Myneni Properties JV Lands $220M for Jersey City Project
The mixed-use high-rise is slated for completion in 2028.
Myneni Properties and Euro Concrete have secured $220 million in construction financing for Imperial Tower, a 56-story mixed-use project in Jersey City, N.J. The project is scheduled to come online in 2028.
Integritas Capital and Kriss Capital provided the note, which will support the delivery of 542 multifamily residences with ground-floor retail space and a Marriott-branded hotel.
Upon completion, the development is slated to become one of the largest ground-up projects in the submarket, as well as among the tallest towers in Journal Square. Noble Construction serves as the project’s general contractor and MVMK Architecture as architect of record.
The future Imperial Tower was originally designed as a smaller-scale community, but soon grew into a project measuring 827,867 square feet, following an approval process that stretched across several years. Its residences will feature studio, one-, two- and three-bedroom layouts. In addition, the residential tower will have penthouse units, a 154-key Marriott hotel and 34,105 square feet of retail space. Out of the total number of apartments, 57 will be designated as affordable housing.
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Amenities will include a rooftop infinity pool, a fitness center, coworking lounges, a private screening theater, a library, children’s playroom and pet facilities. Rising at 2966 John F. Kennedy Blvd., the development is adjacent to the Journal Square PATH Station, which connects the area to Lower Manhattan, 4 miles east.
NYC multifamily development sits in the waiting room
The multifamily investment and development landscape across New York City is stuck in a holding pattern, waiting for greater clarity concerning property taxes, rent regulations and housing policies under the new administration. Uncertainty has increased perceived risk, according to GAIA Real Estate CEO Danny Fishman, causing investors to adopt a wait-and-see approach, making it harder for developers to underwrite new projects.
In consequence, developers are shifting their attention toward projects with tax abatements or subsidies due to their level of certainty and predictability. Meanwhile, lenders prefer financing projects more conservatively.
As of May, multifamily completions across New York City accounted for 2.4 percent of total stock on a trailing 12-month-basis, according to a recent Yardi Matrix report. Earlier this week, Sterling Properties Group opened a 300-unit luxury community in Livingston, N.J., with 60 residences allocated for the mentally and developmentally disabled.
