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Toll Brothers and Sculptor Capital Management will be developing the 34-story 259-unit building at 151 Bay St., in Jersey City.
Located within the Powerhouse Arts District in Jersey City, 151 Bay St. is being financed through a $121.5 million construction loan from Wells Fargo. The development will consist of 259 studio- to three-bedroom residences in a 34-story building.
The project is the third and final phase of Toll Brothers’ redevelopment at Provost Square, the site of the former Manischewitz matzo factory and The Great Atlantic & Pacific Tea Company Annex.
The tea factory was located at 150 Bay St., built in 1900, designated a National Historic Landmark in 1978. Manischewitz was headquartered in Provost Square but left for Newark in 2006. That plant later closed, too.
The Bay Street project complements the already completed 38-story, 417-unit Morgan at Provost Square rental tower and the recently sold out 28-story, 242-unit 10 Provost Street at Provost Square condominium building.
The development includes a community theater and art exhibition space as well as 12 live/work artist studios. The Powerhouse Arts District in downtown Jersey City is full of historic charm, abundant local shopping, dining, and entertainment options, and offers easy access to Manhattan, Hoboken and North Jersey’s many employment options. Convenient access to both Midtown and Downtown Manhattan can be found at the Grove Street PATH Station, just two blocks away, or via commuter ferry with the waterfront just four blocks away.
Residences will feature high-end luxury finishes and residents will enjoy a best-in-class amenity package, which includes plans for a 24-hour attended lobby, residents’ lounge and terrace, fitness center, children’s playroom, outdoor pool, sky lounge, pet spa, dog run, and rooftop terrace.
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