By Joshua Burd
The Kislak Co. Inc. has brokered separate land sales totaling nearly $12 million in two of Jersey City’s most active neighborhoods for development, the firm said Thursday.
The deals include the $6 million sale of three vacant properties on Coles and 15th streets, Kislak said in a news release. The nearly one-acre assemblage sits within a neighborhood just south of Hoboken and west of the Holland Tunnel, an area that has seen two new residential towers open in recent years and has projects pending before the city.
The other transaction is the $5.9 million sale of a former parking lot on Warren Street, encompassing about a third of an acre, the firm said. The parcel is in Jersey City’s Powerhouse Arts District and four blocks west of Exchange Place, with current plans that call for the construction of a 180-unit luxury apartment building with 1,400 square feet of ground-floor retail space, a black box performance theater and art space on the second floor.
Kislak Co. Vice President Scott Davidovic co-represented the seller and purchaser in the Warren Street sale and the purchaser in the Coles and 15th Streets sale.
“Jersey City is among the hottest development markets, especially for multifamily properties, in the Tri-State Area,” Robert Holland, president of Kislak, said in a prepared statement. “Scott is an expert in Hudson County development and redevelopment and has been capitalizing on the explosive demand for land in Jersey City.”
Davidovic said the Coles Street and 15th Street properties are zoned for a hotel, offering easy access to the New Jersey Turnpike, Route 1 & 9 and public transportation.
“Buying land in a low cap rate environment allows developers and investors to add more value and build to a higher rate of return,” Davidovic said, later adding: “The purchaser sees great long-term value with the site given Jersey City’s many major developments and expanding economy.”
