A Lakewood-based developer is set to make its mark in Jersey City with a new residential project following the acquisition of a 1.3-acre site in the West Side neighborhood. The private development group, led by Israel Schwartz and his family, purchased the property at 212-230 Culver Avenue for $12.5 million, as reported by IPRG, which facilitated the transaction. The site was previously owned by an estate that operated Acrilex, a plastic fabrication company based in Irvington.
The proposed development will consist of 365 apartments within a 300,000-square-foot building, featuring 1,600 square feet of retail space. The majority of the units will be studios and one-bedroom apartments, with a selection of two-bedroom units that include private terraces.
In addition to residential units, the project will offer several amenities, including a 184-spot parking garage, outdoor terraces, and a 400-square-foot area designated for dogs. Construction is expected to commence later this year.
Previously, New York-based DHA Capital had submitted plans for a multifamily development on the same site. However, after failing to secure equity investors, the Schwartz family stepped in to take over the project. According to Yanni Marmarou of IPRG, the family’s development group financed the purchase entirely in cash.
This project is part of a broader trend of development in Jersey City, particularly in the West Side neighborhood, which is experiencing significant growth and transformation.
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