WOODBRIDGE, N.J. – The Kislak Company, Inc. announced two recent land sales in Jersey City, New Jersey for $11,900,000. The separate transactions include the $5,900,000 sale of a one-third acre former parking lot on Warren Street and the $6,000,000 sale of a nearly one-acre assemblage of three vacant properties on Coles and 15th Streets.
Vice president Scott Davidovic co-represented the seller and purchaser in the Warren Street sale and the purchaser in the Coles and 15th Streets sale.
“Jersey City is among the hottest development markets, especially for multifamily properties, in the Tri-State Area,” said Robert Holland, president. “Scott is an expert in Hudson County development and redevelopment and has been capitalizing on the explosive demand for land in Jersey City.”
The progress within Jersey City is no longer limited to the ‘Gold Coast’ Hudson River waterfront. Projects throughout the city are transforming its landscape and population, and the mayor predicts that Jersey City will soon surpass Newark as the most populous city in New Jersey.
“Buying land in a low cap rate environment allows developers and investors to add more value and build to a higher rate of return,” said Davidovic.
The Warren Street property is in Jersey City’s Powerhouse Arts District four blocks west of Exchange Place. Current plans call for the construction of a 180-unit luxury apartment building with 1,400 square feet of ground floor-retail space, a black box performance theater, and art space on the second floor.
The Coles and 15th Street properties, which are zoned for a hotel, are located very close to the Holland Tunnel and the Hoboken border. They offer easy access to the New Jersey Turnpike, U.S. Route 1 / 9 and public transportation to New York City and points throughout New Jersey. “The purchaser sees great long-term value with the site given Jersey City’s many major developments and expanding economy,” added Davidovic.
Davidovic joined Kislak in 2006 and specializes in the sale of multifamily properties with a focus on land and development throughout northern New Jersey. After his first year with Kislak, he received the firm’s prestigious Rookie of the Year award, which recognizes a newer salesperson who records the greatest achievements during the year, and was promoted to vice president in 2013. In 2014, he received the firm’s Sima Kislak Jelin Salesperson of the Year award.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm consistently recognized for its investment sales success. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s 30 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 111th year, Kislak was among a select group of firms recognized as a 2016 Power Broker by CoStar Group, Inc. and this was the firm’s eleventh consecutive recognition.