In 2015, Kushner Companies, LIVWRK, and Rockpoint Group acquired, for $275 million, the seven-story, 338-unit rental apartment building at 184 Kent Avenue, in northern Williamsburg, with the intention to convert the property into condominium units. The conversion project, dubbed Austin Nichols House, will include 338 condominium units, and now Curbed NY has the latest details. They will come in studios, one-, two-, and three-bedroom configurations, and the existing rentals are currently being converted on a unit-to-unit basis. Morris Adjmi Architects is designing the conversion, which includes a revamped lobby, new amenity spaces, and, of course, the apartments. The ground-floor is currently occupied by multiple retail units. The property was used as a warehouse before it was converted into residential space in 2010 by JMH Development.
During the summer of 2015, Kushner Companies and CIM Group filed plans with the Department of City Planning to convert the 26-story, 466,000-square-foot office building at 2 Rector Street, in the Financial District, into 452 rental apartments. The developers are now abandoning those plans and are in contract to sell the office building to Cove Property Group for roughly $225 million, according to the New York Post. The sale comes three years after Kushner and CIM acquired the property for $140 million. The new owners plan to continue leasing the property to commercial tenants. It was 84 percent occupied in 2015, by multiple tenants.
Back in September of 2015, YIMBY brought you construction shots of the planned 50-story, 446-unit residential tower at 65 Bay Street, in Jersey City’s Powerhouse Arts District. At the time, the structure was roughly 35 stories in height, and has since topped out at 484 feet above street level. The rental project, dubbed Trump Bay Street, accumulated $50 million in financing from the EB-5 program, Bloomberg Politics reports. It’s 41,000 square feet of amenities include an outdoor pool, an indoor golf simulator, along with a large parking garage, which connects to Trump Plaza Residences (built of 2008). Kushner Companies and KABR Group are the developers and Humphreys & Partners Architects is designing. Completion is expected this upcoming summer.
Officially proposed last summer, New Jersey’s Economic Development Authority has approved $93 million in tax breaks for Kushner Companies and KABR Group’s planned 56-story, 744-unit mixed-use tower at One Journal Square, in Jersey City’s Journal Square district. According to the Jersey Journal, WeWork is expected to lease 101,000 square feet of office space on seven floors, and 78,000 square feet of retail space is planned on the bottom two levels. A second tower is also reportedly in the works, although completion of the first is expected in the spring of 2018.
In early 2014, YIMBY revealed renderings of the 50-story, 446-unit 65 Bay Street, in Jersey City’s Exchange Place neighborhood. Now, courtesy of Tectonic Photo, the building is roughly 35 stories up and rapidly rising. Kushner Companies and KABR Group are developing the tower, which will have 41,000 square feet of amenities. Cladding is also beginning to make its way up the sides, and the existing parking garage is getting a facelift. Humphreys & Partners is designing, and completion is expected in 2017.