March 26, 2025
A tiny two acre plot of land is about to become home to two soaring apartment towers and the North American home of a prestigious French art museum. That transformation all started with a single land sale, one that a panel of industry professionals has now named the 2025 CoStar Impact Awards sale of the year for Northern New Jersey.
The site, 808 Pavonia Avenue in Jersey City’s Journal Square neighborhood, was a former parking lot before KRE Group paid $48.5 million for the parcel last year. The land sale was brokered by Robert Antonicello Sr. and Bobby Antonicello Jr. of GRID Real Estate, along with Mark DeLillo, Lee Spiegelman and Marc Schulder of BlueGate Partners.
From Parking Lot to Journal Square Landmark
KRE Group’s project, now known as Artwalk Towers, sits directly across the street from Journal Squared, the developer’s existing 1,800-unit complex. The Artwalk Towers Journal Square development is expected to accelerate the revitalization already underway in the area, where a number of new apartment buildings have been completed or are under construction.
The increased residential density that Artwalk Towers brings is expected to attract businesses and add new vibrancy to Journal Square, building on momentum that has been growing across the neighborhood for several years. In September, the city approved a 30-year tax abatement for the project, clearing the way for construction to move forward.
A Museum Moves In
One of the most notable pieces of the Artwalk Towers plan is Centre Pompidou, a 100,000 square foot museum that will be built at the base of the second tower. The museum was originally slated for a different nearby building, but needed a new home after that earlier deal fell through. Its arrival at Artwalk Towers is expected to draw visitors from across the region while giving Jersey City residents a major new cultural destination close to home.
Inside the Two-Phase Development
The first phase of Artwalk Towers will bring a 49-story residential tower with 595 units to the site. Amenities are set to include a fitness center, coworking spaces, and a rooftop pool and sundeck with views of the New York City skyline. Phase One also includes a 22-foot-tall structure with more than 6,000 square feet of gallery and commercial space, adding to the area’s growing arts scene.
The second phase is a 55-story apartment tower with 594 units, with the Centre Pompidou museum space built into its base.
A standout feature of the project is a private elevated walkway, similar in concept to Manhattan’s High Line. This landscaped path will wind through the development, giving residents their own green space while also connecting to the surrounding street grid to keep the project accessible and walkable for the wider community.
Why Judges Chose This Deal
Industry judges pointed to the scale of what this sale made possible. Andrew Moss, director of leasing and acquisitions at Forsgate Industrial Partners, and William Hanson, president and managing principal at NAI James E. Hanson, both described the sale as paving the way for a project that will be transformational for Journal Square. Ira Zlotowitz, founder and CEO of Gparency, noted that a site that had been severely underutilized can now be redeveloped into something that reshapes the neighborhood.
The Team Behind the Deal
The sale was brought together by Robert Antonicello Jr., broker adviser at GRID Real Estate, Robert Antonicello Sr., president, principal and founder of GRID Real Estate, along with Mark DeLillo, founder and managing partner of BlueGate Partners, and BlueGate managing directors Lee Spiegelman and Marc Schulder.
As Journal Square continues to grow, GRID Real Estate will keep tracking the deals and development shaping one of Jersey City’s most active neighborhoods.
https://www.costar.com/article/1478892267/journal-squares-art-walk-towers
