413 Summit Ave. in Jersey City — Courtesy: CBRE
By Joshua Burd
A developer is seeking a buyer for a new 148-unit luxury apartment building in the fast-growing Journal Square neighborhood in Jersey City, brokers with CBRE said Wednesday.
According to the listing team, the property at 413 Summit Ave. opened in 2023 in the heart of the mixed-use business district. The project has a host of high-end amenities including a rooftop terrace with grills, a fireplace and sweeping views of New York City, along with a resident lounge for coworking and social events, a modern fitness center and a yoga room.
It also has some 4,500 square feet of commercial space that is fully leased to a modern racquet sports club, which also has locations in Jersey City and Long Island City.
“Built in 2023, this Class A property represents a new benchmark in upscale residential living, offering a diverse mix of studios, one-, two- and three-bedroom apartments and a resort-style amenity package designed to attract and retain quality tenants,” CBRE’s Fahri Ozturk said. “The developer and their team have done an exceptional job delivering a product that caters to today’s modern renter.”
The team of Ozturk, Richard Gatto and Zach McHale are leading the marketing campaign on the seller’s behalf. They noted that 413 Summit Ave., which is within walking distance of the Journal Square Transportation Center, provides residents with a short trip to major employers, including Goldman Sachs, JPMorgan Chase and many other financial services firms.
“Journal Square has emerged as one of the most dynamic neighborhoods in the New York metropolitan area, with over $2 billion in current real estate development,” Gatto said. “The property benefits from immediate proximity to the Journal Square PATH station, providing direct access to Manhattan in 12 minutes while at a 20 to 40 percent rental discount to competing assets in the immediate area.”
