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Jersey City Waterfront Dev Site Trades for $54M
107 Morgan St., a 1.73-acre multifamily development site in Jersey City’s Waterfront, has been sold for $54 million. JLL facilitated the sale on behalf of seller Veris Residential and buyer LCOR, Inc., with a team led by Jose Cruz and Ryan Robertson, as well as Michael Oliver and Steve Simonelli and Director Elizabeth DeVesty.
Situated within the Powerhouse Arts District Redevelopment Plan, the plan, established in 2004, aims to encourage economic development and support the local artist community’s cultural identity. 107 Morgan Street is set to become a residential development with approximately 650 units, ground-floor retail, and amenity space.
“The infill location of 107 Morgan, combined with the opportunity to acquire a site of this size, attracted multiple bidders,” said Cruz. “This is one of the last remaining parcels within the Waterfront, which led to very strong pricing.”
- ◦Sale/Acquisition
- ◦Financing
