December 6, 2024

BlueGate Closes Sale of 1,189-unit Jersey City Development Site

Working on behalf of a private family, BlueGate Partners LLC has successfully closed on the sale of 808 Pavonia, a 1,189-unit multifamily development site to be developed by The KRE Group (“KRE”).  The site is situated across the street from the Journal Square PATH station and KRE’s Journal Squared property.  The development, called Artwalk Towers, is planned across two phases, first a 595-unit building, and then a 594-unit building that will include a 100,000 square foot space for Centre Pompidou x Jersey City, which will be one of only a handful of satellite locations for the internationally-esteemed Parisian art museum as well as its only location in North America.  This exciting addition to the Journal Square neighborhood will join the renovation of the adjacent Loew’s Jersey Theater and Mana Contemporary to create a hub of art and culture.

“Future residents of the towers will enjoy spectacular skyline views, state-of-the-art amenities, and PATH train access to the World Trade Center in as little as 12 minutes”, stated Mark DeLillo, Managing Parter of BlueGate. “In addition to a short commute to Manhattan, the site’s central location allows for terrific access to major employment centers of the Hudson County Waterfront, Newark and the greater metropolitan region.”

In addition to the land sale, BlueGate arranged a $175 million construction loan on behalf of KRE.

KRE plans to break ground later this year on this highly-anticipated project which will add to its collection of 1,840 apartment units at Journal Squared across the street.  In addition to the apartments, phase one is expected to contain ground-floor retail as well as extensive resident amenities such as a swimming pool, sky lounge, fitness center, garage parking, and bike storage among many others.

The BlueGate team of Mark DeLillo, Marc Schulder, Lee Spiegelman and Felipe Marin and Eli Zaoutis worked on this monumental transaction, as well as Bob Antonicello and Bobby Antonicello, Jr. from GRID Real Estate. Leslie Harwood played a leading role in representing the Harwood family in the sale negotiations.

BlueGate Partners is a boutique real estate investment banking firm with offices in New York and Palm Beach, and offers services in the areas of investment sales, portfolio and property financing, joint-venture structuring, and debt and equity capital raising for real estate projects. The firm and its principals have a particular expertise in multifamily capital markets and have successfully executed hundreds of assignments involving properties located in the New York Metropolitan region and throughout the nation.