Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, is pleased to present exclusively for sale the Avenir, a mixed-use development site located in the Marion neighborhood of Jersey City, NJ. Senior Executive Managing Director, David Schechtman, and Managing Directors, Lipa Lieberman and Abie Kassin, are representing the seller in this transaction.
Located at 1072 and 1075 West Side Avenue, the site spans 3.35 acres and contains 659,000 buildable square feet. The property will be eight stories and contain 486 studio, one-, two-, and three-bedroom apartments in addition to 25,000 square feet of commercial space. The site has been approved by the Jersey City Planning Board, is eligible for a 20-year Payment in Lieu of Taxes (PILOT), and presents a rare opportunity to acquire an as-of-right development of this magnitude. Investors will have the ability to immediately begin construction and will benefit from the shortage of class-A housing in this highly desirable neighborhood.
The City of Jersey City and the Port Authority of New York and New Jersey recently agreed to dedicate funds to performing a feasibility study for a new Marion PATH station, which would be located within two blocks of the Avenir development site. Neighborhoods surrounding existing PATH stations have benefitted greatly from increased foot traffic, varied retail, and elevated property values. Situated adjacent to the proposed PATH rail and just a few blocks from the Journal Square Station, future occupants will enjoy easy access to mass transportation.
Jersey City has experienced an unprecedented influx of development in recent years, with more than 7,000 residential units completed from 2015 to 2017. With high-profile developers flocking to the neighborhood due to its proximity to Manhattan and relative affordability, new hotels, office buildings, and residential developments are permeating the area. Jersey City residents enjoy excellent access to mass transportation via the New Jersey Light Rail and PATH stations and benefit from immediate proximity to Newark International Airport, 15 minutes away by car.
Founded in 1991, Meridian Capital Group, LLC is one of the nation's largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com