B6 Real Estate Advisors Facilitates $5.7M Sale Of Development Site In Canal Crossing, Jersey City

The property involved in this transaction is a development site located at 106-126 Halladay Street in Canal Crossing, Jersey City. The sale took place on 05/20/2022.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $5,725,000
• Address: 106-126 Halladay Street, Canal Crossing, Jersey City
• Market: Canal Crossing, Jersey City

The development site has a building size of 165,413 square feet, resulting in a price per buildable square foot (PPBSF) of $35. The total square footage of the site is 27,500, and the price per square foot (PPSF) is $208. The property consists of 66 units, with a price per unit (PPU) of $86,742.

The brokers involved in this transaction are Yanni Marmarou and Jack Drillock from B6 Real Estate Advisors. They successfully facilitated the closing of this transaction in under 75 days, achieving one of the highest prices for land in the neighborhood based on a price per acre scale.

Located in the Canal Crossing Redevelopment Zone, the property allows for a wide variety of permissible uses, including 66 residential units. The immediate neighborhood is highlighted by the approved 1,300 unit mixed-use project by Waseem Boraie and the "SciTech City" project. Despite no approved plans for the site, the Marmarou Team was able to close the deal at a significant price.

For more information, you can contact the Marmarou Team at [email protected].