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| Elizabeth DeVesty |
MORRISTOWN, NJ, April. 29, 2024 – JLL Capital
Markets announced today that it closed the $54 million sale of 107 Morgan Street.,
a 1.73-acre multi-housing development site located in Jersey City’s Waterfront
neighborhood.
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| Jose Cruz |
JLL worked on behalf of the seller,
Veris Residential, and procured the buyer, LCOR, Inc.
107 Morgan Street is situated within
Jersey City’s Powerhouse Arts District Redevelopment Plan (“Powerhouse Arts
District”), and more specifically, the High-rise Zone, which allows for
high-density residential uses as-of-right.
The
Powerhouse Arts District was established in Jersey City in 2004 to encourage
economic development while creating a business incubator for the local artist
community to ensure that the local neighborhood retains its diverse cultural
identity.
Upon
completion, 107 Morgan Street will include approximately 650 units, ground
floor retail and amenity space.
 |
Ryan Robertson
|
The property is located less than 0.25
miles from the Grove St PATH station and 0.5 miles from the Exchange Place
PATH, offering residents access to Manhattan’s World Trade Center transit
station in just seven-minutes and four-minutes respectively.
In addition to the nearby PATH station, the
property benefits from the Waterfront’s ferry terminals, light rail stations,
bus terminals, bikes lanes and NJ Transit, as well as from the proximate
Holland and Lincoln Tunnels, Interstate 78, the NJ Turnpike, the Garden State
Parkway and other major New Jersey highways.
Additionally, the site is just a
short walk to the Newark Avenue pedestrian plaza in Downtown Jersey City, the
city’s popular night life district, offering various award-winning restaurants
and unique shopping options. It is also less than four blocks from the Simon
Property Group-managed Newport Centre mall, which contains 1.2 million square
feet of luxury retail.
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| Michael Oliver |
The JLL Capital Markets Investment Sales Advisory team
included Senior Managing Director Jose Cruz and Director Ryan
Robertson, as well as Senior Managing Directors Michael Oliver and Steve
Simonelli and Director Elizabeth DeVesty.
“The infill location of 107 Morgan,
combined with the opportunity to acquire a site of this size, attracted
multiple bidders,” said Cruz. “This is one of the last remaining parcels within
the Waterfront, which led to very strong pricing."
Robertson added, "Despite the
challenging interest rate environment, both the buyer and seller collaborated
to ensure a successful transaction. Development opportunities in Jersey City
continue to attract institutional capital due to the proximity to mass transit
and the vibrant waterfront amenities."
http:// |
| Steve Simonelli |
Brian Barry,
Senior Vice President at LCOR, shared, “LCOR is excited about the acquisition
of 107 Morgan. This development represents an incredible opportunity to deliver
a waterfront residential community in a dynamic neighborhood within the
Powerhouse Arts District.”
JLL Capital Markets is a full-service global provider of
capital solutions for real estate investors and occupiers.
The firm's in-depth
local market and global investor knowledge delivers the best-in-class solutions
for clients — whether investment sales and advisory, debt advisory, equity
advisory or a recapitalization. The firm has more than 3,000 Capital Markets
specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL,
please visit our newsroom.
CONTACT:
Alli Stent
PR, Hotels & Hospitality
Capital Markets
Chicago | JLL
M +1 330 329 6750
