Luxury Jersey City development "18 Park" breaks ground

[Bobblehead]

  I was just coming here to post the same thing, Woodsy.

[Woodsy]

How long until the developer decides that housing the Boys and Girls club is not profitable and seek a renegotiation of their agreement with the City Council to get rid of them?

[MCA™]

Ironstate, KRE Group break ground on 422 luxury rentals and new Boys & Girls Club
Jul 01, 2012

Jersey City Mayor Jerramiah Healy joined development partners Ironstate Development Company and Kushner Real Estate Group and officials from the Boys & Girls Clubs of Hudson County on Wednesday in Downtown Jersey City to break ground on a new multi-faceted project including a 422-unit luxury rental building and a new state-of-the-art facility for The Boys & Girls Clubs of Hudson County.

Designed in collaboration between HWKN Architects and Minno & Wasko Architects, 18 Park will feature an architecturally-distinctive 11-story building with a collection of spacious residences and a full suite of upscale amenities. Occupying the same building but with a separate entrance and address, the new Boys & Girls Clubs of Hudson County will feature approximately 34,000 square-feet of modern classroom and recreational space.

The project is rising adjacent to the Liberty Harbor North Light Rail Station near PATH and ferry service to Manhattan within the Liberty Harbor Redevelopment District, an 80-acre, 28-block neighborhood that is already home to more than 1,000 new condominium and rental residences, including 225 Grand, a 348-unit rental building also developed by Ironstate and Kushner Real Estate Group which was completed in 2010 and leased up in less than 10 months.

The Partnership expects to complete 18 Park in the fall of 2014.

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[MCA™]

Luxury Jersey City development breaks ground
June 28, 2012 04:30PM


From left: the groundbreaking and a rendering of 18 Park

A new Jersey City, N.J. mixed-use development — 18 Park — broke ground today with Jersey City Mayor Jerramiah Healy in attendance, a statement from the developers said. The 422-unit luxury rental building will sit atop a new state-of-the-art facility for the Boys & Girls Clubs of Hudson County and is being developed by Ironstate Development and Kushner Real Estate Group.

The 11-story building’s residential portion will offer upscale amenities such as full-service fitness center, outdoor swimming pool, landscaped outdoor deck and a children’s playroom in the residential portion. The non-profit Boys & Girls Club will have 34,000 square feet of classroom and recreational space.

The building was designed in collaboration between HWKN Architects and Minno & Wasko Architects, the statement said.

“This is a once-in-a-lifetime opportunity where the private sector, municipal officials and a non-profit organization were all able to come together to formulate a plan that truly benefits everyone involved,” said Gary Greenberg, executive director of the Boys & Girls Clubs of Hudson County, in the statement. The building, set to be complete in 2014, will replace the current home of the non-profit, which had fallen into disrepair.

It’s not the first time Ironstate, one of New Jersey’s largest developers, and Kushner have worked together. They launched sales at 225 Grand, a 348-unit rental building down the street from 18 Park, in 2010 and leased it up in less than ten months. The Kushner Real Estate Group is run by Murray Kushner, not his brother Charles, who is also a real estate developer.

The developers told The Real Deal previously that rents at 18 Park would be on par with those at 225 Grand — around $36 per square foot.

Guelda Voien

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