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177 Morgan Street
SOLD

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

177 Morgan Street

Development Site
clock iconSold 59 days ago
Michael Oliver
Ryan Robertson
Steve Simonelli
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Summary

Sale
NEW JERSEY
Development Site

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:

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.

Players

  • All

    6

  • Agents

    5

  • Agencies

    1

Michael Oliver's profile picture
Michael Oliver
JLL-image
$813.1M Sold
Ryan Robertson's profile picture
Elizabeth DeVesty's profile picture

Details

Deal Summary
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SOLD
IMAGE: Anthony Barsanti, Mahbod Nia, Elizabeth DeVesty, Jose Cruz, Michael Oliver, Ryan Robertson & Steve Simonelli DATE: 04/26/2024 ADDRESS: 177 Morgan Street MARKET: Jersey City ASSET TYPE: Development Site ~ ACRES: 1.73 BUYER: Anthony Barsanti - Lcor Inc. SELLER: Mahbod Nia - Veris Residential (@VerisResidential) BROKERS: Elizabeth DeVesty, Jose Cruz, Michael Oliver, Ryan Robertson & Steve Simonelli - JLL (@JLL) SALE PRICE: $54,000,000 NOTE: Veris Residential has sold a 1.73-acre multihousing development site at 177 Morgan St. in Jersey City’s Waterfront neighborhood to Lcor Inc. for $54 million. The property, part of Jersey City’s Powerhouse Arts District Redevelopment Plan, will accommodate 624 residential units, ground floor retail, and amenities, benefiting from its proximity to transportation hubs like PATH stations and major New Jersey highways, as well as the vibrant downtown area with dining and shopping options. JLL Capital Markets facilitated the transaction, highlighting the appeal of the site's location and development potential in attracting strong investor interest despite challenging market conditions.

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Address177 Morgan Street

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