The newest tower in downtown Jersey City is currently being built as a partnership, as the company behind the Provost Square development joined a New York-based capital group to complete the project.
Toll Brothers recently announced a new joint venture with Sculptor Real Estate, the real estate division of Sculptor Capital Management.The two companies plan to work together on two of his projects, one of which is 151 Bay Street Located in Jersey City’s Powerhouse Arts District.
The 34-story structure, which has begun to rise vertically, is the third phase of Toll’s Provost Square redevelopment, revitalizing the site of the former Manisewitz Pine factory and Great Atlantic and Pacific Tea Company annex. The newest portion includes 259 units plus a 550-seat community theater and 12 live/work artist studios.
The partnership between Toll Brothers and Sculptor will begin with the development of new condominium communities in the core markets of City Living, New York City and the Gold Coast of northern New Jersey. His second building in the joint venture is The Rockwell, his 13-story condominium community on Manhattan’s Upper West Side.
Douglas C. Yearley Jr., Chairman and Chief Executive Officer of Toll Brothers, said: “Teaming up with them, he brings these two extraordinary new buildings to market and we look forward to working together on future opportunities.”
Both projects under the joint venture had debt and equity secured by Toll Brothers’ internal finance department. 151 Bay Street is being financed through his $121.5 million construction loan from Wells Fargo to complement the completed building. Morgan Rental tower and recently sold out 10 Provost Street A condominium across the street.
151 Bay Street is located in Jersey City’s Powerhouse Arts District. building boom in recent years.In addition to the crane at 151 Bay Street, KABR’s Warren at Bay Project Under Construction Just One Block Away With 12-Story Development Nearby 144 First Street It is scheduled to be completed next year.