An undisclosed buyer purchased a development site at 70 Mallory Ave. in Jersey City, where plans call for a 136-unit luxury apartment building, as depicted in this rendering. — Courtesy: B6 Real Estate Advisors
By Joshua Burd
A development site that could house more than 130 luxury apartments has changed hands in Jersey City’s West Side neighborhood, in a deal arranged by B6 Real Estate Advisors.
Brokers say the 31,000-square-foot property, 70 Mallory Ave., traded for $6.5 million in a transaction involving two undisclosed parties. Plans for the site call for a mixed-use project with 136 units, the firm said, touting its location near the Hudson-Bergen Light Rail’s West Side Avenue station and other transit nodes.
B6 Real Estate’s Yanni Marmarou, Jack Drillock and Andrea Nestico represented the seller in the deal. They also did so at 100 Forrest St., the site of a 67,518-square-foot industrial property in the city, which sold for $15.15 million.
Located in the Canal Crossing neighborhood, the property is also slated for residential development, B6 said. The parcel is a 13-minute walk from the Hudson-Bergen Light Rail station at Garfield Avenue.
“Both of these sales demonstrate the continued demand for industrial assets that have the potential to be developed in residential projects,” said Marmarou, a senior director at B6, noting that the Forrest Street property “was an assemblage of three industrial assets that provided strong yield at closing, yet also allowed for the buyer to develop a comprehensive plan for constructing over 300 residential units at a later date in the future. These type of land plays are extremely desirable, as the demand for apartment units remains extremely bullish in the Hudson County market.”