Related Companies has purchased a land parcel located at 136 Greene Street in Jersey City for $58 million. The property is an ideal location for development, and Related Companies plans to build an 800,000-square-foot luxury multifamily building on the site. This acquisition marks a shift from the previous office tower plans by the former owner, Veris Residential. With this project, Related Companies will be expanding its multifamily portfolio in major cities and entering the rental market in Jersey City.

Summary of transaction details

• Property Type: Land
• Transaction Amount: $58,000,000
• Address: 136 Greene Street
• Market: Jersey City

The buyer, Related Companies, is a real estate firm led by Stephen M. Ross. Known for their prestigious developments and commitment to quality, Related Companies aims to create an exceptional living experience with their upcoming luxury multifamily building in Jersey City.

The seller, Veris Residential, led by Mahbod Nia, had initially planned to construct an office tower on the land. However, the change in ownership has led to a new vision for the property, emphasizing residential development. The transaction was facilitated by a team of brokers, including Adam Spies and Doug Harmon from Newmark, Andy Merin, David Bernhaut, and Gary Gabriel from Cushman & Wakefield, and Roland Merchant from CBRE.