Meridian lists the Avenir, a mixed-use development site in Jersey City for $50 million
Jersey City, NJ — Meridian Investment Sales, the commercial property sales division of Meridian Capital Group presents for sale the Avenir, a mixed-use development site located in the Marion neighborhood of Jersey City. Senior executive managing director, David Schechtman, and managing directors, Lipa Lieberman and Abie Kassin, are representing the seller in this transaction.Located at 1072 and 1075 West Side Ave., the site spans 3.35 acres and contains 659,000 buildable s/f . The property will be eight stories and contain 486 studio, one-, two-, and three-bedroom apartments in addition to 25,000 s/f of commercial space. The site has been approved by the Jersey City Planning Board, is eligible for a 20-year Payment in Lieu of Taxes (PILOT), and presents a rare opportunity to acquire an as-of-right development of this magnitude. Investors will have the ability to immediately begin construction and will benefit from the shortage of class-A housing in this highly desirable neighborhood.READ MORE.