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Arden Group, Spitzer Enterprises Partner to Develop Jersey City Rentals
Arden Group, through one of its private fund vehicles focused on Opportunity Zone development, will partner with Spitzer Enterprises to construct a new 26-story residential tower in Jersey City. Located at 425 Summit Ave. adjacent to the Journal Square PATH station, the $150-million rental development aims to provide greater amenities than comparable Manhattan residential offerings.
Craig A. Spencer, Arden chairman and CEO, said the project would bring “a much-needed new residential option to the New York City region. As employees continue to return to the office, we anticipate this project’s affordability compared to other regional multifamily options and transit-oriented location will be a particularly attractive selection for New York office workers seeking newly built, well-priced housing with convenient access to Manhattan.”
The project is expected to be completed in 2024. A Newmark team comprised of Dustin Stolly, Jordan Roeschlaub, Chris Kramer and Nick Scribani arranged the equity placement.
Rendering of 425 Summit Ave. courtesy of Marchetto Higgins Stieve Architects.
- ◦Development
- ◦Financing
