A multifamily property in Jersey City has sold for $25 million, according to real estate firm Gebroe-Hammer Associates.
The Journal Square property, 125 Magnolia, was sold by Excelsior Equities and its principals, Andrew Miller and Jacob Schulder, to Spring Management, Livingston-based Gebroe-Hammer said in a news release.
Executive Vice President Niko Nicolaou exclusively represented the seller and procured the buyer. Brad Domenico of Progress Capital was the mortgage broker.
“In just the past few years, widespread neighborhood renewal has been sparked by a wave of development surrounding the most prominent neighborhood anchor—the Journal Square PATH Center,” Nicolaou said in a prepared statement. “This property posed an extremely rare value-add Journal Square acquisition opportunity in one of the most walkable and connected neighborhoods in the nation.”
The five-story property, built in 1929, has 94 residential units in studio through two-bedroom layouts, plus five ground-floor retail units.
