Jersey City development site trades for $25M

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CBRE announced the $25.5 million sale of a transit-oriented
multifamily development site comprised of several land parcels at 58 Water
Street, 39 Mallory Avenue and 244 Culver Avenue in Jersey City, New Jersey.

Route 440 Owner, LLC acquired the land from Alpha
Assembly Solutions Inc. and will take advantage of the untapped potential of
the area by bringing one of the largest major residential projects to the
neighborhood. 

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 and helped negotiate the highly complex transaction
during the height of the global pandemic. 

“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 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.”

The approximately 7.2-acre parcel is situated in the Hackensack
River Waterfront section of Jersey City and includes a development site rezoned
for residential and commercial uses.

It is ideally blocks from the West Side Light Rail
Station as well as steps from the proposed Light Rail stop within the Bayfront
Redevelopment Project—the planned, 90-acre mixed-use development located across
the street. 

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