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Mahbod Nia Of Veris Residential Acquires Development Site In Weehawken For $38M
SOLD
$38,000,000
New Jersey
See Similar DealsDevelopment Site
Sold 10/15/2025
SOLD
Mahbod Nia Of Veris Residential Acquires Development Site In Weehawken For $38M
200 Port Imperial Boulevard
See Similar DealsDevelopment Site
Sold 10/15/2025
Summary
NEW JERSEY
Asset Type:Development Site
Transaction Type:Sale
A development site located at 200 Port Imperial Boulevard in Weehawken, NJ has been sold for $38 million. This transaction highlights the property's significance within the Port Imperial Redevelopment Area, emphasizing its market value within New Jersey’s Gold Coast.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $38,000,000
- Buyer: Mahbod Nia - Veris Residential
- Seller: PIS 2 Apts Urban Renewal LLC
- Date of Sale: 10/15/2025
An affiliate of Veris Residential Inc. has reinforced its investment strategy by acquiring the property, thereby expanding its presence in the local area. This acquisition is part of Veris Residential’s broader initiative to enhance its footprint across engaging locations in New Jersey.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,026,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$135,005.97
Cash-on-Cash Return-1.27%
Monthly Debt Service$180,139.39
Annual Debt Service$2,161,672.64
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