Developer Buys Jersey City Property for $17M, Plans 600 Units

400 Claremont Avenue Jersey City Cbre
400 Claremont Avenue, Jersey City. Photo via CBRE.

Back in January, we told you that a 2.73-acre industrial property in Jersey City’s Ward B was put on the market as a potential redevelopment opportunity.

Located near the West Side Avenue Hudson-Bergen Light Rail station at 400 Claremont Avenue, the site, which stretches back to Yale Avenue, was used by companies such as Daniel Products and Synres Chemical Corporation for close to 70 years. Then, in March 2017, property owner Elementis Specialties issued a statement announcing that it would sell its United States colorants business to Chromaflo Technologies and shut down operations in Jersey City.

Now, the site on Claremont Avenue has changed hands. 400 Claremont Urban Renewal, LLC acquired the premises for $17 million last week, according to a statement from Cole Schotz P.C. The new owner is planning a major mixed-use development, but when asked by Jersey Digs, a Cole Schotz spokesperson declined to identify what company or individual is in charge of the LLC.

However, while the specific identity of the new owner is not yet clear, what is known is what they are planning to do with the property. A five-story building with 600 residential units is on the books. In addition, commercial space would be provided on the first floor of the development and parking would be included on the premises.

“The project is comparable to similar mixed-use complexes in Jersey being developed but one of the first of its kind to come to the West Side of Jersey City,” said the Cole Schotz representative.

The plans have yet to go before the Jersey City Planning Board or the Jersey City Zoning Board of Adjustment. Although this neighborhood has seen several proposals for new residential and mixed-use projects as of late, this building would be the largest new development by far in the immediate area aside from University Place should the plans continue to move forward. It is not yet clear how the units will be priced.


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