$5.7M condo sale smashes Jersey City record

Jersey City’s condo sale record has fallen after three months with the pricey honor.

A penthouse condo at 75 Park Lane traded for $5.7 million, blowing the area’s previous record out of the water, Strategic Capital announced. The buyer of the penthouse in the Newport neighborhood building wasn’t revealed, but a spokesperson told The Real Deal it was a Jersey City resident.

(China Construction America)

The four-bedroom, four-and-a-half bathroom condo comes equipped with an 800-square-foot terrace. Amenities at the building include an indoor swimming pool, a wine-tasting lounge, putting green, children’s play area, co-working lounge, game room and multipurpose entertainment room.

In June 2015, Strategic Capital — the investment arm of China Construction America — paid a reported $55 million for the land to build the luxury condo building.

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The record-setting unit at 75 Park Lane is off the market, but potential buyers still have plenty of opportunities to take a bite out of the expensive address. The building’s website lists several available units, including one on the penultimate floor listed for more than $2.6 million.

The record condo sale at 75 Park Lane follows a previous record condo sale in the city at 99 Hudson Street. In October, the penthouse apartment on the 76th floor of the 79-story building sold for more than $4.4 million.

Prior to that, the highest price for a Jersey City condo sale closing was also at 99 Hudson Street, where a unit sold in April 2021 for $3.9 million. That unit was delivered in “white box” condition, meaning it was essentially a blank slate.

China Construction America bought that development site as well, purchasing it from Hartz Mountain Industries and Roseland Property Company for $71 million in 2013. Perkins Eastman was then brought on board to design the tallest residential building in New Jersey.

In 2013, the $2.8 million sale of a two-bedroom penthouse on the 48th floor of Hovnanian Enterprises’ 77 Hudson condominium tower, notched the area’s condo sale record. The buyer was a walk-in client at LeFrak subsidiary Metropolitan Waterfront & Residential Brokerage.