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The Albanese Organization Acquires 1.83 Acre Development Site In Jersey City For $70M

Property Image
SOLD
$70,000,000
Bob Antonicello
Robert (Bobby) Antonicello Jr

New Jersey

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Development Site
Sold 10/11/2022
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Property Image
SOLD

The Albanese Organization Acquires 1.83 Acre Development Site In Jersey City For $70M

286 Coles Street, Jersey City, New Jersey 07310, United States

See Similar Deals
Development Site
Sold 10/11/2022
Bob Antonicello
Robert (Bobby) Antonicello Jr
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:Development Site
Transaction Type:Sale

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.

Players

Robert (Bobby) Antonicello Jr
Grid Real Estate
Robert Antonicello Jr
18 deals$247.4M volume
BROKER
Bob Antonicello
Grid Real Estate
Bob Antonicello
4 deals$194.3M volume
BROKER
TO
The Albanese Organization
BUYER

Details

SOLD
IMAGE: Bob Antonicello & Bobby Antonicello Jr DATE: 10/11/2022 ADDRESS: 286 Coles St MARKET: Jersey City ASSET TYPE: Development Site ~ ACRES: 1.83 BUYER: The Albanese Organization SELLER: Hoboken Brownstone Co. (@HobokenBrownstoneCo) BROKERS: Bob Antonicello & Bobby Antonicello Jr. - Grid Real Estate (@GridRealEstate) SALE PRICE: $70,000,000

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$248,695.22
Cash-on-Cash Return-1.27%
Monthly Debt Service$331,835.71
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