860 Bergen Ave,Jersey City, NJ 07306
Jersey City, NJ 07306
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
Details
| MLS # | 260013231 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Days On Site | 65 |
| Listing Provided By | COMPASS NEW JERSEY, LLC | ANDREW BOTTICELLI |
Features
| Story(s) | 3 |
|---|---|
| Units | 8 |
Exterior
| Type Of Construction | Frame |
|---|
Taxes
| Property | 16749 |
|---|
Area Information
| State | NJ |
|---|---|
| County | Hudson |
| City | Jersey City |
| Zip Code | 07306 |
| Area | JC | Journal Square |
| Subarea | JC | Journal Square |
| Community Name | Journal Square |
| Listing VS Median (in Journal Square) | |
Price: $4,450,000 low | high Med: $245,000 On site: 65 low | high Med: 31 | |
Market Activity 07306
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Learn More About This Property
| State | NJ |
|---|---|
| County | Hudson |
| City | Jersey City |
| Zip Code | 07306 |
| Area | JC | Journal Square |
| Subarea | JC | Journal Square |
| Community Name | Journal Square |
| Listing VS Median (in Journal Square) | |
Price: $4,450,000 low | high Med: $245,000 On site: 65 low | high Med: 31 | |
