CBRE said March 1 it sold a transit-oriented multifamily development site comprised of several land parcels in Jersey City for $25.5 million. Route 440 Owner LLC acquired the land from Alpha Assembly Solutions Inc. and will take full advantage of the untapped potential of the area by bringing one of the largest major residential projects to the neighborhood.
Located at 58 Water Street, 39 Mallory Avenue and 244 Culver Avenue, 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.
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.”
It is ideally located just 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.