40-51 Morton Place in Jersey City — Courtesy: Marcus & Millichap
By Joshua Burd
A development tract three decades in the making has changed hands in Jersey City, in a newly announced transaction by Marcus & Millichap.
In a news release, the firm said it represented a personal trust in the sale of the 12-piece assemblage at 40-51 Morton Place. Brokers announced the deal Monday, noting that two generations of the seller’s family assembled the property over 30 years before ultimately completing the deal.
An undisclosed developer purchased the site as part of a 1031 like-kind exchange, Marcus said. Terms were not disclosed.
“Developers continue to be bullish on Jersey City as the market is recovering and as thousands of units are underway,” said Jonathan Zamora, an investment specialist in Marcus & Millichap’s New Jersey office. “The assemblage drew in a lot of interest from many different local and regional investors because of the major redevelopments happening across the West Side neighborhood of Jersey City and the close proximity to the light rail station.
“Ultimately, we were able to negotiate a deal with a 1031 buyer with no contingencies running our process through our platform.”
Zamora represented both parties alongside John A. Sala. The news release did not provide additional details about the buyer’s plans for the property.