Sale of two residential development sites on the Hudson River waterfront closed by HFF
JERSEY CITY, NJ — Holliday Fenoglio Fowler, L.P. (HFF) announced that it has closed the sale of 75 Park Lane and 2 Shore Dr. North, two residential development sites totaling 1.85 acres along the Hudson River waterfront in Jersey City. HFF marketed the sites on behalf of the seller. Strategic Capital purchased both properties. Shearman & Sterling LLP provided legal counsel to Strategic Capital during the transaction. The development sites are located in the Newport section of Jersey City directly across the Hudson River from lower Manhattan. This location is steps from the Hudson River Waterfront Walkway providing access to Hoboken and is close to the Newport PATH station providing train service to Midtown, the World Trade Center and Newark Penn Station. 75 Park Lane is approved for a 37-story condominium building. Shore Lofts is approved for a seven-story condominium building. Combined, the two will bring a total of approximately 608,000 s/f of residential space and 24,000 s/f of retail space to Newport. The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, and senior real estate analyst Marc Duval and supported by senior managing director Andrew Scandalios and associate director Stephen Simonelli.
“Jersey City has become known as the ‘Sixth Borough’ or ‘Wall Street West’ and is widely regarded as one of the best condominium development sites in the region,” said Cruz. “Continued low interest rates, scarcity of for-sale product and attractive condominium prices compared to Manhattan will ensure that 75 Park Lane and Shore Lofts are well-received in the market.”HFF and HFFS (HFF Securities LP) are owned by HFF, Inc. HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.
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