Massey Knakal Sells Development Site In Jersey City
A development site at 360-364 9th Street, located on the corner of 9th and 10th Street, in Jersey City, was sold in an all-cash transaction valued at $5,300,000.
The property is an approximately 1.8 acre, 78,408 square foot development site. Currently there is a one-story, 80,000 square foot industrial building on the site. As of right, approximately 150 residential units can be built on the site, which falls within the area zoned for the Ninth & Brunswick Redevelopment Plan.
This property is located in the exclusive Hamilton Park section of Jersey City, which is known for its picturesque tree lined streets and brownstone townhouses with easy access to many shops and nightlife. A development site of this size is a rarity for an area that has undergone such a rebirth within the past ten years.
“It is rare to find such a large development site available for purchase in this area of Jersey City. Local developers were very interested and are still looking for more residential development opportunities such as this one,” said Massey Knakal Director of Sales Kobi Leifer, who exclusively represented the seller, Prime Realty Co. The buyer, 360 9 Street LLC, was represented by Janie Spataro of Robert De Ruggiero, Inc.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,200 transactions having a market value in excess of $15 billion.