The new owner of a 0.63-acre development site at 106-126 Halladay St. in Jersey City is considering uses such as senior housing, assisted living, market rate or a combination of all three. — Rendering courtesy: B6 Real Estate Advisors
By Tina Traster
B6 Real Estate Advisors has negotiated the sale of a 27,500-square-foot development site in the Bergen-Lafayette neighborhood of Jersey City for $5.725 million.
Located at 106-126 Halladay St., the 0.63-acre site is part of the Canal Crossing Redevelopment Zone, allowing for a six- to eight-story structure of about 165,000 square feet to be built as-of-right, according to a news release. The deal comes as the nearby Bergen-Lafayette neighborhood continues to transform from warehouses and manufacturing uses to a residential and retail destination.
“The new owners are considering a wide range of uses for the site, which may include senior housing, assisted living, market rate or a combination of all three,” said Yanni Marmarou of B6 Real Estate Advisors, who brokered the sale to an undisclosed buyer. His team also procured a number of assisted living and senior housing operators during the time of the negotiations, to help facilitate the transaction.
“Even though the market continues to adjust to the significant spike in interest rates over the last two quarters and the lingering effect inflation has played in rising building costs, we have not seen a significant drop in land pricing in Hudson County across all product types,” Marmarou added. “The market continues to be extremely supply constrained for new product and developers, especially those out-of-market, have come to the realization that these valuations are here to stay.”
The Canal Crossing Redevelopment Plan allows for the property to be developed into a variety of uses, including residential units, hospitality, office, commercial and assisted living, among others.
