JLL Capital Markets arranged the initial phase of the sale of Bridgeview, a luxury riverfront development located at 55 Passaic Avenue in Kearny. PulteGroup, Inc., bought the property, and Russo Development, based in Carlstadt, sold it. Bridgeview by Pulte Homes is a fully approved site for 136 market-rate townhomes.
Representing the seller, JLL’s Investment Sales and Advisory team was headed up by Senior Managing Director Jose Cruz and Senior Director Ryan Robertson, with Senior Managing Directors Steve Simonelli and Michael Oliver and Directors Elizabeth DeVesty and Austin Pierce.
“Bridgeview by Pulte Homes presents a unique opportunity in the thriving Hudson County multi-housing market,” noted JLL’s Cruz. “With its prime waterfront location and proximity to major employment centers, this development is well-positioned to capitalize on the growing demand for high-quality housing in the area.”
Bridgeview will fuel Kearny’s waterfront boom by joining the recently completed Vermella East and Vermella West developments. Both of the Vermella properties have demonstrated strong lease-up performance. The seven-acre East Newark Riverfront Park is currently under construction and is immediately adjacent to the property. Residents are within walking distance of many retail and dining options along bustling Passaic Avenue.
“We were honored to have played a role in the sale of the property to PulteGroup, who was able to work with Russo on a unique business plan to acquire shovel-ready lots to expedite the project’s construction timeline,” added JLL’s Robertson.
