Local Developer Acquires 12,000 Square Feet Of Land On Newark Avenue Jersey City For $7M

The asset involved in this transaction is a 12,000-square-foot land site located at 339 Newark Avenue in Jersey City. It was sold for $7,000,000, resulting in a price per square foot of $583. The property had been home to Monaco Lock for decades and was acquired by a local developer as part of a rejuvenation effort in the area.

Summary of transaction details:

• Property Type: Land
• Transaction Amount: $7,000,000
• Square Footage: 12,000
• Price per Square Foot: $583
• Address: 339 Newark Avenue
• Market: Jersey City
• Seller: Monaco Lock
• Broker Representatives: Bobby Antonicello Jr., CCIM, Chris Vitiello & Gregory Edgell - Grid Real Estate

Chris Vitiello, Bobby Antonicello Jr., CCIM, and Gregory Edgell played a vital role in identifying and qualifying the buyer, a Jersey City developer known for their successful projects along this corridor. Monaco Lock has been integral to the Newark Avenue community for generations, and the surrounding block is currently experiencing significant redevelopment activity in Northern New Jersey.