This post is brought to you by Megha Moza of Team Moza at Prominent Properties Sotheby’s International Realty. Want your transaction featured? Email us, [email protected].
Team Moza is excited to announce the sale of 829 Bergen Avenue, a fully approved 77-unit development site in the Journal Square neighborhood of Jersey City. Listed by Megha Moza of Team Moza, the property sold for $5.5 million, marking another milestone for the multi-faceted real estate team.
Located a 7-minute walk from the Journal Square PATH station, this 6,800-square-foot site gained approvals for an 11-story residential complex under the ownership of a subsidiary of GN Management.
Designed by MVMK Architecture + Design, the project will feature 70,414 gross buildable square feet, including 49,000 square feet of net saleable space. The unit mix comprises 30 studios, 27 one-bedroom apartments, 19 two-bedroom units, and one three-bedroom unit. Four of the apartments, or 5% of the total, will be set aside as affordable housing, catering to a variety of tenant needs in a booming rental market.
The development will boast modern amenities, including a resident lounge, a rooftop deck with 1,500 square feet of shared outdoor space, and a 1,700-square-foot green roof. A 550-square-foot indoor rooftop amenity adds to the appeal, offering a balance of indoor and outdoor spaces. The project also incorporates 20 parking spaces and 50 bike spaces.
Formerly home to the Samuel Raymond Glass Co., the site, situated next to the St. George and St. Shenouda Coptic Orthodox Church, has long been vacant. With this sale, it’s poised for transformation, contributing to the ongoing revitalization of Journal Square, an area experiencing significant growth with rising rents and low vacancy rates.
“This transaction is a testament to the growing demand for thoughtfully designed residential developments in the Journal Square area of Jersey City,” said Megha Moza. “GN Management’s recent success with Metrovue, which is now 75% leased, demonstrates their ability to deliver quality developments that meet market demands. I look forward to seeing how 829 Bergen Avenue further contributes to the neighborhood’s growth.”
Megha, who has amassed over $100 million in cumulative sales volume, brings a wealth of experience in real estate and finance. Her background in wealth management and investor relations ensures a results-driven approach tailored to each client’s goals.
As Journal Square continues to evolve, transactions like this highlight its potential as a premier destination for residents and investors alike. Stay tuned for more updates from Team Moza as they continue to shape the future of Hudson County’s real estate landscape.
