By Joshua Burd
Tay Investments has acquired a development site on Jersey City’s West Side, paving the way for a project that would bring another 200 apartments to the fast-growing neighborhood.
According to IPRG, which arranged the sale, the developer paid $9.35 million for the parcel at the corner of West Side Avenue and Fisk Streets. The deal marks the second trade of the property since early 2022, signaling continued robust investor confidence in the area despite what the brokerage firm said was a series of entitlement and environmental hurdles under its previous owner.
IPRG Yanni Marmarou represented both parties, having also brokered the prior sale.
“Through diligent efforts and collaborative negotiations between the buyer and seller, all issues were overcome, clearing the path for this transformative development,” said Marmarou, a partner with IPRG.
Tay, which is based in Hackensack, said it has begun the process of preparing the site for immediate construction.
“The acquisition of this development site represents an exciting opportunity for Tay Investments to further its mission of creating innovative, high-quality living spaces in dynamic urban environments,” said Yuval Shram, founder and CEO of Tay Investments. “This will be our fifth acquisition for ground-up construction, and we are thrilled with the opportunity to further our cooperation with the city and community of Jersey City.
“We thank Yanni for bringing us this project and could not have done it without his assistance in clearing obstacles to get to the finish line.”
In a news release, IPRG said it represented Arman Plastics in the January 2022 sale of the property. The buyer, a group led by Mark Schwartz, paid $6.2 million in the deal and added value by demolishing older structures on the site and increasing the approved unit count to 200 units under Jersey City’s inclusionary zoning ordinance.
After deciding to pursue other ventures in the neighborhood, the sellers retained Marmarou and his team to sell the asset, the news release said. The latest deal now follows other activity in the West Side market, including the recent debut of luxury rental projects such as Birch House, 3 Acres and The Agnes.
“This transaction represents our fifth sale of a redevelopment site in the West Side neighborhood,” said Marmarou, who also recently sold a parcel at 212-230 Culver Ave. Elkay Partners paid $12.5 million for the property, which is slated for 365 apartments.
IPRG’s New Jersey office also recently announced the closing of redevelopment sites at 23-53 Rome St. in Newark’s Ironbound section and at 152 Badger Ave., also in Newark. The properties traded for $6.37 million and $1.4 million, respectively.
Developer buys Jersey City parcel slated for 365-unit rental project, IPRG says
