News:
Brokerage
Posted: May 4, 2021
FOLXCO and IFANY secure a $16m construction loan for two-tower residential project
Jersey City, NJ Developers Mark Rigerman, Paul Jensen and Shimon Jacobowitz have secured a $16-million construction loan for their 56-unit residential project. The joint venture between of FOLXCO and IFANY, called Pine Gardens at 311 Pine St., is comprised of two eight-story towers fronting both Pine and Whiton Sts. in the Bergen Lafayette area.
The loan was provided by David Shemtov and Jeffrey Puchin of Bank Leumi.
The project includes 56-units across two towers, all two bedrooms with two full-baths, plus an additional room for office or den, each unit also has an oversized balcony with floor-to-ceiling windows/patio doors, with tech-enabled appliance and modern finishes. Pine Gardens will also comprise a full gym, a rooftop recreation center with a skyline view for sunset solar cycle, plus car and bicycle parking. There are also eight penthouses with direct access to the private outdoor rooftop space. Architecture and design is by Hampton Hill Architecture and STK NY Design. The construction is currently taking place on the second floor deck.
Despite disruption associated with the pandemic, developers are betting on the city, specifically in the Bergen Lafayette area, due to the close proximity to Liberty State Park, the Jersey City Light Rail Park -n-Ride Station and the Communipaw boutique shopping and entertainment district.
This is one of three projects that FOLXCO and IFANY have planned for 2021 in the city, with a others currently in design planning for 2022.
Tags:
Brokerage
MORE FROM Brokerage
Realty Connect USA joins Better Homes and Gardens Real Estate affiliates to form one of the brand’s largest brokerages
Madison, NJ Better Homes and Gardens Real Estate LLC agreed to a landmark merger between three leading brokerages across New York, New Jersey, and Pennsylvania. The agreement brings together
Quick Hits
Columns and Thought Leadership
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
