Development is likely in store for a Downtown Jersey City property that has long been used as a surface parking lot despite being increasingly surrounded by modern residential high-rises.
Property records state that 107 Morgan Street in Ward E was acquired in May for $65 million by a company called 107 Morgan TIC I, LLC from a Hackensack-based firm. The new owner of the tract is registered out of the same address at Jersey City’s Harborside 3 as the Mack-Cali Realty Corporation.
The corporation confirmed the news during its quarterly earnings call earlier this month, with Chief Financial Officer David Smetana reportedly stating that Mack-Cali “purchased a future residential development lot in Jersey City we call 107 Morgan.” Smetana claimed that the site was acquired for $67 million.
Mack-Cali’s recent earnings report lists 107 Morgan as being a future development that would consist of 804 apartments. The project was also referenced in a “waterfront strategy” presentation during the company’s Investor Day in January alongside other possible developments such as the 1,500-unit second phase of Urby, a combined 2,614 new units as part of Harborside 4, 8, and 9, and new buildings farther north at Port Imperial.
The premises at 107 Morgan Street, which stretch south along Warren Street to Steuben Street, have been used over the years by Little Man Parking. They sit in the shadow of developments such as The Lively, 50 Columbus, and Modera Lofts.
Mack-Cali has been drastically increasing its presence in Jersey City in recent years after largely being known for its office buildings in New Jersey’s outer-ring suburbs. The company has made headlines lately for its redevelopment plans for the Harborside complex along with its announcement that it would acquire Liberty Towers.
