Mack-Cali to Buy Liberty Towers in Paulus Hook for $409M

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Liberty Towers Jersey City
Liberty Towers, Jersey City. Photo courtesy Fisher Development Associates.

Local real estate firm Mack-Cali is set to acquire 648 units in the Paulus Hook section of Jersey City, Jersey Digs has learned.


According to Marshall Tycher of Mack-Cali’s residential arm, Roseland Residential, the real estate firm signed a definitive agreement to acquire the 36-story complex for $409 million in June.

Tycher’s announcement was made during Mack-Cali’s Q2 2019 earnings call, where the real estate firm also announced a $22.5 million loss in net income for the quarter.

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Tycher said the acquisition of Liberty Towers came two months after acquiring Soho Lofts for $264 million.

The owners of Liberty Towers began marketing the property in March, according to RE-NJ.

Tycher said Mack-Cali intends to close on the property and its associated financing by the end of the third quarter (September).

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According to Crain’s New York, JPMorgan Chase acquired Liberty Towers from developers Fisher Development Associates and Northwestern Mutual Life of Milwaukee for $300 million. The apartment complex was completed in 2003 by Fisher Development, who is also the developer behind Vantage at 33 Park View Avenue.

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