55 Passaic Ave. in Kearny — Courtesy: JLL
By Joshua Burd
Russo Development has sold a parcel in Kearny with approvals in place for 136 luxury townhomes along the Passaic River, brokers with JLL announced Wednesday.
The buyer, PulteGroup Inc., paid an undisclosed sum for the tract at 55 Passaic Ave. and roughly a half-mile from Interstate 280. The deal sets up the first phase of what’s known as Bridgeview, where residents will be adjacent to a seven-acre community park that is under construction and within walking distance of a ShopRite and other retail offerings.
JLL Senior Managing Director Jose Cruz and Senior Director Ryan Robertson represented the seller alongside senior managing directors Steve Simonelli and Michael Oliver and directors Elizabeth DeVesty and Austin Pierce. They noted that the site borders Russo’s recently completed Vermella East and Vermella West projects, which have brought hundreds of new apartments to Kearny and have leased up successfully.
“Bridgeview by Pulte Homes presents a unique opportunity in the thriving Hudson County multi-housing market,” Cruz said. “With its prime waterfront location and proximity to major employment centers, this development is well-positioned to capitalize on the growing demand for high-quality housing in the area.”
JLL added that residents of Bridgeview will have convenient access to New York City and Newark, while the project will likely benefit from Kearny’s ongoing economic growth and its increasing attractiveness to prospective homebuyers.
“We were honored to have played a role in the sale of the property to PulteGroup, who was able to work with Russo on a unique business plan to acquire shovel-ready lots to expedite the projects construction timeline,” Robertson said.
