JERSEY CITY | 618 Pavonia Ave | 293 FT | 27 FLOORS

This one will be under construction within a couple of weeks. I have a friend who lives next door, and he was notified by the contractors that they start drilling for the foundation soon. And as Oreo_Zchut pointed out, construction permits were issued yesterday for the site.

618 Pavonia is the building on the left in the rendering above. The building in the middle (28 Van Reipen) was also about to start construction, but the developer said at a public hearing that it has been shelved temporarily due to a shortfall in financing.

376 units, 5,586 sq ft retail, 23,297 sq ft office.

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Is 28 Van Reipen in danger of not being constructed at all? One of the Urby towers was cancelled and there was that hotel near this site that was also cancelled due to lack of financing. I’m also assuming the Urby tower right next to Journal Squared is in a little trouble too since it was supposed to start in summer 2020.

The developer said he’d keep trying to get financing.

All these buildings will probably be constructed someday. It’ll just take longer for them to be constructed unless there is a fundamental, permanent, and dramatic shift in demand from the NYC region to other parts of the country. It’s possible, but it’s too early to tell.

Re: Urby next to Journal Squared: they own the land and they’re not walking away from it at the moment, so I assume they will keep trying. Ironstate did recently walk away from a deal with Hudson County to build another Urby on an HCCC parking lot at Sip & Van Reypen. But the county will eventually find someone else willing to give it a shot, probably with a smaller payout to the county. Same with the JCRA parking lot on Newark where the hotel was going to be. Post-COVID the land isn’t as valuable anymore, so it makes sense for the developers to walk away and bid on the projects on more favorable terms.

At the end of the day, it’s all a matter of timing.

Just goes to show you should never believe the timelines you see in certain blogs–developers are naturally optimistic. Always saying how everything is going great, hyping up their projects, giving optimistic timelines because that’s how you convince people to invest in the projects. All of Mack-Cali’s timelines were constantly pushed back even in the boom years before COVID.

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I’m a bit sad about the development on the HCCC parking lot and building - would have been quite a game changer for the area. But yes, you’re absolutely right, these sites will get constructed. There’s a lot at play behind the scenes and it takes time to put together. Timelines can change!

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The parking lot closed permanently yesterday. Equipment should be on site soon.


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I’m actually curious to know the reason why this one was able to get financing while the other one right behind it (28 Van Reipen) was not, despite being a similarly sized (and actually smaller in terms of unit count) structure. Was it timing of the financing discussions? Location, given that 618 is one block closer to the PATH station? Very interesting.

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Often each building is managed by a shell company of sorts (e.g. 618 Pavonia might be operated by 618 Pavonia, LLC) that is operated by the larger developer, but technically a separate entity. Due to this, the financing for each building could be coming in through different sources and thus not necessarily tied to one another. This is just my guess based of limited information, but I’d suspect that is what it is. Either that or they simply don’t have the money to build that one at the moment.

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618 Pavonia in the foreground

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Piling

The other site on Van Riepen was cleared, but is currently on hold. Assume it will be used for staging

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8.19.21

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Updated renderings

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10.6.21

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Namdar Group is in a rush to finish these buildings asap before Journal Squared 3. That 5 month lease up really got everyone motivated to keep going lol

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This one sprung up fast all of the sudden.

12.3.21


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Rising fast!

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Glass is going up. I’m glad not all of them have an entirely glass facade. Variety is good

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