206 Van Vorst St. in Jersey City — Courtesy: CBRE
By Joshua Burd
A developer has acquired a parcel in Jersey City’s waterfront Paulus Hook neighborhood for $5.9 million, in one of two newly announced deals by CBRE.
According to the brokerage team, the site at 206 Van Vorst St. spans about one-third of an acre and is currently home to a 14,000-square-foot office building. The buyer, 26 Van Vorst LLC, is planning a multifamily and townhouse development, while also maintaining some of the commercial space to meet demand.
CBRE’s Charles Berger, Elli Klapper, Jeremy Wernick and Mark Silverman represented the seller, Bel Fuse Inc.
“While we are facing tumultuous economic times with rising interest rates, the multifamily market continued to be strong, especially in neighborhoods with excellent transportation and area amenities,” Berger said. “As such, 206 Van Vorst Street will be redeveloped into quality housing that is much needed in Jersey City.”
In a separate deal, the team represented Laurel Willow LLC in its sale of a 12-unit garden apartment complex at 708-718 Laurel Ave. and 681-691 Willow Ave. in North Brunswick. A New York-based private investment management firm paid $2.13 million for the property, which sits on 0.57 acres about a half-mile from Route 1.
“The North Brunswick multifamily property provides an ample value-add opportunity upon renovation,” Wernick said. “We were able to maximize value for our seller by securing a 1031 exchange buyer who will in turn be able to take advantage of those opportunities with a stable multifamily complex in a very desirable location.”
