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| Residential Development Sites at 75 Park Lane and 2 Shore Drive North Along Hudson River waterfront in Jersey City, NJ |
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| Jose Cruz |
FLORHAM PARK, NJ, July 7,
2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed
the sale of 75 Park Lane and 2 Shore Drive North, two residential
development sites totaling 1.85 acres along the Hudson River waterfront in
Jersey City, New Jersey.
HFF marketed the sites on behalf of the
seller. Strategic Capital purchased both
properties. Shearman & Sterling LLP
provided legal counsel to Strategic Capital during the transaction.
The development sites are
located in the Newport section of Jersey City directly across the Hudson River
from lower Manhattan.
This location is steps from the Hudson River Waterfront
Walkway providing access to Hoboken and is close to the Newport PATH station
providing train service to Midtown, the World Trade Center and Newark Penn
Station.
75 Park Lane is approved
for a 37-story condominium building. Shore Lofts is approved for a seven-story
condominium building. Combined, the two will bring a total of approximately
608,000 square feet of residential space and 24,000 square feet of retail space
to Newport.
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| Kevin O'Hearn |
The HFF investment sales
team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, and senior real estate
analyst Marc Duval and supported by
senior managing director Andrew
Scandalios and associate director Stephen
Simonelli.
“Jersey City has become known as the ‘Sixth
Borough’ or ‘Wall Street West’ and is widely regarded as one of the best
condominium development sites in the region,” said Cruz.
“Continued low interest rates, scarcity of
for-sale product and attractive condominium prices compared to Manhattan will
ensure that 75 Park Lane and Shore Lofts are well-received in the market.”
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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