SOLD
Israel Schwartz Acquires Development Site In Jersey City For $12.5M
212-230 Culver Avenue
Development Site
53,000 SF
53,000 SF
Sold 73 days ago
Summary
Sale
NEW JERSEY
Development Site
53,000 sqft
The New Jersey office of Investment Property Realty Group (IPRG) has successfully closed the sale of 212-230 Culver Avenue, a 1.3-acre development site in the West Side neighborhood of Jersey City. The property was sold for $12.5 million.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $12,500,000
- Address: 212-230 Culver Avenue, Jersey City
- Market: Jersey City
The seller, The Estate Of Harold Sarvetnick, was represented by Yanni Marmarou, Jack Drillock, Andrea Nestico, Kelly Bastidas, Homer DeLeon, William Willoughby, and Griffin Westlin from Investment Property Realty Group (IPRG). Israel Schwartz was the buyer in this transaction.
The 53,000 square foot site will be developed into a new mixed-use development with 365 residential units. The transaction faced several challenges, including delays caused by the COVID-19 pandemic, an unexpected fire that destroyed the existing structure, and a surge in interest rates. Despite these obstacles, IPRG was able to identify an all-cash buyer and successfully close the deal.
Players
All
10
Agents
7
Agencies
3
Details
SOLD
IMAGE: Yanni Marmarou, Jack Drillock, Andrea Nestico, Kelly Bastidas, Homer DeLeon, William Willoughby & Griffin Westlin
DATE: 02/14/2024
ADDRESS: 212-230 Culver Avenue
MARKET: Jersey City
ASSET TYPE: Development Site
BUYER: Israel Schwartz
SELLER: The Estate Of Harold Sarvetnick
BROKERS: Yanni Marmarou (@ThatBrokerYanni), Jack Drillock (@JDrills21), Andrea Nestico (@Dre_Nestico), Kelly Bastidas (@Sono_jamesb), Homer DeLeon, William Willoughby & Griffin Westlin (@Griffin_Westlin) - (@TheMarmarouTeam) - Investment Property Realty Group (IPRG)
SALE PRICE: $12,500,000
SF: 53,000 ~ PPSF: $236
NOTE FROM BROKERS: The New Jersey office of IPRG has announced today the successful closure of the $12.5.5 million sale of 212-230 Culver Avenue, a 1.3-acre site situated in the West Side neighborhood of Jersey City.
IPRG acted as the representative for the legacy seller, an estate that owned and operated Acrilex Inc, and also represented the buyer, a private development group, which plans to construct a new 365-unit mixed-use development on the site.
The transaction was led by Yanni Marmarou, Managing Director and head of the New Jersey office for IPRG. Marmarou stated, "Our team encountered various challenges that caused delays in the eventual closing, commencing in 2020 with the onset of the COVID-19 pandemic, an unexpected fire that led to the destruction of the existing structure, and finally, a sudden surge in interest rates that hampered the sales of development sites over the past 18 months." He added, "After the property fell out of contract after a 3 year entitlement process, our team swiftly identified an all-cash buyer during what has been one of the most challenging times to market institutional-grade development sites in the Hudson County market."View on map
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Address212-230 Culver Avenue
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