Joseph Panepinto Sr.
By Joshua Burd
Veris Residential Inc. has sold a Jersey City development site to Panepinto Properties for $75 million, in a deal arranged by Cushman & Wakefield, marking a key step in a plan to develop two high-rises with a combined 1,257 apartments and new amenities for the area.
The property, Harborside 8 and 9, spans 4.2 acres along Hudson Street and includes two components, according to the brokerage team. Among them is a fully approved project at Harborside 8 with complete construction drawings in place, permitting immediate development of a 65-story tower with 678 rentals, 8,578 square feet of retail space, a 350-space parking garage and a 40,000-square-foot redesigned public park along the Hudson River.
Harborside 9, meantime, received site plan approval in 2024 for a 57-story, 579-unit building with 14,800 square feet of retail and a 555-space structured garage, according to Cushman. Both buildings are designed to deliver extensive indoor and outdoor amenities, waterfront activation and connectivity to the surrounding Harborside campus.
Jersey City-based Panepinto now plans to advance the sweeping mixed-use development.
“We are proud to take ownership of Harborside 8 and 9,” said Joseph Panepinto Sr., founder and CEO of Panepinto Properties. “This acquisition reflects my longstanding belief that this formerly industrial waterfront would evolve into a modern, world-class community. Having represented Jersey City in its early redevelopment, helping shape its rising skyline has been a defining part of my life’s work. I look forward to keeping that progress a priority. We thank Cushman & Wakefield for their commitment and dedication in helping us complete this deal.”
C&W’s Andy Merin, Niko Nicolaou, Ryan Dowd and JP Hohl, along with RePropCo’s Brian Whitmer, advised the seller.
“Harborside 8 and 9 represent one of the most compelling — and one of the last remaining — large-scale development opportunities on the Jersey City waterfront,” said Dowd, managing director and co-head of Cushman & Wakefield’s Northeast Multifamily Advisory Group. “With full approvals already in place and a growing tenant demand for new apartments, the site is uniquely positioned to deliver meaningful long-term value. We’re pleased to have worked with Veris Residential on this transaction and look forward to seeing Panepinto advance the next phase of the Harborside neighborhood.”
Located less than a quarter-mile from the Exchange Place PATH station, the Harborside 8 and 9 sites provide future residents with direct access to Manhattan’s World Trade Center in four minutes, C&W noted. The deal, meantime, completes Veris Residential’s exit from the Harborside complex under a long-running plan to trim and refocus its portfolio after transitioning from the company once known as Mack-Cali Realty Corp.
The Cushman team in recent years also participated in the sales of Harborside 1, 2, 3, 4, 5 and 6, which have totaled $609 million.
“The sale of Harborside 8 and 9 allows Veris Residential to sharpen our focus on our core operating portfolio across Jersey City and the broader Northeast,” Veris CEO Mahbod Nia said. “Jersey City continues to see strong multifamily fundamentals and sustained demand, and we look forward to Panepinto advancing the next phase of development at this site.”
Veris Residential completes $420 million sale of 1.9 million sq. ft. Harborside complex
