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$4,450,000
Est. payment /mo
7 Baths
UPDATED:
Key Details
Property Type Commercial
Sub Type Investment
Listing Status Active
Purchase Type For Sale
MLS Listing ID 260013231
Full Baths 6
Half Baths 2
Annual Tax Amount $16,749
Lot Dimensions 25x75
Property Sub-Type Investment
Property Description
Exclusive opportunity to acquire 860 Bergen Avenue (“Property”), on a 25x75 lot along with adjoining property at 10 Smith Street on a 25x74 lot. With as of right zoning to develop a luxury high-rise apartment community in vibrant Journal Square — Jersey City's rapidly transforming central business district. Currently, the Property houses a mixed-use building totaling 6 apartments and 2 commercial spaces. Corner commercial space is vacant; and the rest of leases are on a short-term or month-to-month basis. The Property benefits from immediate proximity to the Journal Square PATH station, providing direct access to Manhattan in under 20 minutes and serving as a critical transit hub for the 10+ million annual PATH riders. Journal Square has emerged as one of the most dynamic neighborhoods in the New York metropolitan area, with over $2 billion in current real estate development and a multifamily pipeline exceeding 8,000 units either newly built or under construction. The Property is ideally situated and is a short distance from major employers including Goldman Sachs, JPMorgan Chase, and over 12,000 financial services professionals working in nearby offices. • Corner location with max visibility from all sides including skyline views of Manhattan and Jersey City • Offering an investor flexible development option including apartments, retail, commercial, theater, educational, etc. • Immediate proximity to the Journal Square PATH station, providing direct access to Manhattan in under 20 minutes • Existing mixed-use building with short-term leases provides income during the approval process • Located in the heart of Journal Square — the New York metropolitan area's most dynamic neighborhood, with over $2 billion in current real estate development • Strong rental fundamentals with Journal Square rents increasing 13% year-over-year • Journal Square is quickly becoming an emerging cultural and educational hub • High apartment demand driven by NYC rent arbitrage and quality-of-life advantages
Location
State NJ
County Hudson
Area Jc Journal Square
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Listed by COMPASS NEW JERSEY, LLC
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