If they have to value-engineer the tower it’ll be upsetting, but I will be really devastated if they do away with or substantially reduce the pedestrian courtyard.
Didn’t see this render here.
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No, it’s them. And it will be 51 stories. I have an axonometric diagram produced by them. It will only be one tower.
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It will be one tower now, no passageway in between them.
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Ah, that’s a shame. But not entirely unexpected.
It’s a big job site. From the diagram you have are they doing anything interesting with the remaining space?
Hard to tell from the diagram I saw, but plans appear to have changed again since the last time I posted. Now two 50-story towers, and I haven’t seen a diagram for that variant…could still have the passageway in between but I can’t say for sure.
Now only 1,401 apartments rather than 1,509
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Can you share the diagram? Will this be going before the planning board soon?
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It’s still pretty early, I wouldn’t bet on the Planning Board for at least 8 months or a year.
The diagram is outdated now, not sure I want it floating around and misleading people.
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Looks like The Namdar Group officially acquired 416-424 Hoboken Avenue for $26 million on September 2, 2026.
With the site now officially acquired, hopefully we’ll see updated plans and renderings soon!
https://traded.co/deals/new-jersey/land/sale/416-hoboken-avenue/
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51 floors is higher than what I would have expected for this location. Nice!
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It is all due to the affordable housing incentive that was included in a rezoning from 2024. Some people at the Journal Sq Community Association especially Katie Brennan and Mike Ehrmann were pushing for all new towers to rent 20% of apartments below market rents, with no height bonus. Ironically if that plan had passed, this tower wouls never have BMR apartments because the developers had already filed plans that were 100% market rate.and which woulf still be valid. Under state law, they’re entitled to use old plans even if zoning requirements change after the fact.
Instead, the city passed a plan that created a 20-story height bonus in exchange for 10%of apartments being below market rate. Developers actually went back to the Planning Board and got their 100% market rate plans changed to incorporate BMR apartments so they could take advantage of the bonus. This project was one of those. Others were 8 Lott St, 555 Summit, Imperial Tower, and 38 Cottage. All of these wouldve been 100% market rate under any plan that didnt involve a bonus. Imperial Tower went back in the middle of construction to add 20 floors and affordable housing. Hundreds of low income apartments that would never have happened, are happening due to the height bonus. Ironically the 20% plan wouldve produced fewer BMR apartments.
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It’s also ironic that legislating rent never lowers housing costs. But building more housing does, so this is great.
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