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The sale of Jersey City luxury apartment building 70 Central Lofts is record setting, according to The Kislak Co. Inc.

The Woodbridge-based commercial real estate brokerage exclusively marketed the five-story property located at 70 Central Ave., which was completed in 2024, on behalf of seller Legacy Development Group. According to a May 29 announcement from Kislak, Vice President Davis Briones led the assignment and procured the buyer, 70 Central Lofts LLC.

The firm also noted CoStar data indicates the $20 million price tag in the all-cash deal represents the highest price per unit for a 10-plus multifamily property in Jersey City since 2021. In addition to 31 apartments, 70 Central Lofts features a parking garage with 32 spaces; a single, 1,696-square-foot retail unit; and 7,000 square feet of amenity space.

“This landmark sale not only reflects the thriving Jersey City market but also sets the stage for continued growth and greater opportunity in the area,” commented Briones. “At $625,000 per unit, it is among the highest prices per unit paid for a new construction building in Jersey City.”

Looking ahead, market projections concur that North Jersey’s status as a top performer will persist. “Hudson County will continue to be the front-runner for trades, likely weighted toward Jersey City,” according to Marcus & Millichap. Meanwhile, Matthews noted that despite fewer deals closing in Hudson County in the first quarter of the year, volume remains “significant” with units traded still strong (403) and transaction volume surging ($132 million).

Cushman & Wakefield announced the $121 million sale of Rivet and Rivet 26 on Jersey City’s West Side in February. And along the waterfront, Veris Residential consolidated its stake in Jersey City Urby – now Sable – in April.

Creature comforts

70 Central Lofts sits along the border of Journal Square and The Heights. The building is five minutes from the Journal Square PATH Station and Hudson-Bergen Light Rail. According to the property’s website, rental rates currently include $5,653 per month for a 1,450-square-foot studio; $4,114 per month for a 988-square-foot two-bedroom, two-bathroom unit; and $5,100 per month for a 1,230-square-foot, two-bedroom, two bath space. Apartments at the property offer:

• High-end finishes with high ceilings
• Modern cabinets, quartz cabinets and stainless-steel appliances in the kitchen
• Full-size washer and dryers
• Floor-to-ceiling windows
• Solid core doors as well as additional insulation for sound control
• Balconies (select units)

Russell Anderson and Anthony Bianco of Bertone Piccini LLP served as the seller’s attorneys; Schiller, Pittenger & Galvin PC counseled the purchaser.