Work Begins on New 60-Story Rental Building Following Record-Breaking Lease-Up of Tower 2
JERSEY CITY, NJ -- Jersey City Mayor Steven Fulop and Hudson County Executive Tom DeGise recently joined principals from KRE Group and National Real Estate Advisors, LLC to mark two significant milestones at Journal Squared, the prolific and transformative apartment complex in Jersey City’s historic Journal Square neighborhood.
The development partners and municipal officials celebrated the five-month lease-up of Journal Squared’s 704-unit second tower and broke ground on the project’s third and final building, a 60-story high-rise comprising 600 rental residences.
Located at the intersection of Pavonia and Summit Avenues with direct access to the Journal Square Transportation Center, the three-tower development will ultimately total 1,840 rental residences and 36,000 square feet of retail and restaurant space in 53-, 60- and 68-story buildings. With thousands of residents living in the two completed residential towers, the highly popular Whealth Kitchen serving the community out of the retail space, and a new pedestrian plaza providing public open space, Journal Squared has successfully fueled a resurgence for Journal Square as a sought-after residential destination.
“Thank you to the KRE team for your belief in Jersey City and belief in Journal Square,” Mayor Fulop said. “KRE has been a phenomenal partner for decades in Jersey City and willing to enter areas where few large developers would be willing to go. This has happened here in Journal Square, and you can now see the transformation occurring. This is just the early stages for what is on deck in Journal Square which has a future that’s very, very bright. We couldn’t be more excited that this building has completed leasing and that the KRE Group is still committed to Jersey City and immediately breaking ground on the newest tower.”
“There’s nothing better than a groundbreaking, unless, of course, you have a ribbon cutting and today we have both and that’s makes this event very, very unique,” County Executive Tom DeGise added. “We’re thrilled to have Journal Squared as a neighbor. We now have something to look forward to.”
The third leg of Journal Squared will rise 60 stories above the Jersey City skyline, providing dramatic views of the Hudson River, Statue of Liberty, Ellis Island, and downtown Manhattan. The new tower will feature a collection of 600 stylish rental residences complemented by 18,000 square feet of amenities that will bolster the nearly 100,000 square feet of indoor and outdoor amenities spread throughout the first two buildings and shared by all residents. The new social spaces will showcase a creative theme highlighted by a performance lounge, karaoke room, and recording spaces. Residents will also enjoy a makerspace area, co-working lounge, lobby café and a sky lounge. Construction is slated to be completed in Spring, 2024.
“Our intent all along was to complement the existing mass-transportation infrastructure with new residential, retail and open space to create a well-balanced lifestyle for residents that would also have a lasting impact on the city as a whole,” said Jonathan Kushner, President of KRE Group. “The robust leasing activity we experienced in Tower 2 over the past five months demonstrates the enormous demand that exists here. That speaks volumes about the product we’ve delivered, and the growing appeal of the neighborhood itself. We’re delighted to now begin work on the third tower which will bring our full vision to fruition.”
“Building upon the success of phases one and two, we look forward to continuing to contribute to the growth and vibrancy of Jersey City with the third tower,” stated Jeffrey Kanne, President and CEO of National Real Estate Advisors. “Journal Squared is a hallmark build-to-core project for National delivering on our commitment to create value, provide jobs, and strengthen economic vitality in the places where we invest.”
Designed by Hollwich Kushner Architects and Handel Architects, Journal Squared has effectively ushered in a new era for Journal Square while paying homage to the history and rich cultural background of the neighborhood. The second tower features pieces by local artists, while the amenity spaces are adorned with items such as a vintage printing press from the Jersey Journal, the neighborhood’s namesake, along with historic photos of the area.
The overall development also taps into renters’ desire for both convenient public transportation options and a highly walkable setting. It’s location atop the PATH Station provides direct access to rail service to lower and midtown Manhattan, Jersey City, Hoboken, and Newark. Just steps away is an eclectic array of restaurants, shops, cafes, and nightlife destinations.
For additional information, visit www.journalsquared.com or call 201-210-5997. Follow @JournalSquared on Instagram.
About Kushner Real Estate Group
Founded in 1979 and headquartered in Jersey City, NJ, KRE Group is a full-service real estate investment and management company with properties in New York, New Jersey, and Pennsylvania. The KRE multi-family portfolio exceeds 9,000 existing apartments, with an additional 7,000 in various stages of approval and construction. The company also owns and manages more 6,000,000 square feet of office, warehouse, and retail space. For more information, visit the company’s website at www.thekregroup.com.
About National Real Estate Advisors
National Real Estate Advisors, LLC is an investment manager specializing in a build-to-core strategy, developing and managing large-scale, urban commercial and multifamily projects for its institutional client accounts. National constructs investment portfolios of modern property assets—apartment, office, mixed use, industrial (including data centers), and hotel—with design features, technological enhancements, and amenities that drive high tenant demand and can create value for investors. National is an independently operated subsidiary of the National Electrical Benefit Fund (“NEBF”), a substantial pension trust with a significant amount of assets that are managed by National on a discretionary basis. For more information, please visit www.natadvisors.com.