A tiny plot of land, just two acres, will become home to two soaring apartment towers and the North American satellite of a prestigious French art museum in Jersey City, New Jersey. That's all happening because of the deal struck to sell the property.
KRE Group, based in Jersey City, last year paid $48.5 million for the small parcel at 808 Pavonia Ave., a former parking lot in the Journal Square neighborhood. The developer's project is expected to accelerate the revitalization of that downtown area, where a number of gleaming apartment complexes have been built or are under construction. KRE's two new high-rises, known as Artwalk Towers, will be directly across the street from Journal Squared, the real estate firm's 1,800-unit development.
KRE's Artwalk Towers project is expected to be a catalyst for further growth and investment in Journal Square. The increased residential density promises to bring new vibrancy and economic activity to the area, attracting businesses and enhancing the neighborhood's appeal.
That's why the Pavonia Avenue sale has been selected by a panel of industry professionals as the 2025 CoStar Impact Awards sale of the year for Northern New Jersey.
Centre Pompidou, which will have 100,000 square feet, is expected to draw visitors and Jersey City residents alike. The museum, which will be constructed at the base of Artwalk Towers, was originally slated for a nearby building but needed a new location when that deal fell through. In September, the city approved a 30-year tax abatement for the tower project.
The land sale was brokered by Robert Antonicello Sr. and Bobby Antonicello Jr. of Grid Real Estate and Mark DeLillo, Lee Spiegelman and Marc Schulder of BlueGate Partners.
About the project: The first phase of the development will feature a 49-story residential tower with 595 units, with amenities including a state-of-the-art fitness center, coworking spaces and a rooftop oasis complete with a pool and sundeck with views of New York City. Beyond the housing, Phase One will also include a 22-foot-tall structure with over 6,000 square feet of gallery and commercial space, contributing to the area's burgeoning arts scene.
The second phase is a 55-story apartment high-rise with the Pompidou museum's space constructed at its base. That building will have 594 units.
In an unusual offering, Artwalk Towers will have its own private "high line," a landscaped elevated walkway, reminiscent of Manhattan's High Line. It's meant to offer residents a unique green space and foster a sense of community. This private high line will weave through the development and is designed to create a serene and inviting environment.
Artwalk Towers also looks to serve the wider community by creating public areas that connect with the existing street grid and promote pedestrian accessibility.
What the judges said: The sale paves the way for a project that will be transformational for Journal Square, according to both Andrew Moss, director of leasing and acquisitions at Forsgate Industrial Partners, and William Hanson, president and managing principal at NAI James E. Hanson. And now a "site that was severely underutilized" can be redeveloped, said Ira Zlotowitz, founder and CEO of Gparency.
They made it happen: Robert Antonicello Jr., broker adviser, Grid Real Estate; Robert Antonicello Sr., president, principal and founder, Grid Real Estate; Mark DeLillo, founder and managing partner, BlueGate Partners; Lee Spiegelman, managing director, BlueGate Partners; Marc Schulder, managing director, BlueGate Partners.