Veris Residential is parting with another portion of the Harborside complex on the Jersey City waterfront, handing the keys of a massive development project to Panepinto Properties.
Panepinto acquired Harborside 8 and 9 at 3 Second Street and 242 Hudson Street from Veris for $75 million, NJ.com reported. The four-acre development site already holds full approval for a large-scale residential and retail complex on the Hudson River.
At Harborside 8, Panepinto will build a 65-story, 678-unit apartment building with 8,500 square feet of retail space, a 350-space parking garage and a redesigned public park. At Harborside 9, meanwhile, site plan approval last year calls for a 57-story building with 579 units, 15,000 square feet of retail space and a 555-space garage.
Overall, the complex will encompass more than 1,250 residential units.
“This acquisition reflects my longstanding belief that this formerly industrial waterfront would evolve into a modern, world-class community,” said the developer’s chief executive officer, Joseph Panepinto Sr.
A Cushman & Wakefield team arranged the sale for Veris Residential. The brokerage previously helped Veris sell six Harborside buildings for a total of $609 million.
In 2023, Related paid $58 million for Harborside 4, planning an 800,000-square-foot luxury multifamily complex as its first project of that asset type in the Garden State. 601W Companies acquired the office buildings at Harborside 1, 2 and 3 for $420 million
Panepinto has other major fires in the Jersey City development oven.
Ironstate Development Company and Panepinto recently secured $340 million in balance sheet loans for 50 and 70 Columbus, the joint venture’s 938-unit mixed-use complex on the city’s waterfront district.
The twin high-rises, built in 2007 and 2015, stand 36 and 48 stories tall over the Grove Street Path station. The properties are more than 98 percent leased as of September and include nearly 28,000 square feet of retail space, which is fully occupied.
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