2995 Kennedy Blvd. in Jersey City — Courtesy: EXP Realty
By Joshua Burd
An investor has acquired the site of a White Castle in Jersey City’s resurgent Journal Square neighborhood, in a deal arranged by EXP Realty.
According to the brokerage firm’s Minni Chalana, Manchanda Group paid $13 million for the 23,025-square-foot building and the accompanying land at 2995 Kennedy Blvd. She noted that the property sits in a zone that calls for active and intensive use of parcels surrounding the Journal Square Transportation Center, which is a short walk away, although the exact plans are still in development.
“This site is a fantastic addition to our portfolio,” said Kabir Manchanda of Manchanda Group. “We are exploring all possibilities here.”
Notably, the sale price equates to $565 per square foot. And the deal follows Chalana’s recent sale of 42, 44, 44A, 46 Cottage St., an assemblage totaling some 9,000 square feet of land, for $6.2 million, as the neighborhood continues to attract established New Jersey developers and high-profile builders from out of state.
“What’s attracting these developers is the streamlined Journal Square Transportation System as well as the Journal Square Qualified Opportunity Zone (QOZ) provisions of the federal tax code, allowing the developers to reinvest the eligible capital gains and offset taxes for several years,” said Chalana, an agent with EXP Realty. “Journal Square is the fastest-redeveloping area of Jersey City, and we are excited to continue to play a significant role in its massive transformation.”
