The Journalist at 96-100 Tuers Ave. in Jersey City — Courtesy: Matthews Real Estate Investment Services
By Joshua Burd
An investor has acquired a newly completed, 38-unit apartment building in Jersey City’s Journal Square section, in a deal arranged by Matthews Real Estate Investment Services.
According to the brokerage team, the building at 96-100 Tuers Ave. was vacant at closing and traded for $13.7 million, appealing to a buyer that is seeking new construction assets throughout the state. Its new owner now plans to update the amenities to secure a strong tenant pool.
Matthews Vice President and Director David Ferber represented both parties in the deal after sourcing more than 10 offers and executing a contract within 30 days of marketing, leading to a 60-day closing. He noted that it represents the highest-priced sale in Journal Square of 2024 year to date.
“Our shared database allowed access to over 15,000 qualified investors to receive a marketing email, and we were able to track the buyers who were interested,” Ferber said. “Those leads were all prequalified and resulted in 15 offers generated in writing. This created a lot of excitement, pressure and urgency when it came to counters to get the best price and terms for the seller.”
Known as The Journalist, the building is among the latest additions to Journal Square, the historic commercial hub of Jersey City and Hudson County that’s been revitalized with billions of dollars in new development over the past decade.
“Our team currently has over $100 million and (more than 600) units in new listing and deals under contract — all through Hudson County,” Ferber said. “We are seeing plenty of capital coming into the Hudson County market for the right deal.”
