New York & Tri-State + Tri-State + Apartments | February 5, 2019

Meridian Arranges $48M Deal for Mixed-Use Development in Jersey City

Meridian Investment Sales has sold the Avenir, a mixed-use development site in Jersey City, NJ for $48 million. Located at 1072 and 1075 West Side Ave., the site spans 3.35 acres and contains 659,000 buildable square feet.

The firm’s David Schechtman, Lipa Lieberman, Abie Kassin and Paul Patafio represented the seller and procured the buyer. Meridian’s Morris Betesh and David Hayum arranged a $26-million balance sheet loan for the acquisition.

When complete, the property will stand eight stories tall and contain 486 apartments in addition to 25,000 square feet of commercial space. The site presented a rare opportunity to acquire an as-of-right development of this magnitude, and benefits from the shortage of Class A housing in the neighborhood.

In recent years, high-profile developers have converged on Jersey City, with more than 7,000 residential units completed from 2015 to 2017. Its proximity to Manhattan and relative affordability are key selling points.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).