A Philadelphia company behind one of the largest redevelopments in Hoboken now has Jersey City in their sights as a surface parking lot in the heart of Downtown has changed hands.
JLL Capital Markets announced that it closed the $54 million sale of 107 Morgan Street, a 1.73-acre multi-housing development site. JLL worked on behalf of the seller, Veris Residential, and procured the buyer, LCOR.
Veris Residential, formerly known as Mack-Cali, had planned an 804-unit development for the project that emerged in 2019 but never materialized. The company had initially paid $65 million to acquire the site, meaning they sold the land for a loss.
107 Morgan Street is situated within the high-rise zone of Jersey City’s Powerhouse Arts District, which allows for high-density residential uses as-of-right. JLL says that a future development planned for 107 Morgan Street will include approximately 650 units, ground-floor retail and amenity spaces.
The property is located less than a quarter mile from the Grove Street PATH station and represents LCOR’s latest move into the Hudson County market. The company is behind the redevelopment and restoration of Hoboken Terminal which is adding a new residential building and office complex to the landscape while extensively renovating the train station into a marketplace.
“LCOR is excited about the acquisition of 107 Morgan,” said Brian Barry, Senior Vice President at LCOR. “This development represents an incredible opportunity to deliver a waterfront residential community in a dynamic neighborhood within the Powerhouse Arts District.”
The JLL Capital Markets Investment Sales Advisory team included Senior Managing Director Jose Cruz and Director Ryan Robertson, as well as Senior Managing Directors Michael Oliver and Steve Simonelli and Director Elizabeth DeVesty.
“The infill location of 107 Morgan, combined with the opportunity to acquire a site of this size, attracted multiple bidders,” said Cruz. “This is one of the last remaining parcels within the Waterfront, which led to very strong pricing.”
