A city’s skyline may get all the attention and headlines, but any urban environment needs to embrace a diversity of housing in its development philosophy. The latest sign that smaller infill developments in Jersey City are picking up comes from The Stonebridge Group, who will break ground on a Downtown project later this month.
The company, based out of East Orange, was founded in 2017 by Isaac Sebbag and Hershy Indig and is relatively new to the game. But they’ve purchased the rights to 415.5 Monmouth Street, which consists of approvals by officials in 2016 for a four-story mixed-use building. Co-founder Sebbag told Jersey Digs that demolition permits have been applied for, and they should start tearing down the existing vacant building very soon.
Stonebridge is currently expanding their presence in Jersey City and Hoboken, where they have nine total condominium conversion projects in the works. Their philosophy of churning out properties for sale rather than for rent puts them in perhaps a different mindset than big rental-heavy developers, and over 30 Hudson County developments fall under the company’s umbrella.
While 415.5 Monmouth Street is in the city’s Downtown, Stonebridge has spread their projects out among Jersey City’s neighborhoods. The company is just wrapping up construction at 116 Hutton Street in The Heights, which consists of two condominiums. Just over the border into Union City, 309 Palisade Avenue features three condo units.
Just two weeks ago, Stonebridge won approvals to build 38 condominiums at 96-100 Tuers Avenue near Journal Square and will be submitting new plans to the city soon for another project at 89 Colgate Street. That development, in The Village section, will feature four condominiums and can be built as-of-right, according to Sebbag. One of the company’s other projects includes a single-family brownstone currently under renovation at 239 Garden Street in Hoboken.
Sebbag said a project typical of Stonebridge’s philosophy consists of buying single-family homes and renovating them into condominiums for purchase. The Stonebridge Group also has plans to launch a brokerage at the company.