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Route 440 Owner, LLC Acquires Jersey City Development Site For $25.5M

Property Image
SOLD
$25,500,000
Bill Waxman
Mark Silverman
Elli Klapper
+ 1

New Jersey

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Development Site
Sold 03/01/2021
the dealplayerscompscontact
Property Image
SOLD

Route 440 Owner, LLC Acquires Jersey City Development Site For $25.5M

58 Water Street, Jersey City, NJ, USA

See Similar Deals
Development Site
Sold 03/01/2021
Bill Waxman
Mark Silverman
Elli Klapper
+ 1
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:Development Site
Transaction Type:Sale

A development site located at 58 Water Street, 39 Mallory Avenue, and 244 Culver Avenue in Jersey City has been sold for $25,500,000. The property was purchased by Route 440 Owner, LLC from the seller, Alpha Assembly Solutions Inc. The deal was facilitated by brokers Charles Berger, Elli Klapper, Mark Silverman, Thomas Mallaney, Bill Waxman, and Kevin Dudley of CBRE.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $25,500,000
  • Address: 58 Water Street, 39 Mallory Avenue, and 244 Culver Avenue
  • Market: Jersey City

The transaction involved the sale of a development site in Jersey City. Route 440 Owner, LLC acquired the property from Alpha Assembly Solutions Inc. The sale was facilitated by Charles Berger, Elli Klapper, Mark Silverman, Thomas Mallaney, Bill Waxman, and Kevin Dudley of CBRE.

Players

Charles Berger
CBRE
Charles Berger
20 deals$217.7M volume(201) 712-5846
BROKER
Elli Klapper
CBRE
Elli Klapper
30 deals$439.5M volume(213) 613-3704
BROKER
Mark Silverman
CBRE
Mark Silverman
17 deals$248M volume
BROKER
Bill Waxman
Cushman & Wakefield
Bill Waxman
11 deals$139.9M volume
BROKER
AS
Alpha Assembly Solutions
SELLER

Details

SOLD
IMAGE: Mark Silverman, Elli Klapper, Charles Berger, Thomas Mallaney, Bill Waxman & Kevin Dudley DATE: 03/01/2021 ADDRESS: 58 Water Street, 39 Mallory Avenue & 244 Culver Avenue MARKET: Jersey City ASSET TYPE: Development Site BUYER: Route 440 Owner, LLC SELLER: Alpha Assembly Solutions Inc. BROKERS: Charles Berger, Elli Klapper, Mark Silverman, Thomas Mallaney, Bill Waxman & Kevin Dudley - CBRE PRICE: $25,500,000

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,360,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$90,596.11
Cash-on-Cash Return-1.27%
Monthly Debt Service$120,883.01
Annual Debt Service$1,450,596.11