A $20 renovation project has been announced by the owners of 30 Montgomery St a 15-story office building in downtown Jersey City. 30 Montgomery St was built in the early 1970’s and was one of the first towers to be build along the waterfront in Jersey City. Onyx Equities, LLC and Rubenstein Partners, L.P. purchased the 320,000 square foot building earlier this year.
Plans of their redevelopment project include streetscape and ground floor retail expansion, a renovated lobby, and facade and HVAC upgrades. “Right now, Jersey City has more cranes than any city in the state,” says John Saraceno Jr., co-founder and managing principal, Onyx Equities. “With a residential and commercial explosion rarely seen in history, it is the only market that we would even consider a project of such scale. There is considerable value for us to add to this perfectly situated property.”
This project couldn’t have happened without Mayor Steven Fulop’s support, who believes in an increased commercial presence along the Jersey City waterfront. “The investment by Onyx and its partner Rubenstein to upgrade 30 Montgomery Street speaks to the dynamic Jersey City real estate market,” said Jersey City’s mayor, Steven Fulop. “Jersey City is on the leading edge of construction and job creation in New Jersey and this major investment to upgrade older commercial building stock is the latest example of how bullish investors are on our city.”