Updated Dec 21, 2023
Marcus & Millichap Sells 49-51 Morton Place Development Site In Jersey City For $5M
49-51 Morton Place, Jersey City, NJ, USA
$5,000,000
$92/SF
Building Size
54,000 SF
Asset Type
Development Site
Closing
Aug 23, 2021
About this deal
AI
The Morton Place Assemblage, consisting of 12 parcels, was sold as a Multifamily redevelopment site in Jersey City, NJ. The development site is located at 49-51 Morton Place. The transaction took place on 08/23/2021. Jonathan Zamora and John Sala from Marcus & Millichap represented the parties involved in the deal.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $5,000,000
- Address: 49-51 Morton Place, Jersey City, NJ
- Market: Jersey City, NJ
- Brokers: Jonathan Zamora & John Sala - Marcus & Millichap
- BSF: 54,000
- PPBSF: $93
The sale of the Morton Place Assemblage offers a lucrative opportunity for multifamily redevelopment in Jersey City. The involvement of Jonathan Zamora and John Sala from Marcus & Millichap highlights the expertise and reputation of these brokers in facilitating successful real estate transactions.
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
3.17%
Cash-on-Cash
-0.91%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93