A project we first told you about last summer that is planned for The Heights neighborhood of Jersey City is set to receive financial incentives from the City.
39 NY Avenue Apartments, LLC is going to develop a five-story residential building at 39 New York Avenue, between the Palisade Avenue overpass and the Hoboken border, in Ward C. The property is situated alongside this winding street on the Palisades, between a residential section of Jersey City and an industrial part of Hoboken. Plus, it is located just northeast of the eastern portal of New Jersey Transit’s Bergen Hill Tunnels.
Currently a gated vacant lot, this 1.288-acre tract has been used periodically over the years to store trucks and dumpsters from nearby Galaxy Recycling. NJ Parcels records show that 39 New York Avenue Development, LLC, which is registered out of the offices of the Hoboken Brownstone Company, bought the site in 2012 for $500,000 from a Westchester County-based company.
The Hoboken Brownstone Company’s website states that “this development is situated on a unique topography that will allow the bottom-most floors to have views of the Manhattan skyline,” adding that the neighboring Hudson County-owned property could be converted into a public park.
According to a legal notice, the development will include 132 residential units, all of which will be market rate rentals. Over 150 units were initially slated to be included in the building, according to a post by the Riverview Neighborhood Association. 80 or 82 parking spaces will be provided on the ground floor of the building, which is being designed by the Old Bridge-based Chester, Ploussas, Lisowsky Partnership, LLC.
The five-year tax exemption for the developer was passed by the Municipal Council on first reading on September 13th and was scheduled to be heard for final passage during the September 27th meeting. The exemption calls for the company to pay full land taxes, 20% of improvement taxes in 2020, 40% in 2021, 60% in 2022, 80% in 2023, and full improvement taxes by 2024. None will be accessed in 2019 under the proposal. In addition, $220,140 is slated to be given by the developer to the Jersey City Affordable Housing Trust Fund, in lieu of including affordable housing in this project.
City records show that the project is expected to be completed in October 2019, and that there will be 30 studio units, 78 one-bedroom apartments, and 24 two-bedrooms. Robert Jorgenson, the project architect, expects construction to cost nearly $23 million, not including architectural and engineering expenses.
A groundbreaking could be held as soon as April 2018, and subsequently, 220 construction jobs would be created, according to the City documents. Once the building opens, there would likely be six real estate jobs available. The documents also state that the developer is registered out of the Cleveland, Ohio-based NRP Group.