CBRE Group arranges $19.5 million sale of four-acre development site in Jersey City
JERSEY CITY, NJ — CBRE Group, Inc. announced it has arranged the sale of a four-acre development site in Jersey City for $19.5 million. The property is comprised of an assemblage of underutilized buildings, including a large warehouse distribution facility, several multifamily homes, Puccini’s Restaurant – a landmark establishment – and associated parking. The seven-lot assemblage is located at 1075 W. Side Ave., 1072 W. Side Ave., 1064 W. Side Ave., 54 Broadway and 153 Corbin.
Charles Berger and Robert L’Abbate of CBRE Capital Markets’ Investment Properties team in New Jersey, and Elli Klapper of CBRE Capital Markets’ Investment Properties team in New York represented the seller and procured the buyer in the transaction. The team worked alongside local Jersey City brokers Robert Antonicello and Robert Antonicello, Jr.
The buyer, an out-of-state investor, plans to develop the four-acre site into a mixed-use complex comprised of more than 500 residential units, as well as ground-floor retail, which will enhance greatly the area’s streetscape. The property is ideally located just blocks from the Journal Square transportation hub and the proposed PATH stop in the Marion section of Jersey City.
“Jersey City is one of the hottest markets in the Tri-State area, with Journal Square specifically being the key focus right now for investors,“ said Berger. “This sale has set a record on a price-per-unit basis in the Journal Square area and, based on all of the deals we’re working on, that record likely will not stand for long. In the last two months alone, our team has closed approximately $30 million in property sales in the Journal Square area.”
The record-setting project is one of 30 developments underway in Journal Square and its close vicinity. This list includes the Canco Lofts, 25 Senate Place and the recently completed Mana Arts Center, all of which are in the immediate area of this four-acre project.