The development site located at 212-222 Culver Avenue in Jersey City was sold for $14,100,000. The asset encompasses a total square footage of 56,897 and is situated within a market known for its potential growth. The property is fully approved for an 8-story multifamily development that will feature 365 residential units, 1,500 square feet of ground-floor retail, and 184 indoor garage parking spaces.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $14,100,000
• Buyer: Yuval Shram
• Seller: Israel Schwartz
• Broker: Yanni Marmarou - Investment Property Realty Group (IPRG)
• Square Footage: 56,897
• Price Per Square Foot: $247
• Location: 212-222 Culver Avenue, Jersey City
• Approval: Fully approved for an 8-story multifamily development
• Units: 365 residential units
• Ground-floor retail: 1,500 square feet
• Indoor garage parking: 184 spaces
• Future Development Name: The Sanctuary
• Construction Timeline: Anticipated start in Q2 2026, delivery expected by summer 2028

The successful transaction was facilitated by Yanni Marmarou, Partner at Investment Property Realty Group, who represented the seller and procured the buyer, TAY Investments. This marks the largest development acquisition for TAY Investments to date and highlights the brokerage's continued success, as it is the second time IPRG has sold the same assemblage in the past 24 months.