SOLDDevelopment Site
Mikov Development Purchases Development Site From Truchan Towing & Recovery For $2.7M In Jersey City
626 Communipaw Avenue
$2,700,000
$42/SF
Building Size
63,587 SF
Asset Type
Development Site
Closing
Jun 30, 2026
AI
A development site located at 626 Communipaw Avenue in Jersey City has been sold for $2,700,000. The property includes a total building square footage of 63,587, yielding a price per building square foot of $42. The transaction indicates significant activity within the local real estate market.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $2,700,000
- Building Square Footage: 63,587
- Price per Building Square Foot: $42
- Buyer: Mikov Development
- Seller: Truchan Towing & Recovery, Inc.
- Buyer's Representative: Chris Vitiello - Grid Real Estate
- Seller's Representative: Bobby Antonicello Jr. CCIM - Grid Real Estate
This transaction involved Grid Real Estate Advisors LLC, which facilitated a complex entitlement sale for a long-standing Jersey City family and business. With multiple offers received, Grid effectively guided the seller to the right buyer, ensuring the transaction was handled with the necessary respect and diligence. The buyer was noted for their meticulous execution throughout the process.
Players
Market 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
5.88%
Cash-on-Cash
-1.68%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93