Namdar Group Acquires 416 Hoboken Avenue Land In Jersey City For $26 Million From Seth Martin

The property asset involved in this transaction is a land parcel located at 416 Hoboken Avenue in Jersey City. The sale price for this site was $26,000,000. The property encompasses approximately 1 acre and is well-known as the Bergen Arch Plaza development site.

Summary of transaction details:

• Property Type: Land
• Transaction Amount: $26,000,000
• Buyer: Namdar Group
• Seller: Seth Martin
• Seller's Representative: Bobby Antonicello Jr., CCIM, Bob Antonicello & Chris Vitiello - Grid Real Estate
• Market: Jersey City

This transaction marks a significant milestone after nearly a decade of on-and-off market activity for the property. The seller's representative team, consisting of Bobby Antonicello Jr., CCIM, Bob Antonicello, and Chris Vitiello, has been involved since 2017, navigating through various cycles to reach a successful closing. The development site’s sale reflects the ongoing strength of the Journal Square area.