Kushner Real Estate Group and National Real Estate Advisors LLC have leased up the second of three towers at Journal Squared in Jersey City, in a project that will ultimately include 1,838 units and 36,000 square feet of retail and restaurant space. — Courtesy: Qualls Benson
By Joshua Burd
A development team has leased up a new 704-unit luxury apartment tower in Jersey City, paving the way for the final phase of a landmark project in the historic Journal Square neighborhood.
The partners, Kushner Real Estate Group and a client of National Real Estate Advisors LLC, announced the milestone Monday less than five months after the launch of leasing at Journal Squared phase two. Renters absorbed an average of 140 units per month at the 68-story structure, the largest of what will be three towers at Summit and Pavonia avenues, thanks in part to its location atop the busy Journal Square PATH station.
The joint venture has completed the lease-up alongside The Marketing Directors.
“Since its May debut, Journal Squared 2 built and sustained a leasing pace that we haven’t seen in many years, if ever,” said Jonathan Kushner, president of KRE Group. “This is both a neighborhood and skyline-defining development, and we couldn’t be prouder of the positive impact it is having on Jersey City.”
The project, which is credited with helping to draw other developers to Journal Square, will ultimately include 1,840 apartments and 36,000 square feet of retail and restaurant space. The developers opened phase two after successfully leasing up the 53-story, 538-unit first phase in 2018 while also completing a landscaped pedestrian plaza known as Magnolia Landing.
They now expect to break ground on the third tower this fall.
“It is always our goal to improve the communities in which we invest, and we are proud of the impact Journal Squared is having on the Jersey City community,” said Jeffrey Kanne, CEO and president of National Real Estate Advisors. “We look forward to continuing Journal Squared’s unprecedented leasing velocity with the development of a third tower which will generate good jobs and seeking to produce strong returns.”
Designed by HWKN and Handel Architects, Journal Squared 2 has added some 70,000 square feet of indoor and outdoor amenity space to the complex, including a full-floor fitness center. That brings the total to nearly 100,000 square feet, all of which is available to residents of either existing building and future residents of the third building.
Renters also benefit from the surrounding restaurants, shops, cafes and nightlife destinations, while enjoying views of the Hudson River, the Statue of Liberty, Ellis Island and downtown Manhattan.
“Journal Squared is an exceptional development that is shaping Jersey City’s future by ushering in a new era for one of its most historic and well-connected neighborhoods,” said Jacqueline Urgo, president of The Marketing Directors. “We appreciate KRE and National entrusting us with the leasing and marketing of these extraordinary residences, and we couldn’t be prouder to be a part of this noteworthy success story.”