253 Academy St. in Jersey City — Courtesy: Marcus & Millichap
By Joshua Burd
A developer has acquired a 9,400-square-foot mixed-use property in Jersey City, brokers said Wednesday, touting the site as an opportunity for new multifamily construction.
In a news release, brokers with Marcus & Millichap announced that a private investor had sold the property at 253 Academy St., which is located near the city’s Journal Square section. The firm did not disclose the sale price or the parties involved.
Marcus & Millichap investment specialists Jonathan Zamora and Julienne Pape represented both the buyer and seller. They said the property offered a rare opportunity to purchase a multifamily development site in a burgeoning neighborhood.
“Soon to be housing some of the tallest buildings in New Jersey, a lot of developers have realized the upside still remaining in Jersey City,” Zamora said. “Capital remains to migrate from (New York City) as most of our offers came from developers cross the Hudson.
“We were able to fetch over 11 offers through our marketing process.”
