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.”