Development in Journal Square is showing no signs of slowing down. Just today, NJBiz has reported that the lot at 87 Newkirk Street has been purchased by a New York based developer under the LLC, 87 Newkirk Holdings.
The sale was brokered by CBRE Group Inc and although the sale price isn’t publicly available, CBRE stated they set a new record of $50 per buildable square foot.
The new owner is looking to immediately move forward with developing the vacant 12,145-square-foot lot with the construction of a 12 story residential and retail building. The site has already been approved by the city for 111 residential units and 5,000 square feet of retail space along with a roof deck, bicycle parking and a garden area.
Previous owners of the property planned to build the project to Passivehaus standards. However, those plans were scrapped and currently there are no plans for passive house construction.
Situated only 2 blocks from the Path, this project adds to the breakneck pace of development in immediate proximity to the station. With Journal Squared’s first tower topped out, One Journal Square planning to break ground any day now, 3 Journal Square well underway, the approved project at 30 Journal Square, and now 87 Newkirk, there’s no doubt that Journal Square will look significantly different in a few years.