The Fairmount at McGinley Square at 280 Fairmount Ave. in Jersey City — Courtesy: KABR Group
By Joshua Burd
The KABR Group has sold a newly built, 58-unit apartment property in Jersey City’s McGinley Square neighborhood, in a transaction arranged by Gebroe-Hammer Associates.
The developer and brokerage team on Monday announced the disposition of The Fairmount at McGinley Square, a five-story building at 280 Fairmount Ave. Tenth Avenue Holdings Properties acquired the property for $23.75 million.
Gebroe-Hammer’s Niko Nicolaou represented the seller.
“Completed last year, The Fairmount is a striking urban-chic core asset and an example of how a premier residential landmark can and does serve as a catalyst for smart-growth neighborhood revitalization,” said Nicolaou, an executive vice president with the firm. “Situated at the ‘true heart’ of Jersey City where Montgomery Street and Bergen Avenue meet, The Fairmount’s completion marked the first new development in almost a decade for the neighborhood. As such, it has paved the way for continued expansion of this highly walkable, transit-centric district.”
Located at the site of a former parking lot, The Fairmount was the first new private construction project within McGinley Square in several decades. KABR said the area continues to attract new renters and residents due to both its proximity to Journal Square, affordable rents, proximity to St. Peter’s University and a host of new retail options in the neighborhood.
Apartments at the property feature upscale designs, finishes and appliances, while residents have access to amenities such as a rooftop terrace, and a chaise lounge area with views of the New York City skyline, according to a news release. The GRO Architects-designed building also includes 3,200 square feet of ground-floor retail space, which is leased to Sports Med Physical Therapy.
KABR said it’s now planning to build a second mixed-use project across the street.
“From the beginning, we believed that the Fairmount would represent an attractive value proposition for today’s renter,” said Michael Goldstein, KABR’s chief operating officer. “We have been humbled by both the market’s reception of our project as well as the neighborhood support within the McGinley Square community. This transaction represents a successful outcome for both the buyer and seller, and we are excited to witness Tenth Avenue Holdings continue to elevate the property to the next level.”
In its own announcement, Gebroe-Hammer noted that PATH train service at the Journal Square Transit Center is less than a mile away, while the area is served by five neighborhood bus lines. The site also minutes from the Holland Tunnel, Interstate 78 and other highways.
“McGinley Square is well on its way to making a ‘comeback’ as demonstrated by The Fairmount’s per-unit price of $402,500 — which up until now has been primarily limited to the waterfront district,” Nicolaou said. “While the immediate area surrounding the square has a high concentration of redevelopment initiatives, multifamily investment interest is fueling a ripple effect that extends outward.”