GN Management has taken over the development rights for Harborside 9 (on the left) and set a timeline for the beginning of construction. Rendering by Elkus Manfredi Architects.
A major Jersey City waterfront site has changed hands for the second time this month as a pair of towers at the site of a former parking lot are both moving forward.
GN Management, a Jersey City-based real estate firm, has announced their acquisition through affiliate and intercompany transfers of the coveted Harborside 9 development site. The acquisition included a transfer to GN Management of the ownership interest held by Panepinto Properties, which had officially acquired both the Harborside 8 and 9 development sites earlier this month.
Image courtesy of Elkus Manfredi Architects.
The Harborside 9 site is approved for 579 residential units set to rise 57 stories, 14,800 square feet of retail, and a 555-space parking garage. The tower will also deliver a 15% affordable housing component, creating 87 affordable units in one of the region’s most supply-constrained markets.
“Harborside 9 is a rare opportunity to advance meaningful housing supply on Jersey City’s waterfront, and we’re proud to take this project forward,” said Arvinder Singh Minhas, president of GN Management. “We’re grateful to Panepinto Properties for their collaboration and to Jim Pompa for helping bring the right partners together at the right time.”
GN Management intends to begin work soon on minor site-plan refinements to the Harborside 9 approvals, with the goal of starting construction at the property in 2027.
Panepinto Properties, which acquired the development rights to both Harborside 8 and 9 from Veris Residential for $75 million, is currently constructing Harborside 8 across the street. That 65-story mixed-use tower was designed by Boston-based Elkus Manfredi Architects and is set to top out at just over 708 feet.
The ground floor of the future Harborside 8 includes a sizable retail component. Image courtesy of Elkus Manfredi Architects.
Harborside 8 will feature 680 residential units, comprising 206 studios, 266 one-bedrooms, 183 two-bedrooms, and 25 three-bedrooms. 350 parking spaces will be featured inside a garage within the building’s first eight floors, while the ground floor of Harborside 8 will sport two retail storefronts.
A new east-to-west road is slated to be built within the two developments, which both Panepinto and GN Management will work together to build. The land sale deal was brokered by Jim Pompa of Coldwell Banker, who aligned the parties and helped ensure progress of the broader development timeline.
“This deal required patience, creativity and trust, and ultimately brought together highly respected groups who believe in the future of Jersey City,” said Pompa, with Coldwell Banker. “I’ve spent more than a decade focused on this market, and I’m committed to helping advance projects that strengthen neighborhoods and create long-term value.”
Bravo Capital, a leading privately held financing platform, supported GN Management’s acquisition of Harborside 9 with the help of finance broker Vivek Jagadish of Blue Mountain Capital.