A 1.3-acre multifamily development site in Jersey City owned by Veris Residential, referred to as the Harborside 4 lot, has been sold to Related for $58 million, according to a Monday announcement from Cushman & Wakefield and CBRE.
Cushman & Wakefield’s Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso and Ryan Dowd, in coordination with CBRE’s Jeff Dunne, Bill Shanahan and Roland Merchant, co-arranged the transaction on behalf of Veris Residential. Brian Whitmer also played an integral role in the transaction.
“Veris and Related worked diligently together to close the deal, with both sides getting creative to overcome challenges associated with former site limitations and restrictions,” Merin said. “The proposed project will continue to transform Jersey City’s Exchange Place community into a vibrant, high-end rent district offering future residents top-quality, luxury product.”
Located at 20 Christopher Columbus St., the Harborside 4 land acquisition, which will result in 800 residential units, punctuates the strength of the Jersey City rental market. Despite significant increases in the supply of apartment units, with over 7,400 units delivered over the past five years, occupancies in Jersey City remain very high at 96%. The vast residential growth has been complimented by many new retailers coming to Jersey City, including Whole Foods and Ashely Home Furniture, as well as Uniqlo and Target being approved for second locations.
Harborside 4 is a 1.34-acre land site that is slated for the development of a luxury rental tower that will include approximately 800 residential units. Upon completion, this property will be Related’s first high-rise rental project in New Jersey. Harborside 4 is located footsteps from all metro-area mass transit system services, including the Path, New Jersey Transit-Hudson-Bergen Line Light Rail, NY Waterway Ferry and NJ Transit Bus & Rail Stations. The property is less than one mile from the Holland Tunnel and within a five-minute commute to New York City.
This transaction marks another milestone accomplishment for Cushman & Wakefield and CBRE’s joint efforts in the multiyear disposition undertaken for the Harborside Portfolio on behalf of Veris Residential. To date, the teams have arranged $524 million worth of sales, including the $420 million sale of Harborside 1, 2 and 3 (closed in the first quarter) and the $46 million sale of Harborside 6 (closed in the third quarter).
Harborside 5 is the last remaining property within the Harborside Portfolio that is slated for disposition. Cushman & Wakefield and CBRE will be working towards orchestrating a sale for the 33-story modern trophy office tower, which upon closing will mark the completion of the Harborside disposition assignment.