Marmarou Team Sells Jersey City Development Site For $9M

A development site located at 70 Mallory Avenue in Jersey City has been sold for $9,000,000. The property spans 31,000 square feet and has a sale price per square foot (PPSF) of $290. The buyer has acquired a building square footage (BSF) of 124,000 with a price per BSF (PPBSF) of $73.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $9,000,000
• Address: 70 Mallory Avenue
• Market: Jersey City

The seller's representatives, Yanni Marmarou, Jack Drillock, and Dre Nestico from B6 Real Estate Advisors, facilitated the sale of this development site. They have been at the forefront of multiple sales in the West Side Market area, with a total of $55 million in land sales in Jersey City over the past year. Another sale is already scheduled for the fourth quarter of 2022.

This transaction demonstrates the ongoing demand for development sites in Jersey City's market, as evidenced by the multiple sales handled by the Marmarou Team. Their expertise in this area has solidified their position as key players in the real estate industry.