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Jersey City Rising Mayor Breaks Ground on Luxury Complex

May 7, 2005 -- Mayor Jerramiah Healy and city officials celebrated the start of construction on Grove Pointe today, the newest luxury apartment and condominium complex from Schenkman/Kushner Affiliates. Grove Pointe is located in the heart of historic downtown Jersey City, close to galleries, restaurants, and businesses. It also affords convenient access to New York City.



Grove Pointe, located on Newark Avenue between Grove Street and Luis Muoz Marin Boulevard, is designed to appeal to the professional increasingly attracted by the employment opportunities and amenities of Jersey City. The 29-story building will consist of 525 luxury residential units, 67 condominiums and 458 rental apartments.



Grove Pointe will offer discerning residents the features they desire, including an on-site swimming pool and world-class health club, along with the convenience of 535 spaces of on-site parking and a renovated PATH station allowing quick travel to midtown and downtown Manhattan. On the ground floor, the building will offer 20,000 square feet of retail space, complementing the existing retail of the historic downtown area.



"We are very excited about Jersey City and happy the community is excited about Grove Pointe," said Jeffrey Persky, vice president of Schenkman/Kushner. "Jersey City has for some time attracted people with its jobs, convenience and dynamic city atmosphere. Grove Pointe will offer residents a new standard in luxury while embracing the vitality of Jersey City."



Grove Pointe is just steps away from the PATH station to New York. The project, which is scheduled to be completed in 2007, will include the revamping of a one-block section of Newark Avenue and the triangular park area at the entrance to the Grove Street PATH station.



About Schenkman/Kushner

Headquartered in Bridgewater, N.J., Schenkman/Kushner Affiliates is one of the largest privately held diversified real estate companies in New Jersey. It owns and manages more than 5 million square feet of office, warehouse and retail space, and owns 8,000 apartments, of which it also manages about 3,000. The company is a full-service real estate firm, handling everything from acquisition and development to leasing and management. The Schenkman/Kushner portfolio includes premier office space in New Jersey and other prime locations throughout the Northeast, as well as upscale residential properties in prime communities.

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