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.