Tulfra Real Estate has officially opened a new 797-unit self-storage facility in Jersey City, New Jersey. The six-story building, located at 300 Thomas McGovern Drive, marks the completion of the first phase of a major redevelopment project on a former industrial site near Liberty State Park.
The 115,000-square-foot facility will be managed and leased by Public Storage. The project aims to meet the growing demand for storage solutions from residents and businesses in one of New Jersey's most rapidly expanding urban centers.
Key Takeaways
- Tulfra Real Estate has opened a new Public Storage facility with 797 climate-controlled units in Jersey City.
- The 115,000-square-foot building is the first of a three-phase project that will total 260,000 square feet.
- The development transforms a former industrial property at 300 Thomas McGovern Drive near Liberty State Park.
- The project was financed by Fulton Bank, with JLL arranging the financing.
Project Unveiled with City Officials
An opening ceremony was held to mark the completion of the first phase, attended by key figures involved in the project. Jersey City Mayor Steven Fulop and Councilwoman Denise Ridley joined Tulfra Real Estate's CEO and President, Sonny Jumani, to celebrate the launch. Representatives from project partners, including lender Fulton Bank and finance arranger JLL, were also present.
The event highlighted the collaboration between the private sector and local government to repurpose underused land for modern community needs. The new facility is expected to serve the dense residential populations of downtown Jersey City and surrounding neighborhoods.
Transforming Industrial Land
This project is part of a broader trend in urban development where former industrial zones are being redeveloped into assets that serve the current community. By converting the site, Tulfra is adding a valuable service to a high-growth area without developing new land.
Strategic Location and Market Demand
The facility's location at 300 Thomas McGovern Drive was chosen for its accessibility. It is situated near downtown Jersey City and is approximately a 20-minute drive from Lower Manhattan, making it a convenient option for a wide range of customers.
Jersey City has experienced significant population and business growth over the past decade. This growth has fueled demand for self-storage, as new residents in apartments and expanding local businesses often require extra space for their belongings and inventory.
Sonny Jumani, CEO and President of Tulfra, commented on the project's significance for the area.
"This is a milestone not only for Tulfra but also for the Jersey City community. We are proud to transform this former industrial site into a best-in-class storage facility that will serve thousands of residents and businesses in one of the fastest-growing markets in the nation."
A Multi-Phase Development Plan
The newly opened building is just the beginning of a larger vision for the site. The project is designed in three distinct phases. When fully completed, the development will encompass a total of 260,000 square feet of storage space.
This phased approach allows the developer to meet current demand while planning for future growth in the market. The subsequent phases will add more capacity as the population and commercial activity in Jersey City continue to expand.
Project by the Numbers
- 797 units in the first phase.
- 115,000 square feet of initial space.
- 6 stories tall.
- 260,000 square feet at full project completion.
Tulfra's Expanding Self-Storage Portfolio
The Jersey City facility is a significant addition to Tulfra Real Estate's portfolio. The Rochelle Park-based firm has become a major player in the self-storage sector in northern New Jersey. With this new project, the company's self-storage developments now exceed 1 million square feet across the region.
This focus on self-storage aligns with the company's core mission of redeveloping underutilized properties. Tulfra specializes in identifying and transforming obsolete industrial sites into productive, income-generating assets that benefit the local economy.
Financial Partnerships
The successful launch of the project was made possible through key financial partnerships. Fulton Bank provided the construction loan that financed the development. The financing deal itself was arranged by the real estate services firm JLL, which connected Tulfra with the necessary capital to move the project forward. These partnerships underscore the financial viability and investor confidence in the Jersey City market.
