08 Mar NJ Mixed-Use Development Site Commands $48M
Altree Developments, a Toronto-based development company, has acquired the Avenir, a mixed-use development site in Jersey City, N.J., from Amerestate Holdings, for $48 million.
Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, facilitated the sale on behalf of both parties. The firm’s Senior Executive Managing Director David Schechtman, Managing Directors Lipa Lieberman and Abie Kassin and Vice President Paul Patafio both represented the seller and procured the buyer in the deal.
Additionally, the firm’s Senior Managing Director Morris Betesh and Vice President David Hayum arranged a $26 million balance sheet loan for the new buyer.
Amerestate Holdings originally acquired the 3.3-acre site in 2015 for $19.5 million, but plans to follow through with the project never materialized. Since the development project has already been approved by the Jersey City Planning Board, Altree Developments will go forward with developing five buildings containing 477 units in a combination of studios, one-, two- and three-bedroom units, as well as approximately 23,000 square feet of retail space. Located at 1072 and 1075 West Side Ave., the development site is eligible for a 20-year tax abatement under New Jersey’s PILOT program.
Jersey City has become a popular development site in recent years, aided by its strong proximity to transportation in and out of Manhattan. Over the last few years, more than 7,000 residential units have been completed in the area.
The Avenir site is close by the Journal Square Transportation Center, which offers convenient access to both the Port Authority of New York and New Jersey. The station is also serviced by the PATH rail system and New Jersey Transit.
The site is also close by Mana Contemporary, Lincoln Park and the Hackensack River Waterfront.
In January, Meridian arranged a $131.5 million loan for Square Mile Capital Management to finance the conversion from office to residential use of The Moinian Group’s 31-story office structure located at 17 Battery Place in the World Trade Center submarket of Lower Manhattan.