Kislak Sells 70 Central Lofts in Jersey City, NJ for $20 Million

VP Briones arranges sale of new luxury apartment building for record price per unit

Jersey City, NJ — The Kislak Company, Inc. announced the recent sale of 70 Central Lofts, a new luxury apartment building at 70 Central Ave. in Jersey City, Hudson County for $20 million.

Kislak marketed the property on an exclusive basis on behalf of the seller, Legacy Development Group, with vice president Davis Briones handling the assignment and he also procured the purchaser, 70 Central Lofts, LLC.

Briones said, “This landmark sale not only reflects the thriving Jersey City market but also sets the stage for continued growth and greater opportunity in the area. At $625,000 per unit, it is among the highest prices per unit paid for a new construction building in Jersey City.”

The sale price represents the highest price per unit achieved for a 10-plus unit multifamily property in Jersey City since 2021 according to data available from CoStar.

Completed in 2024, the property is a five-story building with 31 apartments, a parking garage for 32 cars and one retail unit with 1,696 square feet of space. The building includes 7,000 s/f of amenity space for the residents’ use. The apartments have high-end finishes and feature high ceilings; kitchens with modern cabinets, quartz countertops and stainless steel appliances; full-size washers and dryers; floor to ceiling windows; solid core doors; additional insulation for superior sound control; and balconies in select units.

The property is ideally located in the heart of Jersey City, strategically positioned on the border of Journal Square and The Heights. Conveniently located on Central Avenue between Beacon Avenue and Hopkins Avenue, the property is five minutes from the Journal Square PATH Station and Hudson-Bergen Light Rail.

The transaction was all cash. The seller’s attorneys were Russell Anderson and Anthony Bianco of Bertone Piccini LLP and the purchaser’s attorneys were from Schiller, Pittenger & Galvin, P.C.

Davis Briones joined Kislak in 2014 and specializes in multifamily and other investment sales in and around Hudson County, New Jersey. After his first year with Kislak, he received the firm’s prestigious Rookie of the Year Award, which recognizes a newer salesperson who records the greatest achievements during the year. Briones was promoted to a vice president in 2019 and in 2021 was recognized by the Mid Atlantic Real Estate Journal in its 30 Under 30 Spotlight.