Last week, Kenneth Pasternak, Chairman of the KABR Group, was nice enough to take us on a tour of Trump Bay Street for a first hand look at the construction progress. As of now, the project is topped out and nearly enclosed, just the top few floors still need the windows installed.
A little background, Trump Bay Street is a 53-story rental tower that adjoins Trump Tower in the Powerhouse Arts District. Although they’re adjoining, the new tower is not affiliated with the existing Trump condo tower. Trump Bay Street will have a completely separate entrance on Bay Street, separate amenity spaces and separate garage.
Upon completion the tower will house 467 units ranging in size from studios to 3-bedrooms. It will boast significant amenities as well. In addition to the requisite gym and resident lounge it will feature more novel amenities such as a “Chef’s Table” kitchen area, dedicated Citibike station, sauna, massage room, poker room, game room, dog run and wash area and rooftop pool. There’s also an additional amenity space with an observation deck on the 51st floor that provides 360 degree views of Jersey City and Manhattan.
On the street level, the building has two retail spaces. One spanning 16,000 square feet and the other 3,000. No commercial leases have been signed but there’s been significant interest. KABR would ideally like to see a grocer in the larger space.
Most impressive on the tour was seeing the actual construction process. Specifically, how all the different tradespeople work simultaneously. Essentially, each trade works on a separate floor. Say for example the HVAC crew is on one floor, the plumbers will be below them, the electricians below the plumbers and the drywallers below the electricians. By working in stages like this it allows a couple hundred workers to be on site without impeding on each other.
Completion of the project is officially slated for the first quarter of 2017 but with any luck they’re hoping to reduce that to the end of 2016. No official rents have been set but initial expectations are in the $40-50 per square foot range. Which would price a lower floor 1-bedroom in the $2,500/month range with higher floors pushing up to $3,000, putting it in line with the other new rental buildings in the area.
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