Jersey City-based firm brokers trio of local development lot trades

Developers inked three separate acquisitions proximal to Jersey City’s Journal Square PATH station and the site of the Frank Gaurini Court House in Jersey City, NJBIZ reported. Grid Real Esate, a Jersey City-based brokerage, represented the sellers of the 7,800-square-foot 425 Hoboken Avenue, 4,400-square-foot 26 Oakland Avenue and the 4,700-square-foot 14-16 Oakland Avenue. Property records show that 425 Hoboken Avenue traded for $850,000 in May to a limited liability company. All three sites, as noted by JerseyDigs, are located with the Journal Square 2060 redevelopment zone. According to that plan, 425 Hoboken Avenue is zoned for a maximum building height of six stories, while the Oakland Avenue sites are permitted to have a maximum five stories. Jersey City’s Journal Square neighborhood has had a boom in redevelopment in recent years. The Real Deal reported in January on Murray Kushner’s KRE Group securing a $258 million loan for the second phase of its three-tower Journal Squared project. [NJBIZ]