[Nexis4Jersey]

Luxury Jersey City development breaks ground

From left: the groundbreaking and a rendering of 18 Par
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 more-maligned brother Charles, who was convicted of tax fraud and making illegal campaign contributions in 2005 and served time in federal prison.
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

http://therealdeal.com/issues_articl...-garden-state/