Updated Oct 28, 2024
The Albanese Organization Acquires Development Site In Downtown Jersey City For $70M
290 Coles Street
$70,000,000
$878/SF
Building Size
79,715 SF
Asset Type
Development Site
Closing
Jul 27, 2022
About this deal
AI
The development site located at 290 Coles St in Downtown Jersey City has been sold for a transaction amount of $70,000,000. The property spans across 79,715 square feet, resulting in a price per square foot of $878. The sale was completed on 07/27/2022.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $70,000,000
- Address: 290 Coles St
- Market: Downtown Jersey City
The buyer of the property was The Albanese Organization, while the seller was 290 Coles Street LLC. The transaction was facilitated by Bob Antonicello and Bobby Antonicello Jr. from Grid Real Estate.
Note: Grid Real Estate is a boutique real estate brokerage and advisory firm with extensive experience in both the private and public sector. They specialize in providing smart and creative real estate brokerage and advisory services, contributing to the renewal and regeneration of communities.
On the Map
$70,000,000
$878/SF
Development Site
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Players
El Paso 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