2808-2822 Kennedy Blvd. in Jersey City — Courtesy: CBRE
By Joshua Burd
The owner of a 36-unit apartment building in Jersey City’s surging Journal Square district has tapped CBRE to market the property for sale.
Brokers noted that the asset, 2808-2822 Kennedy Blvd., is only a block west of the Journal Square Transportation Center and surrounded by a wealth of shopping and dining options. It’s also steps from KRE Group’s landmark Journal Squared project that has brought 1,840 rentals to the neighborhood and Kushner’s development known as The Journal, which will provide another 1,723 units across two high-rises.
CBRE added that 2808-2822 Kennedy Blvd. “has been well maintained and is a prime candidate for a strategic value-add improvement program aimed at improving existing unit finishes,” noting that renovating the homes upon turnover will allow an investor to push in-place rents by nearly 51 percent or $768 per month, on average. The property has 14 one-bedroom, 18 two-bedroom and four three-bedroom units, plus 8,016 square feet of fully leased retail space.
Fahri Ozturk, Richard Gatto, Zach McHale, Tracy Trank and Matthew Loscalzo of CBRE are spearheading the listing on behalf of the undisclosed seller.
“Since 2020, Journal Square has seen the completion, ongoing construction or final planning of 40 multifamily projects (with about 8,000 units), all spearheaded by leading institutional and local developers,” CBRE wrote in its marketing materials. “Residents have quick access to key employment centers of Manhattan and are minutes from the Holland Tunnel and Lincoln Tunnel.”
