7.2 acres in Jersey City’s Waterfront section sold for $25.5M

A transit-oriented multifamily development site in Jersey City has sold for $25.5 million, according to real estate firm CBRE.

The real estate firm said in a news release that Route 440 Owner LLC has acquired the land from Alpha Assembly Solutions Inc., and plans to bring a major residential project to the neighborhood. The parcels of land include: 58 Water St., 39 Mallory Ave. and 244 Culver Ave., and total approximately 7.2 acres in the Hackensack River Waterfront section of the city. Zoning includes residential and commercial uses.

CBRE’s team of Charles Berger, Elli Klapper and Mark Silverman, along with Thomas Mallaney, Bill Waxman and Kevin Dudley, represented the seller.

“We are very excited to have played a part in what is surely to be the beginning of a large-scale redevelopment and eventual renaissance of this area,” Berger said in a prepared statement. “We believe this project will follow in the footsteps of the Waterfront and Journal Square’s incredible success. Both neighborhoods have seen tremendous redevelopment with very high rents and luxury apartments surrounding transportation hubs, allowing for easy access to New York City.”