Until 2017, residential development in downtown Newark was largely a figment of developers’ imaginations. Over the decade prior, proposals were ambitious but financing was scarce. The one project that had gained financing, Eleven80, a rehabilitation-and-reuse of a long dormant former office building, had gone into foreclosure in 2009, reemerging several years later as a diamond in the rough, Downtown’s lone successful project. Meanwhile, supporting retail was extremely limited.
Construction has officially wrapped at 275 South Street, in Manhattan, following a full-scale renovation of the aging residential building. The project is one of the most recent properties to debut in “Two Bridges,” a neighborhood nestled at the southern end of the Lower East Side that has witnessed a remarkable uptick in high-rise developments including Extell’s One Manhattan Square and 259 Clinton Street, designed by Perkins Eastman.
Located at 197 Van Vorst Street in Jersey City, at the southwest intersection of Morris Street and Van Vorst Street in the Paulus Hook neighborhood, a new 16-story residential mid-rise is under construction and just began leasing its 153 units. Field Development Group is behind the project, the same firm that successfully completed the Lenox, directly across the street to the north. Marchetto Higgins Stieve is the designer and Bozzuto is the property manager for the building, which has been dubbed “Quinn”.
Permits have been filed for a six-story residential building at 552 Prospect Place in Crown Heights, Brooklyn. The site is a block away from the Park Place subway station, serviced by the S trains. Six blocks away is the Brooklyn Museum. Stephan Tchorbajian of Hye Rise Consulting is listed as behind the applications.
Since launching sales in 2017, Extell’s latest property in New Jersey, The Lofts Pier Village, has now passed several milestones, with more than 100 residences now either sold or in-contract. Construction is also making major headway. Located in the Jersey Shore’s Long Branch community, Pier Village is being developed in collaboration with Kushner Companies, and the entire development is slated for completion in 2020.