3037-3041 Kennedy Blvd. in Jersey City — Courtesy: eXp Realty
By Joshua Burd
An active developer has purchased a vacant parcel in Jersey City’s booming Journal Square neighborhood for $6.25 million, according to a brokerage team with eXp Realty.
Minni Chalana, the property’s listing agent, represented both parties in the transaction at 3037-3041 Kennedy Blvd., noting that the undisclosed buyer has a construction pipeline in the area of some 1,000 units. The private seller, meantime, is an investor specializing in single- to two-family rehabs in Hudson and Bergen counties.
eXp’s Chalana noted that the purchase price equates to $568 per square foot and follows the firm’s previous sale in the neighborhood, announced early this year, in which a White Castle property at 2995 Kennedy Blvd. traded for $564 per square foot.
“We were able to attract over 100 developers with multiple offers and finally achieved the ambitious asking price by creating buyer competition,” Chalana said. “It’s another proud moment for us in helping reshape the skyline of Jersey City.”
Journal Square site zoned for residential, mixed-use on the market for sale, eXp Realty says
