The Fairmount at McGinley Square, a mixed-use project located near the corner of Fairmount and Bergen avenues in the heart of the McGinley Square neighborhood of Jersey City, was sold to Tenth Avenue Holdings for $23.75 million, it was announced Monday.
The Fairmount features 58 apartment units, 30 private parking spaces and approximately 3,000 square feet of retail space.
The ground-up development (formerly a parking lot) marked the first new private construction project within the historic 1-square-mile neighborhood in several decades. The McGinley Square neighborhood is close to Journal Square and Saint Peter’s University.
Michael Goldstein, chief operating officer of the KABR Group, said he was confident the project would be valued — and said KABR is planning to build a second-phase mixed-use project across the street.
“From the beginning, we believed that the Fairmount would represent an attractive value proposition for today’s renter,” he said. “We have been humbled by both the market’s reception of our project, as well as the neighborhood support within the McGinley Square community.
“This transaction represents a successful outcome for both the buyer and seller, and we are excited to witness Tenth Avenue Holdings continue to elevate the property to the next level.”
Nicolaou also praised the property.
“Completed last year, the Fairmount is a striking urban-chic core asset and an example of how a premier residential landmark can and does serve as a catalyst for smart-growth neighborhood revitalization,” he said.
“Situated at the ‘true heart’ of Jersey City, where Montgomery Street and Bergen Avenue meet, the Fairmount’s completion marked the first new development in almost a decade for the neighborhood. As such, it has paved the way for continued expansion of this highly walkable, transit-centric district.”