Journal Square lot sold, with plans for 12-story residential, retail development

CBRE Group Inc. has brokered the sale of a 12,145-square-foot vacant lot in the Journal Square section of Jersey City, where a developer plans to build a 12-story, mixed-use multifamily and retail complex.In a news release, CBRE said it represented a joint venture of Knight & Swan LLC and Skyview Capital LLC in the sale of 87 Newkirk St. The exact sale price was not disclosed, but the brokerage firm said the sale achieved a record-setting $50 per square foot on a buildable basis.

The New York-based buyer, 87 Newkirk Holdings LLC, “plans to start the development process shortly” in what could become a booming section of Jersey City, the news release said. Journal Square, the onetime commercial hub of the city, has garnered new interest from major developers in recent years thanks largely to its proximity to a PATH station and the expansion of the so-called Gold Coast market.

CBRE Capital Markets Investment Properties’ Charles Berger and Mark Silverman, in New Jersey, and Elli Klapper, in New York, represented the seller and procured the buyer in the transaction.

Currently, the site is approved for a 12-story, mixed-use development with 111 residential units and 5,000 square feet of retail space, the news release said. Plans call for a mix of studios, one-, two- and three-bedroom apartments, with amenities such as a common area roof deck, a bicycle parking area and 2,500 square feet of garden space.

“The CBRE Tri-State Investment Properties team is one of the most active in the Jersey City market, which has become one of the hottest and most sought-after areas in the Tri-State region, many referring to it as the sixth borough,” Berger said in a prepared statement. “Journal Square, in itself a transportation hub, is becoming the frontier, boasting one of the lowest vacancy rates in New Jersey, attracting young professionals who are the key renter demographic.”

The project site sits two blocks from the Journal Square PATH station and offers a direct 11-minute commute to New York City.