Amid the Jersey City boom, development site sells for $48M

It has about 659K buildable sf

Tri-State /
Jan.January 28, 2019 11:15 AM

A rendering and an aerial view of 1072 and 1075 West Side Avenue (Credit: Google Maps, rendering via YIMBY)

A mixed-use development site in Jersey City just traded for $48 million.

The site — the Avenir, located at 1072 and 1075 West Side Avenue — spans 3.35 aces and has 659,000 buildable square feet, according to Meridian Investment Sales. Lantree Developments bought the site from Amerestate Holdings.

David Schechtman

Meridian’s David Schechtman, Lipa Lieberman, Abie Kassin and Paul Patafio represented the seller and brought the buyer. Meridian’s Morris Betesh and David Hayum also arranged a $26 million balance sheet loan for the deal.

“We went out to the world and got more responses than we ever thought,” Schechtman said. “Jersey City, in every way, is much easier to develop in than in the five boroughs of New York City.”

The site hit the market last April for $50 million — and it was slated for an eight-story building with 486 apartments and 25,000 square feet of commercial space. It was approved by the Jersey City Planning Board and is eligible for a 20-year tax abatement under the state’s PILOT program. Schechtman said the developer has already been in conversation with the city and development plans haven’t been finalized.

The deal adds to the flood of development Jersey City has seen in the past few years. Between 2015 and 2017, more than 7,000 residential units have been completed in the neighborhood, according to Meridian. The area has attracted major developers, including Murray Kushner’s KRE Group. This month, the firm snagged a $258 million loan to construct phase two of its Journal Squared rental project.

Lantree is the U.S. extension of Toronto-based Lanterra Developments. The firm has worked on six other projects in New Jersey and New York. Its other New Jersey project, The Lofts at 222, is a 70-unit rental building in Bayonne.


Related Articles

arrow_forward_ios
A photo illustration of charter bus company North Fork Express (left), Tritec Real Estate's planned Ronkonkoma Hub project (middle) and Tritec Real Estate's principal Robert Coughlan (EverybodyWiki/Orenawong, Tritec Real Estate, iStock)
Holdout threatens massive Long Island development
Holdout threatens massive Long Island development
Midwood’s John Usdan and 210 Douglass Street (Midwood)
Landlord in rush for 421a booted Gowanus business: lawsuit
Landlord in rush for 421a booted Gowanus business: lawsuit
Elad Group's Isaac Tshuva and1299 Third Avenue (Getty, Google Maps)
Elad picks up shovel-ready UES development site
Elad picks up shovel-ready UES development site
Charles Cohen of Cohen Brothers Realty Corporation with 975 Anderson Hill Road in Rye Brook, NY (Google Maps, Wikipedia)
Charles Cohen eyeing Rye Brook redevelopment
Charles Cohen eyeing Rye Brook redevelopment
(iStock, Illustration by Shea Monahan for the Real Deal)
As lawmakers race to electrify buildings, industry pushes back
As lawmakers race to electrify buildings, industry pushes back
Gov. Kathy Hochul (Getty, iStock)
With 421a dying, apartment project financing “has come to a stop”
With 421a dying, apartment project financing “has come to a stop”
Madison Realty Capital's  Zach Kadden with 364 Bay Street (LinkedIn, Loopnet)
Madison Realty Capital plans 100 small apartments, a NYC rarity
Madison Realty Capital plans 100 small apartments, a NYC rarity
From left: Developer Bruce Teitelbaum and Durst Organization CEO Douglas Durst and 44-02 Vernon Boulevard (Getty Images, LoopNet, iStock)
“A tremendous ordeal”: Lawyers in $97M Durst buyout slam case
“A tremendous ordeal”: Lawyers in $97M Durst buyout slam case
arrow_forward_ios

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

Loading...