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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).