Updated Sep 5, 2024
Exp Realty Sells Land In Jersey City For $6.2M
44 Cottage St Jersey City, NJ 07306, USA
$6,200,000
Units
54
Asset Type
Land
Closing
Jun 7, 2023
About this deal
AI
A 6-story residential project is set to be developed on four properties located in Journal Square, Jersey City. The properties, totaling approximately 9,052 square feet, have been combined for redevelopment. The strategic location of the assemblage presents an opportunity to create around 50-54 units. The project will benefit from nearby amenities and convenient access to transportation.
Summary of transaction details
- Property Type: Land
- Transaction Amount: $6,200,000
- Lot Size: 9,052 square feet
- Price per square foot: $684
- Broker: Minni Chalana - Exp Realty
The project will be spearheaded by Minni Chalana from Exp Realty. With their expertise in the Jersey City market, they will oversee the successful development of the residential project. The assemblage of properties and the strategic location make this an exciting opportunity for both the developer and future residents.
Players
New Jersey Land Market Snapshot
Boundary boundary · Land · Sale transactions
Loading comparables…
Deal FAQ
Browse New Jersey land sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.56%
Cash-on-Cash
-0.73%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93