B6 Real Estate Advisors announced Thursday it has completed the sale of two development sites in Jersey City — totaling close to 100,000 square feet — for $21.65 million.
The names of the seller and the buyer were not disclosed.
The sites break down as follows:
70 Mallory Ave.
- Selling price: $6.5 million
- Size: 31,000 square feet
- Overview: To be developed into mixed-use development site with 136 units.
- Location: It is on the West Side, is a 3-minute drive from the West Side Avenue transit stop and 13 minutes from the Newark Penn Station Commuter Rail. The commute to New York City is approximately one hour.
- Brokers: Yanni Marmarou, Jack Drillock and Andrea (Dre) Nestico
100 Forrest St.
- Selling price: $15.15 million
- Size: 67,518 square feet
- Overview: It is a neighborhood record price, and the second development site sale in the Canal Crossing market completed in 2022.
- Location: In Jersey City’s Bergen-Lafayette neighborhood. It is a 13-minute walk from the Hudson-Bergen light rail station at Garfield Avenue. The commute to New York City is approximately one hour.
- Brokers:Yanni Marmarou, Jack Drillock and Andrea (Dre) Nestico
Marmarou, a senior director at B6, said the sales demonstrate the continued demand for industrial assets that have the potential to be developed in residential projects.
“78-100 Forrest St. was an assemblage of three industrial assets that provided strong yield at closing, yet also allowed for the buyer to develop a comprehensive plan for constructing over 300 residential units at a later date in the future,” he said. “These type of land plays are extremely desirable, as the demand for apartment units remains extremely bullish in the Hudson County market.”
In total, the Marmarou team is responsible for over $55 million in land sales in the Jersey City market over the year. An additional 365-unit site is scheduled to close before the end of the year in the West Side market.