Updated Oct 28, 2024
The Albanese Organization Acquires 1.83 Acre Development Site In Jersey City For $70M
286 Coles Street, Jersey City, New Jersey 07310, United States
$70,000,000
Building Size
—
Asset Type
Development Site
Closing
Oct 10, 2022
About this deal
AI
The Albanese Organization has acquired a development site located at 286 Coles St in Jersey City. The property spans approximately 1.83 acres and was sold by Hoboken Brownstone Co. The transaction was facilitated by Bob Antonicello and Bobby Antonicello Jr. of Grid Real Estate for a sale price of $70,000,000.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $70,000,000
- Address: 286 Coles St, Jersey City
- Market: Jersey City
- Brokers: Bob Antonicello & Bobby Antonicello Jr. - Grid Real Estate
The acquisition by The Albanese Organization marks a significant investment in the development site. The deal was facilitated by Bob Antonicello and Bobby Antonicello Jr. of Grid Real Estate, showcasing their expertise in the Jersey City market.
On the Map
$70,000,000
Development Site
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Players
Jersey City Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93