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For developers looking to break into this growing market, a hard to find value add development opportunity is hitting the market next week in Bergen-Lafayette Opportunity Zone. The building sits in the Morris Canal community and is an approved Opportunity Zone which offers investors capital gains tax deferment and even exclusion if certain conditions are met. The deal presents investors and developers with solid upside potential in an emerging neighborhood.
The current building consists of an existing multifamily, mixed-use that’s already undergone condominium conversion and is seeking approval to add an additional unit. The three-story plus basement property currently consists of seven residential units and one commercial space. In total, the property spans 7,936 sq. ft. and sits on a 2,790 sq. ft. lot.
For those not familiar, Bergen-Lafayette is considered one of Jersey City’s hottest neighborhoods. With significant development underway, the area has seen an influx of new residents as well as restaurants and shops. Popular Brooklyn café Nûrish recently expanded to the neighborhood, while trendy spots Harry’s Daughter and The Grind are local staples.
Its close proximity to downtown Jersey City as well as its easy access to transportation has brought significant real estate development to the neighborhood. Over the last half-decade, thousands of units have been developed or approved.
Bergen-Lafayette offers a mix of historic homes and row houses in some areas, and others include recently built large apartment buildings like Solaris Lofts, the BeLa complex, and 295J. These large residential projects are also adding retail to the neighborhood. The neighborhood has never been more popular with buyers and renters alike, and it’s the perfect time to invest in the vicinity.
The proposed plans call for an additional unit making two 1 bedroom/1 bath duplex, as well as expanding some of the existing units, a rooftop deck with unobstructed views of NYC and additional storage in the basement adding 595 sq ft for the commercial space. The proposed changes, which will be heard by the city next month. Detailed architectural plans will be available to serious buyers.
The existing 7 units have already undergone the condominium conversion process allowing the buyer the ability to sell the units off individually.
For more information on this incredible investment opportunity, please contact Erin Downs at 917-833-7322 or [email protected].
Listing: 388 Communipaw Avenue, Jersey City
Agent/Brokerage: Erin & Russ Downs of Downs Group | Lifestyle International Realty
*Please consult with city and tax office on Opportunity Zone Rules and Regulations that would pertain to this project