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SOLD

Yuval Shram Acquires 200-Unit Development Site In Jersey City For $9.35M

301 West Side Avenue

Development Site
10,000 SF
clock iconSold 47 days ago
Andrea (Dre) Nestico
Kelly Bastidas
Jack Drillock
+ 5
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Summary

Sale
NEW JERSEY
Development Site
10,000 sqft

The development site located at 301 West Side Avenue in Jersey City was sold for $9,350,000. Spanning 10,000 square feet, the property was successfully acquired by Tay Investments.

Summary of transation details:

Representing both the buyer and the seller in this transaction was Yanni Marmarou of Investment Property Realty Group (IPRG). The successful negotiations between both parties culminated in the sale of the property, reflecting the continued investor confidence in the West Side neighborhood of Jersey City.

Players

  • All

    9

  • Agents

    7

  • Agencies

    2

Andrea (Dre) Nestico's profile picture
Andrea (Dre) Nestico
Investment Property Realty Group (IPRG)-image
Associate
$56M Sold
Kelly Bastidas's profile picture

Details

Deal Summary
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SOLD
IMAGE: Yuval Shram, Andrea Nestico, Griffin Westlin, Homer DeLeon, Yanni Marmarou, Jack Drillock, William Willoughby & Kelly Bastidas DATE: 05/06/2024 ADDRESS: 301 West Side Avenue MARKET: Jersey City ASSET TYPE: Development Site BUYER: Yuval Shram - Tay Investments SELLER: Mark Schwartz BROKERS: Andrea Nestico (@Dre_Nestico), Griffin Westlin (@Griffin_Westlin), Homer DeLeon, Yanni Marmarou (@ThatbrokerYanni), Jack Drillock, William Willoughby & Kelly Bastidas - Investment Property Realty Group (IPRG) (@IPRG_NY) SALE PRICE: $9,350,000 SF: 10,000 ~ PPSF: $935 NOTE FROM BROKERS: The New Jersey office of IPRG, led by partner Yanni Marmarou, has announced the successful sale of a 200-unit development site located at the corner of West Side Avenue and Fisk Streets in the West Side neighborhood of Jersey City. The $9,350,000 sale represents IPRG’s second sale of the subject property within a span of 24 months, signaling continued robust investor confidence and the area's promising potential. The site, which faced a series of entitlement and environmental hurdles, has been acquired by Tay Investments, a Hackensack, New Jersey based development firm. “Through diligent efforts and collaborative negotiations between the buyer and seller, all issues were overcome, clearing the path for this transformative development,” said Marmarou who represented both sides of the transaction. The subject property was previously sold in January of 2022 by Marmarou, on behalf of Arman Plastics to a group led by Mark Schwartz, for $6,200,000. The sellers added value by demolishing older structures on the site and increased the approved unit count to 200 units by utilizing Jersey City’s Inclusionary Zoning ordinance. After deciding to pursue other ventures in the neighborhood, the sellers retained Marmarou and his team to dispose of the asset.

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Address301 West Side Avenue

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