Mack-Cali buys Jersey City dev site from L+M for $53M

Construction at 25 Christopher Columbus Drive set to start sometime this year

New York /
Feb.February 22, 2018 10:00 AM

Michael DeMarco and renderings of 25 Christopher Columbus Drive (Credit: Handel Architects/L+M Development Partners)

Mack-Cali Realty Corporation has added to its Jersey City holdings with a $53 million purchase of a development site.

The company purchased Jersey City’s 25 Christopher Columbus Drive in the fourth quarter of 2017 as part of a 1031 exchange, according to a report the firm released on Wednesday. The site is part of the Jersey City waterfront submarket and has been approved for residential development. Mack-Cali hopes to launch construction in the next several months.

A joint-venture by major New York City developer L+M Development Partners and Low-Income Housing Corporation had planned a mixed-use tower with as many as 750 apartments on the site before selling to Mack-Cali, which is one of New Jersey’s most prolific developers.

Mack-Cali’s project will span about 600,000 square feet with about 718 luxury rental units, along with space for retail, a school and a possible daycare center.

The company’s portfolio includes several other multifamily and office properties in Jersey City, as well as the Hyatt Regency hotel at 2 Exchange Place. The real estate investment trust named Michael DeMarco as its new CEO in April, demoting former chief executive Mitch Rudin to vice chair.


Related Articles

arrow_forward_ios
Clockwise from top left: Seattle, Boston and New York City (Photo Illustration by Kevin Rebong for The Real Deal)
Real estate prices fell more in Manhattan than anywhere else in 2020
Real estate prices fell more in Manhattan than anywhere else in 2020
What last year’s biggest real estate lawsuits mean for 2021
What last year’s biggest real estate lawsuits mean for 2021
What last year’s biggest real estate lawsuits mean for 2021
Related’s Stephen Ross and 265-275 Cherry Street (Google Maps; Getty)
NYC investment sales showed signs of recovery at end of 2020
NYC investment sales showed signs of recovery at end of 2020
Gotham's Joel Picket and David Picket with 538 10th Ave. (Google Maps)
Gotham plans massive mixed-use building on Far West Side
Gotham plans massive mixed-use building on Far West Side
Tishman Speyer CEO  Rob Speyer and The Spiral as seen on January 21, 2021 (Photos via Getty Images; Illustration by Kevin Rebong)
Tishman Speyer’s half-empty Hudson Yards tower tops out
Tishman Speyer’s half-empty Hudson Yards tower tops out
Tishman Speyer CEO Rob Speyer and Latch CEO Luke Schoenfelder (Getty; Latch)
Latch to go public via Tishman Speyer’s SPAC
Latch to go public via Tishman Speyer’s SPAC
(Photo illustration by The Real Deal)
Hard money, hard decisions: Nonbank lenders face pressure to deal with problem loans
Hard money, hard decisions: Nonbank lenders face pressure to deal with problem loans
Lewis Road Residential Planned Development (Pine Barrens, iStock)
Big golf, resi project in East Quogue approved
Big golf, resi project in East Quogue approved
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...