The property involved in this transaction is a 4.2-acre development site located at 3 2nd Street & 242 Hudson Street in Jersey City. The buyer, Joseph A. Panepinto Sr., representing Panepinto Properties, acquired the site for $75,000,000. This site has received approvals for two mixed-use residential towers, which will consist of a total of 1,257 units along with substantial retail and parking facilities.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $75,000,000
• Address: 3 2nd Street & 242 Hudson Street
• Market: Jersey City
• Acres: 4.2
• Buyer: Joseph A. Panepinto Sr. - Panepinto Properties
• Seller: Mahbod Nia - Veris Residential
• Brokers: Andy Merin, Niko Nicolaou, Ryan Dowd & J.P. Hohl - Cushman & Wakefield; Brian Whitmer - RePropCo

This transaction reflects Veris Residential's ongoing transition towards a pure-play multifamily REIT, as detailed by the involvement of Cushman & Wakefield's Tri-State Capital Markets team, which provided advisory services to the seller. The property’s strategic waterfront location within the Harborside complex further underscores its potential for development and investment.