February 1, 2019, New York, NY – Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, sold the Avenir, a mixed-use development site in Jersey City, NJ for $48 million. Senior Executive Managing Director, David Schechtman, Managing Directors, Lipa Lieberman and Abie Kassin, and Vice President, Paul Patafio, represented the seller and procured the buyer in this transaction. Meridian Senior Managing Director, Morris Betesh, and Vice President, David Hayum, arranged a $26 million balance sheet loan for the acquisition.
Located at 1072 and 1075 West Side Avenue, the site spans 3.35 acres and contains 659,000 buildable square feet. When complete, the property will stand eight stories tall and contain 486 studios, one-, two-, and three-bedroom apartments in addition to 25,000 square feet of commercial space. The site presented a rare opportunity to acquire an as-of-right development of this magnitude and benefits from the shortage of class-A housing in this highly-desirable neighborhood. Residents and visitors will enjoy close proximity to the future Marion PATH station adjacent to the property in addition to the Journal Square Station, which is located a few blocks away.
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, which is 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