Jared Kushner’s Kushner Companies has acquired One Journal Square in jersey City, New Jersey for $27 million. The purchase was made in partnership with KABR Group.
One Journal square is a two acre square development site. There were previous efforts to build two 60 story residential towers there with more than 1, 500 rental units. Kushner Companies said that it will soon reveal his plans for the location.
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Jared Kushner (AKA Mr. Ivanka Trump) said in a statement, “We are bullish on Jersey City, as evidenced by this investment as well as our strong development history in the market. We look forward to unveiling plans for One Journal Square that will help drive the city’s continued renaissance.”
A source close to the deal told The New York Post, “We are very focused on Jersey City. A big arts culture is growing in Jersey City.”
Kushner and KABR are already working on two other projects in Jersey City. One, located across the street at 30 Journal Square, will be a 40 story residential building. The other is a 50 story, $194 million luxury residential building currently under construction at 65 Bay St.