Van Leer Place - JV Equity
BlueGate Partners has been exclusively retained by BNE Real Estate (the “Developer”) to arrange for a joint-venture equity partner in the ground-up development of Van Leer Place, a luxury rental project in desirable Jersey City, New Jersey (the “Project” or “Development”). Situated along Jersey City’s northern border with Hoboken, the Project is planned to include two, six-story, luxury apartment buildings with a total of 500 apartment homes (424,937 RSF), 5,000 square feet of retail space and a 560-space structured parking garage. With an abundance of transportation options easily accessible from the Project including Port Authority Trans-Hudson (“PATH”) rapid transit trains, New Jersey Transit buses and commuter rail service and NY Waterway ferries, future residents will benefit from unparalleled access to the entire New York City metropolitan area.
The Project possesses two key cost advantages over other potential Jersey City developments. First, Van Leer Place’s six-story building height allows for meaningful hard cost savings from the more expensive high-rise construction costs typically associated with 500+ unit developments in Jersey City. Second, the parking garage planned for the Project is a pre-cast, on-grade structured garage, which costs significantly less to construct than the below-grade or podium-style garages typical of large Jersey City developments. These two major advantages allow the Developer to construct 500 units in downtown Jersey City for well under $400,000 per unit.