The project follows the
2023 completion of a
Designed by Michael Graves Architecture and built
by KL Masters Construction Co., The Lucy at 619
Grove St. in Jersey City will include 431 market-rate
and 13 affordable units.
neighboring 165-bed transitional
housing facility on Grove Street,
developed in partnership with the
Archdiocese of Newark and Catholic
Charities, to preserve and expand
the longstanding St. Lucy’s Homeless
Shelter.
“We are proud to preserve the
historic character of this site while
creating a modern community that
refl ects Jersey
City’s dynamic
growth,” said
Steven J.
Pozycki, SJP’s
founder and
CEO. “The
result will
be a one-of-
Steven J. Pozycki
a-kind living
experience with unmatched
amenities and design.”
Designed by Michael Graves
Architecture and built by KL Masters
Construction Co., The Lucy will
deliver 431 market-rate and 13
affordable apartments alongside an
expansive collection of amenities,
according to the developers. They
noted that the design restores
historically signifi cant portions of
the site’s original church, rectory and
school, seamlessly integrating them
into one project.
Mary Cook Associates leads the
design team for the apartments.
“This project continues our work
to bring much-
needed housing
to Jersey
City while
honoring the
neighborhood’s
history,”
said Richard
Sciaretta,
Richard Sciaretta
managing
partner of Claremont Development.
“We’re excited to deliver a landmark
development that blends heritage
and modern living. We are proud
to have completed the facility for
Catholic Charities and are pleased to
be partnering with SJP and PCCP on
the fi nal phase of the development.”
Amenities at The Lucy will include
a rooftop pool, a sky lounge, a
sundeck with grills and a penthouse
bar with skyline views, along with
a resort-style lobby, coworking and
conference rooms, a fi tness center
and a media and game room. Plans
also call for a bell tower speakeasy,
a hydroponic garden and multiple
lounges with fi replaces, among
others.
BRISTOL MYERS SQUIBB EYES SALE,
LEASEBACK OF SUMMIT CAMPUS
Bristol Myers Squibb is looking to sell
a nearly 1.2 million-square-foot life
sciences campus in Summit, bringing
the well-known property back to the
market after it changed hands in 2015.
reposition a well-located, 88.4-acre
corporate campus with premier
infrastructure, gaining a signifi cant
foothold in a highly affl uent and
sought-after market,” JLL wrote. The
team noted that the property is also
According to JLL, which is
minutes from NJ Transit rail service
spearheading the listing, the
and easily accessed by a strong talent
pharmaceutical giant plans to occupy
pool.
fi ve of the nine buildings at 556 Morris
Ave. under a short-term leaseback for
785,980 square feet. That will provide
important near-term revenue during
any plan to reposition the site, brokers
said, touting the potential of an asset
that has more than 650,000 square
feet of research and development
space alongside FDA-approved cell
therapy facilities, among others, in a
location that’s minutes from Route 24,
Interstate 78 and downtown Summit.
JLL’s Jose Cruz, Dan Loughlin,
Jeremy Neuer and Jim Medenbach
are spearheading the offering with
analytics and leasing support from
the fi rm’s Michael Kavaler and Matt
Loughlin, respectively, and assistance
from Brett Paulsrud and Max Custer of
its debt and equity team.
“Summit West Corporate Campus
represents the rare opportunity to
Built in 1954, with major renovations
taking place from 2023 to 2025, the
campus spans about 1.195 million
square feet and also includes
warehouse space, data centers,
traditional offi ce space, a 1,360-space
parking garage and 1,471 surface
parking spaces. The Bristol Myers
Squibb team has occupied the
property since Celgene Corp., the
Summit-based biotech company
it acquired in 2019, purchased the
complex from Merck & Co. in 2015.
JLL added that the site has “signifi cant
value-add optionality through
b Ask for Dicker
redevelopment, asset spin-offs
and the development of additional
buildings with ample allowance under
(fl oor area ratio) requirements.” The
property also has some 13 acres of
developable land.
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