Posts in category: Trenton Thunder

The Perth Amboy Redevelopment Agency (PARA) and the City have finalized agreements with Kushner Companies to move forward with a $200 million plan to clean up a brownfield site and create a waterfront neighborhood, to be known as “Sea Gate.”

The project will bring to life 602 market-rate rental units in five buildings, as well as a minimum of 5,000 square feet of retail and restaurant space on the Arthur Kill.

Additionally, the redevelopment will bring numerous public amenities funded by the redeveloper, such as a waterfront, tree-lined esplanade stretching from Front Street to the bulkhead between Smith Street and Washington Street, as well as a playground, landscaped plazas and dog park for public use.

“We have been working closely with the redeveloper to create the type of plan that can benefit the entire Perth Amboy community, not just the residents of Sea Gate,” Perth Amboy Mayor Helmin Caba said. “We are directly revitalizing unused, waterfront property and creating the type of development that will benefit Perth Amboy for years to come.”

Under the agreement, the redeveloper will pay the city about $1.2 million annually as part of a long-term “payment in lieu of taxes” agreement. City officials note the redevelopment area now generates only about $113,000 a year in net revenue. The City Council approved the annual service charge agreement at its Feb. 12 meeting.

City officials envision Sea Gate to be a bustling community, with vans shuttling neighborhood residents to the Perth Amboy Train Station. Restaurants would dot the property, with views of the water, while there would be plenty of shopping to create another destination point on the water, which in the future may include a connection to Manhattan-bound ferry and possibly a marina.

To fulfill PARA’s vision for Sea Gate, the redeveloper is purchasing properties from the city for $4.6 million; the plan will include parcels on Front, Commerce, Rector, Broad, High and Fayette streets, explained PARA Executive Director Tashi Vazquez.

Kushner Companies will also be contributing $1 million to Perth Amboy for affordable housing assistance, she added.

“This property is a waterfront gem that has been under-used for far too long,” Vazquez said. “There are environmental challenges that can only be handled through redevelopment with a well-capitalized private partner who can create the highest and best use of this property, fulfilling our vision.

The 15.75-acre redevelopment area, with landscaping, streetscape improvements and lighting funded by the developer, will include 909 parking spaces. The project, with one- and two-bedroom units, is expected to be constructed over a three-year period.

Kislak Commercial Real Estate Services, the commercial sales and leasing affiliate of The Kislak Company, announced the recent sale of Echo Hill Plaza, a 16,000-square-foot mixed-use commercial retail and office building at 1128 Route 31 in Lebanon for $1,275,000.

Kislak marketed the property on behalf of the seller with commercial sales and leasing associate Sara Soliman handling the assignment, and she also procured the purchaser.

The parties were not disclosed.

“This was the buyer’s first acquisition of a building of this size, facilitated through an I.R.C Section 1031 exchange and supported by seller financing. The offering presented an attractive investment opportunity and although the process involved various complexities, we worked through them diligently to ensure a successful closing,” Soliman said.

Echo Hill Plaza, formerly the Van Cleef Engineering professional building, boasts a prime location with stunning wooded views, ample natural light, and a well-maintained structure.

The property has a mix of excellent tenants and is strategically positioned near Route 78, making it an attractive investment opportunity. The building is situated in a high-traffic area, with an average of 25,000 vehicles passing by daily.

Soliman also secured a new beauty bar tenant for the property.