Jersey City Development Site Sells for $25.5M

3
Cbre Sells Development Site Hackesack River West Side Jersey City
Property in the West Side neighborhood of Jersey City near the Hackensack River waterfront sold for $25.5 million. Image courtesy CBRE.

Earlier this week, CBRE announced the sale of a multi-family development site in Jersey City for $25.5 million. The site, located in the Hackensack River Waterfront section of Jersey City, consists of land parcels at 58 Water Street, 39 Mallory Avenue, and 244 Culver Avenue.


The approximately 7.2-acre parcel includes a development site rezoned for residential and commercial uses. It is located near the West Side Light Rail station, as well as just steps from the proposed Light Rail station within the Bayfront Redevelopment Project, which is planned across the street.

The CBRE team of Charles Berger, Elli Klapper, and Mark Silverman, in conjunction with CBRE’s Thomas Mallaney, Bill Waxman, and Kevin Dudley represented the seller, Alpha Assembly Solutions Inc. The buyer is Route 440 Owner, LLC.

“We are very excited to have played a part in what is surely to be the beginning of a large-scale redevelopment and eventual renaissance of this area,” said CBRE’s Charles Berger. “We believe this project will follow in the footsteps of the Waterfront and Journal Square’s incredible success. Both neighborhoods have seen tremendous redevelopment with very high rents and luxury apartments surrounding transportation hubs, allowing for easy access to New York City.”

--

Have something to add to this story? Email [email protected].

Click here to sign up for Jersey Digs' free emails and news alerts. Stay up-to-date by following Jersey Digs on Twitter and Instagram, and liking us on Facebook.

No posts to display

3 COMMENTS

  1. I’m glad you “very high rents and luxury apartments surrounding transportation hubs, allowing for easy access to New York City” as a mark of something good.

    People have and will continue to live in these neighborhoods for decades who cannot afford the new buildings, which will also drive their own rents up. If you think that’s a good thing, you’re an amateur human being to say the least.

  2. Exactly I don’t understand how very high rent and luxury apartments is considered good . When all these buildings are being built but there aren’t schools being built to accommodate the kids of people who will move to these new ‘’ good apartments”.

  3. @Mark W
    Wanting to see a neighborhood thrive and attract new residents to JC doesn’t make someone an amateur human being, especially with all the other more pressing issues in the world. Neighborhoods change, it’s a reality. JC doesn’t have to stand still and make sure that everyone who’s lived there can continue to. It’s not like this is even displacing anyone.
    JC is right across from the economic hub of USA, and it should do everything it can to capture as much economic value from it as possible. Surface parking lots and dilapidated old housing stock should be transformed into modern towers and green space.

LEAVE A REPLY

Please enter your comment!
Please enter your name here