Lcor Inc. Acquires Development Site From Veris Residential In Jersey City For $54M

The property involved in the transaction is a 1.73-acre multihousing development site located at 177 Morgan Street in Jersey City’s Waterfront neighborhood. The sale price for this asset was $54,000,000. The development site is set to accommodate 624 residential units, ground floor retail spaces, and various amenities. Its prime location in Jersey City’s Powerhouse Arts District Redevelopment Plan positions it as a lucrative investment opportunity, given its proximity to PATH stations and major New Jersey highways. Additionally, the site benefits from being near the vibrant downtown area, offering various dining and shopping options.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $54,000,000
• Buyer: Anthony Barsanti - Lcor Inc.
• Seller: Mahbod Nia - Veris Residential
• Brokers: Elizabeth DeVesty, Jose Cruz, Michael Oliver, Ryan Robertson & Steve Simonelli - JLL
• Address: 177 Morgan Street, Jersey City
• Market: Jersey City
• Asset Type: Development Site
• Acres: 1.73

The sale was facilitated by JLL Capital Markets. Despite challenging market conditions, the property piqued the interest of strong investors due to its appealing location and significant development potential. The sale from Veris Residential to Lcor Inc. underscores the confidence in the growth and attractiveness of the Jersey City area for real estate development.